From Briefing.com: 4:10 pm : The stock market ended the Tuesday session on the lows after spending the entire day in negative territory. The Russell 2000 led the way, sliding 1.7%, while the S&P 500 lost 1.5% with all ten sectors ending in the red.
Equity indices were pressured from the start with the early weakness being attributed to a disappointing Industrial Production report from Germany (-4.0%; expected -1.5%), which represented the largest drop in activity in almost six years. Growth concerns were also on the mind of IMF economists as the Fund lowered its 2015 global growth forecast to 3.8% from 4.0%.
Fittingly, the macroeconomic worries weighed on most cyclical sectors, while energy (-1.3%) tried to withstand the broad pressure. The sector, which lost 3.8% last week, displayed modest intraday strength, but slumped in the afternoon amid a noteworthy drop in crude prices (-1.7% to $88.81/bbl).
Elsewhere among cyclical sectors, the industrial space (-2.4%) spent the bulk of the day at the bottom of the leaderboard. Transports contributed to the weakness, but defense stocks did not fare much better as evidenced by a 2.1% decline in the PHLX Defense Index. As for transports, the Dow Jones Transportation Average lost 2.5% to widen this week's decline to 3.6%.
Other high-growth areas like chipmakers and biotechnology also struggled to keep up with the broader market. The PHLX Semiconductor Index lost 1.9% to extend its month-to-date decline to 5.1% with just five October sessions in the rear-view mirror.
For its part, the biotech group slumped at the open, halved its loss by midday, but returned to lows before the close. The iShares Nasdaq Biotechnology ETF (IBB 266.62, -5.10) lost 1.9%, while the health care sector (-1.6%) ended among the laggards.
Meanwhile, the remaining countercyclical sectors displayed slimmer losses than the broader market with utilities (-0.1%) registering the smallest decline.
Generally speaking, today's retreat reflected big picture concerns, thus putting corporate-specific developments on the backburner. To that latter point, Sodastream (SODA 21.52, -6.05) plunged 21.9% after guiding Q3 results well below analyst estimates. On a similar note, AGCO Corporation (AGCO 42.13, -4.97) sank 10.6% after priming the market for disappointing results.
The broad retreat fueled increased demand for volatility protection, sending the CBOE Volatility Index (VIX 17.21, +1.75) to its highest close since mid-March.
The safe-haven demand underpinned Treasuries with the 10-yr note (+21/32) spending the entire day in a steady rally. As a result, the benchmark yield fell eight basis points to 2.34%.
Today's participation was ahead of average with more than 770 million shares changing hands at the NYSE.
Economic data was limited to JOLTS and Consumer Credit:
The Job Openings and Labor Turnover Survey for August indicated job opening increased to 4.835 million from 4.605 million
Consumer credit increased by $13.50 billion in August, down from a downwardly revised $21.60 billion (from $26.00 billion) in July, while the Briefing.com consensus expected an increase of $20.00 billion
Tomorrow, the weekly MBA Mortgage Index will be reported at 7:00 ET, while the minutes from the Sept 17 FOMC meeting will be released at 14:00 ET.
Nasdaq Composite +5.0% YTD
S&P 500 +4.7% YTD
Dow Jones Industrial Average +0.9% YTD
Russell 2000 -7.5% YTD
DJ30 -272.58 NASDAQ -69.60 SP500 -29.73 NASDAQ Adv/Vol/Dec 525/2.06 bln/2468 NYSE Adv/Vol/Dec 674/774.6 mln/2399 3:30 pm :
Gold rallied shortly after the pit session open in a continuation of yesterday's strength, still popping off of last Friday's first dip of the year below $1,200. The metal closed higher by 0.4%.
Silver started off the pit session in relatively tight range, but opposite gold, the metal began trickling lower for most of the day, but still managed to squeak out a 0.1% gain.
Crude moved lower today, by 1.6%, falling with stocks after the IMF cut its global growth forecasts, nearing but not touching what would have been its lowest close in 17 months.
Natural gas rose 1.3% today following yesterdays decline on forecasts calling for milder weather; Dec futures overtook yesterday's pit session highs closing up nearly 1.3%.
4:16 pm Integrated Silicon lowers Q4 revenue guidance to ~$84 mln, down from $85-89 mln, vs $87.1 mln Capital IQ Consensus Est, lowers EPS to $0.19-0.23, down from $0.25-0.29, vs $0.19 consensus (stock is halted) (ISSI) :
"Revenue in our fiscal fourth quarter ended September 30 will be below our original expectations due to weakness in the communications and consumer markets in Asia, and wafer shortages from one of our flash foundries. Sales in our industrial and automotive end markets continued to perform well during the quarter," said Scott Howarth, ISSI's President and CEO.
Stock is expected to resume trading at 4:45pm EST.
4:06 pm Cohu Announces Luis Muller will replace James Donahue as President and CEO (COHU) : COHU today announced that its Board of Directors appointed Luis A. M?ller as President and Chief Executive Officer (CEO) effective December 28, 2014, succeeding James A. Donahue who will retire as the Company's President and CEO and become Executive Chairman of the Board of Directors on that date.
