From Briefing.com: 4:03 pm Vivint Solar beats by $0.10, misses on revs (VSLR) :
Reports Q3 (Sep) loss of $0.36 per share, excluding non-recurring items, $0.10 better than the Capital IQ
Consensus of ($0.46); revenues rose 83.6% year/year to $41.3 mln vs the $43.48 mln Capital IQ Consensus.
MW Booked of approximately 59 megawatts for the quarter. MW. Installed of approximately 59 MWs.
Total cumulative MWs installed were approximately 634 MWs. Installations were 8,266 for the quarter.
Cumulative installations were 93,138.
4:15 pm : The major averages ended the Tuesday affair on a modestly higher note as participants awaited tonight's conclusion of a contentious US election cycle. The Nasdaq Composite (+0.5%) finished ahead of both the Dow Jones Industrial Average (+0.4%) and the S&P 500 (+0.4%).
Equity indices spun their wheels at the start of the session as rising bond prices and a modest loss in the U.S. Dollar Index (97.95, +0.17, +0.17%) signaled caution ahead of this evening's election results. The pause proved to be short-lived, however, as yesterday's risk rally resumed after the opening hour. Growth-sensitive groups and crude oil led the advance during this time, benefiting from some pre-election positioning.
The broader market maintained the positive tone into the afternoon amid speculation that Hillary Clinton would come away victorious despite the recent FBI scare. Recall that yesterday the S&P 500 snapped a nine-session losing streak after FBI Director James Comey confirmed that he will not recommend pursuing criminal charges against Democratic presidential nominee Hillary Clinton for mishandling of classified information and the use of a private email server. At the same time, market and political pundits suggested that the market also gained on the assumption that the GOP could manage to retain control of one, if not both houses, of Congress. The resulting gridlock would be welcomed by the market while a clean sweep by either party would lead to more uncertainty.
The broader market wavered in the last two hours of action, but the S&P 500 still settled in the top half of today's range. Ten of eleven sectors finished with gains, paced by defensively-oriented utilities (+0.7%) and telecom services (+0.6%). Heavily-weighted consumer discretionary (+0.6%) and industrials (+0.5%) followed.
Travel and leisure names outperformed in the consumer discretionary space (+0.6%) as Priceline Group (PCLN 1578.13, +97.80) rallied 6.6%. The company beat top- and bottom-line estimates for the quarter. Shares of Marriott (MAR 73.02, +1.92, +2.7%) also outperformed after the hotel operator beat consensus estimates for their quarter. However, it is worth noting that the company also issued cautious fourth-quarter earnings guidance.
In the industrial sector (+0.5%), machinery names outperformed with Dow components Caterpillar (CAT 84.68, +0.93) and 3M (MMM 171.03,+ 1.29) gaining 1.7% and 0.8%, respectively. Separately, the Dow Jones Transportation Average (UNCH) finished flat even though UPS (UPS 112.03, +2.23) climbed 2.0%.
Biotechnology finished in-line with the health care sector (+0.2%), evidenced by the 0.2% gain in the iShares Nasdaq Biotechnology ETF (IBB 261.62, +0.45). Mylan (MYL 37.11, +0.52) gained 1.4%, shrugging off reports that members of the Senate Judiciary Committee are calling on the Federal Trade Commission to bring antitrust charges against the company.
The commodity-sensitive energy sector (UNCH) inched lower despite rising crude oil futures. WTI crude ended up 0.3% ($44.95/bbl; +$0.13) ahead of this evening's inventory data from the American Petroleum Institute. The Department of Energy will release its more influential inventory data tomorrow morning at 10:30 ET.
Treasuries finished on a lower note as the short end of the curve underperformed. The yield on the 2-yr note finished higher by three basis points (0.85%) while the yield on the 10-yr note also ended up three basis points (1.86%).
Today's trading volume was above the average of 861 million as more than 869 million shares changed hands at the NYSE floor.
Today's economic data was limited to the Job Openings and Labor Turnover Survey for September:
The September Job Openings and Labor Turnover Survey showed that job openings came in at 5.486 million from a revised 5.453 million (from 5.443 million) in August.
Tomorrow's economic data will include the 7:00 ET release of the weekly MBA Mortgage Index and the 10:00 ET release of Wholesale Inventories for September (Briefing.com consensus +0.2%).
