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Sunday, January 18, 2015 9:59:58 PM
From Briefing.com: Weekly Recap - Week ending 16-Jan-15Dow +190.86 at 17511.57, Nasdaq +63.56 at 4634.38, S&P +26.75 at 2019.42
The major averages snapped their five-day losing streak with a broad-based advance on Friday. The S&P 500 (+1.3%) reclaimed its 100-day moving average (2,007) and narrowed its weekly decline to 1.2%.
The stock market was on shaky footing in the early going, but the overall risk tolerance was improved by a rebound in crude oil, which continued climbing throughout the session to end higher by 4.6% at $48.50/bbl. That advance bolstered the energy sector (+3.2%), which spent the day in the lead.
Meanwhile, the remaining cyclical groups ended a bit closer to their flat lines. The materials sector (+1.7%) outperformed with help from steelmakers and miners while the discretionary sector (+1.3%) settled in line with the broader market. As for the remaining three growth-sensitive groups, financials (+1.2%), industrials (+0.7%), and technology (+0.9%) spent the day behind the broader market.
The financial sector could not catch up to the S&P 500 as Goldman Sachs (GS 177.23, -1.26) weighed. The stock fell 0.7% despite better than expected results from the investment bank. Also of note, foreign exchange broker FXCM (FXCM 12.63, 0.00) agreed to terms on a $300 million lifeline provided by Leucadia National (LUK 21.84, +0.20) after yesterday's surge in the Swiss franc caused about $225 million in negative client balances at FXCM. Shares of FXCM were halted throughout the session after surrendering almost 90.0% in pre-market action.
Elsewhere, the technology sector struggled to keep pace with the market as Apple (AAPL 105.94, -0.88) weighed. The largest sector component lost 0.8% while most other heavily-weighted tech names settled with gains. On the earnings front, Intel (INTC 36.45, +0.26) gained 0.7% after beating bottom-line estimates. For its part, the PHLX Semiconductor Index (+1.1%) ended just behind the S&P 500.
Over on the countercyclical side, consumer staples (+0.8%) and utilities (+0.9%) underperformed throughout the day while telecom services (+1.7%) and health care (+1.9%) spent the day among the leaders. The health care sector was bolstered by high-beta biotechnology names, evidenced by a 3.3% gain in the iShares Nasdaq Biotechnology ETF (IBB 317.82, +10.12). The ETF was able to add 1.4% for the week versus a slim uptick of 0.2% for the health care sector.
Treasuries notched their highs in the early morning before spending the session in a steady retreat that sent the benchmark 10-yr yield higher by 11 basis points to 1.82%.
Friday's participation was ahead of average with 950 million shares changing hands at the NYSE floor.
Economic data included CPI, Industrial Production, and Michigan Sentiment:
The CPI declined 0.4% in December after declining 0.3% in November while the Briefing.com Consensus expected a decline of 0.4%
Prices are up only 0.8% year-over-year, which is the smallest increase since October 2009
The energy index, which has fallen for the past six consecutive months, declined 4.7% in December
Food prices increased 0.3% in December, up from a 0.2% increase in November
Excluding food and energy, core CPI was flat in December (consensus +0.1%) after increasing 0.1% in November
Industrial production declined 0.1% in December after increasing an unrevised 1.3% in November (Briefing.com consensus -0.1%)
The decline in industrial production can be blamed on warmer-than-normal temperatures that reduced the demand for heating. According to the National Climatic Data Center, December 2014 was the second warmest December on record. That was a large reversal from November, which was the coldest November since 2000. The shift in temperatures resulted in a 7.3% decline in utilities production
Capacity utilization hit 79.7% while the Briefing.com consensus expected a reading of 79.9%
The University of Michigan Consumer Sentiment Index jumped to 98.2 in the preliminary January reading from 93.6 in December while the Briefing.com consensus expected an increase to 94.1
That was the highest reading since the index reached 103.8 in January 2004
Bond and equity markets will be closed on Monday for Martin Luther King Day.
On Tuesday, the NAHB Housing Market Index will be released at 10:00 ET.
Week in Review: Slipping and Sliding
The stock market began the week on the defensive with the Nasdaq (-0.8%) and S&P 500 (-0.8%) pacing the Monday slide. The Dow (-0.5%) and Russell 2000 (-0.3%) outperformed, but the two indices also spent the bulk of the day in negative territory. Equities opened the trading day with slim gains that evaporated during the first few minutes of the session. The S&P 500 slumped back below its 50-day moving average (2046) at the start and spent the rest of the day well below that level as influential sectors weighed. Most notably, the energy sector (-2.8%) was the weakest performer with crude oil contributing to the pressure after Goldman Sachs lowered its short-term forecast for the commodity. WTI crude ended the pit session on its low, down 4.9% at $46.07/bbl. Meanwhile, the remaining cyclical groups registered slimmer losses, but heavily-weighted financials (-0.9%) and technology (-1.3%) kept the market under pressure throughout the session.
The major averages enjoyed broad-based support at the start of the Tuesday session, but the opposite was true when the trading day ended. The S&P 500 lost 0.3% with eight sectors settling in the red. The final standing masked the fact that the benchmark index was up in excess of 1.0% at the start of the day. The S&P 500 spent the first 90 minutes near its high, but the absence of intraday buying interest opened the door to a retreat that accelerated when the S&P cut through its 50-day moving average (2046/2047). Commodity-related sectors fueled the pullback from highs with energy (-0.7%) and materials (-1.2%) ending the day at the bottom of the barrel. The two groups struggled to keep pace with the market in the early going and their underperformance became more notable during the afternoon retreat.
Equities endured their fourth consecutive decline on Wednesday with the S&P 500 (-0.6%) making an intraday appearance below its 100-day moving average (2,007). The tech-heavy Nasdaq outperformed, but still lost 0.5%. Stocks faced selling pressure from the start after the overnight session failed to alleviate the growth concerns that contributed to the recent weakness. Instead, the concerns grew larger, starting with the World Bank's reduced growth outlook for 2015 (to 3.0% from 3.4%) and 2016 (to 3.3% from 3.5%). The lowered outlook pressured commodities, and especially copper, which remained under pressure throughout the day, ending lower by 4.9% at $2.51/lb after hitting a low near the $2.45/lb level. Crude oil, however, traded in the red during morning action, but rocketed into the pit close, which helped the broader market climb off its intraday low. The energy component spiked 5.7% to $48.55/bbl.
The stock market continued its rough week on Thursday with the S&P 500 (-0.9%) registering its fifth consecutive decline after failing to hold the 100-day moving average (2007). The price-weighted Dow Jones Industrial Average (-0.6%) fared a bit better while the Nasdaq Composite (-1.5%) and Russell 2000 (-1.7%) underperformed. Market participants were greeted by an astounding move in the foreign exchange market. Specifically, the Swiss franc was up as much as 25.0% against the dollar after the Swiss National Bank abandoned the EURCHF 1.20 floor and lowered the benchmark deposit rate to -0.75%. The move was likely taken in anticipation of a QE announcement from the ECB, and the dollar/franc pair was able to narrow its loss to 15.0% (0.8687); however, that was still large enough to resonate with investors who were lulled into a false sense of security by the SNB's pledge to maintain the exchange rate floor. Equity indices began the day with slim gains, but the morning strength faded alongside crude oil, which slid from a session high at $51.00/bbl to $46.57/bbl. The energy component ended the day lower by 4.1%, but that masked the fact that crude fell almost 9.0% from its best level of the day. Furthermore, that pullback was closely correlated with a broad-market slide, which was paced by cyclical sectors.
