From Briefing.com: It appears, at least for today, that the panic has left shares of Apple (AAPL 115.40, +0.76) as the stock did not close down today; and as AAPL did not close down, neither did the technology space as a whole. Shares of AAPL traded in the range of $112.10-$117.44 today, and close higher by 0.66%. Shares still trade well off the company's 200 day simple moving average which stands around $121.04, but have taken a breather from the selling pressure.
Elsewhere in tech, shares of First Solar (FSLR 51.92, +7.42) took a monster leap today, as the stock ended Wednesday trading roughly 16.67% higher from yesterday's closing price. FSLR reported a monster quarter, as revenues beat expectations and came in around $896 million, up 64.6% year-over-year. The company also gave upside Fiscal Year 2015 EPS and revenue guidance, aiding the shares in their ascent.
The technology space (XLK 42.51, +0.41) finished higher on the day, ending Wednesday trade up 0.97%, with others finishing XLP +0.87%, XLV +0.84%, XLI +0.56%, XLB +0.50%, XLF +0.40%, XLU +0.25%, IYZ +0.03%, XLE -0.75%, XLY -1.08%. The markets began the day higher, and expect for a brief moment for the Dow Jones, we spent the entire day in the green; The Dow Jones also finished the day lower. The S&P 500 2099.84, Dow Jones 17540.47 and the Nasdaq 5139.94 finished the day +0.31%%, -0.06%, and +0.67% higher on the session.
The S&P 500 Information Technology (710.83, +7.15) sector also finished the day in positive territory +1.02%. Notable leaders in the sector were FSLR +16.67%, CTSH +6.40%, MSI +6.29%, while notable laggards included MU -0.53%, QRVO -0.42%, V -0.39%. As is evidence by the names which finished higher, earnings were in the forefront as the three names which finished highest on the day all reported either last night of this morning.
As such, FSLR helped solar names and the broader sector Guggenheim Solar ETF (TAN 35.59, +1.66) finished higher 4.89% on the day. Semiconductors were also notably stronger today, as the Philadelphia Semiconductor Index (SOX 644.62, +7.44) finished the session higher by 1.17%, led by Marvell (MRVL 12.86, +0.60 +4.89%).
Other notable news items among sector components:
Red Hat (RHT 80.14, +1.10 +1.39%) confirmed the resignation of Mark Cook; It was announced that CFO Frank Calderoni will assume the duties of principal accounting officer until a successor is appointed.
Motorola Solutions (MSI 64.04, +3.82 +6.34%) confirmed a $1 billion investment from Silver Lake, and announced its intent to repurchase up to $2 bln of stock through a tender offer. Under the terms of the agreement, Silver Lake would purchase $1 billion aggregate principal amount of 2% convertible senior notes due 2020 with an initial conversion price of $68.50 per share. The initial conversion price represents a conversion premium of 17% over the volume-weighted average price of the company's common stock sale price of $58.55 per share on the New York Stock Exchange during the 30 trading days ended Aug. 4, 2015.
Facebook (FB 96.44, +2.38 +2.53%) announced alive video communications tool, which could potentially be competition to Twitter's (TWTR 28.48, -0.86 -2.93%) Periscope app.
Elsewhere in the tech space:
Finjan (FNJN 2.06, +0.45 +27.95%) announced a ruling in favor of it for nearly $40 mln as Blue Coat trial concludes.
Oclaro (OCLR 2.57, +0.44 +20.66%) disclosed that Dr. Richard Craig will be transitioning from his role as President of the Integrated Photonics Business to become Chief Scientist, effective October 1, 2015.
ChannelAdvisor (ECOM 11.44, +1.30 +12.82%) appointed Mark Cook, Vice President of Finance and Controller at Red Hat (RHT) as CFO, effective September 1, 2015.
One Horizon (OHGI 1.54, -0.71 -31.56%) announced and priced a $3 million public offering of common stock and warrants.
Glu Mobile (GLUU 4.50, -1.17 -20.63%) announced partnerships with Jason Statham and Nicki Minaj for the development of new games.
Dataram (DRAM 1.56, -0.31 -16.58%) disclosed the sale of 500,000 shares of common stock at $1.00 per share in a private placement; The company also announced that on August 3, it appointed Anthony Lougee as CFO effective August 17.
