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From Briefing.com: Weekly Recap - Week ending 16-May-14It was another roller-coaster week for the equity market. The performance of the Russell 2000 was arguably the most indicative of that point. The small-cap index surged 2.4% on Monday and yet it ended the week down 0.4% after staging a closing rally on Friday in which it gained approximately 1.1% in the last two hours of trading.

The topsy-turvy action had its share of explanations that spanned from technical factors to an acknowledgment from leading hedge fund manager David Tepper that "it's nervous time" and one shouldn't be "too frickin' long right now." The biggest focal point perhaps was the Treasury market.

Longer-dated Treasury securities continued to defy most people's logic entering the year that they were destined to drop in price and move up in yield. The exact opposite has occurred. The yield on the 10-yr note, which stood just above 3.00% at the end of 2013, traded below 2.50% on Thursday before settling the week at 2.52%.

The explanations for the strength in the Treasury market this year are as multi-varied as the explanations are for the stock market's roller-coaster behavior. They include short covering, pension fund liability matching, a demographic-related asset shift, sovereign interest rate differentials, geopolitical worries, and economic growth concerns.

The economy was a frequent topic of conversation this week as the economic calendar featured a host of reports dealing with inflation, consumer spending, housing, and manufacturing activity.

The brief summation of that body of data is that it was mixed.

April retail sales were weaker than expected, squashing arguments about there being pent-up demand
PPI was higher than expected, piquing some inflation concerns that carried over with an in-line CPI report
Weekly initial claims were just 297,000, which was the lowest since May 2007 and an encouraging sign for the labor market
The Empire Manufacturing Survey for May showed a big jump in activity from the prior month, yet the Philadelphia Fed Index showed a deceleration
The NAHB Housing Market Index for May showed a drop in builder confidence from April, yet housing starts for April rose 13.2% to a seasonally adjusted annual rate of 1.072 mln units; and
Industrial production declined 0.6% in April, not only because warmer temperatures reduced utilities output, but because of a surprising 0.4% decline in manufacturing output

Mixed isn't bad. The problem is that the data haven't been indisputably strong and that is raising concerns, along with the Treasury market's behavior, that second quarter GDP isn't going to live up to economists' optimistic forecasts for 3.0%+ growth.

The stock market itself was left in a mixed state this week. To that end, five sectors ended the week up -- telecom services (+1.2%), information technology (+0.8%), health care (+0.5%), materials (+0.2%), and industrials (+0.07%) -- while five sectors ended the week down -- financials (-0.9%), consumer staples (-0.6%), utilities (-0.6%), energy (-0.6%), and consumer discretionary (-0.2%).

Note, too, that the sector performance provided some mixed signals as there was a mishmash of cyclical and countercyclical sectors on the upside and the downside.

Separately, one of the standouts for the week was the US Dollar Index. It tacked on 0.2% with the euro dropping 0.5% on the expectation that the ECB will soon be announcing new stimulus measures. To be sure, the need to implement new stimulus at this juncture isn't conveying a lot of confidence about the current state of economic affairs in the eurozone. In turn, disappointing earnings results and guidance from Wal-Mart (WMT), the world's largest retailer, didn't provide the most comforting thoughts either as it relates to the outlook for the US consumer and US economy.

All of that is at odds with the strong optimism entering the year that the US economy will hit escape velocity soon. It's still a reasonable hope, but it is still trailing the reality, and that is causing the market to move in erratic fashion.

 
 Index	   Started Week	 Ended Week    Change  % Change  YTD % 
 DJIA	     16583.34	  16491.31    -92.03	 -0.6	-0.5 
 Nasdaq	      4071.87	   4090.59     18.72      0.5	-2.1 
 S&P 500	1878.48	   1877.86     -0.62     -0.0	 1.6 
 Russell 2000  1107.22	   1102.91     -4.31	 -0.4	-5.2

4:55 pm This week's biggest % gainers/losers (:SCANX) : The following are this week's top 20 percentage gainers and top 20 percentage losers, categorized by sectors (over $300 mln market cap and 100K average daily volume).

