Monday, February 14, 2005

Monday Close

S&P 500 1,206.14 +.07%
Dow 10,791.13 -.05%
NASDAQ 2,082.91 +.30%
Russell 2000 635.02 +.04%
DJ Wilshire 5000 11,878.65 +.08%
S&P Barra Growth 578.62 +.19%
S&P Barra Value 623.24 -.05%
Morgan Stanley Consumer 592.10 -.02%
Morgan Stanley Cyclical 759.77 +.54%
Morgan Stanley Technology 475.21 +.25%
Transports 3,589.31 -.66%
Utilities 355.79 +.82%
Put/Call .87 +4.82%
NYSE Arms 1.04 +73.33%
Volatility(VIX) 11.52 +.79%
ISE Sentiment 195.00 +51.16%
US Dollar 83.91 -.78%
CRB 287.87 +.59%

Futures Spot Prices
Crude Oil 47.41 -.06%
Unleaded Gasoline 127.80 unch.
Natural Gas 6.07 -.30%
Heating Oil 129.60 +.12%
Gold 426.50 -.19%
Base Metals 123.04 +.90%
Copper 143.95 unch.
10-year US Treasury Yield 4.07% -.28%

Leading Sectors
Computer Hardware +1.08%
Wireless +.97%
Internet +.88%

Lagging Sectors
Homebuilders -.69%
Insurance -.73%
Oil Service -1.33%

After-hours Movers
MOLXE -6.22% after missing 2Q estimates and lowering 3Q outlook substantially.
WCG -3.85% after beating 4Q estimates and lowering 1Q/05 outlooks.
FOXH +5.90% after beating 4Q estimates and raising 1Q outlook.
OMM +4.31% after beating 4Q estimates and raising 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 MDT, HOT, SAP and AET. Reiterated Underperform on BA.

After-hours News
US stocks finished mostly higher today on optimism over merger activity and lower long-term interest rates. After the close, US companies’ internal auditors who assist external auditors in assessing internal controls against fraud could cut audit fees by as much as 50%, the Financial Times said. Wynn Resorts plans to submit a bid to build Singapore’s first casino, the Straits Times reported. Nippon Steel and JFE Holdings plan to reduce the use of coking coal to produce steel because of rising costs, the Nihon Keizai newspaper said. Flu vaccination may be less effective at preventing deaths of people older than 65 than previous research has shown, according to a study published in today’s edition of the Archives of Internal Medicine. The US dollar fell by the most in almost three weeks against the yen after a Japanese government report showed the country’s current-account surplus unexpectedly swelled in December, Bloomberg reported. Google shares rose 3% as the biggest and final restriction on insider stock sales expired today, Bloomberg reported. 3M Co. said it raised its quarterly dividend by almost 17% to 42 cents a share, Bloomberg reported. The California Public Employees’ Retirement System voted to put pressure on auto makers to design cleaner-burning vehicles, Bloomberg reported. Regency Centers and Macquarie CountryWide Trust said they’ve agreed to buy 101 retail centers from the California Public Employees’ Retirement System for about $2.74 billion, Bloomberg said.

BOTTOM LINE: The Portfolio finished substantially higher today on gains in my internet, networking and telecom longs. I did not trade in the afternoon, thus leaving the Portfolio 100% net long. The tone of the market improved into the close as the advance/decline line finished nearly unchanged and a number of sectors rose. Volume fell considerably and measures of investor anxiety were mostly higher. Cyclical shares outperformed and long-term interest rates fell again today. I expect US stocks to begin heading higher later this week on more constructive comments from Greenspan, strong earnings reports, better fund inflows and short-covering.

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