S&P 500 1,113.65 -.73%
NASDAQ 1,920.53 -.24%
Leading Sectors
Restaurants +2.09%
Airlines +2.09%
Semis +1.78%
Lagging Sectors
Homebuilders -2.23%
Commodity -2.76%
Iron/Steel -4.63%
Other
Crude Oil 53.64 +2.15%
Natural Gas 6.94 +4.58%
Gold 417.30 +.65%
Base Metals 113.43 -8.06%
U.S. Dollar 87.87 -.17%
10-Yr. T-note Yield 4.05% -1.04%
VIX 15.42 +2.46%
Put/Call 1.06 +7.07%
NYSE Arms 1.36 -22.29%
After-hours Movers
SNDK -18.97% after missing estimates and lowering 4Q guidance.
NVEC +3.44% after saying it received an initial order from Starkey Laboratories for custom-designed ultra-miniature spintronic sensor integrated circuits.
AAPL +6.69% after substantially beating 4Q estimates and raising 1Q outlook.
NVLS -5.88% after meeting 3Q estimates and lowering 4Q guidance substantially.
Recommendations
Goldman reiterated Outperform on ALL, WMT, KR and KRB.
After-hours News
U.S. stocks finished modestly lower today over worries that high energy prices would slow future economic growth. After the close, a majority of the FCC voted to conditionally approve Cingular Wireless's planned purchase of AT&T Wireless Services, Reuters said. Apple Computer said fourth-quarter profit more than doubled on surging sales of its iPod digital music player, Bloomberg said. The Australian dollar traded close to its lowest in a week after prices of the country's raw material exports such as copper and nickel plunged the most in more than a decade, Bloomberg said. Progressive Corp., the third-largest U.S. auto insurer, said third-quarter profit rose 22%, Bloomberg reported.
BOTTOM LINE: The Portfolio finished lower today on weakness in my shipping and steel longs. I exited a shipping long in the afternoon and added IGT long. I am using a stop-loss of $31 on this position and the Portfolio is still 100% net long. The tone of the market improved a bit in the afternoon as volume increased and the advance/decline improved somewhat. Most measures of investor anxiety rose again today, which is a positive. As well, Apple Computer's VERY strong report after the close is one positive data point for the U.S. consumer. I expect stocks to rise tomorrow on short-covering after the Presidential debate and release of the weekly oil inventory data.
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