Index Started Week Ended Week Change % Change YTD %
DJIA 17737.37 17511.57 -225.80 -1.3 -1.7
Nasdaq 4704.07 4634.38 -69.69 -1.5 -2.1
S&P 500 2044.81 2019.42 -25.39 -1.2 -1.9
Russell 2000 1185.68 1176.64 -9.04 -0.8 -2.3
It was a quiet news day for the Technology Sector, which underperformed the broader market on Friday. The S&P Information Technology Index rose 0.91%, while the S&P 500 gained 1.34% to end the week.
Only one industry group closed in the red today, Technology Hardware, Storage & Peripherals. The group fell 0.57%, led by Nimble Storage (NMBL 25.02 -0.89), Logitech (LOGI 13.72 -0.19), Diebold (DBD 31.20 -0.29), and Apple (AAPL 105.99 -0.83).
The best performing industry group, Software, rose 1.89% on the day. Top performing large caps in the group were Activision (ATVI 20.25 +1.70), Electronic Arts (EA 48.09 +1.45), Symantec (SYMC 25.63 +0.72), and Salesforce (CRM 56.64 +1.53).
As for news, the unpegging of the Swiss Franc ruled the headlines today. FXCM Inc. (FXCM 12.63) was the biggest loser amid the turmoil. Earlier, it announced that due to unprecedented volatility in EUR/CHF pair after the Swiss National Bank announcement this morning, clients experienced significant losses, generated negative equity balances owed to FXCM of approximately $225 million. As a result of these debit balances, the company may be in breach of some regulatory capital requirements. FXCM stated it is actively discussing alternatives to return our capital to levels prior to today's events and discussing the matter with our regulators. The stock was halted throughout the day after falling 88% pre-market open.
Later in the day, Leucadia National Corp (LUK 21.84 +0.20) and FXCM announced that Leucadia would be providing $300 million in cash to FXCM and its subsidiaries that will permit FXCM to meet its regulatory-capital requirements and continue normal operations after the $225 million loss due to the unprecedented actions of the Swiss National Bank. LUK's stock was also halted prior to the announcement.
In analyst related news, Littelfuse (LFUS 99.15 +3.04) was upgraded to Buy from Neutral at Longbow.
Nintendo (NTDOY 12.85 +0.07) was upgraded to Hold from Underperform at Jefferies.
WEX (WEX 93.25 -0.22) was downgraded to Market Perform from Outperform at Wells Fargo.
This week's top 20 % gainers
Healthcare:FMI (47.51 +98.54%),TKMR (24.2 +54.14%),ZIOP (8.11 +50.74%),PCYC (145.51 +17.16%),DEPO (20.2 +16.76%),CLVS (67.56 +14.41%),XON (34.11 +13.4%)
Materials:CLF (8.9 +24.48%),HMY (3.01 +16.67%),SSRI (6.63 +14.9%),GG (23.81 +14.69%),SBGL (10.5 +13.88%)
Consumer Discretionary:WBAI (18.12 +20.88%),BBW (22.44 +20.45%),GME (36.35 +12.64%)
Information Technology:ADVS (36.95 +20.01%),ELX (6.94 +19.45%)
Financials:FCE.A (24.67 +16.31%)
Energy:UPL (14.18 +20.07%),CCLP (14.99 +15.31%)
This week's top 20 % losers
Healthcare:ARWR (6.86 -24.28%),FLML (14 -23.33%)
Materials:AKS (4.06 -24.81%)
Industrials:FCEL (1.14 -20.63%),MIL (5.27 -20.27%)
Consumer Discretionary:KBH (12.51 -24.5%),GPRO (47.51 -21.91%)
Information Technology:ECOM (9.38 -56.87%),BITA (63.53 -28.71%),TUBE (16.25 -20.34%)
Financials:EHTH (9.68 -56.16%),OCN (8.22 -36.38%),FXCM (12.63 -25.88%)
Energy:HK (1.2 -24.53%),BBEP (4.87 -24.26%),LGCY (8.69 -23.97%),PES (3.92 -20.97%),EVEP (14.7 -20.71%)
Telecommunication Services:OIBR.C (1.9 -30.91%),OIBR (1.8 -29.96%)
3:47 pm Events and conferences of interest for next week : Events and conferences of interest for next week, Jan 19-23, are listed below. For a complete list of next week's events, please see the events calendar.
Monday
Markets Closed For Martin Luther King Jr. Holiday
Tuesday NDLS, LOCO, ZOES at Jefferies Consumer Summit
Wednesday FRSH, CHUY at Jefferies Consumer Summit
AUQ, IAG, FNV at CIBC Investor Conf. U.S. Capital Advisors E&P Corporate Access DayMSFT Windows 10 Event
Thursday
RGLD, AGU, TCK at CIBC Investor Conf.
FDO Special Meeting (DLTR merger) ECB (Expected to announce QE)
Friday LBY Investor Day
3:31 pm Earnings Preview for the week of January 20 - 23 (:SUMRX) : Of the companies reporting earnings for the week of January 20 - 23 some of the bigger names include:
Tuesday: Pre Market - JNJ, DAL, HAL, MS, BHI, SAP, RF, MTB, ATI, IGTE, MTG, OMN, EDU, PETS
After Hours - IBM, NFLX, CLS, AMD, CA, SMCI, WWD, CREE, IBKR, FULT, ADTN
Wednesday: Pre Market - UNH, USB, FITB, APH, ASML, NTRS, AMTD, UCBI, VIVO
After Hours - AXP, EBAY, KMI, DFS, SNDK, URI, RJF, CCI, PLXS, LOGI, XLNX, NAVI, FFIV, BGG, HGR, EWBC, DLB, BXS, SLM
Thursday: Pre Market - VZ, JCI, UAL, AVT, UNP, TRV, LUV, COV, PCP, BBT, CP, ORI, ALK, KEY, HBAN, TDY, BPOP, DLX, GMT, FCS, JNS, WBS
After Hours - COF, SBUX, CE, SWKS, KLAC, ISRG, MXIM, ALTR, HXL, ETFC, RMD, PLCM, CYN, SIVB, MSCC
Friday: Pre Market - GE, HON, MCD, KMB, BK, STT, SYF, COL, KSU, FNFG, FHN, PB
5:05 pm This week's biggest % gainers/losers (:SCANX) : The following are this week's top 20 percentage gainers and top 20 percentage losers, categorized by sectors (over $300 mln market cap and 100K average daily volume).
