From Briefing.com: US equities tumbled on Friday, closing just above the 2015 break-even mark. Today's sell-off was in the wake of a plunge in Asian markets and rejuvenated Greece-related concerns in the EU.
In other news, the Bloomberg terminal experienced a widespread outage this morning, which could have caused some concerns as participants were unable to monitor markets with the proper efficiency. That said, it's little surprise then that S&P futures hit a pre-market low right around the time Bloomberg service was restored.
The S&P 500 information technology sector declined 1.4%, slightly lagging the broader market as the S&P 500 fell just 1.13% in comparison. Salesforce.com (CRM 65.81, -2.10, -3.1%), Yahoo (YHOO 44.45, -1.33, -2.9%), and Cognizant Tech (CTSH 60.70, -1.75, -2.8%) lead the sector lower, while Seagate Tech (STX 57.43, +1.47, +2.6%), EMC Corp (EMC 26.61, +0.56, +2.2%), and Western Digital (WDC 99.44, +1.1, +1.7%) bucked the overall market trend.
Notable news items from sector components included the following:
Seagate Tech (STX 57.43, +1.47, +2.6%): Reported Q3 (Mar) earnings of $1.08 per share, $0.04 better than consensus of $1.04. Revenues fell 2.2% year/year to $3.33 bln vs the $3.42 bln consensus while gross margin was 28.9%.
Apple (AAPL 124.75, -1.42, -1.1%): The Wall Street Journal reported that Apple Pay may be introduced in Canada by November of this year.
Symantec (SYMC 24.24, -0.6, -0.2%): Reaffirmed FY15 adj. EPS $1.87-1.90 rev to $6.515-6.575 bln. Forecasted FY16 rev +0-2%, EPS +8-14%. The company is targeting 2-6% FY17 rev growth with Symantec Security +1-4% op margin 30-33%, Veritas rev +5-8%, op margin 29-30%. Additionally, the company announced it is on track for an early January target date to separate its Veritas business segment.
Elsewhere in the technology space:
UniPixel (UNXL 7.11, -0.53, -6.9%): has acquired, through its wholly owned subsidiary, Uni-Pixel Displays, Inc., the assets of Atmel Corporation's (ATML 8.20, -0.10, -1.2%) XSense touch sensors group, and has concurrently entered into patent and intellectual property licenses with Atmel, exclusive for a period of two years, for the use of XSense-related technologies.
58.com (WUBA 70.50, +2.93, +4.3%) announced that it has acquired a strategic stake in Falcon View Technology, the holding company of the PRC entities operating Ganji.com, a major online local services marketplace platform in China. Concurrently, 58.com also announced an ~$400 million additional investment by Tencent Holdings (TCEHY 19.85, -0.80, -3.9%).
GigaMedia (GIGM 0.90, +0.01, +1.1%): announces that it completed a disposal of securities investment during the period between April 13, 2015 and April 15, 2015 on Taiwan open market through block sales
Analyst Action:
Fleetmatics (FLTX 45.51, +0.07, +0.2%): upgraded to Overweight from Neutral at Piper Jaffray; price target raise to $57 from $41
EMC Corp (EMC 26.61, +0.56, +2.2%): upgraded to Outperform from Market Perform at Bernstein
