S&P 500 1,1116.27 -.45%
NASDAQ 1,850.64 -.43%
Leading Sectors
Fashion +1.21%
Transports +.62%
Computer Boxmakers +.42%
Lagging Sectors
Foods -1.36%
Homebuilders -1.60%
Airlines -1.90%
Other
Crude Oil 42.76 -.02%
Natural Gas 4.64 +.19%
Gold 401.60 +.05%
Base Metals 106.80 unch.
U.S. Dollar 88.77 -.52%
10-Yr. T-note Yield 4.16% -1.78%
VIX 14.06 -.07%
Put/Call 1.05 +23.53%
NYSE Arms 1.32 +38.95%
After-hours Movers
CMVT +4.0% after beating 2Q estimates.
GLW +3.45% after reiterating 3Q outlook.
ULCM +6.76% after beating 2Q estimates substantially.
MEE -4.3% after cutting 3Q outlook.
RCII -10.87% after lowering 3Q/04 outlook.
MATK -5.77% on profit-taking after beating 3Q estimates.
Recommendations
Goldman Sachs reiterated Outperform on UST, WMT, AVP, BHI, PHCC, VLO, SUN, RCL, CCL and ISG. Goldman reiterated Underperform on PBG, BVF and DJ.
After-hours News
U.S. stocks fell modestly today as investors took profits and worries continued over economic growth. After the close, Mills, a U.S. developer and manager of retail centers, may be considering building a casino in Contra Costa County, California, the San Francisco Chronicle reported. Poor working conditions at companies in China's Pearl river delta have led to a shortfall of 2 million workers that could erode the competitiveness of the region bordering Hong Kong, the Financial Times reported. JetBlue Airways said third-quarter profit will be lower than it expected because of hurricanes that forced flight cancellations in Florida and high fuel costs, Bloomberg reported. Texas Instruments lowered its third-quarter sales forecast slightly as demand for handsets slowed, Bloomberg reported. The dollar had its biggest drop against the euro in a week after Federal Reserve Chairman Greenspan said U.S. inflation has eased in recent months, while rising oil prices have contributed to a slowdown in growth, Bloomberg said. Greenspan then said U.S. economic growth is picking up and oil prices aren't causing inflation to accelerate, Bloomberg reported.
BOTTOM LINE: The Portfolio rose modestly today as my rising security, gaming and telecom equipment longs offset declines in my internet and homebuilding longs. I took profits in a few of my financial and telecom equipment longs in the afternoon and added another technology long, AMAT. I am using a stop-loss of $15.25 on this position. The Portfolio is now 100% net long. Today's action wasn't too bad considering recent gains. A number of sectors rose and volume continues to accelerate from recent anemic levels. Energy prices and interest rates continue to fall which should provide further stimuli to economic growth in the fourth quarter. As well, the Put/Call and Arms readings both rose nicely today, which is also a positive. Greenspan said in his speech today what I have been pointing out for awhile. Inflation fears are falling as is evidenced by declining long-term interest rates and a falling CRB. I still believe oil will trade near $35/bbl. within the next few months, which should further calm inflation anxieties and boost growth.
No comments:
Post a Comment