From Briefing.com: The last day of the second quarter ended with modest gains for the major indices, but they didn't come with a lot of conviction.
The market tossed and turned on a battery of headlines addressing the standoff between Greece and its creditors. There was plenty of headline innuendo on both sides, yet there still wasn't any definitive sense that a resolution can be reached ahead of the scheduled July 5 referendum in Greece.
On a related note, Greece failed to make the EUR 1.6 billion debt payment it owed today to the IMF.
With Tuesday's advance, the S&P 500 declined 2.1% for the month and lost 0.2% for the quarter.
The S&P 500 information technology sector for its part edged up 0.2% on Tuesday, slightly underperforming the market. The sector, however, had a poor performance for the month, shedding 4.4%. For the quarter, it performed in-line with the market, falling 0.2%.
The semiconductor group was a major area of weakness during the month and the quarter, evidenced by the Philadelphia Semiconductor Index declining 8.7% in June and 2.2% for the quarter.
Notable news items from sector components included the following:
Alliance Data Systems (ADS 291.94, +0.49, +0.2%): Company's Epsilon unit signs a new multiyear agreement with Turner Broadcasting System to support the Turner Data Cloud
Cisco Systems (CSCO 27.46, -0.08, -0.3%): Company announced its intent to acquire OpenDNS, a privately held security company based in San Francisco.The acquisition will boost Cisco's Security Everywhere approach by adding broad visibility and threat intelligence from the OpenDNS cloud delivered platform. Under the terms of the agreement, Cisco will pay $635 million in cash and assumed equity awards, plus retention based incentives for OpenDNS. The acquisition is expected to close in Q1 of FY16, subject to customary closing conditions.
Corning (GLW 19.73, +0.03, +0.2%): Acquired the pharmaceutical glass tubing business of Gerresheimer AG for EUR 196 mln. As part of this transaction, Corning and Gerresheimer will enter into a long-term supply agreement for pharmaceutical glass tubing. In addition, the companies will form an equity venture to focus on accelerating Corning innovations for the pharmaceutical glass packaging market. The equity venture will be 75% owned by Corning.
Hewlett-Packard (HPQ 30.01, +0.04, +0.1%): Announced that Bill Veghte, Executive Vice President of HP's Enterprise Group, will be departing the company later this summer to pursue a new opportunity. Since October, Bill has been leading the separation efforts for Hewlett Packard Enterprise. Chris Hsu, who will assume the role of COO for Hewlett Packard Enterprise upon separation, will continue to lead Hewlett Packard Enterprise's separation efforts.
Microsoft (MSFT 44.15, -0.22, -0.5%): Company and AOL announce a global, enterprise-level partnership where AOL will assume management and sales responsibility for all of Microsoft's display, mobile and video advertising inventory in nine key global markets - the United States, the United Kingdom, Canada, Brazil, France, Germany, Italy, Spain, and Japan. AOL will represent inventory from across Microsoft's suite of leading online brands, including MSN Homepage and verticals, Outlook Mail, Xbox, Skype and ads in apps.
Qualcomm (QCOM 62.63, +0.01, +0.02%): Reuters reported that Qualcomm Chairman told it that company does not have plans to spin off its chips business at present, but that the situation could change in the future.
The Western Union Company (WU 20.33, -0.03, -0.2%): Announced that it has signed an agreement to activate Western Union Money Transfer services within WHSmith high street stores via Western Union's self-service kiosks. The new agreement will allow Western Union's digital self-service kiosks to be available at 300 WHSmith stores.
Xilinx (XLNX 44.16, +0.19, +0.4%): Announced its collaboration with China Mobile Research Institute for the development of the next generation fronthaul interface. With the advent of 5G wideband multi-antenna systems, Xilinx and CMRI are working together to research the key technologies and components of a new fronthaul interface for wireless networks, in conjunction with emerging technologies such as C-RAN, large-scale-antenna-system, and 3D MIMO
Elsewhere in the technology space:
Amazon.com (AMZN 434.09, +4.23, +1.0%): Announced the launch of its physical goods store on Amazon.com.mx, a Spanish-language website with items available for customers in Mexico. Separately, Amazon Web Services announced that it will open an AWS infrastructure region in India for its cloud computing platform in 2016.
