From Briefing.com: 4:15 pm : The major averages posted modest losses on Thursday, but a daylong rebound off the early lows helped the indices retrace the bulk of the decline. The S&P 500 shed 0.1% with six sectors ending in the red.
Stocks did not waste any time this morning, sliding to session lows within the first 30 minutes of action. All ten sectors participated in the early retreat with financials (-0.3%) leading the market lower.
Earlier this week, the financial sector struggled to keep pace with the broader market, but today's intraday losses were large enough to pressure the S&P 500. Citigroup (C 47.23, -0.59) was the weakest performer among the majors, while European financials also struggled. Most notably, Barclays (BCS 14.55, -1.16) fell 7.4% after New York Attorney General announced fraud charges against the company. In addition, news out of the Bank of England related to higher mortgage caps and stricter lending standards may have contributed to the losses.
Like the second-largest sector, the top-weighted technology space (-0.2%) also had a tough time keeping pace with the S&P 500. The tech sector suffered from losses among large cap names like Google (GOOGL 584.77, -1.16) and Microsoft (MSFT 41.72, -0.31), while chipmakers fared only a bit better. The PHLX Semiconductor Index slid 0.4%.
On a side note, GoPro (GPRO 31.34, +7.34) was a bright spot within the sector, soaring 30.6% on its first day as a publically traded company.
Elsewhere, industrials (-0.2%) also lagged amid broad weakness in transport and defense stocks. Notably, the Dow Jones Transportation Average (-0.2%) narrowed its June gain to 0.6%, but it is worth pointing out the bellwether complex soared more than 5.5% last month.
On the upside, four sectors-consumer discretionary (+0.1%), energy (+0.1%), health care (+0.1%), and utilities (+0.2%)-posted slim gains with the utilities space extending its year-to-date gain to 15.1%.
Treasuries spent the bulk of the trading day in the green, ending just below their highs. The 10-yr note added nine ticks, sending its yield lower by tree basis points to 2.53%.
Participation was well below average with less than 600 million shares changing hands at the NYSE.
Economic data was limited to initial claims and income/spending data for May:
The weekly initial claims level fell to 312,000 from an upwardly revised 314,000 (from 312,000), while the Briefing.com consensus expected a reading of 310,000.
For most of 2014, the initial claims level was bound between 320,000 and 330,000. Over the past few weeks, claims have come down into the 310,000-320,000 range. The current levels should spark an acceleration in payroll growth and show clear improvement in labor market conditions.
Personal income levels increased 0.4% in May following a 0.3% increase in April. The Briefing.com consensus expected personal income to increase 0.4%.
The May employment data showed a 0.4% increase in aggregate wages, which correlated nicely with a 0.4% increase in employee compensation.
Personal spending increased 0.2% in May after no growth in April. The consensus expected spending to increase 0.4%.
Adjusted for inflation, spending declined 0.1% on the heels of a 0.2% decline in real PCE in April. That will not factor all that favorably in the calculation for Q2 GDP.
Tomorrow, the final Michigan Consumer Sentiment survey for June will be released at 9:55 ET (Briefing.com consensus 81.7).
S&P 500 +5.9% YTD
Nasdaq Composite +4.9% YTD
Dow Jones Industrial Average +1.6% YTD
Russell 2000 +1.4% YTD
DJ30 -21.38 NASDAQ -0.71 SP500 -2.31 NASDAQ Adv/Vol/Dec 1310/1.45 bln/1585 NYSE Adv/Vol/Dec 1601/578.6 mln/1454 3:30 pm :
Aug gold traded in the red today, falling as low as $1311.40 per ounce in morning pit trade. The yellow metal consolidated near the $1316.00 per ounce level in afternoon action and settled with a 0.4% loss at $1317.00 per ounce.
July silver managed to erase most of its earlier losses as it lifted from its session low of $20.90 per ounce in morning action. It brushed a session high of $21.12 per ounce and closed 0.1% lower at $21.10 per ounce.
