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From Briefing.com: Weekly Recap - Week ending 21-Nov-14Dow +91.06 at 17810.06, Nasdaq +11.10 at 4712.97, S&P +10.75 at 2063.50

The major averages ended an upbeat week with modest gains despite pulling back from their early highs. The S&P 500 gained 0.5% while the Nasdaq Composite (+0.2%) underperformed.

The stock market-and specifically equity futures-donned their party hats in the early morning hours after two major central banks spiked the punchbowl. Most notably, the People's Bank of China announced its first rate cut in two years, lowering its deposit rate 25 basis points to 2.75% and trimming its one-year lending rate 40 basis points to 5.60%. The news boosted U.S. futures and European equities, while comments made by European Central Bank President Mario Draghi also contributed to increased risk tolerance.

Mr. Draghi served up another reminder that low eurozone inflation has become increasingly challenging and the central bank is ready to act fast if current trends continue. The euro (1.2390) responded by returning near its early November low, while the resulting greenback strength sent the Dollar Index (88.29, +0.70) to a fresh four-year high.

The Dollar Index finished near its best level of the day while equities endured a bit of a hangover following the early morning extravaganza. Despite the pullback, all ten sectors ended in the green with telecom services (+0.1%) bringing up the rear.

Cyclical sectors fared better than their defensively-oriented counterparts with commodity-linked groups posting solid gains. The strength in these areas could be traced back to the news of the rate cut in China that underpinned miners and steelmakers. Rio Tinto (RIO 47.51, +2.20) surged 4.9% while the broader materials sector (+1.3%) settled in the lead. As for steelmakers, the Market Vectors Steel ETF (SLX 41.08, +1.54) soared 3.9%.

Manufacturers of heavy machinery also rallied with Caterpillar (CAT 106.45, +4.36) jumping 4.3%. The Dow component gave a boost to the industrial sector (+1.0%), which ended among the leaders.

Also of note, the energy sector (+1.2%) rallied with help from crude oil, which rose 1.1% to $76.53/bbl. However, crude ended well below its early high in the neighborhood of $77.75/bbl.

Elsewhere, the consumer discretionary sector (+0.2%) could not hold its early gain amid weakness in select retailers. GameStop (GME 37.86, -5.67) fell 13.0% after missing earnings/revenue expectations and guiding lower while Gap (GPS 38.46, -1.68) lost 4.2% after reporting in-line with its warning from November 6 and lowering its earnings guidance for fiscal year 2015. High-beta sector components also lagged with Expedia (EXPE 84.69, -1.39) and Netflix (NFLX 360.28, -7.86) ending lower by 1.6% and 2.1%, respectively.

Similarly, technology (+0.2%) could only hold a slim portion of its opening advance with Apple (AAPL 116.35, +0.04), Intel (INTC 35.60, -0.35), and Microsoft (MSFT 47.96, -0.73) pressuring the top-weighted sector from its early high.

Interestingly, Treasuries spent the day in a steady advance from their morning lows. The 10-yr note ended at its best level of the day with the benchmark yield down three basis points at 2.31%.

Today's participation was ahead of recent averages with roughly a billion shares changing hands at the NYSE floor.

Monday's session will be free of notable economic data.

Week in Review: S&P 500 Posts Fifth Consecutive Weekly Advance

The stock market began the week on an unassuming note. The S&P 500 (+0.1%) added just over a point while the Nasdaq (-0.4%) and Russell 2000 (-0.8%) underperformed throughout the session. The benchmark index started under modest pressure, but was able to finish near its best level of day with help from countercyclical sectors. News from overseas contributed to the early weakness as Japan's preliminary GDP report for Q3 revealed the second consecutive decline (-0.4%; expected 0.5%), meaning the country is now in recession. The news gave an overnight boost to the yen, but the currency was back to unchanged against the dollar (116.20) by the start of the U.S. session. The yen weakened a bit during the session, sending the dollar/yen pair to 116.50.