This week's top 20 % gainers
Healthcare:FMI (47.51 +98.54%),TKMR (24.2 +54.14%),ZIOP (8.11 +50.74%),PCYC (145.51 +17.16%),DEPO (20.2 +16.76%),CLVS (67.56 +14.41%),XON (34.11 +13.4%)
Materials:CLF (8.9 +24.48%),HMY (3.01 +16.67%),SSRI (6.63 +14.9%),GG (23.81 +14.69%),SBGL (10.5 +13.88%)
Consumer Discretionary:WBAI (18.12 +20.88%),BBW (22.44 +20.45%),GME (36.35 +12.64%)
Information Technology:ADVS (36.95 +20.01%),ELX (6.94 +19.45%)
Financials:FCE.A (24.67 +16.31%)Energy:UPL (14.18 +20.07%),CCLP (14.99 +15.31%)
This week's top 20 % losers
Healthcare:ARWR (6.86 -24.28%),FLML (14 -23.33%)
Materials:AKS (4.06 -24.81%)Industrials:FCEL (1.14 -20.63%),MIL (5.27 -20.27%)
Consumer Discretionary:KBH (12.51 -24.5%),GPRO (47.51 -21.91%)
Information Technology:ECOM (9.38 -56.87%),BITA (63.53 -28.71%),TUBE (16.25 -20.34%)
Financials:EHTH (9.68 -56.16%),OCN (8.22 -36.38%),FXCM (12.63 -25.88%)
Energy:HK (1.2 -24.53%),BBEP (4.87 -24.26%),LGCY (8.69 -23.97%),PES (3.92 -20.97%),EVEP (14.7 -20.71%)
Telecommunication Services:OIBR.C (1.9 -30.91%),OIBR (1.8 -29.96%)
4:10 pm Closing Market Summary: Stocks Rally to Snap Five-Day Losing Streak (:WRAPX) : The major averages snapped their five-day losing streak with a broad-based advance on Friday. The S&P 500 (+1.3%) reclaimed its 100-day moving average (2,007) and narrowed its weekly decline to 1.2%.
The stock market was on shaky footing in the early going, but the overall risk tolerance was improved by a rebound in crude oil, which continued climbing throughout the session to end higher by 4.6% at $48.50/bbl. That advance bolstered the energy sector (+3.2%), which spent the day in the lead.
Meanwhile, the remaining cyclical groups ended a bit closer to their flat lines. The materials sector (+1.7%) outperformed with help from steelmakers and miners while the discretionary sector (+1.3%) settled in line with the broader market. As for the remaining three growth-sensitive groups, financials (+1.2%), industrials (+0.7%), and technology (+0.9%) spent the day behind the broader market.
The financial sector could not catch up to the S&P 500 as Goldman Sachs (GS 177.23, -1.26) weighed. The stock fell 0.7% despite better than expected results from the investment bank. Also of note, foreign exchange broker FXCM (FXCM 12.63, 0.00) agreed to terms on a $300 million lifeline provided by Leucadia National (LUK 21.84, +0.20) after yesterday's surge in the Swiss franc caused about $225 million in negative client balances at FXCM. Shares of FXCM were halted throughout the session after surrendering almost 90.0% in pre-market action.
Elsewhere, the technology sector struggled to keep pace with the market as Apple (AAPL 105.94, -0.88) weighed. The largest sector component lost 0.8% while most other heavily-weighted tech names settled with gains. On the earnings front, Intel (INTC 36.45, +0.26) gained 0.7% after beating bottom-line estimates. For its part, the PHLX Semiconductor Index (+1.1%) ended just behind the S&P 500.
Over on the countercyclical side, consumer staples (+0.8%) and utilities (+0.9%) underperformed throughout the day while telecom services (+1.7%) and health care (+1.9%) spent the day among the leaders. The health care sector was bolstered by high-beta biotechnology names, evidenced by a 3.3% gain in the iShares Nasdaq Biotechnology ETF (IBB 317.82, +10.12). The ETF was able to add 1.4% for the week versus a slim uptick of 0.2% for the health care sector.
Treasuries notched their highs in the early morning before spending the session in a steady retreat that sent the benchmark 10-yr yield higher by 11 basis points to 1.82%.
Friday's participation was ahead of average with 950 million shares changing hands at the NYSE floor.
Economic data included CPI, Industrial Production, and Michigan Sentiment:
The CPI declined 0.4% in December after declining 0.3% in November while the Briefing.com Consensus expected a decline of 0.4% Prices are up only 0.8% year-over-year, which is the smallest increase since October 2009 The energy index, which has fallen for the past six consecutive months, declined 4.7% in December Food prices increased 0.3% in December, up from a 0.2% increase in November Excluding food and energy, core CPI was flat in December (consensus +0.1%) after increasing 0.1% in November Industrial production declined 0.1% in December after increasing an unrevised 1.3% in November (Briefing.com consensus -0.1%)
The decline in industrial production can be blamed on warmer-than-normal temperatures that reduced the demand for heating. According to the National Climatic Data Center, December 2014 was the second warmest December on record. That was a large reversal from November, which was the coldest November since 2000. The shift in temperatures resulted in a 7.3% decline in utilities production
Capacity utilization hit 79.7% while the Briefing.com consensus expected a reading of 79.9% The University of Michigan Consumer Sentiment Index jumped to 98.2 in the preliminary January reading from 93.6 in December while the Briefing.com consensus expected an increase to 94.1 That was the highest reading since the index reached 103.8 in January 2004 Bond and equity markets will be closed on Monday for Martin Luther King Day.
On Tuesday, the NAHB Housing Market Index will be released at 10:00 ET.
Dow Jones Industrial Average -1.8% YTD S&P 500 -1.9% YTD Nasdaq Composite -2.2% YTD Russell 2000 -2.5% YTD Week in Review: Slipping and Sliding
The stock market began the week on the defensive with the Nasdaq (-0.8%) and S&P 500 (-0.8%) pacing the Monday slide. The Dow (-0.5%) and Russell 2000 (-0.3%) outperformed, but the two indices also spent the bulk of the day in negative territory. Equities opened the trading day with slim gains that evaporated during the first few minutes of the session. The S&P 500 slumped back below its 50-day moving average (2046) at the start and spent the rest of the day well below that level as influential sectors weighed. Most notably, the energy sector (-2.8%) was the weakest performer with crude oil contributing to the pressure after Goldman Sachs lowered its short-term forecast for the commodity. WTI crude ended the pit session on its low, down 4.9% at $46.07/bbl. Meanwhile, the remaining cyclical groups registered slimmer losses, but heavily-weighted financials (-0.9%) and technology (-1.3%) kept the market under pressure throughout the session.
The major averages enjoyed broad-based support at the start of the Tuesday session, but the opposite was true when the trading day ended. The S&P 500 lost 0.3% with eight sectors settling in the red. The final standing masked the fact that the benchmark index was up in excess of 1.0% at the start of the day. The S&P 500 spent the first 90 minutes near its high, but the absence of intraday buying interest opened the door to a retreat that accelerated when the S&P cut through its 50-day moving average (2046/2047). Commodity-related sectors fueled the pullback from highs with energy (-0.7%) and materials (-1.2%) ending the day at the bottom of the barrel. The two groups struggled to keep pace with the market in the early going and their underperformance became more notable during the afternoon retreat.