This week's top 20 % gainers

Technology:CSLT (15.6 +43.14%),TXTR (19.17 +33.1%),NMBL (26.45 +21.17%)
Services:VIPS (159.87 +24.78%)
Industrial Goods:PPO (42.72 +23.19%)
Healthcare:GTIV (13.62 +71.16%),BLUE (25.18 +38.61%),CLDX (13.33 +26.42%),ICPT (280.26 +22%),NWBO (5.83 +21.46%),CLVS (55.96 +20.13%),IRWD (13.62 +19.27%),TNDM (17.45 +19.16%),RLYP (22.7 +19.06%),XON (18.03 +18.95%),AXDX (21.25 +18.14%),BIOS (7.44 +17.57%)
Consumer Goods:CXDC (8.5 +17.39%)
Basic Materials:TC (2.9 +19.37%)

This week's top 20 % losers

Technology:NQ (8.04 -33.97%),OIBR-C (0.88 -27.03%),ACXM (20.61 -19.55%),OIBR (0.83 -17.53%),UBNT (34.42 -16.99%)
Services:DXPE (66.57 -37.65%),FUEL (22.08 -21.32%)
Industrial Goods:XONE (26.52 -25.33%)
Healthcare:INSY (23.85 -42.51%),ENZY (12.9 -29.31%),EBS (20.77 -16.57%)
Financial:GCAP (7.85 -20.25%),UVE (12.31 -18.11%),NBG (3.03 -17.85%)
Consumer Goods:RDEN (25.61 -26.1%)
Basic Materials:MCP (2.92 -24.53%),ACET (17.07 -24.08%),FF (16.35 -19.89%),SSRI (7.72 -17.47%),AXAS (4.68 -15.29%)

3:34 pm Earnings Preview for the week of May 19 - 23 (:SUMRX) : Of the companies reporting earnings for the week of May 19 - 23 some of the bigger names include:

Monday:
Pre Market - CPB, VAL
After Hours - URBN, PWRD
Tuesday:
Pre Market - HD, TJX, SPLS, MDT, DKS, DCI, HGG, SSI, RRGB, CATO, EJ, AINV
After Hours - INTU, CRM, ADI, DY, TDW, VSAT, HEI
Wednesday:
Pre Market - TGT, LOW, HRL, PETM, QIWI, BAH, TIF, AEO, TSL, EV, CTRN, NM, LITB, MMYT
After Hours - LB, ANW, NTAP, WSM, SNPS, BRS, SINA, VVTV, SMTC, GA, EGHT, RENN, WSTL
Thursday:
Pre Market - BBY, RY, CAJ, SHLD, TD, DLTR, PDCO, TTC, BONT, PLCE, SMRT, BRC, BKE, ESI, PERY, MNRO, CMCO, MOV, KIRK, LTXC, ASEI
After Hours - HPQ, GPS, ROST, GME, MRVL, BRCD, TFM, DRYS, ARO, NDSN, ORIG, MENT, SCVL, CPWR, ARUN, ZUMZ, YOKU, VNET, TIVO, COVS
Friday:
Pre Market - FL, HIBB

12:49 pm Notable movers of interest (:SCANX) : The following are some of today's most notable movers of interest, categorized by market capitalization (large cap over $10 billion and mid cap between $2-10 billion) and ranked by % change (all stocks over 100K average daily volume).

Large Cap Gainers
JWN (69.63 +13.24%): Beat quarterly EPS by $0.04 ($0.72 vs $0.68 estimate), revs rose 6.8% yoy to $2.84 bln vs $2.76 bln estimate; comparable sales rose 3.9% vs +0-2% guidance; reaffirmed FY15 EPS guidance of $3.75-3.90 vs $3.88 estimate, revs +5.5-7.5% (~$12.84-13.08 bln) vs $12.93 bln estimate; upgraded at Credit Suisse
IBN (50.81 +9.58%): Strength in India stocks following strong election results for the Bharatiya Janata Party
AMAT (19.9 +6.50%): Reported Q2 EPS of $0.28 ex items (in-line), revs rose 19.3% yoy to $2.35 bln vs $2.35 bln estimate; sees Q3 EPS of $0.25-0.29 ex items vs $0.27 estimate, revs -5% to flat from prior quarter (~2.24-2.35 bln) vs $2.31 bln estimate

Large Cap Losers

S (9.14 -4.09%): Weakness in select tech/telecom large cap stocks: ALU, NTAP, WIT also lower
CHK (27.68 -4.52%): Provided update on 2014 asset sales and projected impact on 2014 outlook; announced additional noncore asset sales; established a five year annual production growth target of 7-9%
ILMN (141.62 -2.16%): Seeing insider selling activity: Director sold 4k shares following option exercise, Sr VP sold 2k shares following option exercise

Mid Cap Gainers

RAX (36.76 +19.82%): Co confirmed it has been approached by multiple parties who have expressed interest in exploring a strategic relationshipw ith the company, ranging from partnership to acquisition
JCP (9.6 +14.71%): Beat quarterly EPS by $0.10 (-$1.16 ex items vs -$1.26 estimate, revs rose 6.3% yoy to $2.8 bln vs $2.71 bln estimate; Q1 comps +6.2% vs estimate of +4%; target raised at Deutsche Bank
DDS (110.92 +14.82%): Beat quarterly EPS by $0.08 ($2.47 ex items vs $2.39 estimate), revs rose 0.1% yoy to $1.55 bln vs $1.60 bln estimate; same store sales rose 2%