FEI (FEIC 73.61, -3.52, -4.6%): downgraded to Neutral from Buy at BofA/Merrill
New Relic (NEWR 32.01, -0.58, -1.8%): initiated with a Neutral at DA Davidson; price target $36
Hortonworks (HDP 21.10, -1.52, -6.7%): initiated with a Neutral at DA Davidson; price target $25
Tableau Software (DATA 95.07, -6.09, -6%): initiated with a Buy at DA Davidson; price target $127
CyberArk Software (CYBR 60.70, -0.42, -0.7%): initiated with a Market Outperform at JMP Securities; price target $72
GrubHub (GRUB 45.21, -0.12, -0.3%): initiated with a Buy at Sterne Agee; price target $56
Apple (AAPL 124.75, -1.42, -1.1%): initiated with an Outperform at FBR Capital; price target $185
Teradata (TDC 43.10, -0.64, -1.5%): initiated with a Neutral at DA Davidson
Seagate Tech (STX 57.43, +1.47, +2.6%): price target raised to $70 from $68 at Maxim Group; Buy
TCP International (TCPI 4.03, +0.58, +16.8%): price target lowered to $8 from $13 at Deutsche Bank
iGATE (IGTE 44.45, +2.11, +5%): price target raised to $55 from $47 at Maxim Group
ServiceNow (NOW 73.29, -9.55, -11.5%): target raised to $90 from $85 at Canaccord Genuity; Buy... target raised to $86 from $77 at Northland Capital; Outperform... price target lowered to $90 from $97 at Brean Capital; Buy
Sandisk (SNDK 67.01, -0.91, -1.3%): target lowered to $80 from $86 at Argus; Buy
This week's top 20 % gainers
Healthcare:GWPH (114 +24.84%),SNTA (2.93 +22.59%),ZIOP (11.92 +17.62%),SAGE (59.92 +16.55%)
Materials:RBY (1.13 +21.64%),KOP (22.97 +16.84%),AUQ (3.49 +16.72%)
Industrials:BLDR (12.99 +88.26%)
Consumer Discretionary:NFLX (571.55 +25.73%),JMEI (22.01 +25.13%),SHAK (61.67 +23.86%),SWHC (15.21 +18.09%)
Information Technology:WUBA (70.5 +30.24%)
Energy:CRR (38.98 +22.04%),PWE (2.44 +22%),NADL (1.62 +20.9%),CLNE (7.05 +18.09%),BXE (3.14 +18.05%),GTE (3.52 +17.33%),EVEP (16.42 +15.72%)
This week's top 20 % losers
Healthcare:PFNX (15.12 -20.34%),PTX (8.35 -17.24%),HTWR (80.41 -14.88%),NVDQ (13.75 -11.69%),OTIC (31.86 -10.91%),HRTX (13.3 -10.56%),ARWR (7.08 -10.49%),AMRN (2.33 -10.04%)
Materials:TC (1.29 -10.42%)
Industrials:ZNH (46.53 -11.51%)
Consumer Discretionary:CORE (55.62 -13.89%),MPEL (22.03 -10.63%),PBY (8.6 -10.51%)
Information Technology:SMI (5.2 -13.76%),COUP (12.41 -11.36%),NOW (73.29 -10.99%)
Financials:OCN (7.7 -19.37%),ASPS (17.39 -15.29%)
Energy:YZC (10.3 -11.66%)
Consumer Staples:FWM (6.02 -12.88%)
3:31 pm Earnings Preview for the week of April 20 - 24 (:SUMRX) : Of the companies reporting earnings for the week of April 20 - 24 some of the bigger names include:
Monday:
Pre Market - MS, HAL, STIl RCL, MTB, LII, HAS, CHKP
After Hours - IBM, RCI, CNI, STLD, SANM, PKG, LRCX, ZION, IEX, WWD, HXL, BRO, FTNT, MBFI, HLX
Tuesday:
Pre Market - VZ, UTX, LMT, WIT, DD, CS, TRV, BHI, KMB, MAN, SAP, GPC, OMC, ITW, SAH, DOV, CP, HOG, GCI, ABG, PNR, FITB, CLS, RF, NTRS, ATI, NVR, AMTD, UA
After Hours - AMGN, ACE, YUM, SYK, DFS, BRCM, FTI, VMW, NBR, URI, CMG, YHOO, ISRG, ILMN, CREE, IBKR, DLB, IRBT
Wednesday:
