S&P 500 1,210.08 -.03%
Dow 10,811.97 -.17%
NASDAQ 2,067.50 -.18%
Russell 2000 637.33 -.19%
DJ Wilshire 5000 11,924.59 -.03%
S&P Barra Growth 583.02 +.06%
S&P Barra Value 622.60 -.12%
Morgan Stanley Consumer 588.34 -.22%
Morgan Stanley Cyclical 771.70 -.39%
Morgan Stanley Technology 476.22 -.29%
Transports 3,752.41 -.18%
Utilities 353.45 +.10%
Put/Call .80 -10.11%
NYSE Arms .91 +3.41%
Volatility(VIX) 12.50 +3.82%
ISE Sentiment 153.00 +9.29%
US Dollar 83.08 +.36%
CRB 306.65 +.46%
Futures Spot Prices
Crude Oil 53.03 -.04%
Unleaded Gasoline 148.00 -.26%
Natural Gas 6.73 +.27%
Heating Oil 150.00 -.56%
Gold 434.20 +.09%
Base Metals 126.65 -1.05%
Copper 147.70 unch.
10-year US Treasury Yield 4.38% +.27%
Leading Sectors
Energy +1.35%
Oil Service +1.19%
Broadcasting +.60%
Lagging Sectors
Homebuilders -1.08%
Semis -1.57%
Airlines -2.63%
After-hours Movers
SBUX +3.20% after beating same-store-sales estimates for February.
PETM -7.2% after missing 4Q revenue estimates, restating prior results and maintaining 05 outlook.
FHRX -9.3% after missing 4Q revenue estimates and lowering 1Q outlook.
Detailed Market Summary
Market Wrap CNBC Video(bottom right)
Futures Recap
NASDAQ 100 After-hours Indicator
Real-time/After-hours Stock Quote
Afternoon Recommendations
- Goldman Sachs: Reiterated Outperform on AMLN and DNA.
- Banc of America: Reiterated Buy on DHI, target $53.
- Prudential: Reiterated Overweight on FD, target $75.
After-hours News
US stocks finished modestly lower today on concerns over higher energy prices and Social Security. After the close, crude oil rose above $53/bbl. for the first time in four months and gasoline surged to an all-time high on concern that oil production and refining capacity are not keeping up with demand, Bloomberg reported. Boone Pickens, chairman of BP Capital LLC, opened a second partnership for investing in energy stocks after reaching a cutoff of $500 million in assets at his first hedge fund, Bloomberg said. The US dollar rose against the euro as Fed Chairman Greenspan said the US economy is expanding at a “reasonably good pace,” while a European Union report showed growth in the region is stagnate, Bloomberg reported. Neiman Marcus Group said second quarter profit surged as customers bought more designer dresses and handbags, Bloomberg reported. Iran’s military has new anti-ship cruise missiles that give it the capability to threaten the flow of oil in the Persian Gulf, Bloomberg reported. Martha Stewart Living Omnimedia’s second-biggest shareholder, VA Partners LLC, sold 915,000 shares of the media and houseware company’s stock at prices between $32.66-$35.58/share, Bloomberg said. MCI began discussing a combination with Qwest Communications, bowing to pressure from shareholders who oppose a lower bid from Verizon Communications, Bloomberg reported.
BOTTOM LINE: The Portfolio finished slightly lower today as losses in my semi and alternative energy longs more than offset gains in my software and telecom equipment longs. I did not trade in the afternoon, thus leaving the Portfolio 100% net long. The tone of the market deteriorated into the afternoon as the advance/decline line finished the day lower, sector performance was mixed and volume was decent. Measures of investor anxiety remained mixed into the close. Semis underperformed and energy-related stocks outperformed throughout the day. I still expect the DJIA and S&P 500 to make new cycle highs over the next few days. I also expect the Russell 2000 and Nasdaq to break to the upside from their recent trading ranges. The likely catalysts will be provided by a drop in long-term interest rates after Friday’s employment report, strong earnings reports, short-covering and the stabilization of energy prices. A substantial spike in long-term interest rates or oil above $55/bbl. poses the greatest near-term risk to my bullish view.
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