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From Briefing.com: 4:25 pm Closing Summary: Stock Market Takes a Back Seat (:WRAPX) : It was some day in the capital markets on Thursday. The major stock indices managed to hold fairly steady in what was a seesaw day of trading; longer-dated Treasuries experienced a notable reversal that left the 10-yr note down 12 ticks and yielding 2.63% while the front of the curve remain propped up with buying interest; commodity prices were higher with precious metals prices moving up sharply; and the US Dollar Index was down 0.3%

A 3.6% jump in gold prices to $1318.00/troy ounce and the weakness at the back end of the Treasury curve were cited as expressions of inflation concerns with market participants acting uneasy about the Fed's seemingly complacent view of inflation.

The explanation was not entirely out of bounds, but it also wasn't above reproach given that the dollar failed to bounce and the front of the Treasury curve held up just fine. Accordingly, it is too early to say if there were genuine inflation concerns today.

Nonetheless, it was a line of thinking that left equity investors reluctant to make any big moves outside of some individual story stocks like Coach (COH 35.69, -3.50), which issued a sales warning, and Kroger (KR 49.66, +2.39), which reported better than expected earnings and gave reassuring guidance.

Broadly speaking, the moves that were made fit the bill of a more cautious mindset than the one that prevailed following Wednesday's FOMC announcement and press conference. The best-performing sectors today were the utilities (+0.9%) and consumer staples (+0.6%) sectors. Energy (+0.6%) also fared well in the face of rising oil prices that were helped along by the weaker dollar and continued rumblings about the destabilizing situation in Iraq

Relative weakness in the technology (-0.2%) and financial (-0.2%) sectors acted as a restraint on the S&P 500 which ultimately managed to close near its best level of the day. In the process of doing so, it also established another new closing high.

Alas, there wasn't as much fear and loathing in the equity market as there was cheer and loafing. The buy-the-dip mentality shined through again in an otherwise laborious day of trading that saw the stock market take a back seat to other capital markets.

Aside from the advertised inflation concerns, longer-dated Treasuries also got pinched by a batch of encouraging economic data:

Initial claims for the week ending June 14 (the week in which the household survey for the June employment report was conducted) dipped by 6,000 to 312,000
The Philadelphia Fed Index for June increased to 17.8 from 15.4 in May, paced by broad-based gains in its various components; andThe Leading Indicators Index for May increased 0.5% on top of a 0.3% increase in the prior monthTrading volume picked up on Thursday with 636 mln shares changing hands at the NYSE versus 614 mln on Wednesday. Volume should be even higher on Friday with the S&P rebalancing at the close.

Overall, one could say there was some risk aversion in the stock market on Thursday, but there wasn't risk avoidance. To that end, the CBOE Volatility Index (VIX 10.65, +0.04) was up a scant 0.4% after plummeting 12% on Wednesday and money rotated within the market as opposed to rotating out of it completely.
S&P 500 YTD +6.0%
Dow Jones Industrial Average YTD +2.1%
Nasdaq Composite YTD +4.4%Russell 2000 YTD +1.8%4:06 pm Oracle misses by $0.03, misses on revs (ORCL) : Reports Q4 (May) earnings of $0.92 per share, $0.03 worse than the Capital IQ Consensus Estimate of $0.95; revenues rose 3.3% year/year to $11.33 bln vs the $11.47 bln consensus.


ORCL reports Q4 new software licenses and cloud software subscriptions revs increased +4% y/y to $8.9 bln vs +0-10% guidance and street expectations near midpoint of co's guidance. GAAP Cloud software-as-a-service (SaaS) and platform-as-a-service (PaaS) revenues were up 25% to $322 million, while non-GAAP SaaS and PaaS revenues were up 23% to $327 million.Cloud infrastructure-as-a-service (IaaS) revenues were up 13% to $128 million. New software licenses revenues were unchanged at $3.8 billion. Software license updates and product support revenues were up 7% to $4.7 billion. Overall hardware systems revenues were up 2% to $1.5 billion with hardware systems products up 2% to $870 million, and hardware systems support up 2% to $596 million.Non-GAAP earnings per share were up 6% to $0.92, but would have been $0.94 if not for the currency loss in Venezuela. The non-GAAP operating margin was 51%. GAAP operating cash flow on a trailing twelve-month basis was $14.9 billion.