Mr. Donahue is a 36-year veteran of Cohu and has been President and CEO since 2000. Mr. M ller was also elected to the Board of Directors, effective December 28, 2014.
12:50 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
PBR (16.72 +5.82%): Continued strength in Brazilian stocks; Co separately disclosed an ultra-deep water discovery in the Esp rito Santo Basin.
GMCR (139.39 +4.61%): Initiated with a Buy at Goldman; tgt $166.
SDRL (25.84 +4.01%): General strength in oil & gas companies as shares recover from multi-month slump (RIG & VLO also higher).
Large Cap Losers
GM (32.19 -4.62%): Cautious note from Morgan Stanley seen this morning, tgt cut to $27.
RIO (49.39 -4.04%): Glencore (GLNCY) confirmed it is no longer actively considering any transaction with RIO.URI (102.74 -4.04%): Downgraded to Neutral from Buy at BofA/Merrill.
Mid Cap Gainers
HUB.B (126.23 +4.1%): Reports out that controlling shareholders are evaluating alternatives.
FEYE (29.1 +3.82%): Announced targeted attack protection for the Apple (AAPL) platform; also partnered with SingTel to launch first managed defense solution.
SFUN (10.55 +3.03%): Signed strategic cooperation agreement with Century 21 China (CTC).
Mid Cap Losers
AGCO (43.39 -7.88%): Guided Q3 EPS below consensus; lowered FY14 EPS guidance; downgraded at BofA/Merrill, Janney, others.
BBEP (18.29 -5.67%): Priced a public offering of 14 mln common units at $18.64/unit.
KOS (9.48 -4.53%): Announced secondary public offering of 15 mln common shares by selling shareholders.
11:37 am Stocks/ETFs that traded to new 52 week highs/lows this session - New lows (266) outpacing new highs (17) (:SCANX) : Stocks that traded to 52 week highs: BDX, BHB, BLE, CMRX, DTSI, ETP, GMCR, GPRO, HNNA, INFU, KO, LAKE, OBAS, PBIP, SHI, SMI, TAYD
Stocks that traded to 52 week lows: ABB, ABX, ACAT, ACFN, ACI, ACST, ACUR, AE, AGCO, AHPI, ALEX, ALG, ALU, AMZG, AOI, APPY, AR, ARP, ARRY, ASC, ASEI, ASNA, ASTI, AT, ATAX, ATOS, AUY, AVD, AVHI, AVL, AXX, BALT, BAMM, BAXS, BBG, BCO, BEBE, BGC, BGMD, BKU, BOOM, BRN, BRSS, CAS, CBU, CCJ, CCOI, CDE, CECE, CEVA, CGG, CGIX, CHFC, CHK, CIDM, CLD, CLFD, CLGX, CLNE, CLRX, CLSN, CMC, CMCO, CMLS, CNSI, CREE, CSUN, CVGI, CVO, CYCC, CYD, CYTX, DAR, DARA, DCIX, DCOM, DE, DGII, DLIA, DNR, DXR, E, EC, ECOM, ECR, EDMC, EGHT, EGLT, ELY, END, ENS, EOX, EPM, EROC, ESCR, ESP, EZPW, FELE, FFIC, FIX, FLR, FMC, FMER, FNFG, FNGN, FNJN, FNSR, FOMX, FPI, FPP, FULT, FWM, FXEN, GBR, GENE, GEOS, GES, GLPW, GMO, GSS, GTE, GTI, HAYN, HCCI, HHS, HOS, HVT, IAG, IDT, III, IMGN, IMMR, INNL, INTL, INVT, IO, IRC, ISSC, IXYS, KEG, KING, KMG, KRO, KWK, LAYN, LDR, LF, LGND, LIQD, LTRPA, LUK, MCHX, MEIL, MGLN, MHH, MIL, MILL, MIND, MNTX, MUR, MXL, MYE, NAME, NBG, NCI, NL, NMR, NPBC, NRP, NWBI, OGXI, OII, ONB, ONCY, OREX, ORIT, PB, PBM, PCOM, PDII, PDLI, PKD, PLG, PLPM, PRFT, PRGN, PRPH, PULS, PWE, PZG, QLTI, QSII, QUAD, RAVN, REE, RELL, RGDX, RIGL, RNF, ROCK, ROG, ROKA, RS, RSO, RTI, RVNC, RWT, SALE, SCHN, SCSC, SCVL, SDR, SFXE, SGY, SHOS, SIR, SMT, SNSS, SODA, SPDC, STC, STXS, SVBL, SVLC, SWHC, SZYM, TAL, TCK, TCS, TEAR, TEU, TEX, TG, TGE, TGH, THLD, TLM, TRIB, TRK, TRUP, TTMI, TTS, TWI, TX, UAMY, UBS, UCP, URG, URRE, VCRA, VIP, VNR, VSR, WABC, WAC, WAIR, WDR, WIRE, WPPGY, WPRT, XNY, XONE, XXIA, YUMA, ZIOP, ZX
ETFs that traded to 52 week highs: MBB
ETFs that traded to 52 week lows: EWG, EWQ, EZU, GREK, TBT, URA, XME
9:03 am Cadence Design announces pricing of $350 mln Senior Notes offering (CDNS) : Co announced the pricing of its public offering of $350 million aggregate principal amount of its 4.375% Senior Notes due 2024.
