Schaeffer's S&P 500 Index Hot Stocks Features PMC-Sierra, Network Appliance, IBM, Forest Laboratories, and Anheuser-Busch.

CINCINNATI -- Among the stocks featured in the April 6 edition of Schaeffer's S&P 500 Index Hot Stocks are PMC-Sierra (NASDAQ:PMCS), Network Appliance (NASDAQ:NTAP), IBM (NYSE:IBM), Forest Laboratories (NYSE:FRX), and Anheuser-Busch (NYSE:BUD). Schaeffer's S&P 500 Index Hot Stocks is just one of the many free market commentaries written everyday at www.SchaeffersResearch.com - the home of Bernie Schaeffer and Schaeffer's Investment Research. For additional information about this report or to have it delivered to you free via email every day click on the following link. http://www.schaeffersresearch.com/redirect.aspx?CODE=PRSHS1M&PAGE=1

Schaeffer's S&P 500 Index Hot Stocks for Wednesday, April 6, 2005:

A daily feature available on SchaeffersResearch.com is the "SPX Hot Stocks" column. Each afternoon, we will provide a list of the day's top-20 performing stocks in the S&P 500 Index (SPX - 1,183.72) as well as the bottom-20 names. Featured along with this table will be news that is moving some of the securities.

NOTE:Stocks trading under $5 per share have been eliminated from this listing of the top-20 and bottom-20 performing stocks.

At 3:22 p.m. Eastern time, the SPX has shimmied higher by just over two points, or about 0.20 percent. The index traded as high as 1189 earlier today but has endured a slow press lower since about 12:30 p.m. Breadth is fairly encouraging today, with more than 68 percent of the index's components trading in positive territory.

The semiconductor sector was given a boost today, as Merrill Lynch upgraded several names within the group. PMC-Sierra (NASDAQ:PMCS) was upgraded to a "neutral" from a "sell," and is subsequently trading more than six percent higher this afternoon. Technically speaking, the stock has so far failed to overcome its 10-day moving average, which has held its downtrend in place since early February.

Network Appliance (NASDAQ:PMCS) is flying high today following reports that the computer-hardware concern inked a partnership deal with IBM (NYSE:IBM), wherein NTAP products will be resold under the IBM brand name. In turn, IBM's storage-tape products and Tivoli software will be offered to NTAP customers. The financial specifics of the alliance were not made public. While NTAP has rallied strongly on the news, IBM is fractionally lower.

AutoDesk (ADSK) boosted its first-quarter earnings outlook fractionally higher, to a range between 27 and 29 cents per share. In February, the AutoCAD titan had issued a guidance of 26-28 cents per share. Looking further along the horizon, ADSK expects second-quarter earnings of 21-23 cents per share, and fiscal year 2006 earnings of $1.10 to $1.15, on revenue of between $1.425 billion and $1.475 billion.

Heading over to the negative side of the fence, Forest Laboratories (NYSE:FRX) is bringing up the rear on Wednesday after the firm lowered its fourth-quarter earnings guidance. The company now expects to collect 15 cents per share during the reporting period, or 40 cents excluding items. This is notably lower than the previously forecast results of 51 cents per share. Officials with the drug maker says that inventory levels negatively impacted the bottom line during the quarter.

Siebel Systems (SEBL) is another victim of a reduced earnings guidance. The software company warned that it expects a first-quarter loss of between one and two cents per share. Wall Street's consensus forecast was previously for earnings of a nickel per share. After issuing this news last night, SEBL was hit with downgrades this morning from Jefferies and Needham.

Citing perceived overcapacity in the industry, FTN Midwest Securities lowered its rating on Archer-Daniels-Midland (ADM) to a "sell" from a "neutral."

Tuesday evening, Anheuser-Busch (NYSE:BUD) reported that its first-quarter beer sales to wholesalers slumped by 2.7 percent to 24.4 million barrels. BUD officials now expect low-single-digit earnings-per-share growth for 2005, and expect first-quarter earnings results of 63-64 cents per share, excluding items. Legg Mason issued a downgrade on the stock this morning, dropping it to a "sell" from a "hold."

Click the following link to see a Chart of the SPX 500 Index's Top-20 Percentage Gainers: http://www.schaeffersresearch.com/wire?ID=12891 .

Click the following link to see a Chart of the SPX 500 Index's Top-20 Percentage Losers: http://www.schaeffersresearch.com/wire?ID=12891 .

Take advantage of the timely Schaeffer commentaries by signing up for their free e-newsletters -- Opening View, Market Recap and Monday Morning Outlook. Click here to have the Schaeffer's commentaries delivered to you free via email every day. http://www.schaeffersresearch.com/redirect.aspx?CODE=PRSHS1M&PAGE=1 .

About Schaeffer's Investment Research (www.SchaeffersResearch.com)

Schaeffer's Investment Research, founded by Bernie Schaeffer in 1981, is a financial information and trading resources company. It publishes Bernie Schaeffer's Option Advisor, the nation's leading options subscription newsletter. The firm's contrarian approach focuses on stocks with technical and fundamental trends that run counter to investor expectations. The firm's website, http://www.SchaeffersResearch.com , is recognized as one of the leading information sources for stock and options traders and was cited as the top options website by both Forbes and Barron's. Click here for more details about Schaeffer's trading methodology: http://www.SchaeffersResearch.com/method .