From Briefing.com: 4:15 pm : The stock market started the first full week of September on a cautious note. The S&P 500 lost 0.3%, but the relative strength of small cap stocks helped the Russell 2000 (+0.2%) and Nasdaq Composite (+0.2%) finish ahead of the benchmark index.
Equity indices struggled from the get-go with the overall risk sentiment dampened by continued dollar strength that sent the US Dollar Index (+0.54, 84.28) near its best level of the year. The greenback surged on the back of yen weakness following a downward revision to Japan's Q2 GDP (to -7.1% from -6.8%), while also drawing strength from weakness in the British pound. The pound fell to 1.6110 from 1.6330 against the greenback after a weekend YouGov poll revealed majority support for Scottish independence with the referendum coming up on September 18.
Conversely, the dollar strength weighed on commodities with gold futures falling 0.9% to $1255.80/ozt. Similarly, crude oil also retreated, testing its 2014 low, before narrowing its loss to 0.7% by the pit close. The energy component settled at $92.64/bbl, but continued its rebound in electronic trading.
The early weakness in crude contributed to a defensive start for the energy sector (-1.6%), which ended near its worst level of the session. Dow components Chevron (CVX 126.21, -1.19) and ExxonMobil (XOM 97.77, -1.49) posted respective losses of 0.9% and 1.5% as the stronger dollar and cheaper oil weighed on earnings prospects of the two multinational giants.
Energy notwithstanding, other sectors ended much closer to their flat lines. The consumer discretionary sector (-0.5%) weighed amid weakness in the shares of Ford (F 16.80, -0.34) and General Motors (GM 33.24, -1.04) after Morgan Stanley downgraded the U.S. auto sector.
Elsewhere, the consumer staples sector (-0.6%) was pressured by Campbell Soup (CPB 43.39, -1.15), which fell 2.6% in reaction to an in-line report and disappointing guidance. Manufacturers of cosmetics also lagged after the CEO of L'Oreal (LRLCY 32.60, -0.73) made cautious comments about the industry. Peers Avon Products (AVP 13.66, -0.18) and Estee Lauder (EL 75.59, -1.19) lost 1.3% and 1.6%, respectively.
On the upside, the technology sector (+0.2%) outperformed throughout the session, which underpinned the Nasdaq. Top-weighted components like Google (GOOGL 601.63, +3.85), Microsoft (MSFT 46.47, +0.56), and Intel (INTC 35.33, +0.33) posted gains between 0.6% and 1.2%, while the top index member by weight-Apple (AAPL 98.35, -0.62)-lost 0.6%.
High-beta Nasdaq components also provided a measure of support with the PHLX Semiconductor Index adding 0.2% and the iShares Nasdaq Biotechnology ETF (IBB 273.06, +2.46) climbing 0.9%. Meanwhile, the broader health care sector (+0.1%) ended just above its flat line.
Treasuries rallied overnight, but spend the day in a steady retreat. The 10-yr note shed four ticks to boost its yield to 2.47%.
Participation remained light with fewer than 590 million shares changing hands at the NYSE floor.
Economic data was limited to the Consumer Credit report for July, which pointed to a $26.00 billion increase from an upwardly revised $18.80 billion (from $17.30 billion) in June, while the Briefing.com consensus expected an increase of $17.40 billion.
Tomorrow's data will be limited to the Job Openings and Labor Turnover Survey, which will be released at 10:00 ET.
Nasdaq Composite +10.0% YTD
S&P 500 +8.3% YTD
Dow Jones Industrial Average +3.2% YTD
Russell 2000 +0.7% YTD
DJ30 -25.94 NASDAQ +9.39 SP500 -6.17 NASDAQ Adv/Vol/Dec 1552/1.54 bln/1230 NYSE Adv/Vol/Dec 1159/587.8 mln/1888 3:35 pm :
The dollar index continued to weigh on precious metals today
Gold and silver sold off in early trade and basically remained there for the rest of the session
Dec gold finished $12.90 lower at $1254.30/oz, while Dec silver ended $0.20 lower at $18.97/oz.
Crude oil sold off from its overnight high of $93.56/barrel and fell as low as $91.80.
However, crude began to recover and closed $0.68 lower at $92.64/barrel. Oct crude is now at $92.94/barrel in electronic trading.
Natural gas futures rallied today and held it gains.
Oct nat gas rose as high as $3.89/MMBtu and finished out the day up $0.09 higher (or +2.4%) at $3.88/MMBtu.
Dec copper rallied this morning, but sold off later in the day to $3.17 from around $3.21/lb, erasing earlier gains. Dec copper ended the day unchanged at $3.17/lb.
