NASDAQ 2,091.24 -.79%
Leading Sectors
HMOs +1.08%
Defense +.36%
Insurance +.18%
Lagging Sectors
Iron/Steel -1.71%
Broadcasting -1.78%
Airlines -5.81%
Other
Crude Oil 43.35 -.09%
Natural Gas 5.82 -.21%
Gold 427.30 unch.
Base Metals 118.72 +1.32%
U.S. Dollar 82.54 +.02%
10-Yr. T-note Yield 4.28% -.18%.
VIX 14.09 +.79%
Put/Call .93 +22.37%
NYSE Arms 1.15 -53.82%
ISE Sentiment 199.0 -22.57%
After-hours Movers
ELX +4.27% after boosting 2Q forecast.
HOTT +8.18% after reporting better-than-expected December same-store-sales.
OTEX +10.10% after boosting 2Q estimates substantially.
AGIX -6.2% after saying it had been contacted by the SEC and the NASD about an informal inquiry into the company’s Sept. 27 announcement of study results and related trading.
SBUX -3.6% after December same-store-sales failed to meet expectations.
Recommendations
Banc of America upgraded IPXL to Buy.
After-hours News
U.S. stocks finished lower today on continued weakness in small-cap, technology and commodity-related shares. After the close, Toyota Motor Corp. plans to introduce industrial robots at all 12 of its factories in Japan to address anticipated labor shortages caused by the country’s declining birthrate, Nikkei English News reported. The US-led “core group” of nations set up in the aftermath of the Dec. 26 tsunami flood disaster will be dissolved tomorrow as the UN takes control of the international relief effort, the Financial Times reported. Amazon.com’s UK division plans to offer products from across “the entire retail segment,” the London-based Times said. Economists Lawrence Kudlow, who served in former President Reagan’s administration and is a CNBC commentator, will head a panel to reform New York State’s tax code, NY Governor Pataki said. Campbell Soup said it is boosting the price of some soups and other US products by about 4.8% effective Feb. 28, Bloomberg said. Babies born extremely prematurely often suffer from mental and physical problems when they reach school age, according to a study to be publish in the New England Journal of Medicine, Bloomberg said. Pfizer’s Lipitor and Bristol-Myers Squibb’s Pravachol cholesterol drugs reduce inflammation levels, decreasing another risk factor for heart attacks and strokes, according to two studies in the Jan. 6 New England Journal of Medicine. Priceline.com said COO Truwit resigned to take a job with Cendant Corp., Bloomberg reported. UN Secretary-General Annan will ask governments today for $977 million to lead a record relief effort for the Asian tsunami victims, two weeks after calling 2004 a “horrible” year for the UN, marked by the Iraqi Oil-for-food scandal and sexual misconduct allegations, Bloomberg reported. CNN may cancel its political debate show “Crossfire” and will not renew the contract of conservative host Tucker Carlson, the AP reported.
BOTTOM LINE: The Portfolio finished unchanged today as my declining commodity-related shorts offset losses in my technology longs. I added a few new technology shorts in the afternoon, thus leaving the Portfolio market neutral(longs-shorts=0). One of my new shorts is HYSL and I am using a $47.25 stop-loss on this position. The overall tone was again weak with decliners handily outpacing advancers on good volume. Measures of investor anxiety remained mixed. I expect another push lower within the next few days that will likely mark a trading bottom.
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