Integrated Silicon (ISSI 22.14, -0.02, -0.1%): Stockholders approve acquisition by Uphill Investment for $23 per share in cash. ISSI and Uphill expect the acquisition to close in the third calendar quarter of 2015 upon the satisfaction of the remaining closing conditions including completion of the restructuring of ISSI's operations in Taiwan and obtaining approval of the transaction by the Committee on Foreign Investment in the United States.
Workday (WDAY 76.39, +0.08, +0.1%): Announced the launch of Workday Planning, a new planning, budgeting, and forecasting application.
In industry news, Gartner said Worldwide IT spending is on pace to total $3.5 trillion in 2015, a 5.5% decline from 2014. Analysts attribute the decline to the rising U.S. dollar. In constant-currency terms, the market is projected to grow 2.5%. In Gartner's previous forecast in April, it had forecast IT spending to decline 1.3% in U.S. dollars and grow 3.1% in constant currency.
Analyst Action:
BlackBerry (BBRY 8.18, -0.11, -1.3%): target lowered to $10 from $11 at Cowen
Facebook (FB 85.76, -0.04, -0.04%): target raised to $105 from $95 at Bank of America/Merrill Lynch
Micron (MU 18.84, +0.11, +0.6%): initiated with a Buy at Standpoint Research; target $26
4:10 pm : The stock market ended the final June session on a higher note, but that did not stop the S&P 500 (+0.3%) from registering a 2.1% loss for the month.
Equity indices spent the first three hours of the day in a steady retreat from their opening highs with the S&P 500 making a momentary appearance in the red after German Chancellor Angela Merkel said that Germany cannot consider new proposals from Greece until after Sunday's referendum.
However, the benchmark index climbed to a fresh high during afternoon action with the move taking place amid reports Greece could cancel its Sunday referendum if negotiations are resumed and an agreement could be reached on required prior actions. To that point, Eurogroup Chief Jeroen Dijsselbloem acknowledged the receipt of a new proposal from the Greek government with the offer set to be reviewed at tomorrow's Eurogroup meeting.
The speculation about a potential cancellation of the referendum had little impact on the euro, which spent the afternoon near its session low reached after Ms. Merkel's comments. The single currency slid 0.6% against the dollar to 1.1145.
Meanwhile, Treasuries spent the afternoon near their flat lines after erasing their overnight losses. The 10-yr note ended just below its flat line with its yield higher by a basis point at 2.34%, which represented a 22-basis point increase since the end of May.
Seven sectors settled in the green with energy (+0.6%) and consumer discretionary (+0.5%) showing relative strength throughout the day. The energy sector rallied behind crude oil, which climbed 1.9% to $59.44/bbl. Despite today's outperformance, the energy sector still lost 3.6% for the month.
Similar to energy, eight other sectors finished the month in negative territory while the consumer discretionary sector (+0.5%) added 0.5% thanks to today's outperformance. Homebuilders represented an area of relative strength in June with iShares Dow Jones US Home Construction ETF (ITB 27.45, +0.02) adding 0.1% today to extend its monthly gain to 3.1%.
Elsewhere, the top-weighted technology sector (+0.2%) spent the day just behind the broader market as several large cap names struggled while high-beta chipmakers fared relatively well. The PHLX Semiconductor Index gained 0.4% with all but eight components ending in the green. Despite today's strength, the Semiconductor Index lost 8.7% in June.
The underperformance among large cap tech names did not stop the Nasdaq Composite (+0.6%) from ending ahead of the broader market as biotechnology displayed relative strength. The iShares Nasdaq Biotechnology ETF (IBB 368.97, +8.40) gained 2.3% while the health care sector (+0.4%) settled ahead of other countercyclical groups.
Today's trading volume was heavier than average as quarter-end flows contributed to the increased activity with more than a billion shares changing hands at the NYSE floor.
