Thursday, March 17, 2005

Thursday Close

S&P 500 1,190.21 +.18%
Dow 10,626.35 -.06%
NASDAQ 2,016.42 +.03%
Russell 2000 625.46 +.41%
DJ Wilshire 5000 11,738.62 +.22%
S&P Barra Growth 571.72 +.19%
S&P Barra Value 614.22 +.17%
Morgan Stanley Consumer 576.46 -.11%
Morgan Stanley Cyclical 768.39 +.34%
Morgan Stanley Technology 462.09 +.28%
Transports 3,777.59 +.53%
Utilities 359.86 +.92%
Put/Call 1.11 +6.73%
NYSE Arms .94 -9.69%
Volatility(VIX) 13.29 -1.48%
ISE Sentiment 139.00 +2.21%
US Dollar 81.78 +.23%
CRB 321.15 -.39%

Futures Spot Prices
Crude Oil 56.00 -.71%
Unleaded Gasoline 155.00 -.74%
Natural Gas 7.15 -1.22%
Heating Oil 157.37 -1.11%
Gold 439.40 +.07%
Base Metals 130.00 -1.13%
Copper 150.45 unch.
10-year US Treasury Yield 4.46% -.94%

Leading Sectors
Iron/Steel +2.30%
Energy +1.69%
Commodity +.99%

Lagging Sectors
Disk Drives -1.05%
Homebuilders -1.16%
Insurance -1.23%

After-hours Movers
PLMO -15.18% after meeting 3Q estimates and lowering 4Q guidance.
CAMD -21.34% after lowering 4Q 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 JTX, AMLN, YUM and CEN.
- UBS: Rated LNET Buy, target $24. Rated SNDK Buy, target $40.

After-hours News
US stocks finished mixed today as lower long-term interest rates offset rising energy prices. After the close, Walt Disney may make a bid for DreamWorks Animation SKG under its next CEO, Robert Iger, Business Week reported, citing some studio insiders. US Acting Food and Drug Administration Commissioner Lester Crawford should approve an over-the-counter form of Barr Pharmaceutical's Plan B emergency contraceptive, three Democratic senators said at a hearing today, Bloomberg reported. The US House approved a $2.6 trillion budget for 2006 that makes deeper government spending cuts than President Bush requested, Bloomberg said. Adobe Systems announced a 2-for-1 split and said first-quarter profit rose 23% as sales reached a record on demand for updated versions of its Acrobat document technology, Bloomberg reported. Nike said third-quarter earnings rose 36%, spurred by demand for apparel and the Shox line of sneakers in the US and Asia, Bloomberg reported. DreamWorks Animation SKG posted a fourth-quarter profit of $192 million on home-video sales of Shrek 2, Bloomberg said.

BOTTOM LINE: The Portfolio finished unchanged today as gains in my Energy-related longs offset losses in my Networking shorts. I added a few new longs from various sectors in the afternoon, thus leaving the Portfolio 25% net long. One of my new longs is AKS and I am using a stop-loss of $12 on this new position. The tone of the market remained mixed into the afternoon as the advance/decline line finished down slightly, sector performance was mixed and volume fell. Commodity-related stocks outperformed throughout the day on a bounce from recent losses and Homebuilding shares underperformed on worries over fundamentals. Finally, measures of investor anxiety were mixed on the day. Overall, today’s market action was mildly negative, considering the market's oversold technical condition, falling long-term interest rates and recent merger activity. While more of a bounce could develop over the next few days, I continue to expect US shares to trade mixed-to-lower near-term on continuing worries over slowing global growth and higher energy prices.

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