Pre Market - BA, KO, MCD, EMC, ABT, AN, TMO, BK, TEL, DHI, ALV, LAD, R, NLSN, STJ, APH, OC, CFG, TROW, NS, WAB, HBAN, TDY, TUP, ANGI, SIX
After Hours - T, QCOM, EBAY, FB, TXN, AMP, WFT, ORLY, USTR, TSCO, RJF, TMK, CCI, OII, AWH, CTXS, VMI, SKX, AHL, PLXS, CAKE, FFIV
Thursday:Pre Market - ERIC, GM, PG, NVS, DOW, CAT, PEP, JCI, UAL, MMM, AVT, UNP, RTN, ABBV, DHR, AEP, NUE, LLY, LUV, MO, FCX, BAX, IR, SWK, RS, BBT, CMS, CAM, HSY, WCC, DGX, JAH, DAN, BTU, DPS, ORI, ALK, PHM, MJN, FAF, BMS, HP, NDAQ, DPZ, DNKN
After Hours - AMZN, MSFT, GOOG, COF, SBUX, CBI, CB, PFG, RGA, RSG, NEM, TRN, HBI, RHI, FSL, JNPR, SWN, HUBG, BCR, LSTR, UIS, SFG, DV, ETFC, P, N
Friday:
Pre Market - INFY, AAL, LYB, AZN, XRX, LEA, DTE, STT, BIIB, TYC, IPG, SPG, AJG, VTR, AAN, BGG
Large Cap Gainers
STX (58.29 +4.16%): Beat Q3 consensus EPS estimates by $0.04, missed on revs, guided for Q4 rev of $3.2-3.3 bln vs. $3.43 bln with margin of ~28.5%; Price tgt raised to $70 at Maxim Group.
BMY (65.55 +2.94%): Announced that its CheckMate -057, a Pivotal Phase III Opdivo lung cancer trial was stopped early after Opdivo demonstrated superior overall survival compared to Docetaxel in patients with previously-treated non-squamous non-small cell lung cancer.
Large Cap Losers
NOW (70.78 -14.56%): Beat Q1 consensus EPS estimates by $0.02, reported revs in-line; guided Q2 revs below consensus; raised low end of FY15 rev, in-line; Price tgt lowered at Brean Capital.
AXP (77.57 -4.13%): Beat Q1 consensus EPS estimates by $0.12, missed on revs; Price tgt lowered at RBC Capital Mkts.
Mid Cap Gainers
CE (67.09 +15.39%): Beat Q1 consensus EPS estimates by $0.41, missed on revs; raised FY15 EPS above consensus.
SUM (23.62 +6.93%): Announced a definitive agreement to acquire cement assets from Lafarge (LFRGY); initiated with a Positive at Susquehanna, tgt $28.
IGTE (44.63 +5.41%): Outperforming following reports the company may be an acquisition target.
Mid Cap Losers
AMD (2.49 -13.41%): Missed Q1 consensus EPS estimates by $0.03, missed on revs; guided Q2 revs below consensus; Downgraded at Ascendiant Capital Markets.
W (32.06 -7.15%): Downgraded to Neutral from Buy at Goldman.
MTW (20.35 -6.48%): Guided Q1 below consensus; lowered Foodservice rev guidance; reaffirmed Crane guidance.
12:03 pm Stocks/ETFs that traded to new 52 week highs/lows this session - New lows (47) outpacing new highs (41) (:SCANX) : Stocks that traded to 52 week highs: ADPT, ANAC, ARIA, ATRA, BCV, BLMT, CCK, CE, CHKE, COWN, CRC, CYT, DCM, DSGX, ESLT, EVM, FRP, GSH, HZNP, ICEL, IFV, ISL, JTPY, MFLX, MHLD, MIFI, MTU, NECB, NFLX, NWBO, PMD, QTM, RIGL, SAGE, SPPR, SUM, TASR, TREE, TROV, UWN, WUBA
Stocks that traded to 52 week lows: ACTG, AHC, AKBA, ATHX, AXP, CANF, CHCI, CHEK, CPAC, CRDC, CVSL, ERJ, FNRG, FORD, FREE, FTEK, GDDY, GLRI, HTR, ICLD, IDSA, IGT, INOV, IPDN, IRG, LPTN, LXP, MERU, MNI, MPV, NATH, OCRX, ORN, PERF, PESI, PFL, PFMT, PTNT, RESN, RLJE, ROVI, STRM, UCTT, VRS, WOWO, WPG, ZEUS
ETFs that traded to 52 week highs: none
ETFs that traded to 52 week lows: none
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