Economic data included Chicago PMI, Consumer Confidence, and Case-Shiller 20-city Index:
The Chicago PMI increased to 49.4 in June from 46.2 in May while the Briefing.com consensus expected an increase to 50.0
According to the report, manufacturing activity in the Chicago region has contracted in 4 out of the last 5 months
The contraction in production eased in June, as the related index increased to 49.8 from 45.8 in May
Unfortunately, the contraction may not end next month as the Order Backlogs Index fell to 41.0 in June from 47.3 in May, which was the lowest reading since September 2009
The Conference Board's Consumer Confidence Index increased to 101.4 in June from a downwardly revised 94.6 (from 95.4) in May while the Briefing.com consensus expected an increase to 97.5
The Expectations Index increased to 94.6 in June from 86.2 in May while the Present Situation Index rose to 111.6 from 109.5
The Case-Shiller 20-city Home Price Index for April rose 4.9% against a 5.6% increase expected by the Briefing.com consensus
This followed the previous month's increase of 5.0%
Tomorrow, the weekly MBA Mortgage Index will be released at 7:00 ET while June Challenger Job Cuts will be reported at 7:30 ET. The ADP Employment Report for June (Briefing.com consensus 220K) will be released at 8:15 ET while May Construction Spending (consensus 0.3%) and June ISM Index (expected 53.2) will both be reported at 10:00 ET.
Nasdaq Composite +5.3% YTD
Russell 2000 +4.0% YTD
S&P 500 +0.2% YTD
Dow Jones Industrial Average -1.1% YTD
DJ30 +23.16 NASDAQ +28.40 SP500 +5.47 NASDAQ Adv/Vol/Dec 1828/1.83 bln/1104 NYSE Adv/Vol/Dec 1905/1.17 bln/1229 3:35 pm :
The dollar index continued to trade higher today, which weighed on commodities such as metals today
Grains showed some impressive volatility today following today's USDA report
Corn rallied 10% to $4.22/bushel today, wheat rallied $6% to $6.17/bu and soybeans gained 6% to $10.36/bu
However, the energy space found some buying strength
Aug crude oil ended up the day $1.12 higher to $59.44/barrel, while Aug natural gas rose $0.02 to $2.83/MMBtu
Metals showed some modest losses today
Copper lost $0.02 to finish the day at $2.61/lb
Aug gold fell $7.30 to $1171.80, while Sept silver fell $0.08 to $15.62/oz
4:07 pm CalAmp reports EPS in-line, revs in-line; guides Q2 and FY16 in-line (CAMP) :
Reports Q1 (May) earnings of $0.26 per share, excluding non-recurring items, in-line with the Capital IQ Consensus of $0.26; revenues rose 10.8% year/year to $65.4 mln vs the $65.59 mln consensus. Co issues in-line guidance for Q2, sees EPS of $0.24-0.28, excluding non-recurring items, vs. $0.26 Capital IQ Consensus; sees Q2 revs of $66-70 mln vs. $68.36 mln Capital IQ Consensus. "We anticipate Wireless Datacom revenue in the second quarter will be up on a sequential quarter basis, due to broad-based demand in core markets and increased shipments to our OEM customer in the heavy equipment industry. Second quarter Satellite segment revenue is expected to be relatively flat on a sequential quarter basis."Co issues in-line guidance for FY16, sees FY16 revs of $280-290 mln vs. $282.73 mln Capital IQ Consensus -- driven by continued growth in Wireless Datacom segment and a much stronger second half for Satellite segment.