4:16 pm Novatel Wireless announces strategic investment from HC2 (NVTL) :
In exchange for a combination of common stock, warrants and convertible preferred stock, HC2 will invest up to an aggregate of ~$23.7 mln in the Company, comprised of an initial cash investment of ~$14.4 mln, which was funded today, and up to another $9.3 mln if the warrants are exercised for cash. HC2's initial ownership stake in the outstanding common stock of the Company is ~17%. When and if the preferred stock is fully converted, HC2's ownership is expected to increase to ~ 18% and when and if both the preferred stock is fully converted and the warrants are fully exercised, HC2's ownership stake is expected to increase to ~25%, both percentages based on the Company's current outstanding shares. In connection with its investment, HC2 is also entitled to certain rights under an Investors' Rights Agreement with the Company, including Board observation rights and expected future appointments for Philip Falcone, HC2's Chairman, President & CEO, and Robert Pons, its Executive Vice President - Business Development, to the Novatel Wireless Board of Directors.
Upon the closing of this transaction, the Company issued to HC2 (a) 7,363,334 shares of its common stock at a price of $1.75 per share, (b) 5-year warrants to purchase an additional 4,117,647 shares of common stock at an exercise price of $2.26 per share and (c) 87,196 shares of Series C Convertible Preferred Stock at a price of $17.50 per share, with each share being convertible into 10 shares of the Company's common stock upon the satisfaction of certain conditions.
12:59 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
WDAY (93.4 +3.70%): Mentioned positively at Barron's
TWTR (52.31 +3.18%): Trading higher on reports that co will be testing a "Buy Now" feature and will add more retailers over the holidays
BA (128.08 +2.72%): Ryanair (RYAAY) entered into an agreement to acquire up to 200 new Boeing 737 MAX 200 airplanes
Large Cap Losers
CXO (128.74 -5.14%): Weakness in large cap oil and gas companies: EOG, PXD, WLL, APC, XEC, CLR also lower
LYG (4.73 -3.77%): Seeing speculation that co will fail the European Central Bank's review of assetsGM (33.38 -3.46%): US auto manufacturers downgraded to Cautious at Morgan Stanley
Mid Cap Gainers
GPRO (62.95 +7.15%): Initiated with an Outperform at FBN Securities
FEYE (33.55 +5.77%): Upgraded to Buy from Neutral at UBS
RAX (39.26 +5.41%): Higher following rumors that co may be a takeout candidate by CenturyLink (CTL)
Mid Cap Losers
HK (5.31 -6.40%): Weakness in mid cap oil and gas companies: NFX, RSPP, BCEI, CRZO also lowerAUY (7.39 -4.40%): Downgraded to Hold at GMP Securities
Z (131.79 -3.94%): Reported August monthly unique users of 86,293,000 vs 88,836,000 in prior month and 63,678,000 in prior year
12:13 pm Stocks/ETFs that traded to new 52 week highs/lows this session - New highs (155) outpacing new lows (48) (:SCANX) :
Stocks that traded to 52 week highs: ADP, AEC, AIV, ALX, AMT, AMWD, AMX, ANDE, ANET, AOSL, ASR, AVB, AVGO, AWK, BDSI, BHBK, BKYF, BLX, BR, BRCM, BRK.B, BSQR, CAAS, CAH, CARO, CBK, CCI, CHA, CHDN, CHKP, CHL, CORE, COST, CP, CPT, CRAI, CTLT, CUZ, CVS, DECK, DFT, DK, DLPH, DRH, DSKY, ECL, EEQ, ENPH, ENR, EQR, ESS, FB, FDP, FDS, FIS, FISV, GD, GFIG, GGP, GPRO, GPT, HBI, HCA, HIW, HOT, HSII, HTLD, IDTI, IESC, IFN, IG, INTC, INTT, INVE, INXN, IRM, IT, ITMN, ITT, KEX, KINS, KLAC, KLIC, KMX, KR, KRC, LDL, LEA, LG, LQ, LVNTA, MAG, MAR, MAS, MBLY, MCK, MCO, MCRL, MEI, MHFI, MIK, MITT, MRK, MS, MSFT, NATH, NSC, NXPI, ODFL, ORLY, PHI, PIP, PNK, RADA, RAIL, RDY, RGS, RLJ, RPAI, RPT, RWC, SAIA, SAVE, SBAC, SEE, SHI, SKX, SNCR, SNP, SRE, THRM, TLK, TNAV, TRNO, TSO, UA, UDR, UEPS, UGI, UTSI, VC, VDSI, VFC, VGR, VIMC, VRTA, WIFI, WNR, WOOF, WPC, WSBF, WWAV, WYN, XPO, YY
Stocks that traded to 52 week lows: ABCO, ADGE, AKAO, ALXA, AMDA, AMPE, AMZG, ANTH, ARCO, ARTW, AWRE, BAXS, BTU, CHOP, CLD, CYTX, DLA, DRQ, EGT, ENZY, EXEL, EXXI, FHCO, FI, FST, GOMO, HIBB, IMRS, ISH, KEG, KGC, KIPS, LDR, LODE, MCD, MIND, PDII, RIG, RLJE, RVLT, SKY, TAC, TOWN, TRMR, UBNK, VCRA, WRLD, XUE
ETFs that traded to 52 week highs: IYR, IYT, PIN, SDY, SMH, SOXX, URE, UUP, VNQ, XLK
ETFs that traded to 52 week lows: JJA, RJA, SGG
9:12 am GSI Technology board unanimously rejects unsolicited acquisition proposal from GigOptix (GIG) (GSIT) : Co today announced that its board, in consultation with its financial and legal advisors, unanimously determined to reject GigOptix (GIG), Inc.'s unsolicited, non-binding and conditional proposal to acquire the company that had been publicly announced on August 19, 2014.