12:39 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


EEP (34.91 +12.83%): Co and Enbridge (ENB) announced equity restructuring; announced drop down of additional interests in its natural gas business to Midcoast Energy Partners (MEP). KR (49.97 +5.71%): Beat on EPS by $0.04, beat on revs; raised FY15 guidance.CELG (166.45 +3.34%): Stockholders approved two-for-one stock split.

Large Cap Losers COH (35.37 -9.74%): Guided for low double digit rev decline at Investor Day Conference; consensus calls for FY15 (June) rev down 2.3%. JNPR (24.39 -3.41%): Initiated with a Buy at Buckingham Research; downgraded to Neutral at Mizuho; tgt lowered to $26 from $32.GMCR (122.18 -3.1%): Initiated with a Neutral at BTIG Research; co to open its first-ever cold pod dedicated manufacturing facility in Douglas County, Georgia.

Mid Cap Gainers EEQ (34.09 +12.25%): Trading higher on EEP news.
BBRY (9.29 +12.07%): Beat on EPS by $0.15, beat on revs; targeting break-even cash flow results by end of FY15; recognized hardware rev on ~1.6 mln BBRY smartphones.
CLC (62.59 +6.45%): Beat on EPS by $0.11, beat on revs; guided FY14 EPS above consensus, revs above consensus; co to invest more than $10 mln in new Innovation Center.

Mid Cap Losers KBR (23.84 -9.42%): Missed on EPS by $0.66, missed on revs; co will undergo a strategic review.PPO (46.31 -4.35%): Downgraded to Neutral from Outperform at Wedbush.GSAT (3.92 -3.21%): Filed for an offering of ~$9.94 mln shares of voting common stock by selling stockholder.

12:01 pm Dominion: EDF Renewable Energy to sell CID solar project to D (D) : Co announced an agreement to acquire a 20-megawatt solar project from EDF Renewable Energy. The acquisition is expected to close later this year prior to the project commencing operations.

The solar facility, called the CID solar project, is located in King's County, California near the City of Corcoran. The project has secured a 20-year Power Purchase Agreement as well as the interconnection agreement and the engineering, procurement, construction contract.The acquisition will bring Dominion's total solar generating portfolio to 232 megawatts.

11:55 am Stocks/ETFs that traded to new 52 week highs/lows this session - New highs (259) outpacing new lows (20) (:SCANX) : Stocks that traded to 52 week highs: AA, AAN, AAP, ABT, ACE, AEM, AEP, AGRX, AGTC, AIG, ALDX, ALLE, AMOT, AMTX, AON, AP, APA, APC, ASX, AWK, BCEI, BGCP, BHE, BHI, BKH, BLJ, BP, BPZ, BRKR, BTI, BUD, CENX, CHD, CHMI, CHRW, CHSP, CIFC, CIG, CJES, CL, CLR, CLS, CMCM, CMRE, CMS, CNC, CNL, CNSL, CNW, CONE, COP, CPK, CRK, CRZO, CSTM, CSX, CTRN, CTRP, CVX, CWH, CYT, DAN, DCM, DOV, DRII, DYN, E, ECF, EDE, EEP, EEQ, EIX, ELS, EMES, ENL, ENR, ENTA, ENTG, EQIX, ESL, ETR, EXAS, FET, FL, FNHC, FNV, FSM, FTI, FTK, FTNT, FUBC, GAS, GBR, GBX, GCO, GIL, GLOG, GMK, GPK, GRC, GRH, GRMN, GST, GTIV, GWPH, GWR, HAL, HALL, HCLP, HES, HNT, HPP, HRB, HRTG, IDA, IFF, IHS, IIN, IMO, INN, IR, ITC, ITMN, ITT, JBLU, JOE, KANG, KEX, KO, KOG, KR, KTWO, LAD, LG, LHO, LM, LO, LPL, LQ, LSG, LXU, MAR, MCO, MDT, MEAS, MET, MGLN, MITSY, MJN, MKTAY, MMYT, MO, MOH, MPO, MTG, MTR, MTRN, MVG, NFEC, NFG, NFX, NI, NJR, NRG, NSC, NTCT, NTT, NVGS, NVS, NWE, NYMT, ODP, OMAB, OPEN, ORCL, ORM, OSUR, PBIP, PCG, PCRX, PEB, PEP, PES, PLKI, PNC, PNM, PNY, PPS, PQ, PSX, PSXP, PTR, PXD, RAI, RGC, RGP, RH, RMBS, RNR, ROP, RSG, RSPP, RTK, RUK, SABR, SAN, SBR, SCOR, SCYX, SE, SEMG, SGBK, SIAL, SIRO, SKM, SLCA, SMCI, SMP, SN, SPN, SRE, SRT, SSL, STEM, STZ, SYA, TAHO, TAP, TAT, TEL, TGLS, THG, TKR, TPLM, TRGP, TSM, TSO, TWX, TXI, TYC, UEIC, UN, UTL, VC, VET, VLP, VNCE, VVC, WAB, WAG, WLB, WLFC, WLK, WNC, WR, WRB, WSBF, WSM, YUM