Equities endured their fourth consecutive decline on Wednesday with the S&P 500 (-0.6%) making an intraday appearance below its 100-day moving average (2,007). The tech-heavy Nasdaq outperformed, but still lost 0.5%. Stocks faced selling pressure from the start after the overnight session failed to alleviate the growth concerns that contributed to the recent weakness. Instead, the concerns grew larger, starting with the World Bank's reduced growth outlook for 2015 (to 3.0% from 3.4%) and 2016 (to 3.3% from 3.5%). The lowered outlook pressured commodities, and especially copper, which remained under pressure throughout the day, ending lower by 4.9% at $2.51/lb after hitting a low near the $2.45/lb level. Crude oil, however, traded in the red during morning action, but rocketed into the pit close, which helped the broader market climb off its intraday low. The energy component spiked 5.7% to $48.55/bbl.
The stock market continued its rough week on Thursday with the S&P 500 (-0.9%) registering its fifth consecutive decline after failing to hold the 100-day moving average (2007). The price-weighted Dow Jones Industrial Average (-0.6%) fared a bit better while the Nasdaq Composite (-1.5%) and Russell 2000 (-1.7%) underperformed. Market participants were greeted by an astounding move in the foreign exchange market. Specifically, the Swiss franc was up as much as 25.0% against the dollar after the Swiss National Bank abandoned the EURCHF 1.20 floor and lowered the benchmark deposit rate to -0.75%. The move was likely taken in anticipation of a QE announcement from the ECB, and the dollar/franc pair was able to narrow its loss to 15.0% (0.8687); however, that was still large enough to resonate with investors who were lulled into a false sense of security by the SNB's pledge to maintain the exchange rate floor. Equity indices began the day with slim gains, but the morning strength faded alongside crude oil, which slid from a session high at $51.00/bbl to $46.57/bbl. The energy component ended the day lower by 4.1%, but that masked the fact that crude fell almost 9.0% from its best level of the day. Furthermore, that pullback was closely correlated with a broad-market slide, which was paced by cyclical sectors.
11:38 am Stocks/ETFs that traded to new 52 week highs/lows this session - New lows (183) outpacing new highs (174) (:SCANX) : Stocks that traded to 52 week highs: ABCW, ADC, ADVS, AFFX, ANTM, APU, ARE, AVB, AVIV, AWR, AYN, BBF, BBK, BFZ, BIE, BLE, BLJ, BMR, BNDX, BNJ, BNY, BSE, BTT, BYM, CCA, CHD, CPT, CRRC, CSG, CUBE, CXH, DEPO, DFT, DLR, DMB, DRE, ED, EIA, EIM, EMI, ENX, EOT, EPR, EQR, ESS, EVM, EVN, EXR, FMB, FSP, G, GNCMA, GSH, HCN, HCP, HDB, HME, HNP, HR, HSY, HTD, IART, IDT, IDXX, IGR, INAP, INN, IQI, JJSF, JRS, KR, KRG, KTF, KTF, LABL, LBY, LFUS, LPT, LTC, MAA, MCA, MEN, MFL, MFT, MHN, MIY, MJI, MNP, MO, MQY, MUA, MUC, MUE, MUI, MUJ, MUS, MVF, MVT, MYC, MYJ, MYM, MZA, NAN, NEA, NEV, NJR, NKX, NMA, NMO, NMZ, NNN, NNP, NPI, NPT, NQI, NQP, NRO, NTES, NUV, NVCN, NVX, NXJ, NXK, NXZ, NZF, NZH, O, OCIR, OHI, OLP, PCQ, PENN, PF, PML, PMM, PMO, PMX, PNI, PNW, PPS, PZC, RAI, RHP, RIT, ROIC, RPAI, RPT, RQI, SBRA, SKT, SPG, SRC, SSS, STOR, STZ, TLYS, TNET, UBA, UBP, UDR, UIHC, UTHR, VCV, VGM, VKI, VKQ, VMO, VNO, VTR, VVC, WEC, WGL, WNS, WRI
Stocks that traded to 52 week lows: AAOI, ACFN, ACM, AEG, AIT, AIXG, AMRS, ANY, ASCMA, ASNA, ASTE, ATI, ATU, AXE, BCBP, BKJ, BPI, BSPM, BWC, CAAS, CAS, CAT, CCS, CET, CHOP, CLB, CLWT, CM, CMC, CNO, COHR, CROX, CRS, CS, CSLT, CTG, CX, DCI, DISCA, DISCK, DXPE, ECYT, EHTH, ELRC, ESCR, FC, FDML, FELE, FLR, FOR, FPP, FRD, FSC, FSLR, FTK, GBCI, GES, GHL, GIFI, GILT, GKNT, GLUU, GNBC, GNCA, GNW, GRAM, HAYN, HHC, HK, HMIN, HSBC, HWCC, IBKC, IBTX, ICLD, IGD, IGLD, INVN, ITT, JEC, JGH, JOE, JOY, KBH, KLXI, KMT, LALT, LF, LOV, LTRPA, MDAS, MFC, MHR, MIL, MN, MNI, MRC, MRIN, MTH, MTSL, MVC, NES, NMR, NSPH, NVFY, NWPX, NWY, OCLS, OIBR, OIBR.C, OPB, OSK, P, PANL, PB, PCLN, PCP, PDII, PFBX, PGI, PGN, PRIM, PT, PZN, REE, RES, RIVR, RLOG, RNO, RPXC, RS, RSH, RSO, RXII, RXN, SCHN, SD, SDPI, SGEN, SGMA, SLF, SODA, SPE, SPF, SRF, STAA, TC, TCRD, TD, TESS, TGB, THRX, TMST, TRC, TRCH, TRIP, TRMB, TRMK, TTF, TWIN, TZOO, UBS, UCP, UPLD, UUUU, VALX, VECO, VLY, VMI, VRTS, VSCI, WABC, WB, WCC, WDR, WLH, WMGI, WPCS, WPRT, WTFC, WTSL, X, XONE
ETFs that traded to 52 week highs: FLAT, FXF, ICF, UUP, VNQ
ETFs that traded to 52 week lows: EPOL, EWO, FXC, FXE, PBW, USCI
8:03 am Cypress Semi and Spansion (CODE) receive early termination of HSR waiting period, German Antitrust and merger control clearance; expect the deal to close in the first half of 2015 (CY)
7:31 am SunEdison has raised a total of $590 mln dollars to fund the acquisition of First Wind (SUNE) :
The co raised $190 million of proceeds through the secondary offering of SunEdison Semiconductor (SEMI) shares.
In addition, the co has secured a $400 mln credit commitment from several SunEdison relationship financial institutions for a 24-month loan secured with a portion of SunEdison's shares in TerraForm Power (TERP). The $590 million in proceeds from these transactions will be used to fund the cash portion of the upfront consideration to purchase First Wind.7:14 am Solar Power has entered into a stock purchase agreement to acquire 4.3 megawatts of photovoltaic projects in Italy (SOPW) : Under the terms of the stock purchase agreement, SPI HK will acquire all of the outstanding capital stock of the holding companies wholly owned by CECEP HK that hold the Italian projects for an aggregate consideration of EUR12.5 mln in the form of EUR9.375 mln of SPI's shares of common stock and EUR3.125 mln of cash.