Aug crude oil spent its entire session in negative territory, dipping to a session low of$105.01 per barrel. It inched slightly higher in afternoon action and settled with a 0.7% loss at $105.80 per barrel.
Aug natural gas touched a session high of $4.60 per MMBtu in early morning floor trade but sold off sharply following inventory data that showed a build of 110 bcf when a build of 93-102 bcf was anticipated. It traded as low as $4.40 per MMBtu and eventually settled with a 2.8% loss at $4.44 per MMBtu.
4:02 pm Anadigics follow-up (ANAD) : Co announced it is restructuring its business model to lower its operating costs and better align resources to address growth opportunities in rapidly expanding infrastructure markets.
"With a strong infrastructure design-win trajectory, I'm pleased we're able to accelerate our strategy to expand in infrastructure markets, and with that, lower our fixed manufacturing and operating costs," said Ron Michels, chairman and CEO of ANADIGICS. "We believe that these steps, coupled with our previously announced $10 mln cost-savings initiatives, should enable the Co to deliver significant EBITDA improvements and profitability leverage from a lower breakeven revenue level." Since the 1Q14 earnings call, ANADIGICS has made stronger-than-expected progress in infrastructure-targeted activities and experienced a decline in demand for some of the Co's legacy mobile products. In response, the Company is restructuring to expand its presence in the infrastructure space and reduce the fixed costs associated with the legacy mobile business.
ANADIGICS' restructuring initiative enables the Company to implement numerous cost efficiency improvements that we believe should lower cash manufacturing and operating costs by over $15 mln annually. ANADIGICS anticipates that the completion of the restructuring will lower manufacturing costs by ~$5 mln and operating costs by approximately $10 mln. These savings are in addition to the previously announced program targeting $10 mln in annual savings. The workforce reduction will eliminate ~140 positions throughout the Company or ~30%.
The Co anticipates recording a cash workforce restructuring charge of ~$2.3 mln and a non-cash charge of ~$5 mln for fixed asset and inventory write downs. The proceeds from equipment sales are expected to substantially offset the cash costs of the restructuring.
ANADIGICS anticipates revenues for the quarter ending June 28, 2014 will be ~$23 mln with infrastructure contributing a larger percentage of revenue than in the prior quarter. ANADIGICS expects a sequential improvement in non-GAAP gross margin and expects lower non-GAAP operating costs attributable to the previously announced expense reduction program. With these factors considered, ANADIGICS anticipates it will report a non-GAAP loss per share of ~$0.10.
4:01 pm Anadigics lowers Q2 revenue guidance; announces restructuring (ANAD) :
12:43 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
MPEL (35.55 +4.84%): According to reports, Macau has banned jewelry makers from adding more card devices to casinos, but did not ask them to leave (WYNN, MGM, LVS also higher).
TWTR (40.98 +3.85%): Initiated with an Overweight at Barclays; $46 tgt.
SLB (116.35 +2.2%): Tgt raised to $127 from $117 at Cowen; tgt raised to $140 from $120 at UBS; tgt raised to $135 from $119 at Jefferies; tgt raised to $130 from $120 at Howard Weil; tgt raised to $129 from $125 at RBC Capital Mkts.
Large Cap Losers BBBY (55.95 -8.44%): Missed on EPS by $0.02, missed on revs; guided Q2 EPS below consensus; tgt lowered to $60 from $68 at Telsey Advisory Group; tgt lowered to $80 from $83 at Raymond James; tgt lowered to $58 from $66 at Wedbush; tgt lowered to $72 from $77 at Sun Trust Rbsn Humphrey.BCS (14.79 -5.86%): NY Attorney General confirmed fraud charges against Barclays in connection with marketing and operation of its dark pool. DB (35.41 -2.93%): Confirmed successful completion of capital increase; gross proceeds of ~ EUR 8.5 bln.
