S&P 500 1,209.25 +.19%
Dow 10,851.51 +.42%
NASDAQ 2,059.72 -.08%
Russell 2000 626.94 -.66%
DJ Wilshire 5000 11,892.11 +.07%
S&P Barra Growth 581.11 -.90%
S&P Barra Value 622.25 +.12%
Morgan Stanley Consumer 588.02 +.49%
Morgan Stanley Cyclical 772.81 -.11%
Morgan Stanley Technology 476.46 +.25%
Transports 3,819.09 -.55%
Utilities 356.60 +.74%
Put/Call .99 +4.21%
NYSE Arms .73 -19.78%
Volatility(VIX) 12.49 -1.65%
ISE Sentiment 130.00 -23.98%
US Dollar 81.59 -.05%
CRB 315.15 +.46%
Futures Spot Prices
Crude Oil 53.39 -.28%
Unleaded Gasoline 148.25 -.04%
Natural Gas 6.73 -.49%
Heating Oil 150.40 -.34%
Gold 443.00 -.09%
Base Metals 130.89 -.30%
Copper 149.20 -.27%
10-year US Treasury Yield 4.46% -1.25%
Leading Sectors
Broadcasting +1.55%
Semis +1.41%
Drugs +.74%
Lagging Sectors
Energy -1.85%
Iron/Steel -2.24%
Airlines -2.81%
After-hours Movers
KMRT +6.11% on UBS upgrade to Buy, target $160.
VC +6.23% after Ford Motor agreed to provide it some assistance while continuing to negotiate broader changes in their 2000 spinoff agreement.
S +3.64% on KMRT news.
TECD -4.07% after beating 4Q estimates and lowering 1Q guidance.
ERES -26.9% after cutting 1Q estimates.
JILL -16.9% after meeting 4Q estimates and lowering 1Q guidance.
Evening Review
Detailed Market Summary
Daily ETF Performance
Style Performance
Market Wrap CNBC Video(bottom right)
Futures Recap
S&P 500 Gallery View
Timely Economic Charts
PM Market Call
Real-time/After-hours Stock Quote
In Play
Afternoon Recommendations
- Goldman Sachs: Reiterated Outperform on ADP and ENH. Reiterated Underperform on DDS.
- UBS: Raised KMRT to Buy, target $160. Upgraded S to Buy, target $66.50. Raised QCOM to Buy.
- Business Week: Pier 1 Imports(PIR) shares may rise as much as 60% within the next 12 months as sales may increase on a new ad campaign, different items for sale and higher prices for some products.
After-hours News
US stocks finished mixed today as gains in consumer-related stocks were offset by losses in commodity shares. After the close, Muslim clerics in Spain issued what they described as the first fatwa, or religious decree, against al-Qaeda leader Osama bin Laden, the AP reported. Taiwan froze plans to expand transportation and economic links with China as the mainland’s National People’s Congress moves toward passage of an anti-secession law targeting the island, the Financial Times reported. Hewlett-Packard may name a new CEO as early as the end of the month, Business Week reported. Advanced Micro Devices is seeking to add to suppliers that include Chartered Semiconductor Manufacturing, the Commercial Times reported. The EPA tightened limits on air pollution from power plants in 28 eastern states, one day after legislation with similar cuts for the entire US stalled in the Senate, Bloomberg said. Bill Gates is the world’s richest person for the 11th consecutive year, even as his net worth fell slightly to $46.5 billion, according to Forbes magazine’s annual survey. Fed Chairman Greenspan said he sees no market crisis occurring as a result of the level of the US current account and budget deficits, Bloomberg reported. Intel said first-quarter sales will be at the high end of the company’s forecast and unexpectedly boosted its estimated profit margin as development costs drop, Bloomberg reported. The US Senate gave credit-card issuers long-sought relief from unpaid loans by approving legislation to force some consumers to pay off part of their debts in bankruptcy, Bloomberg said. Tenet Healthcare agreed to settle lawsuits over prices charged to patients without adequate health insurance for prescription drugs and services, Bloomberg reported. Time Warner might take its cable-tv unit public after an acquisition of Adelphia Communications assets, Business Week reported.
BOTTOM LINE: The Portfolio finished slightly lower today as losses in my Biotech, Software and Alternative Energy longs more than offset gains in my Computer and Semi longs. I did not trade in the afternoon, thus leaving the Portfolio 75% net long. The tone of the market deteriorated slightly into the afternoon as the advance/decline line finished lower, sector performance was mixed and volume was light. Commodity-related stocks underperformed throughout the day, while semiconductors outperformed ahead of Intel’s mid-quarter update. Tech is trading marginally higher after-hours on the report. Measures of investor anxiety were mixed into the close. Overall, today’s market action was a bit disappointing for the Bulls, considering the fall in long-term interest rates and energy prices. I expect to see tech lead to the upside tomorrow. A failure to do so would lead me to cut exposure to this sector.
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