Russell 2000: +5.5% YTD
Dow Jones: +5.2% YTD
S&P 500: +4.7% YTD
Nasdaq Composite: +3.7% YTD
DJ30 +72.83 NASDAQ +27.32 SP500 +8.01 NASDAQ Adv/Vol/Dec 1554/1.589 bln/1267 NYSE Adv/Vol/Dec 1665/869.4 mln/1253 3:30 pm :
Commodities, as measured by the Bloomberg Commodity Index, were -0.1% around the 83.78 level
Crude oil closed modestly higher after OPEC raised its global oil demand forecast for next year in this morning's Annual OPEC Oil Market Outlook report
December crude oil futures rose $0.13 (+0.3%) to $44.95/barrel
The next OPEC meeting will take place in Vienna, Austria on November 30.
Weekly EIA storage data will be released tomorrow at 10:30 am ET.
API data will be released today after the bell
Natural gas plummeted, ending at its lowest levels of the session on warmer weather forecasts
December natural gas closed $0.19 lower (-6.7%) at $2.63/MMBtu
Updated weather forecast models showed that high pressure weather systems will dominate over the central & southern U.S. this week, resulting in much warmer than normal conditions, negatively impacting demand for natural gas.
Weekly EIA natural gas data will be released Thursday at 10:30 am ET.
In precious metals, gold reversed its initial morning rally as silver held onto its gains while the dollar index struggled to find direction
December gold ended today's session down $5.30 (-0.4%) to $1274.60/oz
December silver closed today's session $0.19 higher (+1.1%) at $18.35/oz
The gold:silver ratio was at ~69.5, compared to last week's closing ratio of ~69.9
Base metal copper ended pit trading at a fresh 52-week high
December copper closed $0.07 higher (+3.0%) at $2.38/lb
Ahead of tonight's election outcome, the broader market closed higher despite opening weakness. The Nasdaq Composite ended up 27.32 points (+0.53%) to 5193.49. The Dow Jones Industrial Average added 72.83 points (+0.40%) to 18332.43, and the S&P 500 gained 8.01 points (+0.38%) to 2139.53.
Equity indices spun their wheels at the start of the session as rising bond prices and a modest loss in the U.S. Dollar Index (97.95, +0.17, +0.17%) signaled caution ahead of this evening's election results. The pause proved to be short-lived, however, as yesterday's risk rally resumed after the opening hour. Growth-sensitive groups and crude oil led the advance during this time, benefiting from some pre-election positioning.
The broader market maintained the positive tone into the afternoon amid speculation that Hillary Clinton would come away victorious despite the recent FBI scare. Recall that yesterday the S&P 500 snapped a nine-session losing streak after FBI Director James Comey confirmed that he will not recommend pursuing criminal charges against Democratic presidential nominee Hillary Clinton for mishandling of classified information and the use of a private email server. At the same time, market and political pundits suggested that the market also gained on the assumption that the GOP could manage to retain control of one, if not both houses, of Congress. The resulting gridlock would be welcomed by the market while a clean sweep by either party would lead to more uncertainty.
The lone piece of economic data today was the September Job Openings and Labor Turnover Survey which showed that job openings increased to 5.486 million from a revised 5.453 million (from 5.443 million) in August.
In the Technology (XLK 47.41, +0.23 +0.49%) space, trading capped off Tuesday with modest gains, slightly below highs of the day. Component CenturyLink (CTL 24.16, +0.83 +3.56%) was the best performer following a premarket upgrade to an Outperform rating at Oppenheimer. All 11 S&P sectors were in the green today, led by the IYZ +1.60%, XLU +0.78%, XLRE +0.62%, XLI +0.60%, XLP +0.44%, XLY +0.41%, XLB +0.32%, XLV +0.28%, XLFS +0.25%, XLE +0.13%, XLF +0.05%.
In the S&P 500 Information Technology (799.59, +3.74 +0.47%) sector, trading inched closer to the $800-level but closed just shy as action cleared intraday, but edged modestly lower at the close. Components MCHP +2.78%, FB +1.69%, HPQ +1.53%, TDC +1.44%, SYMC +1.27%, GOOGL +1.24%, TXN +1.19%, and NTAP +1.18% all displayed relative strength today on the back of an upbeat broader market.
Other notable news items among sector components:
Texas Instruments (TXN 69.83, +0.82 +1.19%) introduced a new current-sense amplifier for in-line motor phase current measurement that improves overall motor efficiency, compared to existing current-sense amplifiers.
Qualcomm (QCOM 68.27, -0.19 -0.28%) and Preh, GmbH, part of the Joyson Electronics Group announce that they have entered into a Wireless Electric Vehicle Charging license agreement. Preh will include Qualcomm Halo WEVC technology in its product portfolio and will focus on commercializing WEVC systems for Plug-In Hybrid (PHEV) and Electric Vehicle (EV) manufacturers. Based on the agreement, Preh intends to develop, make and supply WEVC systems based on Qualcomm Halo technology.