Notable earnings in the tech space:
Techtarget (TTGT 10.92, +2.47 +29.23%) reported Q2 (Jun) earnings of $0.10 per share on revenues which rose 13.8% year/year to $29.76 million.
Paycom Software (PAYC 37.85, +5.80 +18.10%) reported Q2 (Jun) earnings of $0.10 per share on revenues which rose 47.1% year/year to $49 million.
Oclaro (OCLR 2.57, +0.44 +20.66%) reported a Q4 (Jun) loss of $0.06 per share on revenues which fell 14.3% year/year to $82.19 million. The company also issued in-line guidance for Q1 (Sep), now sees Q1 revenues of $82-88 million.
Glu Mobile (GLUU 4.50, -1.17 -20.63%) reported Q2 (Jun) earnings of $0.01 per share on non-GAAP revenues which rose 64.3% year/year to $57.5 million. The company also issued downside guidance for Q3, sees EPS of ($0.02)-0.00 on Q3 non-GAAP revenues of $58-60 million.
Wix.com (WIX 22.87, -4.53 -16.53%) reported Q2 (Jun) loss of $0.21 per share on revenues which rose 43.4% year/year to $48.6 million.
PC-TEL (PCTI 5.97, -1.07 -15.20%) reported Q2 (Jun) earnings of $0.02 per share on revenues which rose 5.5% year/year to $27.63 million.
Other movers on earnings: XXIA +15.93%, ZEN +13.70%, RATE +13.27%, ECOM +12.82%, ATVI +11.84%, ACLS +10.80%, MRCY +10.50%, SPNS +9.40%, LDOS +8.80%, RNET +8.24%, SMCI +8.14%, MB +8.01%, JCOM +6.54%, CTSH +6.40%, MSI +6.34%, G +6.25%, AVT +5.97%, SYNC +5.03%, GSIG +1.60%, LIOX +1.21%, INXN +1.04%, ANSS -1.27%, NEWP -1.67%, INAP -2.03%, Z -2.40%, CVG -3.72%, EPAM -3.90%, UNTD -6.45%, UNXL -7.17%, INVN -9.02%, EXAR -14.16%, JIVE -14.32%
Companies reporting tonight/tomorrow morning: ACXM, HIVE, AAOI, CSLT, CTL, CSGS, ECHO, GDDY, HDP, INOV, IL, ITRI, LMOS, MCHX, MRIN, MELI, MFLX, RLD, RP, FUEL, RST, SHOR, SGI, SSNI, SEMI, TTEC, TTMI, VEC, WK/ACTA, BCE, CCOI, CNSL, HILL, SATS, EXTR, GOGO, LQDT, MMS, MITL, MBLY, OTIV, RSTI, SUNE, TDC, WIN
Analyst Actions: MRVL was upgraded to Neutral from Sell at Citigroup,
SCOR was upgraded to Outperform from Market Perform at Telsey Advisory Group; AAPL was downgraded to Neutral from Buy at BofA/Merrill,
INVN was downgraded at Northland Capital and Barrington Research, TRMB was downgraded to Neutral from Buy at MKM Partners
4:30 pm Applied Optoelectronics beats by $0.01, reports revs in-line; guides Q3 EPS above consensus, revs above consensus (AAOI) : Reports Q2 (Jun) earnings of $0.38 per share, excluding non-recurring items, $0.01 better than the Capital IQ Consensus Estimate of $0.37; revenues rose 51.7% year/year to $49.6 mln vs the $49.6 mln consensus.
Co issues upside guidance for Q3, sees EPS of $0.37-0.42, excluding non-recurring items, vs. $0.33 Capital IQ Consensus Estimate; sees Q3 revs of $51-54 mln vs. $46.80 mln Capital IQ Consensus Estimate.
4:10 pm TTM Tech beats by $0.03, reports revs in-line; guides Q3 EPS below consensus, revs in-line (TTMI) : Reports Q2 (Jun) earnings of $0.17 per share, $0.03 better than the Capital IQ Consensus Estimate of $0.14; revenues rose 49.7% year/year to $445.45 mln vs the $441.13 mln consensus.
