Portfolio up 1.61%, Dow up 0.34%, Nasdaq up 1.05%, S&P500 up 0.16%, Gilder up 1.1%, Meisler up 0.8%, J-Blimps up 2.2%, Fuel cells/Alt energy up 0.5%
NYSE Volume: 821 mln...Adv: 1431...Dec: 1381
Nasdaq Volume: 1.52 bln...Adv: 2204...Dec: 1771
Put/Call ratio 0.42 (Range 0.32 to 0.42) Most intraday bullish since the spring collapse
Sector Watch
Energy (XLE) 32.53 -0.72 -2.17% Every one in the index was red today. MSDW downgraded several in the sector like XOM for high valuation.
XOM RD CHV SLB TX ENE HAL WMB COC.B CGP P EPG RIG BHI UCL BR APC MRO OXY APA KMG AHC CG TOS RDC SUN ASH MDR
Biotechs ($BTK) 741.06 +47.53 +6.85%. CORR led the index up with a 20% gain. Most green on the day. I heard Clinton talk positively about stem cell research yesterday. Robertson Stephens analyst Michael King initiated coverage of the stock (HGSI: news, msgs) with a "buy" rating and set a 12-month price target of $169 to $200 a share. Shares jumped 20 3/4 to 158 13/16. Nice looking 50/200 stack.
AMGN BGEN CRA CEPH CHIR CORR GENZ GILD HGSI IDPH IMNX MEDI MLNM ORG PDLI VRTX are the index.
Disk Drives ($DDX) 104.79 +10.47 +11.10% sectors is hot. Never did get around to determining the best one. RDRT up 31% on news of strong orders and Samsung deal. RDRT announced its GMR heads have been selected for 20GB per 3.5" platter platforms at all 4 of its major customers. KMAG and HMTT up 25% in sympathy. IOM and HDD are the laggarts in the index. HMTT IOM KMAG DSS HDD RDRT SEG STK are the index. Strong move above the bearish 200/50 day stack.
Natural Gas ($XNG) 217.30 -5.17 -2.32% Moved in sympathy with the energy index.
Oil ($XOI) 523.76 -14.81 -2.75% JP Morgan downgraded RD too.
Portfolio Watch
PHA up 1.85%. A St. Louis jury unanimously decided Thursday after a three-week trial that DuPont's seed unit -- Pioneer Hi-Bred International Inc. -- violated the terms of a 1993 contract that gave it access to Monsanto's gene at terms far more favorable than had other seed companies. Monsanto is a unit of Pharmacia Corp., Peapack, N.J.
RFMD up 9.07% Running up on the split coming.
BRZE up 10.90% Apparently the EPS estimate is getting raised on yahoo. Three analysts following company so something making them get bullish. biz.yahoo.com
IRF up 5.81%. International Rectifier (IRF: news, msgs) will replace Consolidated Paper (CDP: news, msgs) in the S&P MidCap 400 index.
UCL down 3.91%. All oils were down.
MDT up 0.12%, Medtronic is expected to appoint Arthur Collins the successor to Chief Executive William George on May 1.
Other stocks.
CREE up 9% Fortune Magazine Names Cree, Inc. as One of Ten Best Stocks; Cree Ranked Number 11 of 100 Fastest Growing Companies. On fire, and I sold it too soon.
LNUX up 18% Chase H&Q reiterates BUY following company's strong earnings report with solid execution and great positioning; firm believes investment sentiment is beginning to turn more positive for the shares and the latest results will add momentum to the stock. Great quarter, but IBM and DELL bother me with their linux server lead.
QCOM up 7%. No news, but it was lagging the rest of the tech and may be catching up.
FCEL up 7.4% on news of the 2/1 split for Sep 6.
Next Level Comm (NXTV) 47 1/32 -44 17/32: -- Update -- Merrill Lynch downgrades to NT NEUTRAL from NT ACCUMULATE after Lehman downgraded stock on concerns that Qwest may not move forward on VDSL initiative; Merrill estimates that Qwest represents nearly 70% of NXTV's revenues this year and roughly 50% next year.
Comment: A crystal ball would be nice on this. Down 54% in a day! A rebound should occur.
09:20 ET Tut Systems (TUTS) 110 15/16: Kaufman Brothers downgrades to BUY from STRONG BUY, citing concerns over valuation. Stresses that opinion of company and its prospects remains positive. Only down 4% on downgrade.
If it drops 25AA% r mroe, one to grab.
Durable-goods orders slumped 12.4% last month in the U.S., posting the biggest monthly decline in four decades. One month after surging 9.5%, new orders for big-ticket items intended to last three years or more, such as cars and computers, tumbled 12.4% in July. It was the largest such decrease on record, the Commerce Department said. The decline was fueled by enormous decreases in orders for aircraft, which fell 49.2% after rising 85.3% in June, and electrical equipment, which fell 16.9% after slipping just 0.6% in the previous month.
I see a lot of bullishness. The Nasdaq still in it triangle. Meisler thinking it is too weak to have a strong move out of it. UCL coming close to being stopped out. Tough to watch the high flyers run, but we know that is fire. Just be happy with a little green every day.
Jack |