Stocks that traded to 52 week lows: ALCS, AVD, BBGI, BPHX, CCCR, CHCI, COCO, COH, DGSE, EBMT, FREE, GRVY, GSIT, LTRE, PGEM, PIR, RSH, TAXI, UTEK, VRTB

ETFs that traded to 52 week highs: BNO, DIG, DVY, EFA, EWC, EWG, EWN, EWP, EWT, EWU, FXB, IEO, IGE, IHI, IOO, IXC, IYE, IYK, MDY, MOO, OEF, OIH, PPH, QQQ, SDY, SPY, UGA, VGK, VTI, XES, XLE, XLK, XLP, XLU, XOP

ETFs that traded to 52 week lows: VXX, VXZ

6:12 am Entegris raises Q2 guidance; above consensus (ENTG) : Co issues upside guidance for Q2 (Jun), sees EPS of $0.17-0.20, excluding non-recurring items, vs. $0.13 Capital IQ Consensus Estimate; sees Q2 (Jun) revs of $235-245 mln vs. $184.83 mln Capital IQ Consensus Estimate.

Q2 revs include two months of results of ATMI, which Entegris acquired on April 30, 2014. EPS guidance excludes purchase accounting adjustments, transaction-related costs from the ATMI transaction, acquisition integration expenses and other one-time costs.
Q2 guidance favorable vs comparables
Entegris' previous guidance for the second quarter was for sales of $165-175 million, which excluded any results from ATMI. On a comparable basis excluding ATMI results, the Company's updated guidance reflects expected sales of $175-185 million. In terms of net income, on a non-GAAP basis, the Company previously expected EPS to range from $0.10-0.14 per share, adjusted for expected amortization expense of $2.3 million or $0.01 per share.

Jabil Circuit (JBL) reported third quarter loss of $0.06 per share, excluding non-recurring items, which is higher than expected, while revenues fell 9.8% year/year to $3.79 billion which is higher than expected. The company issued guidance for the fourth quarter with EPS of ($0.10)-0.10 & revenues of $3.7-3.9 billion which is in line with estimates. The company issued reaffirmed guidance for the fiscal year 2015 with EPS of $1.65-1.95 which is line with estimates.

BlackBerry (BBRY) reported first quarter loss of $0.11 per share, excluding non-recurring items, which is higher than expected, while revenues fell 68.5% year/year to $966 million which is higher than expected. The revenue breakdown for the quarter was approximately 39% for hardware, 54% for services and 7% for software and other revenue. During the first quarter, the Company recognized hardware revenue on approximately 1.6 million BlackBerry smartphones compared to approximately 1.3 million BlackBerry smartphones in the previous quarter. During the first quarter, approximately 2.6 million BlackBerry smartphones were sold through to end customers, which included shipments made and recognized prior to the first quarter and which reduced the Company's inventory in channel. Adjusted Q1 gross margin of 48%, up from 43% in the prior quarter -- Reduced adjusted operating expenses by 57% year over year and 13% quarter over quarter. FY15 Outlook: The Company anticipates maintaining its strong cash position, while increasingly looking for opportunities to prudently invest in growth. The Company is targeting break-even cash flow results by the end of fiscal 2015.