11:43 am Stocks/ETFs that traded to new 52 week highs/lows this session - New lows (280) outpacing new highs (41) (:SCANX) : Stocks that traded to 52 week highs: AHS, ALN, ASBB, BF.A, BNCN, BNK, BOOT, BOTJ, CACC, CAG, CFI, COTY, COWN, CPB, DMRC, DRC, EROS, ESXB, FNLC, FPT, GAIN, GIG, ITRN, JNP, JRVR, LION, LMAT, LPNT, MBVT, NGHC, ORIT, PBY, POST, ROL, SNPS, STRN, TFSL, UBCP, USNA, VAC, VRTU
Stocks that traded to 52 week lows: AA, ACST, ACTX, ACV, AIT, AMBC, AMH, AMRS, AMSC, APOL, ARO, ASM, AUY, AVP, AZN, BBF, BBK, BBRY, BCX, BDN, BDSI, BEN, BHK, BIE, BKH, BLT, BMR, BWP, CAPX, CAR, CBA, CBAY, CBL, CBT, CECO, CENX, CEQP, CETV, CHEK, CIDM, CIM, CMLP, CMU, CNAT, CNP, CNS, CNW, CNX, CPN, CPPL, CPST, CPTA, CSAL, CSI, CTCM, CTR, CUI, CVE, CXE, DDR, DNOW, DO, DRYS, DSCO, DTF, DV, ECT, EFC, EGF, EIA, EMO, ENLK, ENPH, EOX, ERIC, ESIO, ETRM, EVEP, EVM, FDML, FGB, FHCO, FMN, FMY, GEO, GG, GLRE, GMCR, GMZ, GRMN, GRPN, GTY, GWR, HH, HLX, HNW, HPQ, HSGX, HTCH, HTZ, HYI, I, ICAD, IF, INF, INTX, IO, IRC, IRR, IRT, JMF, JMM, JMT, JOY, JRS, KATE, KED, KEM, KLIC, KODK, KORS, KRO, KS, KTF, KYE, KYN, LMRK, LOR, LPT, LPTN, LXP, MAV, MBI, MCA, MDIV, MDU, MEI, MEP, MFV, MHF, MIE, MITT, MNI, MNTX, MOBL, MOD, MTR, MU, MUC, MUJ, MUR, MVO, MYJ, MYM, NAD, NAV, NBW, NEA, NEV, NFJ, NGD, NIQ, NJV, NMY, NOR, NPP, NRP, NRT, NSA, NSC, NSPH, NTG, NTN, NVG, NVX, NXC, NXQ, NYLD, OAKS, OFC, OFG, OGE, OIS, OKS, ORIG, OTEX, OUT, PAA, PBI, PCF, PGRE, PHG, PICO, PLG, PML, PSUN PSUN, PTIE, PYN, RAS, RBCN, RCAP, RCPI, RDS.A, RDS.B, RGSE, RIF, RJET, RNWK, ROYL, RWT, SD, SDPI, SGL, SIR, SKT, SLH, SMM, SMRT, SMTC, SNDK, SNI, SNR, SONS, SRC, SRET, SRF, SRSC, SRT, SRV, SSH, STAG, STB, STRA, STX, SWAY, SXC, SZC, TAC, TAXI, TC, TCK, TCO, TGB, TGD, TGH, TGP, TIVO, TLN, TPZ, TRCO, TROX, TTHI, TTP, TUES, TYG, UBA, UE, UNP, USDP, USEG, VICL, VII, VJET, VMEM, VMM, VNCE, VSH, WDC, WG, WIN, WMT, WPCS, WRLD, WTS, XCO, XONE, XRX, YLCO, YRCW, ZINC
ETFs that traded to 52 week highs: none
ETFs that traded to 52 week lows: AMJ, DBB, EGPT, ENZL, SLX, URA, XME
9:02 am AXT appoints Hong Hou as COO; effective June 29, 2015 (AXTI) :
Co announces that it has appointed Hong Hou as COO effective June 29, 2015. Hou will have responsibility for AXT's global operations and will report to chief executive officer, Morris Young. Hou served as director, president and CEO of EMCORE Corporation (EMKR) from March 2008 to January 2015.
Xilinx (XLNX) announced its collaboration with China Mobile (CHL) Research Institute for the development of the next generation fronthaul interface. With the advent of 5G wideband multi-antenna systems, Xilinx and CMRI are working together to research the key technologies and components of a new fronthaul interface for wireless networks, in conjunction with emerging technologies such as C-RAN, large-scale-antenna-system, and 3D MIMO
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