Cadence expects to receive net proceeds from this offering of approximately $342.4 million after deducting underwriting discounts and estimated offering expenses payable by Cadence. Cadence intends to use the net proceeds from this offering for general corporate purposes, including the retirement of debt.8:03 am Silicon Motion sees revenue growth above prior guidance (SIMO) :
Co now sees sequential revenue growth for Q3 +23-25%, above original guidance range of 15-20%. Consensus represents +16.5% sequential growth.
Gross margin (non-GAAP) is expected to be in the 52 to 53% range, above the Company's original guidance range of 50 to 52%.
6:01 am MagnaChip Semi announces New York Stock Exchange listing extension (MX) : Co announced that it has received an extension for continued listing and trading of the co's common stock on the NYSE. The extension provides the co an additional trading period up to April 1, 2015, during which it can file its Annual Report on Form 10-K for the year ended December 31, 2013 with the SEC, subject to reassessment on an ongoing basis.
1:22 am NVIDIA: U.S. International Trade Commission opens investigation into Samsung (SSNLF) product infringement of NVIDIA GPU patents (NVDA) : The U.S. International Trade Commission has voted to investigate whether certain Samsung products should be blocked from entering the country because they infringe GPU patents owned by NVIDIA.
The decision follows a complaint filed last month in the ITC by NVIDIA. NVIDIA has also filed a lawsuit in the Delaware District Court seeking damages for infringement. The products at issue include the Galaxy Note Edge, Galaxy Note 4, Galaxy S5, Galaxy Note 3 and Galaxy S4 mobile phones; and the Galaxy Tab S, Galaxy Note Pro and Galaxy Tab 2 computer tablets. Most of these devices incorporate Qualcomm mobile processors -- including the Snapdragon S4, 400, 600, 800, 801 and 805. Others are powered by Samsung's own Exynos mobile processors.
To put it succinctly, it was a terrible Tuesday for the stock market and the S&P 500 information technology sector (-1.7%) as growth concerns permeated the marketplace.
The only thing that could have made it worse for the S&P 500 information technology sector would have been if the declines were even bigger; otherwise, it is not an exaggeration to say that every sector component ended Tuesday with a loss.
There are 66 components in the sector and losses in many components exceeded 2.0%. Accordingly, let's just say traders and investors alike traveled on "rout 66."
Hewlett-Packard (HPQ 35.22, -1.65), which declined 4.5%, was the worst-performing stock in the sector. It gave back nearly everything it gained on Monday following its news that it plans to split into two companies. The striking pullback on Tuesday then may have been some second guessing about the merits of its decision and/or the impetus (challenging industry conditions?) for the move it said not that long ago it wouldn't be making.
One takeaway from Tuesday's session was that there was little appreciation for favorable developments of any kind. For example:
Micron (MU 31.86, -0.70) traded lower despite being defended at Needham and RBC Capital Markets after Micron declined 4.0% on Monday in the wake of news Samsung is planning to invest $14.7 billion in a new chip plant.
Apple (AAPL 98.75, -0.87) slipped 0.8% even though Bank of America/Merrill Lynch, Oppenheimer, RBC Capital Markets and Susquehanna all offered their support for the stock in the form of ratings moves, price target increases, and/or positive views on iPhone demand.That type of thing happens on trend-down days that are catalyzed by macro concerns.
That was the issue on Tuesday as growth concerns were triggered by an ugly industrial output reading from Germany for the month of August, the IMF lowering its 2015 global growth outlook to 3.8% from 4.0%, the continued struggles of the Russell 2000 (-1.7%), and the stark underperformance of the Dow Jones Transportation Average (-2.5%) in the face of lower oil prices.
There simply wasn't much inclination to add risk exposure in front of Wednesday's release of the FOMC Minutes, which some think will be more hawkish-sounding.
Accordingly, there was a penchant to reduce equity risk exposure that weighed on stocks like Google (GOOG 563.77, -13.58) and IBM (IBM 185.71, -3.33), and breathed life into the Treasury market. The 10-yr note added 23 ticks and its yield dropped eight basis points to 2.34%. The 10-yr note settled on its highs for the day while the major indices settled basically at their lows.
Relative strength in the information technology sector was generally couched in terms of which stocks were down the least as opposed to which stocks were up the most.
In that vein, KLA-Tencor (KLAC 75.49, -0.49), Apple (AAPL 98.75, -0.87), and Cognizant Technology (CTSH 43.91, -0.34), which said it acquired full-service digital marketing agency Cadient Group, were the standouts in the sector as they were the only components that didn't fall at least 1.0%.
Outside the sector, Twitter (TWTR 53.49, +0.04) put up a good fight after saying it filed a lawsuit against the U.S. government over the restrictions it faces in detailing the number of surveillance requests it has received. That restriction, Twitter says, violates its First Amendment rights.
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