S&P 500 1,207.01 -1.02%
Dow 10,805.62 -.98%
NASDAQ 2,061.29 -.59%
Russell 2000 631.08 -1.08%
DJ Wilshire 5000 11,884.12 -1.03%
S&P Barra Growth 581.11 -.90%
S&P Barra Value 621.48 -1.13%
Morgan Stanley Consumer 585.15 -.86%
Morgan Stanley Cyclical 773.63 -1.0%
Morgan Stanley Technology 475.25 -.23%
Transports 3,840.09 -.83%
Utilities 353.97 -1.89%
Put/Call .95 +9.20%
NYSE Arms .91 -29.46%
Volatility(VIX) 12.70 +2.42%
ISE Sentiment 171.00 -2.84%
US Dollar 81.63 -.43%
CRB 313.70 +.34%
Futures Spot Prices
Crude Oil 54.27 -.91%
Unleaded Gasoline 151.75 -1.0%
Natural Gas 6.84 -.58%
Heating Oil 151.90 -.88%
Gold 441.10 -.41%
Base Metals 131.29 +.03%
Copper 149.40 -.63%
10-year US Treasury Yield 4.52% +2.93%
Leading Sectors
Networking +1.20%
Telecom -.15%
Semis -.25%
Lagging Sectors
Homebuilders -2.21%
Oil Service -2.78%
Energy -2.80%
After-hours Movers
ADRX +4.59% after beating 4Q estimates.
GYMB -4.3% after saying restatement cut 04 results.
MATK -12.3% on disappointing 1Q results.
EAT -6.95% after cutting 3Q and 4Q guidance.
ENCY -5.8% after saying it will off $100 million in convertible notes.
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 MO, GD and XOM. Reiterated Underperform on RAI. Lowered Gaming Manufactures to Cautious from Neutral, favorite is GTK and least favorite is MGAM.
- Banc of America: Downgraded PHCC to Sell, target $21. Upgraded WOOF to Buy, target $24. Downgraded HSIC to Sell, target $33.50.
- UBS: Raised STR to Buy, target $75.
After-hours News
US stocks finished lower today on heightened worries over rising long-term interest rates. After the close, OPEC should more than double its spare capacity of oil to provide a buffer against any problems, the Financial Times reported, citing the IMF’s World Economic Outlook. Morgan Stanley is being urged to sell its Discover credit-card division, the Financial Times reported. The NY-based Gambino organized crime family was infiltrated by an undercover FBI agent as part of a two-year investigation that yielded indictments against 32 members and associates, including it top four leaders, Bloomberg reported. President Bush said concerns about higher oil and pas prices are hurting the economy and urged Congress to pass energy legislation that has faltered for almost four years, Bloomberg said. US Treasury Notes fell today, pushing the 10-year note’s yield to its highest since July, strong US growth and higher energy prices fanned concerns inflation will accelerated, Bloomberg reported. Emerging-market bonds tumbled, led by Brazil and South Africa, on concern higher yields in the US will reduce the attractiveness of developing nations’ debt, Bloomberg reported. Manufacturers in parts of the US found it easier to pass on rising material and labor costs to customers in January and February, the Fed said in its Beige Book report, Bloomberg reported. MBIA said it received a subpoena from federal prosecutors in NY about reinsurance agreements in 1998 that prompted the company yesterday to restate seven years of profit, Bloomberg reported.
BOTTOM LINE: The Portfolio finished unchanged today as gains in my Biotech, Semi and Chinese ADR longs offset losses in my Computer, Software and Healthcare longs. I exited a few longs from various sectors in the afternoon as they hit stop-losses and added to my AAPL long, thus leaving the Portfolio 75% net long. The tone of the market deteriorated into the afternoon as the advance/decline line finished at its daily lows, almost every sector declined and volume was decent. Technology stocks outperformed substantially while commodity-related and interest-rate sensitive stocks underperformed throughout the day. Measures of investor anxiety were mostly higher into the close. Overall, today’s market action was negative, however most losses were contained to sectors with recent outsized gains. At this point, I still anticipate a resumption of the current rally when interest rates and oil stabilize.
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