From Briefing.com: 4:44 pm Google announces plans for new operating structure; will create a new company called Alphabet, which will replace Google Inc. as a publicly-traded entity (GOOG) : Co announced that Alphabet Inc. will replace Google Inc. as the publicly-traded entity and all shares of Google will automatically convert into the same number of shares of Alphabet, with all of the same rights. Google will become a wholly-owned subsidiary of Alphabet. Our two classes of shares will continue to trade on Nasdaq as GOOGL and GOOG. CEO Page's statement highlights included:
"We are creating a new company, called Alphabet. I am really excited to be running Alphabet as CEO with help from my capable partner, Sergey, as President. What is Alphabet? Alphabet is mostly a collection of companies. The largest of which, of course, is Google. In addition, with this new structure we plan to implement segment reporting for our Q4 results, where Google financials will be provided separately than those for the rest of Alphabet businesses as a whole. I should add that we are not intending for this to be a big consumer brand with related products-the whole point is that Alphabet companies should have independence and develop their own brands."
See Complete Announcement
4:02 pm Rackspace reports EPS in-line, revs in-line, guides for Q3 and Q4 (RAX) : Reports Q2 (Jun) earnings of $0.20 per share, in-line with the Capital IQ Consensus Estimate of $0.20; revenues rose 10.9% year/year to $489.4 mln vs the $490.53 mln consensus. For Q3, co expects revenue to grow between 2.0-3.5% on a constant currency basis and adjusted EBITDA margins to be between 33-34%. For Q4, co expects revenue to grow between 2.0-3.5%, on a constant currency basis. Co expects adjusted EBITDA margins to be between 33-34%. For the full year, co expects revenue to grow between 12-14%, on a constant-currency basis. Co expects adjusted EBITDA margins to be between 33-34%.
4:05 pm : The stock market began the trading week on a sharply higher note with the S&P 500 spiking 1.3% while the Dow (+1.4%) and Nasdaq (+1.2%) bookended the benchmark index.
Equity indices surged out of the gate after the overnight session featured a 4.9% spike in China's Shanghai Composite after below-consensus trade data from China was viewed as an argument in favor of more policy easing. The overnight strength carried over to the European session as regional indices rallied amid reports suggesting Greek officials and eurozone negotiators are nearing a final agreement on a third bailout package for Greece.
Once the opening bell rang on Wall Street, U.S. stocks perked up with the S&P 500 charging above its 50-day (2,096) and 100-day (2,098) moving averages. The benchmark index overtook both those levels during the opening hour, and inched to new highs during afternoon action with nine sectors ending in the green.
Cyclical sectors paced the opening rally and they continued showing relative strength into the afternoon. The industrial sector (+1.9%) was the early leader, thanks to a 19.1% surge in Precision Castparts (PCP 230.93, +37.05) after the company agreed to be acquired by Berkshire Hathaway (BRK.B 143.39, -0.16) for $235/share.
Meanwhile, another cyclical sector-energy (+3.1%)-took the lead during late morning action thanks to an intraday spike in crude oil. The energy component jumped 2.5% to $44.95/bbl with the move partially supported by dollar weakness as the Dollar Index (97.17, -0.40) fell 0.4%.
Elsewhere among cyclical groups, the top-weighted technology sector (+1.6%) settled among the leaders with chipmakers showing notable strength. The PHLX Semiconductor Index soared 2.5% with all but one component ending in the green.
Moving to the countercyclical side, the telecom services sector (+1.8%) settled ahead of the broader market while consumer staples (+0.4%), health care (+0.8%), and utilities (-0.4%) underperformed.
The utilities sector struggled throughout the day as higher Treasury yields made rate-sensitive utility stocks less appealing. The 10-yr note settled just above its low with the benchmark yield higher by seven basis points at 2.24%.
Today's participation was roughly in-line with average as 800 million shares changed hands at the NYSE floor.
Investors did not receive any economic data today, but tomorrow, preliminary Q2 productivity (Briefing.com consensus 1.4%) and unit labor cost (consensus -0.1%) data will be released at 8:30 ET while June Wholesale Inventories will be reported at 10:00 ET.
Nasdaq Composite +7.7% YTD
S&P 500 +2.2% YTD
Russell 2000 +1.4% YTD
Dow Jones Industrial Average -1.2% YTD
DJ30 +241.79 NASDAQ +58.25 SP500 +26.61 NASDAQ Adv/Vol/Dec 1981/1.63 bln/854 NYSE Adv/Vol/Dec 2368/832.8 mln/738 3:40 pm :
Commodities largely help gains today, while a slide in the dollar index helped provide broad market strength
Energy futures gained, including Sept crude oil, which rose +2.5% to $44.95/barrel and Sept nat gas, which gained +1.4% to $2.84/MMBtu
Metals rallied as well, with copper and silver futures displaying a nice move
Sept silver gained +3% to $15.28/oz, while Sept copper rallied +3% to $2.40/lb
Dec gold climbed +0.9% to $1104.50/oz
1:42 pm Notable movers of interest (:SCANX) : The following are some of today's most notable movers of interest, categorized by market capitalization (large cap over $10 billion and mid cap between $2-10 billion) and ranked by % change (all stocks over 100K average daily volume).
Large Cap Gainers
PCP (230.96 +19.13%): To be acquired by Berkshire Hathaway (BRK.B) for $235/share, or ~$37.2 bln.
FCX (11.46 +8.78%): Rallying amid a rebound in precious metal futures; announced it had entered into an at-the-market agreement to sell up to $1 bln in common stock .MMP (68.41 +6.79%): Upgraded to Outperform from Neutral at Credit Suisse.
