Tuesday, February 01, 2005

Tuesday Close

Indices
S&P 500 1,189.41 +.69%
Dow 10,551.94 +.59%
NASDAQ 2,068.70 +.30%
Russell 2000 628.14 +.66%
DJ Wilshire 5000 11,709.38 +.71%
S&P Barra Growth 571.52 +.70%
S&P Barra Value 613.61 +.67%
Morgan Stanley Consumer 585.33 +.33%
Morgan Stanley Cyclical 760.30 +.85%
Morgan Stanley Technology 475.25 +.34%
Transports 3,605.73 +.20%
Utilities 345.40 +.56%
Put/Call .90 +32.35%
NYSE Arms .96 +9.09%
Volatility(VIX) 12.03 -6.16%
ISE Sentiment 181.00 +16.77%
US Dollar 83.45 -.14%
CRB 283.91 -.30%

Futures Spot Prices
Crude Oil 47.11 -.02%
Unleaded Gasoline 131.65 +.08%
Natural Gas 6.33 +.22%
Heating Oil 131.35 -.03%
Gold 422.80 -.02%
Base Metals 121.52 -1.09%
Copper 141.50 -.07%
10-year US Treasury Yield 4.13% +.24%

Leading Sectors
HMOs +2.50%
Gaming +2.22%
Energy +1.64%

Lagging Sectors
Computer Services -.03%
Restaurants -.28%
Internet -.64%

After-hours Movers
GOOG +9.61% after substantially beating 4Q estimates.
PACR +19.24% after beating 4Q estimates.
NWRE +14.35% after beating 2Q estimates and giving positive 05 guidance.
MFLX +7.94% after beating 1Q estimates and raising 2Q outlook.
ASKJ +4.83% on GOOG report.
NVDA +4.28% after boosting 4Q estimates substantially.
MNST -9.05% after beating 4Q estimates, lowering 1Q outlook and maintaining 05 guidance.
SFNT -5.03% after meeting 4Q estimates, lowering 1Q guidance and maintaining 05 outlook.
CLZR -17.36% after missing 2Q estimates and lowering 3Q 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 RE, AGN, GOOG and IR. Reiterated Underperform on AG, DE and CNH.

After-hours News
US stocks finished modestly higher today on good earnings reports, mixed economic data and lower energy prices. After the close, the Medicare prescription-drug program will pay for Pfizer’s Viagra and other pharmaceuticals designed to improve sexual performance, the LA Times reported. Iraqi Kurds hold the balance of power in Iraq and “will be the arbiters of many key” political decisions, the Financial Times said. Techfaith Wireless Communication Technology, a mobile-phone design house founded by a group of former Motorola engineers, is planning a NASDAQ listing to raise $175 million in April, the South China Morning Post reported. Google said fourth-quarter profit rose sevenfold as it sold more advertising and attracted greater numbers of Web surfers to its sites, Bloomberg reported. The US disputed the central finding of a UN report yesterday that wouldn’t call the mass killings in Darfur, Sudan, genocide, Bloomberg said.

BOTTOM LINE: The Portfolio finished slightly lower today on losses in my internet, telecom and networking longs. I did not trade in the afternoon, thus leaving the Portfolio 100% net long. The tone of the market improved modestly into the afternoon, however today’s overall performance was a bit disappointing for the bulls as volume was again light and the advance/decline line remained relatively weak. However, the market, and specifically internet stocks, is responding well to Google’s report after the close. I expect US stocks to continue heading modestly higher in the near-term on increased optimism, more dovish Fed comments, lower energy prices, increasing fund inflows, low long-term interest rates and strong earnings reports.

No comments: