Monday, December 20, 2004

Monday Close

S&P 500 1,194.65 +.04%
NASDAQ 2,127.85 -.34%

Leading Sectors
Utilities +1.25%
Energy +1.10%
Tobacco +.65%

Lagging Sectors
Hospitals -1.04%
Drugs -1.10%
Software -1.43%

Crude Oil 45.62 -.35%
Natural Gas 6.93 -.32%
Gold 444.00 +.09%
Base Metals 120.60 +1.96%
U.S. Dollar 81.65 -.02%
10-Yr. T-note Yield 4.19% +.09%.
VIX 11.83 -1.0%
Put/Call .93 +12.05%
NYSE Arms 1.05 -26.57%

After-hours Movers
SSTI -10.2% after cutting 4Q estimates.
CTIC -11.0% after saying it agreed to sell approximately 2.6M shares of its common stock to several institutional investors at $7.10/share.
ENCY -9.5% after saying a study on using the Thelin treatment for patients with pulmonary arterial hypertension at a small dose showed "no meaningful efficacy trends."

Goldman Sachs rated TRI and HMA Outperform. Goldman rated THC Underperform. UBS rated FSH Buy, target $74. CSFB reiterated Outperform on SYMC and MFE.

After-hours News
U.S. stocks finished quietly mixed today as declines in pharmaceutical and software stocks were offset by gains in energy shares. After the close, Toyota Motor will release a car with no lead, mercury, cadmium or hexavalent chromium in 2006 as part of its plan to reduce environmental waste disposals, Nikkei English News reported. Rio Tinto Group, BHP Billiton and Cia Vale do Rio Doce are seeking to raise iron ore prices by a record for 2005 during contract talks with Japanese steelmakers, the Tex report said. Pfizer's CEO McKinnell said the FDA's cardiology panel will review studies of the Celebrex painkiller on Feb. 15 and Feb. 16, CNBC reported. Consumer devices that measure blood pressure may be better able to predict heart disease than those at the doctor's, according to a recommendation published in Hypertension: Journal of the American Heart Association. Jabil Circuit, a designer and builder of electronics for Cisco Systems, NEC Corp. and Hewlett-Packard, said first-quarter profit rose 32% as it boosted consumer electronics sales, Bloomberg said. President Bush said he'd propose "a tough budget" to send a signal to financial markets that he's serious about reducing the federal budget deficit during his second term, Bloomberg reported. Liberty Media said it will end a stock swap agreement with Merrill Lynch early, boosting its voting stake in News Corp. to about 18%, Bloomberg said. Iraqi political parties were assigned positions on the Jan. 30 ballot as President Bush and UN Secretary-General Annan said they were confident the vote could be held, Bloomberg reported. PanAmsat Holding Corp., which owns and operates 24 satellites, filed to sell as much as $1.12 billion worth of shares in an IPO, Bloomberg said.

BOTTOM LINE: The Portfolio finished unchanged today as gains in my internet and security longs were offset by losses in my retail and semi longs. I exited a retail long in the afternoon and added SYMC long, thus leaving the Portfolio 100% net long. I am using a $23.50 stop-loss on this position. The tone of the market was weak today as most sectors declined and the advance/decline line finished near its daily low. As well, most measures of investor anxiety fell. On the positive side, volume was lighter and energy prices fell. I continue to expect the major indices to mount anther push higher before year's end.

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