Xerox's (XRX 9.28, -0.03 -0.32%) Board approved its proposed separation into two companies.
Skyworks Solutions (SWKS 77.33, +0.09 +0.12%) launched a suite of new high performance, fully integrated front-end modules targeting the rapidly expanding Internet of Things market including the connected home, industrial automation and energy management, among others.
In addition to reporting quarterly results, Microchip Technology (MCHP 63.96, +1.73 +2.78%) released a new generation of 8-bit tinyAVR MCUs. The four new devices range from 14 to 24 pins and 4 KB to 8 KB of Flash and are the first tinyAVR microcontrollers to feature Core Independent Peripherals.
Accenture (ACN 119.81, -0.16 -0.13%) has opened the doors of a new Accenture Delivery Center for Technology in Budapest, Hungary, to deliver technology services to clients powered by the local pool of science, technology, engineering and math (STEM) talent. Budapest is the seventh delivery center location for Accenture in Central and Eastern Europe.
Tessera Tech (TSRA 38.25, +0.15 +0.39%) filed a civil action against Broadcom (AVGO 176.98, +0.02 +0.01%).
Broadcom (AVGO) announced a new family of 5A and 3A gate drive optocoupler devices, the Avago ACNU-3430 and ACNU-3410, respectively.
Ingram Micro (IM 38.47, +0.05 +0.13%) announced Microsoft (MSFT 60.46, +0.04 +0.07%) Azure was added in New Zealand to the Ingram Micro Cloud Market.
Elsewhere in the tech space:
Synopsys (SNPS 59.22, +0.19 +0.32%) acquired privately held Cigital. Financial details of the deal were not disclosed, and it is expected to close December 2016.
In addition to reporting quarterly results, ScanSource's (SCSC 30.00, -4.80 -13.79%) CFO, Charles Mathis, will resign effective November 11, 2016.
Callidus Software (CALD 15.70, +0.25 +1.62%) acquired Datahug Limited for $13 million.
Vivint Solar (VSLR 3.20, +0.30 +10.34%) secured tax equity commitments from three investors, totaling $200 million.
In reaction to quarterly results:
Priceline (PCLN 1578.13, +97.80 +6.61%) reported better than expected Q3 EPS of $31.18 on revenues which rose 18.9% compared to last year and also beat market expectations to $3.69 billion. For Q4, PCLN sees EPS below market expectations at $12.20-12.80.
Microchip (MCHP) reported better than expected Q2 EPS and revenues of $0.94 and $873.8 million, respectively. For Q3, the company sees better than expected EPS of $0.85-0.95 and in-line revenues of $821.4-873.8 million.
Jack Henry (JKHY 83.87, +2.12 +2.59%) reported better than expected Q1 EPS and revenues of $0.79 and $345 million, respectively.
FICO (FICO 114.82, -2.71 -2.31%) reported better than expected Q4 EPS and revenues of $1.28 and $235.8 million, respectively. For FY17, the company sees EPS of about $4.92 and revenues of $about $925 million.
ScanSource (SCSC) reported worse than expected Q4 EPS of $0.51 and in-line revenues which rose 3.6% compared to last year to $887.5 million. For Q1, the company sees EPS and revenues below market expectations at $0.60-0.68 and $875-925 million, respectively.
Model N (MODN 7.70, -2.40 -23.76%) reported a better than expected Q4 loss of $0.11 per share and revenues of $28.5 million. For Q1, the company sees worse than expected EPS and revenues of ($0.18)-($0.16) and $27.2-27.7 million, respectively. For FY17, the company also sees EPS and revenues worse than expected at ($0.73)-($0.70) and $105-107 million, respectively.
Companies scheduled to report tonight/tomorrow morning: DOX CVG LPSN FENG TRIP VEC VSAT VSLR ZAYO/BITA BR GIB EBIX LMOS MTLS
Analyst actions:
MCHP was upgraded to Buy from Neutral at BofA/Merrill,
SHEN was upgraded to Outperform from Mkt Perform at FBR & Co.,
CTL was upgraded to Outperform from Perform at Oppenheimer,
WIN was upgraded to Outperform at Cowen,
SRT was upgraded to Buy from Hold at Lake Street,
CRAY was upgraded to Buy from Hold at Needham;
IQNT was downgraded to Underperform from Mkt Perform at Raymond James,
T was downgraded to Perform from Outperform at Oppenheimer,
ELNK was downgraded to Hold from Buy at Drexel Hamilton,