Co issues mixed guidance for Q3, sees EPS of $0.14-0.21 vs. $0.29 Capital IQ Consensus Estimate; sees Q3 revs of $640-680 mln vs. $677.27 mln Capital IQ Consensus Estimate.
4:02 pm Silicon Graphics beats by $0.08, beats on revs; guides FY16 EPS in-line, revs below consensus (SGI) : Reports Q4 (Jun) loss of $0.12 per share, excluding non-recurring items, $0.08 better than the Capital IQ Consensus Estimate of ($0.20); revenues rose 7.6% year/year to $152.9 mln vs the $133.7 mln consensus. For FY16, co sees EPS of $0.25-0.35, excluding non-recurring items, vs. $0.33 Capital IQ Consensus Estimate; sees FY16 revs of $600-625 mln vs. $627.6 mln Capital IQ Consensus Estimate.
4:15 pm : The stock market snapped its three-day skid on Wednesday with the S&P 500 climbing 0.3%. The benchmark index settled behind the Nasdaq Composite (+0.7%), but ahead of the Dow Jones Industrial Average (-0.1%), which ended in the red.
Equity indices began the day with gains, but the early strength was just a mirage for the Dow Jones Industrial Average as the price-weighted index retreated from its opening high and spent the afternoon near its flat line. Most notably, shares of Disney (DIS 110.53, -11.16) pressured the index throughout the day after the company reported earnings. Disney delivered a three-cent beat, but that was overshadowed by a poor showing from its media and parks & resorts segments.
In addition to pressuring the Dow, Disney's results broadsided other media names, resulting in a 1.1% decline for the consumer discretionary sector even as retailers outperformed with SPDR S&P Retail ETF (XRT 98.99, +1.10) climbing 1.1%. Furthermore, Time Warner (TWX 79.80, -7.85) reported better than expected results, but the stock fell victim to industry-wide selling pressure, ending lower by 9.0%.
Discretionary sector notwithstanding, the energy space (-0.8%) finished in the red while seven of the remaining eight groups posted gains. As for energy, the growth-sensitive sector was among the early leaders, but slumped alongside crude oil, which settled lower by 1.4% at $45.11/bbl. Interestingly, the late-morning turn in oil coincided with the reversal in equities.
Despite the intraday reversal, the Nasdaq was able to end the day with more than half of its original gain thanks to the relative strength in the technology sector (+1.0%). The top-weighted group was underpinned by large cap names while Apple (AAPL 115.40, +0.76) erased an early loss to end higher by 0.7% after yesterday's drop widened its decline from mid-July highs to 13.8%. On the earnings front, Motorola Solutions (MSI 64.01, +3.79) spiked 6.3% after better than expected results overshadowed cautious guidance for Q3.
Moving to the countercyclical side, consumer staples (+0.9%) and health care (+0.7%) settled well ahead of the broader market while telecom services (unch) underperformed and utilities (+0.3%) ended in-line. For its part, the health care sector rallied alongside biotechnology with iShares Nasdaq Biotechnology ETF (IBB 386.72, +2.91) climbing 0.8%.
Treasuries notched their lows shortly after the opening bell on Wall Street, but they retraced about a third of their losses with the 10-yr yield rising four basis points to 2.27%.
Today's participation was ahead of recent averages with more than 890 million shares changing hands at the NYSE floor.
Economic data included ADP Employment, Trade Balance, ISM Services, and MBA Mortgage Index:
The ADP National Employment Report revealed that employment in the nonfarm private business sector rose by 185K in July while the Briefing.com consensus expected a reading of 220K
The June reading was revised down to 229,000 from 237,000
The U.S. trade deficit widened to $43.80 billion in June from a downwardly revised $40.90 billion (from $41.90 billion) in May while the Briefing.com consensus expected a deficit of $42.70 billion
The goods deficit increased to $63.50 billion in June from $60.60 billion in May while the services surplus was virtually unchanged at $16.70 billion
The ISM Non-manufacturing Index increased to 60.3 in July from 56.0 in June while the Briefing.com consensus expected an increase to 56.3
That was the strongest reading since hitting 61.4 in August 2005
The weekly MBA Mortgage Index rose 4.7% to follow last week's uptick of 0.8%
Tomorrow, the Challenger Job Cuts report for July will be released at 7:30 ET while weekly Initial Claims will be reported at 8:30 ET (Briefing.com consensus 271,000).
