Tuesday, February 08, 2005

Tuesday Close

S&P 500 1,202.30 +.05%
Dow 10,724.63 +.08%
NASDAQ 2,086.68 +.22%
Russell 2000 638.72 +.33%
DJ Wilshire 5000 11,848.39 +.08%
S&P Barra Growth 577.52 +.07%
S&P Barra Value 620.46 +.02%
Morgan Stanley Consumer 591.59 +.04%
Morgan Stanley Cyclical 763.98 +.05%
Morgan Stanley Technology 474.84 -.21%
Transports 3,609.87 +.21%
Utilities 353.19 +.39%
Put/Call .78 +8.33%
NYSE Arms 1.12 -8.94%
Volatility(VIX) 11.60 -1.11%
ISE Sentiment 154.00 -22.61%
US Dollar 85.15 +.05%
CRB 281.46 +.09%

Futures Spot Prices
Crude Oil 45.45 +.38%
Unleaded Gasoline 121.62 +.33%
Natural Gas 6.18 +3.62%
Heating Oil 124.60 +1.25%
Gold 414.10 -.31%
Base Metals 119.66 -.42%
Copper 139.00 +.11%
10-year US Treasury Yield 4.02% -.77%

Leading Sectors
Semis +2.19%
Homebuilders +1.49%
Networking +1.47%

Lagging Sectors
Hospitals -.76%
Software -1.12%
Airlines -1.28%

After-hours Movers
VSTA +14.9% after substantially beating 1Q estimates and raising 05 guidance.
ISRG +13.7% after substantially beating 4Q estimates.
UTSI +6.5% after meeting 4Q estimates and raising 1Q guidance.
NFI -10.0% on continuing weakness from 4Q report.
SNIC -9.99% after beating 3Q estimates and lowering 4Q outlook.
BOBE -8.33% after cutting 3Q estimates.

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 K and MSFT.

After-hours News
US stocks finished modestly higher today as long-term interest rates declined again, spurring further gains in homebuilding stocks. Semiconductors also outperformed ahead of Cisco’s report. After the close, Deutsche Telekom, Siemens and IBM have missed a deadline for submission of offer proposals for the Herkules project, Germany’s biggest public-private venture, Financial Times Deutschland said. Huawei Technologies, China’s top phone-equipment maker, posted a 22% gain in full-year profit as orders surged 46%, the Financial Times reported. Cisco Systems said second-quarter profit almost doubled amid demand for devices that help consumers connect home offices to the Internet, Bloomberg said. The scientist who cloned “Dolly” the sheep in 1996 today was granted the second British license to clone human embryos for medical research, Bloomberg reported. Boeing CEO Stonecipher said the second-biggest US defense contractor may use its growing cash reserves to buy “small” military intelligence businesses, increase its dividend or buy back stock, Bloomberg reported. Pfizer said it is considering job cuts as it faces the loss of patent protection on several key drugs, Bloomberg said.

BOTTOM LINE: The Portfolio finished higher today on gains in my homebuilding, semiconductor, networking and software longs. I did not trade in the afternoon, thus leaving the Portfolio 125% net long. The tone of the market remained mildly positive into the close as volume rose and the advance/decline line stayed slightly higher. As well, long-term interest rates finished at their lows for the day. Measures of investor anxiety were mixed. Overall, today’s action appeared to be another healthy consolidation from recent gains. The market’s after-hours reaction to Cisco’s mildly disappointing report looks muted so far, which is a positive.

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