S&P 500 1,091.23 -.36%
NASDAQ 1,819.89 -.63%
Leading Sectors
Oil Service +1.05%
Commodity +.82%
Fashion +.76%
Lagging Sectors
Homebuilders -1.15%
Disk Drives -1.75%
Airlines -2.81%
Other
Crude Oil 47.68 +.08%
Natural Gas 5.51 +.05%
Gold 409.40 +.02%
Base Metals 111.05 +1.37%
U.S. Dollar 87.79 -.33%
10-Yr. T-note Yield 4.21% -.59%
VIX 16.96 +4.50%
Put/Call .89 -9.18%
NYSE Arms 1.06 +146.51%
After-hours Movers
ELBO +8.45% after beating 2Q estimates substantially and raising 3Q outlook.
SRNA +7.76% after beating 2Q estimates and raising 3Q guidance.
ADSK +7.01% after beating 2Q estimates and raising 3Q forecast.
BCSI -11.42% after meeting 1Q estimates and lowering 2Q guidance.
JWN -6.85% after missing 2Q forecast, lowering 3Q outlook, boosting 04 guidance and raising dividend.
MRVL -5.16% after beating 2Q estimates and raising 3Q guidance.
SHRP -5.62% after meeting 2Q estimates, but lowering 3Q guidance.
Recommendations
Goldman Sachs reiterated Outperform on BSX and SLB. Goldman reiterated Underperform on CIEN.
After-hours News
U.S. stocks finished lower today as oil surged and some economic data came in below expectations. After the close, Goldman Sachs plans to build a new $1.8 billion 40-story headquarters in Battery Park City in Manhattan, Bloomberg reported. United Airlines, trying to attract financing to exit bankruptcy, said it probably will terminate and replace all its pension plans, Bloomberg said. Crude oil futures jumped to a record $48.70/bbl. in NY on concern Iraqi exports may drop further because of clashes in southern Iraq, Bloomberg reported.
BOTTOM LINE: The Portfolio finished slightly higher today as my alternative energy and software longs rose and my healthcare shorts fell. I did not trade in the afternoon, thus the Portfolio is still 125% net long. While market action today was a win for the bears, it is a positive that declines were relatively muted. It is also a positive for the tech sector to get the Google IPO out of the way.
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