The major averages ended Tuesday near their highs with the S&P 500 (+0.5%) registering its fifth consecutive advance. The benchmark index settled at a fresh record high while the Nasdaq Composite (+0.7%) outperformed after struggling on Monday. The Tuesday session began on a flat note, but the health care sector (+1.6%) quickly pulled away from its unchanged level thanks to significant strength in biotechnology. The iShares Nasdaq Biotechnology ETF (IBB) jumped 2.2% and contributed to the relative strength of the Nasdaq. In addition to drawing support from biotech, the Nasdaq received a solid boost from chipmakers after SunEdison (SUNE) agreed to acquire First Wind for $2.40 billion as part of a joint venture with TerraForm Power (TERP). Shares of SUNE soared 29.4% while the broader PHLX Semiconductor Index spiked 1.9% with all but two components registering gains.

Equities ended the midweek session on a lower note with Tuesday's leader-Russell 2000-pacing the retreat. The small cap index lost 1.1% while the S&P 500 surrendered 0.2% with seven sectors finishing in the red. The benchmark index slumped at the start due to notable losses among several heavily-weighted sectors. However, the S&P 500 was able to pull away from its late-morning low thanks to relative strength in consumer discretionary (+0.5%), consumer staples (+0.4%), and energy (+0.6%). Although the trio helped the S&P 500 recover from its low, the index could not complete its comeback as industrials (-0.3%), technology (-0.6%), and health care (-0.5%) weighed.

Thursday ended on a modestly higher note despite a cautious start. The S&P 500 added 0.2% while the Nasdaq Composite (+0.6%) and Russell 2000 (+1.1%) outperformed. Equities faced some pressure at the start after disappointing data from overseas led to profit taking in Europe. Specifically, China's HSBC Manufacturing PMI came in at 50.0, which represents the difference between expansion and contraction, while Japan reported a slim downtick to 52.1 from 52.4. As for the eurozone, Manufacturing PMI slipped to 50.4 from 50.6 and Services PMI fell to 51.3 from 52.3. The key indices began inching away from their lows right after the open and the cautious sentiment evaporated in a hurry after better than expected Existing Home Sales (5.26 million; Briefing.com consensus 5.17 million), Leading Indicators (0.9%; consensus 0.6%), and Philadelphia Fed Survey (40.8; expected 18.3) crossed the wires at 10:00 ET.

 
 Index	    Started Week  Ended Week   Change  % Change  YTD % 
 DJIA	     17634.74	  17810.06	175.32	   1.0	 7.4 
 Nasdaq	      4688.54	   4712.97	24.43	   0.5	12.8 
 S&P 500	2039.82	   2063.50	23.68	   1.2	11.6 
 Russell 2000  1173.80      1172.42      -1.38	  -0.1	0.8

3:32 pm Earnings Preview for the week of November 24 - 28 (:SUMRX) : Of the companies reporting earnings for the week of November 24 - 28 some of the bigger names include:

Monday: Pre Market - TSL, NM, DCIX, ENTAAfter Hours - ANW, BRCD, NUAN, DY, QIHU, CPRT, WDAY, PANW, ANFI, KANG, VMEM

Tuesday: Pre Market - TECD, HRL, CPB, VAL, SIG, TIF, BECN, BWS, PLL, CHS, CBRL, DSW, YGE, FRED, EV, DANG, LG, AMWD, MOV, DAKT, CTRN, XCRA, DSX, NJRAfter Hours - HPQ, ADI, CUB, CTRP, PWRD, VNET, TIVO, VEEV, BLOX, NMBL, AVAV, XNET

Wednesday: Pre Market - DE, SDRL, SOLAfter Hours - LEDS

12:41 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

ADSK (62.49 +6.99%): Beat Q3 consensus estimates by $0.03, beat on revs; guided Q4 EPS below consensus, revs above consensus; Co raised billings growth and net subscriptions.
ROST (88.85 +6.78%): Beat Q3 consensus estimates by $0.06, beat on revs; reaffirmed Q4 EPS guidance; Tgt raised at Canaccord, Telsey, FBR, others.
HTZ (24.06 +5.76%): The company appointed John Tague President and CEO effective Nov 21, 2014; positive reception from activist shareholders.