Nasdaq Composite +8.5% YTD
S&P 500 +2.0% YTD
Russell 2000 +2.2% YTD
Dow Jones Industrial Average -1.6% YTD
DJ30 -10.22 NASDAQ +34.40 SP500 +6.52 NASDAQ Adv/Vol/Dec 1668/1.89 bln/1211 NYSE Adv/Vol/Dec 1538/891.1 mln/1554 3:40 pm :
The dollar moved back near the flat line this afternoon, while energy held losses and precious metals were mixed/flat
WTI Sept crude oil ended the day -1.4% at $45.11/barrel, while Sept natural gas lost one cent to $2.80/MMBtu
Sept silver ended the day one cent higher to $14.56/oz and Dec gold lost -0.5% to finish at $1085.60/oz
Sept copper fell one cent today to $2.35/lb
11:40 am Stocks/ETFs that traded to new 52 week highs/lows this session - New highs (248) outpacing new lows (199) (:SCANX) : Stocks that traded to 52 week highs: AAP, ABCB, ABMD, ACFC, ACHC, ACN, ADPT, AFG, AHS, AIZ, ALDW, ALGT, ALJ, ALK, AMED, AMSF, AMSG, ARMK, ASR, ATR, ATVI, AYI, AZO, BAX, BCR, BDGE, BDX, BF.A, BF.B, BFAM, BHLB, BK, BLKB, BNCL, BNCN, BOFI, BOH, BTI, BTO, BWLD, BYD, CAKE, CARA, CASY, CBM, CDNS, CDW, CFMS, CFNL, CHD, CHDN, CHE, CHUY, CINF, CLX, CMG, CMN, CMRX, CPB, CRH, CRWN, CSFL, CTLT, CTSH, CTXS, CYT, DHR, DPS, DSGX, DXCM, DXJS, EA, EFOI, EFX, EGRX, EL, ELLI, ELNK, EMKR, EVER, EVH, EXEL, EXPE, EXPR, FAF, FCFP, FCSC, FDS, FFBC, FISV, FIT, FIX, FL, FNF, FNFG, FOLD, FTNT, G, GIS, GNC, GNCMA, GPN, GSL, GSOL, GWB, HAIN, HCSG, HD, HIG, HLS, HOMB, HPY, HRB, HRG, HRL, HRS, HTBI, HTBK, HTLF, HW, IBCP, ICLR, INGR, INSY, IRL, IT, JCOM, JKHY, JLL, JRVR, KAR, KFRC, LDRH, LGIH, LGND, LHCG, LII, LMCA, LMT, LNCE, MASI, MBTF, MD, MDLZ, MKC, MKC.V, MLM, MMI, MMS, MOH, MORN, MRNS, MSTR, NBHC, NBTB, NFLX, NKE, NTT, NUVA, NWL, OCR, OFIX, PAC, PCLN, PCTY, PFBC, PFG, PFS, PLAY, PLL, PLPM, PN, PPBI, PRMW, PSCH, PUB, QGEN, QLTY, QTS, QVCA, RAD, RDY, RMAX, ROL, RRGB, RSG, RTRX, SCHW, SCI, SCMP, SCOR, SEE, SEIC, SFST, SIGI, SKX, SKYW, SNA, SNFCA, SNPS, SNV, SPB, SPNS, SPR, SRCL, STZ, SUPN, TAST, TBNK, TDG, TDOC, TFSL, TISI, TMH, TMK, TMUS, TOWN, TREE, TRU, TTWO, TWC, UA, UBSH, UEPS, UHS, ULTI, USNA, UVE, UVV, VGR, VLRS, VMC, VR, VRSN, VRTX, VRX, VSTO, W, WBA, WDFC, WETF, WNS, WSM, WTM, WWAV, WWE, XXIA, ZLTQ
Stocks that traded to 52 week lows: ABAC, ADAT, ADRO, AG, AGZD, AMSC, AMTG, AP, APT, ARCI, ARCW, AREX, ARP, ATEC, ATLS, AUO, AUY, AVAL, AVH, AXON, BBD, BBG, BLIN, BLT, BOXC, BVX, BXE, CANF, CBT, CC, CCM, CDE, CEF, CERE, CGG, CHK, CIG, CIO, CLCD, CMLP, CMO, CNAT, CNIT, CNS, CPAH, CVR, DAVE, DLNG, DMLP, DNOW, DNR, DQ, DRD, DTLK, DWSN, DX, EC, EDD, EEP, EGRW, ENLC, ENVA, EPC, ERF, EROC, ETR, EVOL, EXAR, FAM, FBZ, FCEL, FCH, FI, FOSL, FREE, FSTR, GCA, GHDX, GLT, GNW, GOV, GPRK, GSM, GULTU, H, HART, HES, HIIQ, HOV, HPJ, HSC, HST, HTGM, HYH, HZN, ICAD, ICL, IDSY, INVE, INVN, IVR, JGH, JIVE, KERX, KOOL, LAQ, LF, LINE, LL, LNCO, MDU, MEIP, MEMP, MGH, MHF, MHGC, MTGE, MTR, NBW, NDP, NDRO, NEWP, NGLS, NMI, NNVC, NOV, NR, NRCIA, NSLP, NSPH, NSU, NTC, NXRT, NXTD, NYLD, NYLD.A, NYMT, OIBR, OIBR.C, ONDK, ONE, ONVO, ORIG, PAA, PCTI, PGH, PSTI, PTX, PTXP, PWR, QRHC, QUAD, REN, RRC, RSO, RTK, SALE, SBR, SGF, SGI, SINO, SMLP, SNI, SODA, SOFO, STB, STON, STXS, SWN, TAC, TAHO, TAL, TGC, TGD, TGH, TINY, TNGO, TRCO, TROX, TRS, TSU, TWIN, UNT, UPL, VHI, VIA, VIAB, VNR, VOC, VPCO, VRS, VSH, VTNR, VXUP, WLFC, WMC, WNRL, XCO, ZA
ETFs that traded to 52 week highs: FDN, IGV, IHI, IYK, XLP, XLY
ETFs that traded to 52 week lows: BWX, EWS, PALL, PPLT, SGG, VXX, VXZ
8:02 am Arch Coal announces the extension of private debt exchange offers for several Senior Note issuances, to August, 2015 (ACI) :
SunEdison, Inc. (SUNE) announced that it has closed financing and begun construction on one of its largest wind farms to date, the 300-megawatt South Plains II wind farm in Floyd County, Texas
7:06 am Motorola Solutions beats by $0.14, beats on revs; guides Q3 EPS below consensus, revs below consensus; reaffirms FY15 EPS guidance, revs guidance (MSI) : Reports Q2 (Jun) earnings of $0.68 per share, excluding non-recurring items, $0.14 better than the Capital IQ Consensus Estimate of $0.54; revenues fell 1.8% year/year to $1.37 bln vs the $1.34 bln consensus.
Co issues downside guidance for Q3, sees EPS of $0.68-0.73 vs. $0.83 Capital IQ Consensus Estimate; sees Q3 revs down 2-3% yr/yr or roughly $1.39-1.42 bln vs. $1.43 bln Capital IQ Consensus Estimate. Co reaffirms guidance for FY15, sees EPS of $3.20-3.40 vs. $3.27 Capital IQ Consensus Estimate; sees FY15 rev flat to down 2% or roughly $5.76-5.88 bln vs. $5.81 bln Capital IQ Consensus Estimate.
7:02 am Motorola Solutions confirms $1 bln investment from Silver Lake, announces its intent to repurchase up to $2 bln of stock through a tender offer (MSI) : The company expects to use the Silver Lake investment to accelerate growth in its smart public safety solutions and services businesses through new partnerships, investments and acquisitions.
The co also announced its intent to repurchase up to $2 bln of stock through a tender offer. The company will fund the tender offer with a combination of existing cash on the company's balance sheet and a portion of the proceeds from the $1 billion strategic investment by Silver Lake.
Under the terms of the agreement, Silver Lake is purchasing $1 billion aggregate principal amount of 2% convertible senior notes due 2020 with an initial conversion price of $68.50 per share. The initial conversion price represents a conversion premium of 17% over the volume-weighted average price of the company's common stock sale price of $58.55 per share on the New York Stock Exchange during the 30 trading days ended Aug. 4, 2015.
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