"The Board strongly believes that GSI Technology's prospects as a strong independent company are excellent and that our goal of continuing to build long-term stockholder value will be best served by remaining focused on the execution of our business plan."
Xilinx (XLNX) and Northwest Logic and Xylon, Xilinx Premier Alliance Members, announce the availability of a low cost Xilinx FPGA-based MIPI interface IP that is optimized for cost sensitive video displays and cameras.
Canadian Solar (CSIQ) announced that a wholly owned subsidiary of the Company has entered into an agreement with Sichuan Development Investment Management to establish an investment fund to finance the development, construction and ownership of solar power generation projects in China.
Advanced Energy Industries (AEIS) announced details on a new AE 3TL inverter accessory that enables solar installers, site designers and project developers to conserve space and increase project yield using an innovative technique to install Advanced Energy (AE) string inverters in a horizontal (0 ) orientation.
The August employment report came and went but not without leaving the impression that it was a good report for anyone who doesn't want to see the Federal Reserve raise the fed funds rate anytime soon.
That's because it showed a much weaker than expected nonfarm payroll gain of 142,000, which was well below consensus estimates and the prior 12-month average of 212,000. The report also revealed a drop in the labor force participation rate to 62.8% from 62.9%.
The reaction in the S&P futures market was swift and friendly as the futures spiked 10 points following the report's release. The cash market, however, was slow to respond and started the session on a relatively weak note. It eventually found its stride, though. The S&P moved steadily higher after finding technical support at the 1990 level and ended at its high for the day.
Fittingly, a late boost into the close was aided by Boston Fed President Rosengren who said the employment report was somewhat disappointing and that the Fed should be patient in removing stimulus, not raising rates until it is within one year of its mandate.
At about the same time, newswires were sharing the news that the IPO price range for Alibaba.com is expected to be $60-$66 and that 2.5 bln shares will be outstanding after the IPO (320 mln will be sold to the public at the IPO). That translates into an expected market cap of roughly $150-165 billion. That news certainly didn't hurt the fortunes of Yahoo (YHOO), which owns a 22.6% stake in Alibaba.com and will sell 121.7 mln shares at the IPO, according to CNBC.
It was also said late in the day that Dish Network (DISH 66.44, +0.60) is reportedly in talks with Deutsche Telekom about a T-Mobile (TMUS 30.67, +0.43) deal.
The burgeoning excitement about the Alibaba.com IPO solidified what was already a pretty solid day for the information technology sector (+0.7%), which outperformed the broader market. It did so, bolstered by healthy gains in a number of its components.
Akamai (AKAM 61.54, +1.12) jumped 1.9% after UBS started the stock with a Buy rating. Sandisk (SNDK 98.79, +2.56) increased 2.7% on the back of a Morgan Stanley upgrade to Overweight from Equal Weight.
Apple (AAPL 98.97, +0.85) supplier Avago Technologies (AVGO 87.88, +1.79) stayed hot following its earnings report earlier in the week, tacking on another 2.1%. AVGO has gained 16% over the last eight trading sessions.
Intuit (INTU 83.98, +1.72), which saw Bank of America reiterate its Buy rating after meeting with the company's CEO, also performed well on Friday.
Facebook (FB 77.26, +1.31), Microsoft (MSFT 45.91, +0.65), Google (GOOG 586.06, +4.08), and Micron (MU 32.94, +0.82) outperformed, too, as Friday's participants took a liking to many large-cap technology names.
The strength in Micron, combined with gains in Qualcomm (QCOM 75.81, +0.70), Texas Instruments (TXN 48.59, +0.33), and Intel (INTC 35.00, +0.10) gave the Philadelphia Semiconductor Index a nice 0.9% boost that accounted for nearly the entirety of its gains for the week. NVIDIA (NVDA 19.97, -0.06) didn't participate, though, as it slipped modestly in the wake of its announcement that it is suing Samsung and Qualcomm for infringing GPU patents in a number of mobile devices.
On a related note, chip makers RF Micro Devices (RFMD 12.31, +0.21) and TriQuint Semiconductor (TQNT 20.41, +0.41) both garnered some added buying attention after RF Micro Devices confirmed its shareholders approved the merger of equals between the two companies. Similarly, Ambarella (AMBA 36.90, +1.13), which is a supplier for GoPro (GPRO 58.75, +5.67), logged a healthy gain after reporting better than expected earnings and upbeat guidance.
That was more than Ciena (CIEN 19.38, +0.87) did on Thursday when it reported its quarterly results, yet the networking specialist bounced back on Friday with the help of a Goldman Sachs upgrade to Buy from Neutral.
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