From Briefing.com: The technology sector performs in-line with a broad market rally as the S&P 500 posts new all-time highs, although many investors are taking a wait-and-see approach ahead of an important ECB meeting scheduled for tomorrow. In addition, another important economic report, November employment numbers will be released Friday.
The Technology Select Index (XLK 42.17 +0.15) was lead primarily by the outperformance of semi conductors, which we will touch on below, but here are a few other notable movers from other industries in the space:
Maxim Integrated Products (MXIM 30.92 +1.15) Electronic Arts (EA 45.99 +2.36) F5 Networks (FFIV 130.95 +2.22)Skyworks (SWKS 66.67 +0.87)Semiconductors were the real winners today. The Philadelphia semi conductor index (SOX +13.92) included only two decliners, but there were several notable gainers in the space.
Cree Inc (CREE 35.22 +1.05)Avago Tech (AVGO 95.13 +2.93)Kla-Tencor (KLAC 71.02 +2.18)Microchip Technology (MCHP 46.59 +1.94)Alibaba (BABA 110.64 +0.75) presented at the Credit Suisse Tech Conference. The company noted that they are fundamentally transforming how business is done in China. Also, BABA mentioned that they are seeing similar growth characteristics in countries like India and Indonesia where mobile internet use is rising rapidly and the traditional brick-and-mortar retail industry is very poor. These are prime conditions for e-commerce giant who is looking to expand into other countries and diversify its products. The company's most recent product launch, Taobao Movie, allows customers to purchase movie tickets online.
Apple Inc. (AAPL 115.93 +1.30) saw another analyst company raise its price target today. JMP Securities reiterated its Market Outperform rating, raising AAPL's price target from $135 to $150. This is the third raised target the co has seen this week. The stock is still about 3% from its all time high of 119.75 set on November 28, but the recent increased price targets may be the necessary catalyst to push it back to that price level.
Intel Corp (INTC 37.43 -0.17) was one of the only two losers in the SOX. Aside from that, the company announced they are forming a strategic alliance with Luxottica Group to collaborate on the research and development of wearable premium, luxury, and sports eyewear with smart technology. With AAPL's iWatch on the cusp of release, and Google's glasses, it's no surprise that INTC wants to delve into the wearable technology market.
Leidos Holdings (LDOS +2.65) provides science and technology solutions like data analytics, systems integration, and cybersecurity, to agencies of the US. The company reported third quarter earnings results this morning before the open. In the report, LDOS beat analyst estimates of both EPS and revenue, while reaffiriming guidance for fiscal year 2015. Although the company's revenues fell 10% year/year, investors were impressed with the better than expected performance in the quarter. The reason for the decrease in revenues is due to budget cuts that lead to decreased sales in their major revenue streams, National Security Solutions and Health and Engineering.
4:13 pm Closing Market Summary: Russell 2000 Leads Stocks Higher (:WRAPX) : The stock market ended the midweek session on an upbeat note with the Russell 2000 (+1.0%) pacing the advance for the second day in a row. Meanwhile, the S&P 500 posted a more modest gain of 0.4% with seven sectors ending in the green.
Similar to yesterday, equities were essentially left to their own devices amid a lack of market-moving news. Cyclical sectors were responsible for the bulk of the advance as all six growth-sensitive groups ended in the green while health care (+0.2%) was the lone gainer on the countercyclical side.
The materials sector (+1.4%) settled in the lead after showing relative strength throughout the session. The group benefitted from strength among steelmakers and miners with Market Vectors Steel ETF (SLX 39.15, +0.90) and Market Vectors Gold Miners ETF (GDX 19.60, +0.40) climbing 2.4% and 2.1%, respectively.
Meanwhile, another commodity-related sector-energy (+1.2%)-settled just behind materials, which represented the third consecutive day of relative strength for the recently-battered sector. Today's advance occurred amid a 0.5% gain in crude oil ($67.30/bbl) and helped the sector extend its week-to-date gain to 3.2%.
Elsewhere, the industrial sector (+1.3%) was the only other group to add more than 1.0%. The top-weighted sector component-General Electric (GE 26.38, +0.33)-spiked 1.3% while transport stocks also displayed relative strength. The Dow Jones Transportation Average settled higher by 0.8% with Alaska Air (ALK 56.76, +1.51) setting the pace.
Also of note, the technology sector (+0.5%) underperformed in the morning, but powered to new highs during the final hour. The sector was underpinned by chipmakers and its strength helped the S&P 500 to a new high just ahead of the close. As for chipmakers, the group rallied broadly after Microchip Technology (MCHP 46.59, +1.94) said it is confident the small correction experienced in the third quarter is now in the past. The stock spiked 4.3% while the PHLX Semiconductor Index jumped 2.0%.
Over on the countercyclical side, consumer staples (-0.8%), telecom services (-0.8%), and utilities (-0.3%) ended in the red while health care (+0.2%) turned positive in the early afternoon. Biotechnology contributed to the rebound with the iShares Nasdaq Biotechnology ETF (IBB 308.25, +1.38) climbing 0.5%.
