S&P 500 1,151.82-.45%
NASDAQ 2,076.47-.19%
Leading Sectors
Fashion+1.0%
Semis+.67%
Software+.51%
Lagging Sectors
Telecom-1.68%
Airlines-1.69%
Oil Service-1.78%
Other
Crude Oil 35.45 unch.
Natural Gas 5.36+.17%
Base Metals 112.58+.13%
U.S. Dollar Index 85.83-.13%
10-Yr. Long-Bond Yield 4.04% unch.
After-hours Movers
AMAT+5.4% on better-than-expected 1Q and raised 2Q expectations.
OVTI+18.6% after significantly beating 3Q estimates and raising 4Q guidance.
BRCM+3.3% on conf. call saying its sales for 1Q will be $565M, higher than the $528M forecast.
INTU-5.0% after exceeding 2Q estimates, but lowering 3Q guidance.
ECLG-8.4% after beating 4Q estimates, but lowering 1Q guidance.
After-hours News
Yahoo drops Google and says it will use it's own search software. A Houston grand jury issued a sealed indictment against former Enron CEO Jeff Skilling today, the Houston Chronicle said. Earnings growth for the S&P 500 has only been this high 4 other times in the last 130 years. Market breadth is continuing to expand at a healthy pace, with over 85% of stocks still above their 200-day moving averages, the strongest pace in the past 12 years.
BOTTOM LINE: I took some profits in a few of my basic material stocks and added a couple of tech stocks near the close. The portfolio was down today and is still 100% net long. Semi and Semi equipment stocks should lead the way tomorrow. OVTI, BRCM and AMAT all had very positive things to say on their calls after the close.
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