Large Cap Losers
GPS (38.01 -5.31%): Reported Q3 earnings in-line with preannouncement; lowered FY15 EPS guidance; Tgt lowered at Mizuho, Canaccord Genuity, others.
MAT (31.2 -1.08%): Resumed with a Neutral at Goldman.
RBS (11.82 -0.96%): The co recognized an error in its calculation of the modeled Common Equity Tier 1 ratio for the 2014 European Banking Authority stress test results which led to RBS's published CET1 stress test ratios being overstated.

Mid Cap Gainers

BID (42.38 +8.03%): Announced that CEO William F. Ruprecht will step down by mutual agreement with the Board; Ruprecht to continue as Chairman, President, and CEO until a successor is in place.
SPLK (68.19 +5%): Beat Q3 consensus estimates by $0.01, beat on revs; guided Q4 revs above consensus; guided FY16 revs above consensus; Tgt raised at FBR, Stifel, BMO, others.
AWAY (31.3 +4.16%): Rose following rumors than Priceline (PCLN) may be interested in buying the co.

Mid Cap Losers GME (38.24 -12.18%): Missed Q3 consensus estimates by $0.04, missed on revs; guided Q4 EPS below consensus; guided FY15 EPS below consensus; Downgraded at Telsey.WX (35.12 -2.88%): Downgraded to Hold from Buy at Jefferies; tgt lowered to $38 from $40.DDS (118.43 -2.16%): Downgraded to Neutral from Buy at BofA/Merrill.

11:50 am Stocks/ETFs that traded to new 52 week highs/lows this session - New highs (275) outpacing new lows (41) (:SCANX) : Stocks that traded to 52 week highs: AA, AAPL, ABBV, ABMD, ACCO, ACE, ACMP, ADM, ADSK, AEC, ALKS, ALL, AMGN, AMOT, AMP, AMT, ANAC, APD, APOG, ARG, ASH, AUPH, AUXL, AXS, BAP, BCR, BDL, BDX, BEP, BERY, BG, BGCP, BIG, BLK, BLT, BMY, BOOT, BPL, BPY, BR, BRCD, BRK.A, BRK.B, BURL, CASY, CATO, CB, CFN, CHD, CHKP, CIM, COKE, COST, COV, CQB, CSCO, CSL, CST, CSTE, CSX, CTLT, CVTI, DDC, DG, DGX, DHI, DHIL, DHR, DIN, DISH, DJCO, DLPH, DLTR, DNB, DPS, DPZ, EA, EEFT, EEP, EEQ, EHIC, ELLI, ESRX, FAF, FARM, FDP, FDX, FFIV, FFNW, FIS, FISV, FL, FLT, FNF, FTNT, GD, GLP, GNCMA, GNTX, GPC, GPI, GPN, HBI, HCC, HDB, HI, HIG, HON, HRC, HRL, HSNI, HTLD, IBCA, IBN, IDCC, INCR, INCY, INGR, INTC, INTU, IPXL, IRF, ITW, JAH, JBLU, JCOM, JJSF, JLL, JWN, KMG, KNX, KONA, KR, LB, LBRDK, LBY, LEG, LEN, LEN.B, LM, LNC, LNDC, LOW, LQ, LSTR, LVLT, LWAY, M, MAG, MCRL, MDT, MERC, MHG, MIK, MLI, MMC, MMM, MMP, MNST, MPC, MRGE, MTD, MTG, MUSA, MWV, NAVI, NCLH, NDAQ, NICE, NKE, NOC, NTES, NVEE, NWL, NXPI, ODFL, ODP, PAYC, PEI, PEP, PETM, PH, PHM, PJC, PLL, PPG, PRAH, PSEM, QTM, QTNT, QTWO, QVCA, RAI, RAX, RBA, RCL, RCPT, RDCM, RDI, RDN, RDY, RE, RFMD, RGA, RHP, RHT, RIC, RL, ROST, RPM, RTN, SBAC, SBFG, SCI, SEE, SEP, SERV, SHO, SHW, SIRO, SJR, SNA, SNPS, SPR, SSNC, STOR, STRT, STX, STZ, SUSQ, SWFT, SWI, SWKS, SXL, SYK, TAP.A, TASR, TCP, TCX, TFSL, TFX, THG, THI, TQNT, TRV, TSM, TSO, TSRA, TTWO, TUES, TXN, TXT, UCFC, UNP, USB, USCR, V, VAC, VAL, VAR, VFC, VOYA, VR, VRNT, WAB, WAT, WBB, WERN, WHR, WLDN, WRB, WSM, XRAY, Y, ZUMZ

Stocks that traded to 52 week lows: AM, AMDA, APDN, ASPN, ATAI, BANX, BIND, BRN, CRDC, CRNT, DSCO, ECT, FORD, HSON, LQDT, LXRX, MCP, MOLG, MRVC, NBS, NSPR, ORPN, OTIV, OXFD, PICO, PRSS, RENN, RVLT, SIFY, SMT, SPHS, SR, SYRX, SZYM, UAMY, VIVO, VJET, VLTC, WAIR, WHZ, XNY

ETFs that traded to 52 week highs: DIA, DVY, IGN, IGV, IHI, IWF, IYF, IYH, IYJ, IYK, IYT, KIE, MDY, MOO, OEF, PPA, PSK, QQQ, RTH, SDY, SMH, SOXX, SPY, UUP, UYG, VTI, XLB, XLF, XLI, XLK, XLP, XLV, XLY, XRT

ETFs that traded to 52 week lows: none

2:23 am Alibaba prices offering of $8.0 bln of Senior Unsecured Notes (BABA) : Co announced the pricing of an offering of $8.0 billion aggregate principal amount of senior unsecured notes, consisting of:

$300 million floating rate notes due 2017 at an issue price per note of 100.000%
$1,000 million 1.625% notes due 2017, at an issue price per note of 99.889%
$2,250 million 2.500% notes due 2019 at an issue price per note of 99.618%
$1,500 million 3.125% notes due 2021 at an issue price per note of 99.558%
$2,250 million 3.600% notes due 2024 at an issue price per note of 99.817%
$700 million 4.500% notes due 2034 at an issue price per note of 99.439%

The People's Bank of China surprised global markets with the first cut to its benchmark lending rate in two years and ECB President Draghi implied in remarks he made that more stimulus is needed to arrest disinflationary forces in the eurozone. With those thoughts in mind, it will perhaps come as little surprise to hear that the stock market strung together another winning session on Friday

The indices did fade from their opening highs, yet if one is long the stock market, a gain is still better than no gain. Including Friday's 0.5% advance, the S&P 500 is up 13.3% from its October low, demonstrating that the last five weeks have been very good for anyone who is long the stock market.

On Friday, the S&P 500 information technology sector was a quiet participant in the advance. It trailed the market with a 0.2% gain that was held in check by losses in Intel (INTC 35.59, -0.63) and Microsoft (MSFT 47.98, -0.72), both of which came on the back of cautious analyst remarks

In the case of Intel, which surged 4.7% on Thursday, it fell 1.0% after the analyst at Credit Agricole went against the grain and downgraded the stock to Sell from Underperform. That move seemed to overshadow RBC Capital Markets, Cowen, FBR Capital, and Stifel all raising their price targets for Intel, so it could very well have been a case of profit-taking activity after a big run in Intel's stock that clearly went against the grain of Credit Agricole's prior Underperform rating. Entering Friday's trading, INTC was up 38% for the year.

eBay (EBAY 54.42, -0.12) was another company that drew a Sell rating. That came courtesy of Evercore ISI, which previously had a Hold rating on the stock.

Jefferies, meanwhile, put a lid on Microsoft's stock after initiating coverage with an Underperform rating and $40 price target. The firm also tagged Symantec (SYMC 25.33, -0.07) and Salesforce.com (CRM 58.19, -0.12) with Underperform ratings as part of new coverage on a host of technology issues that included Buy ratings for Adobe Systems (ADBE 71.32, +0.88), CA Technologie