Treasuries spent the bulk of the session near their flat lines before ending close to highs. The 10-yr yield slipped one basis point to 2.28%.
Participation was a bit below average with just over 755 million shares changing hands at the NYSE floor.
Economic data included ADP Employment Change, Q3 Labor Productivity Data, ISM Services, and the MBA Mortgage Index:
The ADP report revealed that employment in the nonfarm private business sector rose 208K in November, which was below the increase of 225K expected by the Briefing.com consensus. Q3 nonfarm business productivity was revised up to 2.3% from an originally reported 2.0% gain while the Briefing.com consensus expected a revision to 2.4% Unit labor costs were revised down and now show a 1.0% decline in the third quarter after initially showing a small 0.3% increase. The consensus expected a flat reading. This was the second consecutive quarterly decline The ISM Services Index for November rose to 59.3 from 57.1 while the Briefing.com consensus expected an uptick to 57.5 The weekly MBA Mortgage Index fell 7.3% to follow last week's 4.3% decline Tomorrow's data will be limited to the Challenger Job Cuts report for November, which will be released at 7:30 ET while weekly Initial Claims will cross at 8:30 ET (Briefing.com consensus 295K).
Nasdaq Composite +14.3% YTD S&P 500 +12.2% YTD
Dow Jones Industrial Average +8.1% YTD
Russell 2000 +1.4% YTD
4:09 pm Avago Tech beats by $0.30, beats on revs; guides Q1 revs above consensus (AVGO) : Reports Q4 (Oct) earnings of $1.99 per share, excluding non-recurring items, $0.30 better than the Capital IQ Consensus of $1.69; revenues rose 115.4% year/year to $1.59 bln vs the $1.55 bln consensus; gross margin +1 % pt QoQ at 58%.
Co issues upside guidance for Q1, sees Q1 revs flat to +4% QoQ to ~$1.59-1.65 bln vs. $1.52 bln Capital IQ Consensus; non-GAAP gross margin 56.5-58.5%.
1:15 pm Corning declared a quarterly dividend of $0.12 per share, a 20% increase over the previous dividend of $0.10; Also authorized a new $1.5 bln share repurchase program (GLW) : The 2015 first-quarter dividend is payable on March 31, 2015, to shareholders ofrecord on Feb. 27, 2015
The new share repurchase program expires atthe end of 2016.
12:35 pm SPDR Semiconductor continues to display intraday relative strength (XSD) : The XSD (and SMH) pushed to a new session high of 77.49 in midday trade. This is a new two month plus high and leaves it slightly under its multi-year close high from Sep at 77.58. The multi-year intraday high from Sep does not come into play until 78.22. Semi names helping pace the way include: AMKR +3.9%, ARMH +3.8%, MCHP +3.4%, AMD +3.2%, ADI +2.6%, AMAT +2.6%, TER +2.3%, MRVL +2.3%, NVDA +2.1%, XLNX +2%, CRUS +2%, KLAC +1.9%, LLTC +1.8%, LRCX +1.7%.
12:19 pm Stocks/ETFs that traded to new 52 week highs/lows this session - New highs (231) outpacing new lows (135) (:SCANX) : Stocks that traded to 52 week highs: AAP, AAVL, AAWW, ABT, ACCO, ACE, ADM, ADMA, AEC, AET, AFG, AIRT, ALKS, ALXN, AMAG, AMAT, AMGN, AMP, AON, ARDX, ARE, ASFI, ASH, ATRA, AXL, AXS, AXTA, AZO, BAH, BAP, BBK, BCR, BDL, BERY, BIB, BIF, BK, BLE, BLL, BRK.A, BRK.B, BSD, BSF, CAF, CARB, CEV, CFN, CFNL, CHEV, CI, CMN, CMPR, CMRX, CNC, CRMT, CSC, CSCD, CSS, CUB, CVC, DEPO, DFP, DFT, DGX, DHR, DLPH, DPZ, EA, ECHO, EEFT, EFX, EML, EQY, EROS, ESRX, EVN, EW, FAF, FCAU, FDP, FDS, FEUZ, FFG, FICO, FII, FLML, FNF, FSRV, FTCS, FUR, GGP, GIII, GNCMA, GNTX, GTIM, GTS, HCKT, HCN, HDS, HNI, HON, HPY, HQH, HQL, HRB, HSIC, HSP, HST, HTA, HUM, HW, IDCC, IEC, IFN, IG, IIF, INGR, INTC, ISSI, ITW, JCOM, JPS, KEQU, KMX, KRC, LABC, LB, LLY, LNT, LOW, LQ, LRCX, LWAY, MA, MAC, MAG, MCK, MCRL, MCY, MD, MLI, MMC, MMM, MMU, MNDO, MO, MPA, MPAA, MPWR, MQY, MRH, MSCC, MTEX, MTSI, MUS, MYCC, MYD, NAVG, NDAQ, NEV, NIM, NPT, NVRO, OGS, ORLY, OSUR, OTIC, PCAR, PCQ, PEB, PFPT, PHM, PKG, PLD, PLL, PMCS, PNW, PPC, PRE, PRI, PSCT, PTSI, QQQX, QTM, QTWO, RAX, RBA, RCL, RDI, REGN, RIC, RMD, ROIC, RPAI, SEE, SEIC, SFS, SLG, SONC, SPR, SQNM, SRT, ST, STK, STMP, SWI, SWIR, TCO, TM, TRV, TSEM, TTPH, TXN, UNH, USAK, V, VAC, VCV, VEC, VGM, VR, VRTX, VWR, WBB, WGL, WHR, WLDN, WOOF, WST, XRX, ZSPH,
Stocks that traded to 52 week lows: ABIO, ACFN, ALSK, AMDA, ANF, API, ATAI, AVH, AXX, BAS, BGH, BIS, BOOM, BPZ, BRN, BRSS, BSPM, CALL, CAPN, CCU, CEO, CGIX, CLB, CNV, CRK, CRNT, CYNI, DCTH, DHY, DNOW, DRYS, DSX, DXPE, E, ECR, ECT, EDI, ELON, ENVI, EXE, FAM, FDUS, FGEN, FTEK, FULL, GBSN, GDP, GHL, GLRI, GLUU, GMAN, GNBC, GSV, GTLS, HERO, HIIQ, HIX, HOTR, ICA, JGH, JMEI, JOEZ, KBAL, KEG, KEX, KOF, KOP, LAS, LBIX, LEI, LODE, LOXO, LPI, LPTN, LXFR, MBT, MCP, MDR, MM, MPO, MXF, NBY, NCQ, NDRO, NE, NEOT, NRT, NSPH, NSPR, OME, OPWR, PARN, PBT, PED, PHMD, PLG, PRAN, PRGN, PRSS, PRTO, QIWI, QRM, ROYL, ROYT, SARA, SCL, SDRL, SDT, SKIS, SPP, SRF, SSL, STXS, SVVC, SWSH, SYRX, TAS, TAT, TBI, TBPH, TC, TECU, TEU, TGB, TNH, TPLM, TS, USEG, VIEW, VJET, VTIP, WATT, WRES, WSTL, ZU,
ETFs that traded to 52 week highs: DIA, DVY, IBB, IHF, IHI, IYF, IYG, IYH, SMH, SOXX, UUP, UYG, XLF, XLV,
ETFs that traded to 52 week lows: BNO, BWX, DBC, DJP, EWM, FXA, FXE, FXF, FXY, GSG, SGG, UHN, USCI, VXX,
12:08 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
OKE (54.5 +3.82%): Announced that its 2015 cash flow available for dividends is expected to be in the range of $580-660 mln.
NLSN (43.66 +4.59%): Upgraded to Buy from hold at Needham; tgt $50.
CMI (150.53 +2.97%): Strength in Class 8 Trucking stocks following strong preliminary November data from FTR Transportation Intelligence Research (PCAR also higher).
Large Cap Losers
BF.B (93.04 -3.08%): Missed Q2 consensus estimates by $0.07, missed on revs; lowered FY15 EPS below consensus.
WYNN (169.79 -2.56%): Weakness in Macau stocks after selling off in Hong Kong on disappointing gaming revenue results; sixth consecutive monthly decline in Macau revenues.
DISH (73.92 -1.8%): Downgraded to Sell at Wunderlich; tgt raised to $67.
Mid Cap Gainers
LDOS (43.77 +8.93%): Beat Q3 consensus estimates by $0.12, beat on revs; reaffirmed FY15 EPS guidance, revs guidance.
FSL (22.92 +7.33%): Strength in semiconductors after Microchip (MCHP) raised the low end of their Q3 guidance
IPGP (75.95 +5.49%): Standard & Poor's announced IPGP set to replace CPWR in the S&P MidCap 400.
Mid Cap Losers
PBYI (193.04 -14.2%): Updated timeline for filing NDA for the approval of PB272 (neratinib); intends to delay its proposed timeline for filing the NDA until the first quarter of 2016.
JCP (7.07 -4.4%): Downgraded to Sell from Neutral at Goldman.
ICPT (132.51 -2.7%): Target lowered to $99 from $125 at FBR Capital, firm maintains Underperform rating.
4:01 am Hanwha SolarOne completes 20 MW module supply agreement with Haike Engineering Holding (HSOL) : Hanwha SolarOne Co announced it has completed the delivery of 20 MW of Hanwha SolarOne's high quality E-star HSL72 modules to Haike Engineering Holding Co., Ltd. Deliveries were made throughout November to a ground-mounted project in Dunhuang, Gansu Province, China.
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