Thursday, February 03, 2005

Thursday Close

S&P 500 1,189.89 -.28%
Dow 10,593.10 -.03%
NASDAQ 2,057.64 -.84%
Russell 2000 629.32 -.42%
DJ Wilshire 5000 11,718.93 -.28%
S&P Barra Growth 572.34 -.30%
S&P Barra Value 613.24 -.25%
Morgan Stanley Consumer 587.89 -.07%
Morgan Stanley Cyclical 761.80 -.32%
Morgan Stanley Technology 466.32 -1.66%
Transports 3,579.48 -.69%
Utilities 348.64 +.22%
Put/Call .86 +17.81%
NYSE Arms 1.25 +47.06%
Volatility(VIX) 11.79 +1.11%
ISE Sentiment 170.00 +39.34%
US Dollar 83.92 -.01%
CRB 281.61 -.48%

Futures Spot Prices
Crude Oil 46.67 +.47%
Unleaded Gasoline 127.30 +.36%
Natural Gas 6.13 -.23%
Heating Oil 128.05 +.31%
Gold 418.70 +.05%
Base Metals 121.09 +.14%
Copper 139.00 +.11%
10-year US Treasury Yield 4.16% unch.

Leading Sectors
Retail +.65%
Iron/Steel +.56%
Energy +.56%

Lagging Sectors
Semis -1.26%
Internet -2.07%
Networking -2.88%

After-hours Movers
SNDA +13.95% after beating 4Q estimates.
ASCL +11.78% after beating 4Q estimates and raising 1Q guidance.
CELL +7.65% after beating 4Q estimates.
TSCO +6.59% after beating 4Q estimates and raising 05 guidance.
APCC +4.76% after beating 4Q estimates.
BCSI +4.99% after boosting 3Q estimates.
SEAC -15.4% after cutting 4Q forecast.
SHOP -10.13% after meeting 4Q estimates and lowering 1Q/05 guidance.
ASKJ -4.83% after missing 4Q revenue estimates slightly and reiterating 1Q/05 guidance.

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 IR, K, STR and CAT. Reiterated Underperform on KFT. Initiated Packaged Food Sector with Cautious rating.
-Banc of America: Upgraded NE to Buy, target $61. Upgraded ESV to Buy, target $45. Upgraded RDC to Buy, target $34. Upgraded THE to Buy, target $25.
-UBS: Rated OMX Buy.
-Business Week: Brooktrout(BRKT) may benefit from the growing use of Voice-Over-Internet protocol. Imax Corp.(IMAX), the world’s biggest maker of giant-screen film projection systems, is benefiting as more theaters sign up for its screens.

After-hours News
US stocks finished modestly lower today on worries over slowing economic growth and weakness in technology shares. After the close, Intel may have to buy Texas Instruments or Qualcomm to boost its cell-phone business, Business Week said. Needham fund manager Vincent Gallagher, who helps manage $1 billion, told CNBC that he likes Ceradyne, MEMC Electronic Materials and Digitas as growth stocks. Mercury Interactive CEO Landan told CNBC he hopes the company will make acquisitions rather than be bought, as the computer-software industry continues to consolidate, Bloomberg said. The value of products using nanotechnology, in which particles a few billionths of a meter wide are applied to improve quality, will increase more than 20-fold by the end of the decade, Business Week reported. Citigroup may face a 30-day trading suspension on Eurex AG if German regulators conclude the bank manipulated the market for European government bonds and futures last August, the London-based Times said. US President Bush will present the most frugal spending proposal of his presidency, one designed to help cut the deficit in half by 2009, White House budget director Bolten said. Sun Microsystems and Archipelago Holdings plan to build the world’s first online exchange to buy and sell computing power like electricity to reduce technology costs for customers, Bloomberg said. Alberto Gonzales won Senate confirmation to be US attorney general over the objection of Democrats, Bloomberg reported.

BOTTOM LINE: The Portfolio finished higher today on gains in my internet, retail, software and gaming longs. I added a few new longs from various sectors in the afternoon, thus leaving the Portfolio 100% net long. I added to my SINA long after-hours and I am using a $26 stop-loss on this position. The tone of the market was weaker today, however it improved into the close. The advance/decline line finished near its daily highs, volume improved and several sectors rose. As well, measures of investor anxiety mostly increased, the US dollar maintained gains and interest rates fell modestly. The CRB declined and is approaching its uptrend line which has been in place since October of 2001. I expect this index to finally break this uptrend in the near future.

No comments: