Tuesday, March 29, 2005

Tuesday Close

S&P 500 1,165.36 -.76%
DJIA 10,405.70 -.76%
NASDAQ 1,973.88 -.94%
Russell 2000 604.63 -1.71%
DJ Wilshire 5000 11,477.20 -.86%
S&P Barra Growth 576.-.79%
S&P Barra Value 597.95 -.73%
Morgan Stanley Consumer 572.94 -.34%
Morgan Stanley Cyclical 733.31 -1.69%
Morgan Stanley Technology 449.62 -.76%
Transports 3,673.57 -1.80%
Utilities 349.65 -1.35%
Put/Call .66 unch.
NYSE Arms 1.45 +69.37%
Volatility(VIX) 14.49 +5.38%
ISE Sentiment 166.00 -14.87%
US Dollar 84.32 -.22%
CRB 308.93 +.51%

Futures Spot Prices
Crude Oil 54.41 +.67%
Unleaded Gasoline 157.50 +.15%
Natural Gas 7.32 +4.63%
Heating Oil 156.00 +.80%
Gold 426.00 unch.
Base Metals 127.85 +.26%
Copper 146.25 -.54%
10-year US Treasury Yield 4.57% -1.45%

Leading Sectors
Hospitals +2.15%
Insurance +.60%
Foods -.06%

Lagging Sectors
Gaming -2.12%
Oil Service -2.46%
Iron/Steel -3.27%

After-hours Movers
ANGO +5.12% after beating 3Q estimates and raising 05 guidance.
VTS +6.77% after beating 2Q estimates.
MERX +7.11% after beating 3Q estimates and raising 4Q outlook.
IMH +11.64% after announcing 1Q dividend of .75/share.
TTEK -20.3% after lowering 2Q guidance and taking substantial charge.

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 KO and YUM.
- Reiterated Underperform on PBG.

Afternoon/Evening Headlines
- US Supreme Court justices questioned the federal rules that say Time Warner and other cable-tv operators don’t have to open their Web-access networks to rival Internet service providers.
- Natural gas futures rose for the first time in five sessions on speculation that US demand this summer will be stronger than normal.
- Delta Air Lines hired two companies to perform maintenance on about half its fleet, allowing it to eliminate as many as 2,000 jobs and save $240 million over five years.
- Liberty Media Chairman John Malone said he wants to hold or expand his company’s stake in Rupert Murdoch’s News Corp., heightening a conflict between the executives over the future of Malone’s investment.
- Eight former Morgan Stanley executives urged the board to oust CEO Purcell, saying his “failure of leadership” has caused the firm’s shares to lag behind Wall Street rivals.
- Miramax Film founders Harvey and Bob Weinstein will leave Walt Disney in September following clashes with CEO Eisner.
- Japan’s industrial production fell more than expected in February as overseas demand cooled, adding to evidence that a recovery in the world’s second-biggest economy may stall.

- Telecommuters who work for New York employers while living outside the state must pay New York taxes on their full incomes, the state’s highest court ruled.

The Star:
- GE is seeking a stake in a Malaysian bank.

BOTTOM LINE: US stocks finished lower today on continuing worries over slowing global growth. The Portfolio finished higher on gains in my Base Metal shorts, Chinese ADR shorts and Internet shorts. I did not trade in the afternoon, thus leaving the Portfolio 25% net short. The tone of the market deteriorated into the close as the advance/decline line dropped considerably to its daily lows, almost every sector declined and volume rose from low levels. Cyclicals and Small-caps underperformed substantially throughout the day and measures of investor anxiety were mostly higher. Overall, today’s market action was negative, considering recent losses, declining long-term interest rates, merger activity and the modest decline in Consumer Confidence. I expect a short counter-trend rally will begin sometime tomorrow or Thur.

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