From Briefing.com: 4:15 pm : The major averages ended the Tuesday in the red after surrendering their gains from Monday. In fact, the Russell 2000, which led the way on Monday, paced today's retreat after being unable to reclaim its 200-day moving average (1117/1118). The small cap index fell 1.5%, while the S&P 500 lost 0.7% with nine sectors ending in the red.
Equity indices began the day with modest losses amid general weakness in most cyclical sectors. Most notably, retailers pressured the discretionary sector (-0.9%) after Dick's Sporting Goods (DKS 43.60, -9.56), Staples (SPLS 11.71, -1.68), TJX (TJX 53.95, -4.45), and Urban Outfitters (URBN 32.98, -3.19) all reported disappointing earnings.
Similar to the four names, Home Depot (HD 77.96, +1.46) also reported below-consensus earnings, but the Dow component was able to stay out of the red as upbeat comments from the management overshadowed the earnings miss. Despite Home Depot's outperformance, the retail space struggled with the SPDR S&P Retail ETF (XRT 81.83, -2.07) falling 2.5%.
Elsewhere among influential sectors, financials (-0.7%) and industrials (-1.3%) lagged, while technology (-0.5%) and health care (-0.6%) outperformed.
Notably, the second-weakest sector of the month-financials-extended its May loss to 1.3%. In all fairness, the economically-sensitive group has been unable to gain any traction since the start of the year as today's loss widened its year-to-date decline to 0.9%.
Also of note, the health care sector was able to keep pace with the S&P 500 even as biotechnology struggled. The iShares Nasdaq Biotechnology ETF (IBB 228.36, -3.14) lost 1.4%, which contributed to the underperformance of the Nasdaq.
All in all, today's early price action was relatively sloppy, which opened the door to a more pronounced retreat in the afternoon. In addition, the overall sense of caution was heightened by continued yen strength as the dollar/yen pair registered its fifth consecutive decline while testing its 200-day moving average (101.19).
In all likelihood, some will attribute today's retreat to comments from Philadelphia Fed President Charles Plosser, who said he felt the economy is on its firmest footing since the recovery began. However, it is worth noting that equities began sliding ahead of Mr. Plosser's comments and that longer-dated Treasuries actually climbed to highs following the remarks. The 10-yr note advanced nine ticks, pressuring its yield four basis points to 2.51%.
Today's participation marked an improvement from yesterday, but remained below average with less than 650 million shares changing hands at the NYSE.
Tomorrow, the weekly MBA Mortgage Index will be reported at 7:00 ET, while the minutes from the latest FOMC policy meeting will be released at 14:00 ET.
S&P 500 +1.3% YTD
Dow Jones Industrial Average -1.2% YTD
Nasdaq Composite -1.9% YTD
Russell 2000 -5.5% YTD
DJ30 -137.55 NASDAQ -28.92 SP500 -12.25 NASDAQ Adv/Vol/Dec 661/1.66 bln/2153 NYSE Adv/Vol/Dec 895/635.2 mln/2163
3:30 pm :
Precious metals rallied into positive territory today as equity markets opened.
June gold traded as low as $1286.00 per ounce in early morning action and rose to a session high of $1297.20. It eventually settled 40 cents higher at $1294.50 per ounce.
July silver brushed a session low of $19.23 moments after floor trade opened and climbed as high as $19.47. It managed to hold on to most of the gain and settled at $19.40 per ounce, or 0.3% higher.
July crude oil slipped to a session low of $101.69 per barrel but recovered back into positive territory by late morning action. It brushed a session high of $102.46 per barrel and settled with a 0.2% gain at $102.31 per barrel.
June natural gas trended higher after lifting from its session low of $4.48 per MMBtu set moments after floor trade opened. It rose as high as $4.57 per MMBtu and settled with a 1.8% gain at $4.55 per MMBtu.
5:38 pm Seagate Tech announces pricing and increased size of $1 bln (from $500 mln) of 4.75% senior notes due 2025 (STX) : Co announced that it has increased the size of its previously announced offering of $500 million aggregate principal amount of senior notes due 2025 to $1 billion. The Notes were priced at 100% of the aggregate principal amount and will bear interest at a rate of 4.75% per annum. The Notes will be issued by Seagate HDD Cayman, an indirect wholly-owned subsidiary of Seagate Technology plc, and guaranteed by Seagate. Seagate intends to use the net proceeds from the offering of the Notes for general corporate purposes, which may include, but are not limited to, the retirement of a portion of its outstanding indebtedness (including pursuant to the tender offers previously announced by Seagate), capital expenditures and other investments in the business.
4:06 pm MagnaChip Semi announces CEO transition: Sang Park Retires as Chairman and Chief Executive Officer, Board Appoints Executive Vice President YJ Kim as Interim CEO, R. Douglas Norby Named Non-Executive Chairman (MX) : ...
Large Cap Gainers
VRX (130.4 +2.51%): Co to discuss AGN proposal at investor meeting and webcast on May 28, 2014; said continues to believe that a Valeant and Allergan merger will be a powerful combination; said improved offer will not be an all cash deal.
HD (78.48 +2.59%): Missed on EPS by $0.03, misses on revs; reaffirmed FY15 rev guidance; Q1 comps +2.6%; mgmt on earnings call said most sales lost to weather in Q1 will be realized in Q2; May sales are 'robust'.
AZN (72.29 +2.34%): Pfizer (PFE) provided statement on its final proposal for AZN; Reuters discussed comments from analysts that PFE deal for AZN may not be dead yet; upgraded to Hold at Danske Bank.
Large Cap Losers
TJX (54.55 -6.59%): Missed on EPS by $0.03, missed on revs; guided Q2 ~in-line; lowered high end of FY15 EPS guidance, reaffirmed comps, below estimates.
VOD (34.37 -5.36%): Beat on EPS by GBP0.03, revs in-line; raised dividend by 8%.
DISH (57.61 -2.95%): Co could remain independent following sector M&A, according to reports; tgt raised to $56 from $51 at Wunderlich.
Mid Cap Gainers
FEYE (31.65 +9.4%): 82,236,543 shares will be eligible for sale in the public market on May 21, 2014 upon the expiration of lock-up agreements entered into in connection with co's secondary offering.
SSW (22.47 +3.64%): Upgraded to Overweight from Equal Weight at Barclays; tgt raised to $30 from $25.
DDD (51.07 +3.68%): Co announced Cube3 and CubePro 3D printers availability.
Mid Cap Losers
DKS (44.01 -17.21%): Missed on EPS by $0.02, missed on revs; guided Q2 below consensus; lowered FY15 guidance below consensus; cited weakness in gold and hunting; downgraded to Neutral from Buy at Sun Trust Rbsn Humphrey.
SPLS (11.71 -12.55%): Missed on EPS by $0.03, reported revs in-line; guided Q2 EPS below consensus.
ICPT (238.32 -8.34%): Trading lower following cautious report from Adam Feuerstein regarding co's lack of disclosure about lipid abnormalities; Summer Street reiterated Buy and $650 tgt.
11:50 am Stocks/ETFs that traded to new 52 week highs/lows this session - New lows (77) outpacing new highs (52) (:SCANX) : Stocks that traded to 52 week highs: AMKR, ARX, ASBB, ASX, CALM, CDNS, CNC, CP, CRT, DPS, ENG, EQS, EW, GSAT, HBM, HDB, HGT, HNT, INPH, JBSS, MC, MNK, MSTR, NFX, NGLS, NSC, ODFL, PAH, PAHC, PGI, QTS, RDI, SAIA, SBR, SNDK, SSLT, SWC, SYPR, TDG, TEP, THRM, TRGP, TTM, UDR, UHS, UIHC, UNP, VLP, WMB, WSBF, ZEN, ZLC
Stocks that traded to 52 week lows: ACTS, AMCO, ANR, ATLS, AXR, BEBE, BGFV, BOTA, BRC, CACB, CGG, CLM, CRIS, DCIX, DEST, DGII, DKS, DRD, ECYT, EDMC, FBR, FCSC, FRSH, GSH, HCT, HELI, IDSY, IILG, IIVI, IMGN, KBR, KGC, LAND, LAS, LPX, LUK, MIND, MIXT, NIHD, NL, NPK, NPTN, NTLS, NYRT, ONTX, OPB, QUNR, RLGY, RSH, RST, RTI, SFBS, SIGA, SOQ, SPHS, SPWH, SREV, SRI, SSI, STNR, SVM, SWSH, TCS, TECU, TFM, TLYS, TRGT, TRVN, UNTK, URBN, UTMD, VHI, VTUS, WFM, WHX, WLT, YUME
ETFs that traded to 52 week highs: CSJ, XLK
ETFs that traded to 52 week lows: VXX, VXZ
8:36 am Sanmina announced it intends to offer $350 mln aggregate principal amount of senior secured notes due 2019 (SANM) :
Co announced that it intends to offer $350 mln aggregate principal amount of senior secured notes due 2019. The notes will be fully and unconditionally guaranteed on a senior secured basis by substantially all of Sanmina's domestic subsidiaries. The notes and guarantees will be secured by a first-priority lien on certain of Sanmina's and its guarantor subsidiaries' tangible and intangible assets and real property and by a second-priority lien on certain of Sanmina's and its guarantor subsidiaries' assets, including accounts receivable and inventory secured its asset-backed credit facility. The interest rate and other terms for the notes are to be determined by negotiations between Sanmina and the initial purchasers of the notes.
Co intends to use the net proceeds of this offering, together with cash on hand and borrowings under its credit facility, to fund the tender offer for any and all of its outstanding 7% Senior Notes due 2019.
8:36 am Sanmina announced it intends to offer $350 mln aggregate principal amount of senior secured notes due 2019 (SANM) :
Co announced that it intends to offer $350 mln aggregate principal amount of senior secured notes due 2019. The notes will be fully and unconditionally guaranteed on a senior secured basis by substantially all of Sanmina's domestic subsidiaries. The notes and guarantees will be secured by a first-priority lien on certain of Sanmina's and its guarantor subsidiaries' tangible and intangible assets and real property and by a second-priority lien on certain of Sanmina's and its guarantor subsidiaries' assets, including accounts receivable and inventory secured its asset-backed credit facility. The interest rate and other terms for the notes are to be determined by negotiations between Sanmina and the initial purchasers of the notes.
Co intends to use the net proceeds of this offering, together with cash on hand and borrowings under its credit facility, to fund the tender offer for any and all of its outstanding 7% Senior Notes due 2019.
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