Mid Cap Gainers IRM (35.47 +19.13%): Co reported that the co is electing REIT Status effective Jan 1, 2014; reported favorable private letter rulings received from IRS; co expects its full-year 2014 annual distribution as a REIT to be $400 to $420 mln.
NBR (29.27 +7.23%): Confirmed agreement to combine its completion and production services business with C&J Energy Services (CJES) in transaction valued at $2.86 bln; upgraded to Neutral from Sell at Guggenheim.
YOKU (22.85 +3.91%): Strength attributed to renewed chatter that BIDU and Alibaba are interested in the co.
Mid Cap Losers SCS (15.24 -13.7%): Missed on EPS by $0.04, reported revs in-line; guided Q2 EPS below consensus, revs below consensus.FUL (47.18 -6.11%): Reported EPS in-line, revs in-line; lowered FY14 EPS below consensus; signed agreement to acquire 95% of the equity of Tonsan for RMB 1.4 bln.TRQ (3.26 -4.43%): Co confirmed notice of dispute filed with the Government of Mongolia.
12:00 pm Stocks/ETFs that traded to new 52 week highs/lows this session - New highs (91) outpacing new lows (29) (:SCANX) : Stocks that traded to 52 week highs: AA, AES, AET, AGX, ASBB, ATI, ATO, AUO, AVA, BANF, BITA, BKS, BLJ, BMO, CDW, CJES, CMP, CNI, CNK, CNW, CVTI, DRII, EDE, ENV, EPD, EQS, ETE, FISH, FTNT, GLOG, GPI, HCLP, HF, HHC, IHG, IRM, IRWD, ITT, JBLU, JNJ, LG, LPL, MARK, MEI, MEMP, MINI, MITSY, MMYT, MPLX, MSL, NBR, NOV, NSIT, NWE, OKS, OMER, PAC, PBA, PBIP, PES, PSXP, PTIE, PTR, PTX, RGEN, RGP, RSG, SDPI, SIMO, SIX, SLB, SLF, SONC, SPB, SQBG, SSBI, TEDU, TEO, TFSL, TK, TNC, UCBA, VNR, WCN, WES, WR, WRES, WY, XRS, YUM, ZOES
Stocks that traded to 52 week lows: ALCS, AVD, BBBY, BBGI, BCS, BEBE, CBPX, CPAC, CPSL, DB, EDMC, FLL, FREE, GMAN, GNC, GRVY, HDNG, ISNS, KELYA, LDR, MGT, MOBL, NWY, PULS, RDEN, SGNL, SPLS, TECU, TLYS
ETFs that traded to 52 week highs: OIH, XLV
ETFs that traded to 52 week lows: VXZ
Ingram Micro (IM) said it was on-track to meet or exceed its 2015 financial targets and also set 2016 financial targets for the first time, which included: Consolidated revenue expected to increase at a compound annual growth rate of 4% to 6% through 2016; Non-GAAP operating margins expectations of 175 to 200 basis points of revenue in 2016; Operating cash flow generation of $1.0 to $1.2 billion between 2014 to 2016; and $3.40 to $3.70 in non-GAAP earnings per diluted share in 2016. Returns on invested capital are targeted to be 300 basis points above the company's weighted average. 2015 Financials Targets. Expects to exceed prior guidance of Revenues 4-6% CAGR. Expects to exceed prior guidance of 5.40-5.60%. Operating margin remains in the range of 155-175 bps. EPRS guidance to be at the nigh end of the $2.60-3.10 range, Capital IQ consensus $3.00.
Cisco Systems (CSCO) disclosed that on June 20, 2014, Frank A. Calderoni, Executive Vice President and Chief Financial Officer, adopted a pre-arranged stock trading plan to exercise up to 200,000 Cisco stock options originally granted in 2006 and set to expire in September of 2015, and sell the acquired shares of Cisco stock. The plan is scheduled to terminate in September 2015.
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