Mid Cap Losers

CLVS (55.88 -5.70%): Weakness in mid-cap biotech stocks: ITMN, ISIS, NPSP, INCY, SGEN, THRX also lower
DRI (48.51 -4.30%): Co announced sale of Red Lobster to Golden Gate Capital for $2.1 bln
NSM (30.41 -4.04%): Downgraded to Hold from Buy at Jefferies, target lowered to $32 from $42

12:25 pm Nasdaq Comp -2.6 set new intraday rebound high -- Dow +7 and S&P +1.8 in range slightly under highs (:TECHX) :

12:21 pm Stocks/ETFs that traded to new 52 week highs/lows this session - New lows (101) outpacing new highs (43) (:SCANX) : Stocks that traded to 52 week highs: AMKR, ASX, BAM, BTI, CFN, CHC, DDS, ESTE, EW, FGP, HDB, IBA, IBN, IFN, JWN, KEP, KR, LRCX, MNK, NGG, NGLS, NJR, NVS, OILT, ORAN, PAH, PFIS, PSXP, QTS, RDI, SHG, SOHO, SQBG, SSLT, TAP, TNET, TRGP, TU, UL, UN, UNP, WES, WMB

Stocks that traded to 52 week lows: ACFN, ACPW, ADAT, AGI, ASTI, ATEA, AXR, BAMM, BEBE, BV, CGG, CHCI, COOL, CRIS, CVT, DARA, DCIX, DCTH, DGII, DRD, DSCI, ECTE, EGT, END, ENZY, EV, EVRY, FCSC, FHCO, FMI, FORD, FPI, FRSH, GLMD, GPRC, GSIT, HCT, HTBI, IILG, IIVI, IMRS, KBR, KGC, KOSS, LCNB, LPCN, LPX, LXRX, MEIP, MELA, MFLX, MLNX, MTSL, NDRO, NIHD, NL, NPTN, NQ, NVTL, OIBR, OIBR.C, OMG, OTEL, PAYC, PBPB, PGEM, PMFG, QRM, QUNR, RDC, RM, RSH, RST, RTI, RVLT, SDT, SFLY, SIGA, SLRC, SOQ, SPU, SRI, SRNE, STML, STT, SUTR, TGE, THLD, TOPS, TROV, VGGL, VHI, VIP, VJET, VLTC, WETF, WIX, WLT, WMAR, WMC, YUME

ETFs that traded to 52 week highs: EGPT, PIN

ETFs that traded to 52 week lows: none

6:08 am Canadian Solar misses by $0.01, beats on revs; guides Q2 revs below consensus; reaffirms FY14 revs guidance (CSIQ) : Reports Q1 (Mar) earnings of $0.07 per share, $0.01 worse than the Capital IQ Consensus of $0.08; revenues rose 76.9% year/year to $466.3 mln vs the $431.06 mln consensus.

May 7 preannouncement: Raised rev to $460-470 from $415-430 mln, raised shipment to 490-500 from 470-490 mln and lowered GM to 15-15% from 14-16%.
Gross margin was 14.7%, compared to 19.5% in the fourth quarter of 2013 and to first quarter guidance in the range of 14% to 16%.

Shipments

Total solar module shipments in the first quarter of 2014 were 500 MW, compared to 621 MW in the fourth quarter of 2013 and 340 MW in the first quarter of 2013.
Solar module shipments in the first quarter of 2014 included 49 MW used in the Company's total solutions business, compared to 41 MW in the fourth quarter of 2013 and 23 MW in the first quarter of 2013.

Geographical Mix
By geography, in the first quarter of 2014, sales to Asia and other markets represented 50.4% of net revenue, sales to the Americas represented 43.6% of net revenue, and sales to Europe represented 6.0% of net revenue

Guidance
Q2 - Co issues downside guidance for Q2, sees Q2 revs of $560-590 mln vs. $632.55 mln Capital IQ Consensus Estimate.

For the second quarter of 2014, the Company expects module shipments to be in the range of approximately 600 MW to 630 MW.
Gross margin expected to be between 17% and 19%.

FY14 - Co reaffirms guidance for FY14, sees FY14 revs of $2.7-2.9 bln vs. $2.88 bln Capital IQ Consensus Estimate.

Company reaffirms its guidance for annual module shipments to be in the range of 2.5 GW to 2.7 GW, including 400 MW to 500 MW of project recognition.
Company expects to build and/or hold up to 250 MW of project assets during 2014.