NASDAQ 1,984.79 +.25%
Leading Sectors
Airlines +3.76%
Homebuilders +1.3%
Iron/Steel +1.2%
Lagging Sectors
Energy -1.47%
Utilities -1.73%
Oil Service -2.38%
Other
Crude Oil 49.21 -.83%
Natural Gas 8.50 -.78%
Gold 422.60 +.43%
Base Metals 114.64 -.17%
U.S. Dollar 85.47 +.32%
10-Yr. T-note Yield 4.06% -.24%
VIX 16.18 -.55%
Put/Call .75 -17.58%
NYSE Arms 1.14 -10.94%
After-hours Movers
MLNM +4.3% after announcing the FDA has granted VELCADE fast track designation for relapsed and refractory mantle cell lymphoma.
ENWV +7.5% after beating 3Q estimates and raising 4Q outlook.
CDIS +5.8% after beating 3Q estimates and raising 04 guidance.
ITRI -5.03% after missing 3Q estimates and lowering 4Q outlook.
PCLN -5.5% after missing 3Q estimates and lowering 4Q outlook.
Recommendations
Goldman Sachs reiterated Outperform on AMLN, IR and VZ. Goldman reiterated Underperform on PPS.
After-hours News
U.S. stocks finished mixed today after a late-session sell-off related to rumors of a strong showing by Senator Kerry in exit polls from Pennsylvania, Florida and Ohio. After the close, Apple Computer shares rose to a four-year high as demand for the iPod digital music player surges before the year-end shopping season, Bloomberg said. Delta Air Lines, seeking to avoid bankruptcy, said bondholders offered to swap $252 million of debt in response to part of an exchange offer for as much as $680 million in new notes, Bloomberg reported. Crude oil futures fell for a third day, after closing yesterday below $50 for the first time in four weeks, on expectations rising U.S. inventories will be able to meet demand, Bloomberg reported. The U.S. dollar traded near a six-month low against the yen on speculation Senator Kerry is leading President Bush in early counting of votes in the election, Bloomberg said.
BOTTOM LINE: The Portfolio finished higher today on strength in my gaming, restaurant and wireless longs. I did not trade in the afternoon, thus leaving the Portfolio 125% net long. I continue to believe the market will move higher tomorrow regardless of who wins the Presidency tonight. However, a delay in the outcome would send shares lower. As well, a Democratic takeover of the Senate or House would send stocks sharply lower. I do not believe either one of these outcomes is very likely.
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