NASDAQ 2,045.88 -1.34%
Leading Sectors
Foods +.04%
Hospitals -.05%
Banks -.29%
Lagging Sectors
Wireless -2.76%
Airlines -2.92%
Internet -2.92%
Other
Crude Oil 47.58 +.57%
Natural Gas 6.35 +.75%
Gold 422.50 -.02%
Base Metals 120.02 -.28%
U.S. Dollar 83.78 +.22%
10-Yr. T-note Yield 4.16% -.23%.
VIX 13.83 +4.93%
Put/Call .95 +14.46%
NYSE Arms 1.32 -33.33%
ISE Sentiment 145.00 -11.04%
After-hours Movers
HLIT +8.72% after beating 4Q estimates and raising 1Q guidance substantially.
SYNA +7.74% after beating 2Q estimates and raising 3Q/4Q guidance.
CKFR +3.61% after beating 2Q estimates and raising 3Q outlook.
SFA -7.7% after missing 2Q revenue estimates.
PLAY -7.2% on profit-taking after beating 4Q estimates and raising 1Q guidance.
VIRL -7.2% after meeting 1Q earnings estimates and slightly missing revenue estimates.
LRCX -3.5% after beating 2Q earnings estimates and slightly missing revenue estimates.
TRID +7.2% after beating 2Q estimates.
Recommendations
Goldman Sachs reiterated Outperform on CAL.
After-hours News
U.S. stocks finished lower today, led by tech shares, on earnings and economic worries. After the close, Japan has joined the US in its opposition to the European Union’s proposed lifting of its arms embargo on China, the Financial Times said. The 12 European Union countries that have adopted the euro as their currency saw their combined trade deficit with China increase to $48.1 billion in the first 10 months of 2004, the Financial Times reported. An antibody treatment may reverse structural nerve damage caused by Alzheimer’s disease within three days, researchers from the Washington University School of Medicine report in a study released today. KLA-Tencor Corp. said second-quarter profit more than doubled after sales jumped 57% and that is quarter’s revenue will rise more than analysts expected, Bloomberg reported. MCI Inc. will make at least three acquisitions in the first half of this year to increase its technology services for corporate customers, Business Week reported. Online gaming sales in China may surge 35% a year, reaching about $1.3 billion in 2009, China Daily reported. China plans to put two astronauts into space on a five-day mission as early as September, China Daily reported. Tokyo residential land prices increased in 2004 for the first time in 17 years, the Nihon Keizai newspaper said.
BOTTOM LINE: The Portfolio finished unchanged today as gains in my software, oil service and auto parts shorts offset losses in my homebuilding longs. I did not trade in the afternoon, thus leaving the Portfolio 25% net long. The tone of the market took another turn for the worse in the afternoon as volume accelerated, almost all sectors fell, the advance/decline line ended at its daily lows and the major indices finished near their daily lows. Measures of investor anxiety rose, but are still not at levels normally associated with a durable bottom. An oversold rally could occur at any time, however stocks will likely continue modestly lower over the near-term.
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