The major averages snapped their five-day losing streak with a broad-based advance on Friday. The S&P 500 (+1.3%) reclaimed its 100-day moving average (2,007) and narrowed its weekly decline to 1.2%.
The stock market was on shaky footing in the early going, but the overall risk tolerance was improved by a rebound in crude oil, which continued climbing throughout the session to end higher by 4.6% at $48.50/bbl. That advance bolstered the energy sector (+3.2%), which spent the day in the lead.
Meanwhile, the remaining cyclical groups ended a bit closer to their flat lines. The materials sector (+1.7%) outperformed with help from steelmakers and miners while the discretionary sector (+1.3%) settled in line with the broader market. As for the remaining three growth-sensitive groups, financials (+1.2%), industrials (+0.7%), and technology (+0.9%) spent the day behind the broader market.
The financial sector could not catch up to the S&P 500 as Goldman Sachs (GS 177.23, -1.26) weighed. The stock fell 0.7% despite better than expected results from the investment bank. Also of note, foreign exchange broker FXCM (FXCM 12.63, 0.00) agreed to terms on a $300 million lifeline provided by Leucadia National (LUK 21.84, +0.20) after yesterday's surge in the Swiss franc caused about $225 million in negative client balances at FXCM. Shares of FXCM were halted throughout the session after surrendering almost 90.0% in pre-market action.
Elsewhere, the technology sector struggled to keep pace with the market as Apple (AAPL 105.94, -0.88) weighed. The largest sector component lost 0.8% while most other heavily-weighted tech names settled with gains. On the earnings front, Intel (INTC 36.45, +0.26) gained 0.7% after beating bottom-line estimates. For its part, the PHLX Semiconductor Index (+1.1%) ended just behind the S&P 500.
Over on the countercyclical side, consumer staples (+0.8%) and utilities (+0.9%) underperformed throughout the day while telecom services (+1.7%) and health care (+1.9%) spent the day among the leaders. The health care sector was bolstered by high-beta biotechnology names, evidenced by a 3.3% gain in the iShares Nasdaq Biotechnology ETF (IBB 317.82, +10.12). The ETF was able to add 1.4% for the week versus a slim uptick of 0.2% for the health care sector.
Treasuries notched their highs in the early morning before spending the session in a steady retreat that sent the benchmark 10-yr yield higher by 11 basis points to 1.82%.
Friday's participation was ahead of average with 950 million shares changing hands at the NYSE floor.
Economic data included CPI, Industrial Production, and Michigan Sentiment:
The CPI declined 0.4% in December after declining 0.3% in November while the Briefing.com Consensus expected a decline of 0.4%
Prices are up only 0.8% year-over-year, which is the smallest increase since October 2009
The energy index, which has fallen for the past six consecutive months, declined 4.7% in December
Food prices increased 0.3% in December, up from a 0.2% increase in November
Excluding food and energy, core CPI was flat in December (consensus +0.1%) after increasing 0.1% in November
Industrial production declined 0.1% in December after increasing an unrevised 1.3% in November (Briefing.com consensus -0.1%)
The decline in industrial production can be blamed on warmer-than-normal temperatures that reduced the demand for heating. According to the National Climatic Data Center, December 2014 was the second warmest December on record. That was a large reversal from November, which was the coldest November since 2000. The shift in temperatures resulted in a 7.3% decline in utilities production
Capacity utilization hit 79.7% while the Briefing.com consensus expected a reading of 79.9%
The University of Michigan Consumer Sentiment Index jumped to 98.2 in the preliminary January reading from 93.6 in December while the Briefing.com consensus expected an increase to 94.1
That was the highest reading since the index reached 103.8 in January 2004
Bond and equity markets will be closed on Monday for Martin Luther King Day.
On Tuesday, the NAHB Housing Market Index will be released at 10:00 ET.
Week in Review: Slipping and Sliding
The stock market began the week on the defensive with the Nasdaq (-0.8%) and S&P 500 (-0.8%) pacing the Monday slide. The Dow (-0.5%) and Russell 2000 (-0.3%) outperformed, but the two indices also spent the bulk of the day in negative territory. Equities opened the trading day with slim gains that evaporated during the first few minutes of the session. The S&P 500 slumped back below its 50-day moving average (2046) at the start and spent the rest of the day well below that level as influential sectors weighed. Most notably, the energy sector (-2.8%) was the weakest performer with crude oil contributing to the pressure after Goldman Sachs lowered its short-term forecast for the commodity. WTI crude ended the pit session on its low, down 4.9% at $46.07/bbl. Meanwhile, the remaining cyclical groups registered slimmer losses, but heavily-weighted financials (-0.9%) and technology (-1.3%) kept the market under pressure throughout the session.
The major averages enjoyed broad-based support at the start of the Tuesday session, but the opposite was true when the trading day ended. The S&P 500 lost 0.3% with eight sectors settling in the red. The final standing masked the fact that the benchmark index was up in excess of 1.0% at the start of the day. The S&P 500 spent the first 90 minutes near its high, but the absence of intraday buying interest opened the door to a retreat that accelerated when the S&P cut through its 50-day moving average (2046/2047). Commodity-related sectors fueled the pullback from highs with energy (-0.7%) and materials (-1.2%) ending the day at the bottom of the barrel. The two groups struggled to keep pace with the market in the early going and their underperformance became more notable during the afternoon retreat.
Equities endured their fourth consecutive decline on Wednesday with the S&P 500 (-0.6%) making an intraday appearance below its 100-day moving average (2,007). The tech-heavy Nasdaq outperformed, but still lost 0.5%. Stocks faced selling pressure from the start after the overnight session failed to alleviate the growth concerns that contributed to the recent weakness. Instead, the concerns grew larger, starting with the World Bank's reduced growth outlook for 2015 (to 3.0% from 3.4%) and 2016 (to 3.3% from 3.5%). The lowered outlook pressured commodities, and especially copper, which remained under pressure throughout the day, ending lower by 4.9% at $2.51/lb after hitting a low near the $2.45/lb level. Crude oil, however, traded in the red during morning action, but rocketed into the pit close, which helped the broader market climb off its intraday low. The energy component spiked 5.7% to $48.55/bbl.
The stock market continued its rough week on Thursday with the S&P 500 (-0.9%) registering its fifth consecutive decline after failing to hold the 100-day moving average (2007). The price-weighted Dow Jones Industrial Average (-0.6%) fared a bit better while the Nasdaq Composite (-1.5%) and Russell 2000 (-1.7%) underperformed. Market participants were greeted by an astounding move in the foreign exchange market. Specifically, the Swiss franc was up as much as 25.0% against the dollar after the Swiss National Bank abandoned the EURCHF 1.20 floor and lowered the benchmark deposit rate to -0.75%. The move was likely taken in anticipation of a QE announcement from the ECB, and the dollar/franc pair was able to narrow its loss to 15.0% (0.8687); however, that was still large enough to resonate with investors who were lulled into a false sense of security by the SNB's pledge to maintain the exchange rate floor. Equity indices began the day with slim gains, but the morning strength faded alongside crude oil, which slid from a session high at $51.00/bbl to $46.57/bbl. The energy component ended the day lower by 4.1%, but that masked the fact that crude fell almost 9.0% from its best level of the day. Furthermore, that pullback was closely correlated with a broad-market slide, which was paced by cyclical sectors.
Index Started Week Ended Week Change % Change YTD %
DJIA 17737.37 17511.57 -225.80 -1.3 -1.7
Nasdaq 4704.07 4634.38 -69.69 -1.5 -2.1
S&P 500 2044.81 2019.42 -25.39 -1.2 -1.9
Russell 2000 1185.68 1176.64 -9.04 -0.8 -2.3
It was a quiet news day for the Technology Sector, which underperformed the broader market on Friday. The S&P Information Technology Index rose 0.91%, while the S&P 500 gained 1.34% to end the week.
Only one industry group closed in the red today, Technology Hardware, Storage & Peripherals. The group fell 0.57%, led by Nimble Storage (NMBL 25.02 -0.89), Logitech (LOGI 13.72 -0.19), Diebold (DBD 31.20 -0.29), and Apple (AAPL 105.99 -0.83).
The best performing industry group, Software, rose 1.89% on the day. Top performing large caps in the group were Activision (ATVI 20.25 +1.70), Electronic Arts (EA 48.09 +1.45), Symantec (SYMC 25.63 +0.72), and Salesforce (CRM 56.64 +1.53).
As for news, the unpegging of the Swiss Franc ruled the headlines today. FXCM Inc. (FXCM 12.63) was the biggest loser amid the turmoil. Earlier, it announced that due to unprecedented volatility in EUR/CHF pair after the Swiss National Bank announcement this morning, clients experienced significant losses, generated negative equity balances owed to FXCM of approximately $225 million. As a result of these debit balances, the company may be in breach of some regulatory capital requirements. FXCM stated it is actively discussing alternatives to return our capital to levels prior to today's events and discussing the matter with our regulators. The stock was halted throughout the day after falling 88% pre-market open.
Later in the day, Leucadia National Corp (LUK 21.84 +0.20) and FXCM announced that Leucadia would be providing $300 million in cash to FXCM and its subsidiaries that will permit FXCM to meet its regulatory-capital requirements and continue normal operations after the $225 million loss due to the unprecedented actions of the Swiss National Bank. LUK's stock was also halted prior to the announcement.
In analyst related news, Littelfuse (LFUS 99.15 +3.04) was upgraded to Buy from Neutral at Longbow.
Nintendo (NTDOY 12.85 +0.07) was upgraded to Hold from Underperform at Jefferies.
WEX (WEX 93.25 -0.22) was downgraded to Market Perform from Outperform at Wells Fargo.
This week's top 20 % gainers
Healthcare:FMI (47.51 +98.54%),TKMR (24.2 +54.14%),ZIOP (8.11 +50.74%),PCYC (145.51 +17.16%),DEPO (20.2 +16.76%),CLVS (67.56 +14.41%),XON (34.11 +13.4%)
Materials:CLF (8.9 +24.48%),HMY (3.01 +16.67%),SSRI (6.63 +14.9%),GG (23.81 +14.69%),SBGL (10.5 +13.88%)
Consumer Discretionary:WBAI (18.12 +20.88%),BBW (22.44 +20.45%),GME (36.35 +12.64%)
Information Technology:ADVS (36.95 +20.01%),ELX (6.94 +19.45%)
Financials:FCE.A (24.67 +16.31%)
Energy:UPL (14.18 +20.07%),CCLP (14.99 +15.31%)
This week's top 20 % losers
Healthcare:ARWR (6.86 -24.28%),FLML (14 -23.33%)
Materials:AKS (4.06 -24.81%)
Industrials:FCEL (1.14 -20.63%),MIL (5.27 -20.27%)
Consumer Discretionary:KBH (12.51 -24.5%),GPRO (47.51 -21.91%)
Information Technology:ECOM (9.38 -56.87%),BITA (63.53 -28.71%),TUBE (16.25 -20.34%)
Financials:EHTH (9.68 -56.16%),OCN (8.22 -36.38%),FXCM (12.63 -25.88%)
Energy:HK (1.2 -24.53%),BBEP (4.87 -24.26%),LGCY (8.69 -23.97%),PES (3.92 -20.97%),EVEP (14.7 -20.71%)
Telecommunication Services:OIBR.C (1.9 -30.91%),OIBR (1.8 -29.96%)
3:47 pm Events and conferences of interest for next week : Events and conferences of interest for next week, Jan 19-23, are listed below. For a complete list of next week's events, please see the events calendar.
Monday
Markets Closed For Martin Luther King Jr. Holiday
Tuesday NDLS, LOCO, ZOES at Jefferies Consumer Summit
Wednesday FRSH, CHUY at Jefferies Consumer Summit
AUQ, IAG, FNV at CIBC Investor Conf. U.S. Capital Advisors E&P Corporate Access DayMSFT Windows 10 Event
Thursday
RGLD, AGU, TCK at CIBC Investor Conf.
FDO Special Meeting (DLTR merger) ECB (Expected to announce QE)
Friday LBY Investor Day
3:31 pm Earnings Preview for the week of January 20 - 23 (:SUMRX) : Of the companies reporting earnings for the week of January 20 - 23 some of the bigger names include:
Tuesday: Pre Market - JNJ, DAL, HAL, MS, BHI, SAP, RF, MTB, ATI, IGTE, MTG, OMN, EDU, PETS
After Hours - IBM, NFLX, CLS, AMD, CA, SMCI, WWD, CREE, IBKR, FULT, ADTN
Wednesday: Pre Market - UNH, USB, FITB, APH, ASML, NTRS, AMTD, UCBI, VIVO
After Hours - AXP, EBAY, KMI, DFS, SNDK, URI, RJF, CCI, PLXS, LOGI, XLNX, NAVI, FFIV, BGG, HGR, EWBC, DLB, BXS, SLM
Thursday: Pre Market - VZ, JCI, UAL, AVT, UNP, TRV, LUV, COV, PCP, BBT, CP, ORI, ALK, KEY, HBAN, TDY, BPOP, DLX, GMT, FCS, JNS, WBS
After Hours - COF, SBUX, CE, SWKS, KLAC, ISRG, MXIM, ALTR, HXL, ETFC, RMD, PLCM, CYN, SIVB, MSCC
Friday: Pre Market - GE, HON, MCD, KMB, BK, STT, SYF, COL, KSU, FNFG, FHN, PB
5:05 pm This week's biggest % gainers/losers (:SCANX) : The following are this week's top 20 percentage gainers and top 20 percentage losers, categorized by sectors (over $300 mln market cap and 100K average daily volume).
This week's top 20 % gainers
Healthcare:FMI (47.51 +98.54%),TKMR (24.2 +54.14%),ZIOP (8.11 +50.74%),PCYC (145.51 +17.16%),DEPO (20.2 +16.76%),CLVS (67.56 +14.41%),XON (34.11 +13.4%)
Materials:CLF (8.9 +24.48%),HMY (3.01 +16.67%),SSRI (6.63 +14.9%),GG (23.81 +14.69%),SBGL (10.5 +13.88%)
Consumer Discretionary:WBAI (18.12 +20.88%),BBW (22.44 +20.45%),GME (36.35 +12.64%)
Information Technology:ADVS (36.95 +20.01%),ELX (6.94 +19.45%)
Financials:FCE.A (24.67 +16.31%)Energy:UPL (14.18 +20.07%),CCLP (14.99 +15.31%)
This week's top 20 % losers
Healthcare:ARWR (6.86 -24.28%),FLML (14 -23.33%)
Materials:AKS (4.06 -24.81%)Industrials:FCEL (1.14 -20.63%),MIL (5.27 -20.27%)
Consumer Discretionary:KBH (12.51 -24.5%),GPRO (47.51 -21.91%)
Information Technology:ECOM (9.38 -56.87%),BITA (63.53 -28.71%),TUBE (16.25 -20.34%)
Financials:EHTH (9.68 -56.16%),OCN (8.22 -36.38%),FXCM (12.63 -25.88%)
Energy:HK (1.2 -24.53%),BBEP (4.87 -24.26%),LGCY (8.69 -23.97%),PES (3.92 -20.97%),EVEP (14.7 -20.71%)
Telecommunication Services:OIBR.C (1.9 -30.91%),OIBR (1.8 -29.96%)
4:10 pm Closing Market Summary: Stocks Rally to Snap Five-Day Losing Streak (:WRAPX) : The major averages snapped their five-day losing streak with a broad-based advance on Friday. The S&P 500 (+1.3%) reclaimed its 100-day moving average (2,007) and narrowed its weekly decline to 1.2%.
The stock market was on shaky footing in the early going, but the overall risk tolerance was improved by a rebound in crude oil, which continued climbing throughout the session to end higher by 4.6% at $48.50/bbl. That advance bolstered the energy sector (+3.2%), which spent the day in the lead.
Meanwhile, the remaining cyclical groups ended a bit closer to their flat lines. The materials sector (+1.7%) outperformed with help from steelmakers and miners while the discretionary sector (+1.3%) settled in line with the broader market. As for the remaining three growth-sensitive groups, financials (+1.2%), industrials (+0.7%), and technology (+0.9%) spent the day behind the broader market.
The financial sector could not catch up to the S&P 500 as Goldman Sachs (GS 177.23, -1.26) weighed. The stock fell 0.7% despite better than expected results from the investment bank. Also of note, foreign exchange broker FXCM (FXCM 12.63, 0.00) agreed to terms on a $300 million lifeline provided by Leucadia National (LUK 21.84, +0.20) after yesterday's surge in the Swiss franc caused about $225 million in negative client balances at FXCM. Shares of FXCM were halted throughout the session after surrendering almost 90.0% in pre-market action.
Elsewhere, the technology sector struggled to keep pace with the market as Apple (AAPL 105.94, -0.88) weighed. The largest sector component lost 0.8% while most other heavily-weighted tech names settled with gains. On the earnings front, Intel (INTC 36.45, +0.26) gained 0.7% after beating bottom-line estimates. For its part, the PHLX Semiconductor Index (+1.1%) ended just behind the S&P 500.
Over on the countercyclical side, consumer staples (+0.8%) and utilities (+0.9%) underperformed throughout the day while telecom services (+1.7%) and health care (+1.9%) spent the day among the leaders. The health care sector was bolstered by high-beta biotechnology names, evidenced by a 3.3% gain in the iShares Nasdaq Biotechnology ETF (IBB 317.82, +10.12). The ETF was able to add 1.4% for the week versus a slim uptick of 0.2% for the health care sector.
Treasuries notched their highs in the early morning before spending the session in a steady retreat that sent the benchmark 10-yr yield higher by 11 basis points to 1.82%.
Friday's participation was ahead of average with 950 million shares changing hands at the NYSE floor.
Economic data included CPI, Industrial Production, and Michigan Sentiment:
The CPI declined 0.4% in December after declining 0.3% in November while the Briefing.com Consensus expected a decline of 0.4% Prices are up only 0.8% year-over-year, which is the smallest increase since October 2009 The energy index, which has fallen for the past six consecutive months, declined 4.7% in December Food prices increased 0.3% in December, up from a 0.2% increase in November Excluding food and energy, core CPI was flat in December (consensus +0.1%) after increasing 0.1% in November Industrial production declined 0.1% in December after increasing an unrevised 1.3% in November (Briefing.com consensus -0.1%)
The decline in industrial production can be blamed on warmer-than-normal temperatures that reduced the demand for heating. According to the National Climatic Data Center, December 2014 was the second warmest December on record. That was a large reversal from November, which was the coldest November since 2000. The shift in temperatures resulted in a 7.3% decline in utilities production
Capacity utilization hit 79.7% while the Briefing.com consensus expected a reading of 79.9% The University of Michigan Consumer Sentiment Index jumped to 98.2 in the preliminary January reading from 93.6 in December while the Briefing.com consensus expected an increase to 94.1 That was the highest reading since the index reached 103.8 in January 2004 Bond and equity markets will be closed on Monday for Martin Luther King Day.
On Tuesday, the NAHB Housing Market Index will be released at 10:00 ET.
Dow Jones Industrial Average -1.8% YTD S&P 500 -1.9% YTD Nasdaq Composite -2.2% YTD Russell 2000 -2.5% YTD Week in Review: Slipping and Sliding
The stock market began the week on the defensive with the Nasdaq (-0.8%) and S&P 500 (-0.8%) pacing the Monday slide. The Dow (-0.5%) and Russell 2000 (-0.3%) outperformed, but the two indices also spent the bulk of the day in negative territory. Equities opened the trading day with slim gains that evaporated during the first few minutes of the session. The S&P 500 slumped back below its 50-day moving average (2046) at the start and spent the rest of the day well below that level as influential sectors weighed. Most notably, the energy sector (-2.8%) was the weakest performer with crude oil contributing to the pressure after Goldman Sachs lowered its short-term forecast for the commodity. WTI crude ended the pit session on its low, down 4.9% at $46.07/bbl. Meanwhile, the remaining cyclical groups registered slimmer losses, but heavily-weighted financials (-0.9%) and technology (-1.3%) kept the market under pressure throughout the session.
The major averages enjoyed broad-based support at the start of the Tuesday session, but the opposite was true when the trading day ended. The S&P 500 lost 0.3% with eight sectors settling in the red. The final standing masked the fact that the benchmark index was up in excess of 1.0% at the start of the day. The S&P 500 spent the first 90 minutes near its high, but the absence of intraday buying interest opened the door to a retreat that accelerated when the S&P cut through its 50-day moving average (2046/2047). Commodity-related sectors fueled the pullback from highs with energy (-0.7%) and materials (-1.2%) ending the day at the bottom of the barrel. The two groups struggled to keep pace with the market in the early going and their underperformance became more notable during the afternoon retreat.
Equities endured their fourth consecutive decline on Wednesday with the S&P 500 (-0.6%) making an intraday appearance below its 100-day moving average (2,007). The tech-heavy Nasdaq outperformed, but still lost 0.5%. Stocks faced selling pressure from the start after the overnight session failed to alleviate the growth concerns that contributed to the recent weakness. Instead, the concerns grew larger, starting with the World Bank's reduced growth outlook for 2015 (to 3.0% from 3.4%) and 2016 (to 3.3% from 3.5%). The lowered outlook pressured commodities, and especially copper, which remained under pressure throughout the day, ending lower by 4.9% at $2.51/lb after hitting a low near the $2.45/lb level. Crude oil, however, traded in the red during morning action, but rocketed into the pit close, which helped the broader market climb off its intraday low. The energy component spiked 5.7% to $48.55/bbl.
The stock market continued its rough week on Thursday with the S&P 500 (-0.9%) registering its fifth consecutive decline after failing to hold the 100-day moving average (2007). The price-weighted Dow Jones Industrial Average (-0.6%) fared a bit better while the Nasdaq Composite (-1.5%) and Russell 2000 (-1.7%) underperformed. Market participants were greeted by an astounding move in the foreign exchange market. Specifically, the Swiss franc was up as much as 25.0% against the dollar after the Swiss National Bank abandoned the EURCHF 1.20 floor and lowered the benchmark deposit rate to -0.75%. The move was likely taken in anticipation of a QE announcement from the ECB, and the dollar/franc pair was able to narrow its loss to 15.0% (0.8687); however, that was still large enough to resonate with investors who were lulled into a false sense of security by the SNB's pledge to maintain the exchange rate floor. Equity indices began the day with slim gains, but the morning strength faded alongside crude oil, which slid from a session high at $51.00/bbl to $46.57/bbl. The energy component ended the day lower by 4.1%, but that masked the fact that crude fell almost 9.0% from its best level of the day. Furthermore, that pullback was closely correlated with a broad-market slide, which was paced by cyclical sectors.
11:38 am Stocks/ETFs that traded to new 52 week highs/lows this session - New lows (183) outpacing new highs (174) (:SCANX) : Stocks that traded to 52 week highs: ABCW, ADC, ADVS, AFFX, ANTM, APU, ARE, AVB, AVIV, AWR, AYN, BBF, BBK, BFZ, BIE, BLE, BLJ, BMR, BNDX, BNJ, BNY, BSE, BTT, BYM, CCA, CHD, CPT, CRRC, CSG, CUBE, CXH, DEPO, DFT, DLR, DMB, DRE, ED, EIA, EIM, EMI, ENX, EOT, EPR, EQR, ESS, EVM, EVN, EXR, FMB, FSP, G, GNCMA, GSH, HCN, HCP, HDB, HME, HNP, HR, HSY, HTD, IART, IDT, IDXX, IGR, INAP, INN, IQI, JJSF, JRS, KR, KRG, KTF, KTF, LABL, LBY, LFUS, LPT, LTC, MAA, MCA, MEN, MFL, MFT, MHN, MIY, MJI, MNP, MO, MQY, MUA, MUC, MUE, MUI, MUJ, MUS, MVF, MVT, MYC, MYJ, MYM, MZA, NAN, NEA, NEV, NJR, NKX, NMA, NMO, NMZ, NNN, NNP, NPI, NPT, NQI, NQP, NRO, NTES, NUV, NVCN, NVX, NXJ, NXK, NXZ, NZF, NZH, O, OCIR, OHI, OLP, PCQ, PENN, PF, PML, PMM, PMO, PMX, PNI, PNW, PPS, PZC, RAI, RHP, RIT, ROIC, RPAI, RPT, RQI, SBRA, SKT, SPG, SRC, SSS, STOR, STZ, TLYS, TNET, UBA, UBP, UDR, UIHC, UTHR, VCV, VGM, VKI, VKQ, VMO, VNO, VTR, VVC, WEC, WGL, WNS, WRI
Stocks that traded to 52 week lows: AAOI, ACFN, ACM, AEG, AIT, AIXG, AMRS, ANY, ASCMA, ASNA, ASTE, ATI, ATU, AXE, BCBP, BKJ, BPI, BSPM, BWC, CAAS, CAS, CAT, CCS, CET, CHOP, CLB, CLWT, CM, CMC, CNO, COHR, CROX, CRS, CS, CSLT, CTG, CX, DCI, DISCA, DISCK, DXPE, ECYT, EHTH, ELRC, ESCR, FC, FDML, FELE, FLR, FOR, FPP, FRD, FSC, FSLR, FTK, GBCI, GES, GHL, GIFI, GILT, GKNT, GLUU, GNBC, GNCA, GNW, GRAM, HAYN, HHC, HK, HMIN, HSBC, HWCC, IBKC, IBTX, ICLD, IGD, IGLD, INVN, ITT, JEC, JGH, JOE, JOY, KBH, KLXI, KMT, LALT, LF, LOV, LTRPA, MDAS, MFC, MHR, MIL, MN, MNI, MRC, MRIN, MTH, MTSL, MVC, NES, NMR, NSPH, NVFY, NWPX, NWY, OCLS, OIBR, OIBR.C, OPB, OSK, P, PANL, PB, PCLN, PCP, PDII, PFBX, PGI, PGN, PRIM, PT, PZN, REE, RES, RIVR, RLOG, RNO, RPXC, RS, RSH, RSO, RXII, RXN, SCHN, SD, SDPI, SGEN, SGMA, SLF, SODA, SPE, SPF, SRF, STAA, TC, TCRD, TD, TESS, TGB, THRX, TMST, TRC, TRCH, TRIP, TRMB, TRMK, TTF, TWIN, TZOO, UBS, UCP, UPLD, UUUU, VALX, VECO, VLY, VMI, VRTS, VSCI, WABC, WB, WCC, WDR, WLH, WMGI, WPCS, WPRT, WTFC, WTSL, X, XONE
ETFs that traded to 52 week highs: FLAT, FXF, ICF, UUP, VNQ
ETFs that traded to 52 week lows: EPOL, EWO, FXC, FXE, PBW, USCI
8:03 am Cypress Semi and Spansion (CODE) receive early termination of HSR waiting period, German Antitrust and merger control clearance; expect the deal to close in the first half of 2015 (CY)
7:31 am SunEdison has raised a total of $590 mln dollars to fund the acquisition of First Wind (SUNE) :
The co raised $190 million of proceeds through the secondary offering of SunEdison Semiconductor (SEMI) shares.
In addition, the co has secured a $400 mln credit commitment from several SunEdison relationship financial institutions for a 24-month loan secured with a portion of SunEdison's shares in TerraForm Power (TERP). The $590 million in proceeds from these transactions will be used to fund the cash portion of the upfront consideration to purchase First Wind.7:14 am Solar Power has entered into a stock purchase agreement to acquire 4.3 megawatts of photovoltaic projects in Italy (SOPW) : Under the terms of the stock purchase agreement, SPI HK will acquire all of the outstanding capital stock of the holding companies wholly owned by CECEP HK that hold the Italian projects for an aggregate consideration of EUR12.5 mln in the form of EUR9.375 mln of SPI's shares of common stock and EUR3.125 mln of cash.
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