Large Cap Losers
ETR (69.03 -1.75%): Utilities and rate sensitive names underperforming amid strength in treasuries (EXC, SPG, EIX also lower).INTU (104.83 -0.58%) Downgraded to Mkt Perform from Outperform at Raymond James.
Mid Cap Gainers
GNW (5.42 +12.45%): CEO disclosed purchase of 30K shares at $4.99-5.00 worth ~$150K, CFO disclosed purchase of 15K shares at $4.99.DO (23.96 +8.91%): 10% owner Loews Corp purchased ~$4.8 mln in shares; recover in crude prices also helping energy names bounce.POST (62.94 +8.35%): Upgraded to Buy from Neutral at Citigroup.
Mid Cap Losers
GRPN (4.26 -3.95%): Continued weakness following Friday's quarterly report; Price target lowered at Brean Capital, Northland Capital, and UBS.
IPXL (46.18 -1.89%): Missed Q2 consensus EPS estimates by $0.01, beat on revs; lowered gross margin, R&D guidance; sold the US rights to the Daraprim brand to Turing Pharmaceuticals AG, for ~$55 mln.
12:41 pm Stocks/ETFs that traded to new 52 week highs/lows this session - New lows (163) outpacing new highs (116) (:SCANX) : Stocks that traded to 52 week highs: ABMD, ABTL, ACLS, ACN, AFG, AGCO, AIZ, ALJ, AME, AQXP, ASBB, ASR, ATR, AVOL, AVY, AYI, BK, BKFS, BKU, BR, CBNJ, CCRN, CHE, CPB, CTAS, CUBE, CVT, DCM, DERM, DXJS, EBS, EEI, EFOI, EFSC, EFX, EGOV, EL, ELNK, EMKR, ESLT, EVER, EXR, FALC, FBHS, FDS, FGL, FL, FTNT, GPN, GSL, GSOL, GWB, HDB, HFC, HIG, HLF, HON, HRS, HSKA, HTBI, HXL, IBCP, IBP, ICLR, INBK, INGR, JCOM, JKHY, LII, LMT, LUX, MA, MAS, MHK, MKC, MKC.V, MLM, MPAA, MPG, NBN, NDAQ, NTT, NUAN, OCR, OME, ORLY, PGEM, PLL, PLNT, POST, PRA, PSA, QLTY, RCL, SCI, SEE, SEIC, SNPS, SRCL, STZ, SYA, TFSL, THG, TMK, TSO, ULBI, ULTI, UN, USCR, USG, VLO, VRTX, WRB, WSM, WTM, ZYNE
Stocks that traded to 52 week lows: AAMC, ACP, ADAP, ADAT, AMBC, AMCF, AMSC, ASX, AVL, BBGI, BDSI, BGH, BIOS, BPT, BTH, BVN, CAFD, CANF, CAPL, CELP, CHCI, CHY, CJES, CKX, CLCT, CMO, CNIT, CPPL, CPTA, CRC, CRTN, CZZ, DAEG, DAIO, DDS, DRD, DSCO, DXPE, EBIO, ELP, EMES, ENG, EQS, ESSX, ESTE, ETRM, EXAC, EXLP, FCH, FCX, FOGO, FONR, FUR, FWM, GALT, GOL, GPACU, GPRE, GRPN, HABT, HIE, HIIQ, HIX, HNW, ICON, IKNX, INPH, IPDN, IVR, JHY, JMG, JPEP, KCAP, KERX, KIQ, KOPN, KPTI, KRO, KST, LGI, LIVE, LOR, MCF, MFA, MFM, MOLG, MPLX, MRLN, MSTX, MTGE, NDRO, NEM, NHS, NIHD, NK, NL, NSLP, NSU, NXRT, NYMT, OAKS, OCIP, ONTX, OPGN, PCI, PCN, PDVW, PFN, PGH, PGN, PHII, PLTM, PNTR, PNX, POT, PPHM, PSIX, PSUN, PTXP, QTWW, RBCN, RCAP, RCPI, RESI, RIGP, RLOG, RNWK, RRC, RWC, RWT, SEMG, SFXE, SGM, SGNT, SID, SINO, SPP, SSH, STRI, SWSH, SXE, SYPR, TAS, TBIO, TC, TCCO, THW, TINY, TOO, TRP, TTOO, UAM, VCSH, VHI, VII, VPG, VTTI, WEA, WFM, WGBS, WPCS, ZA, ZAZA
ETFs that traded to 52 week highs: EIS, KIE
ETFs that traded to 52 week lows: EPU, EWM, OIL, SGG, USO, VXZ
8:31 am Solar3D announced that its SUNworks division has achieved $3,938,994 in residential sales for the month of July, a company record (SLTD) : The $3.9 million in new sales achieved by SUNworks represents a substantial jump in comparison to its previous monthly high of $2.7 million in March of 2015-an increase of over 45%.
The Company's new residential sales through the first seven months of 2015 total $12.7, an ~170% increase over the $4.7 million in sales through the first 7 months of 2014
8:31 am FuelCell Energy announces the sale of 5.6 MW of fuel cell modules to South Korean partner, POSCO Energy (FCEL) : The modules were delivered and FuelCell Energy recognized revenue from the 5.6 megawatt sale in the third fiscal quarter of 2015. Co also reported that The fuel cell component manufacturing building in Pohang, South Korea is completed and is concluding pre-production testing with full production expected to begin in the fall of 2015.
7:04 am DSP Group announces Board authorization for a new $10 million stock repurchase program (DSPG) :
6:11 am Chipmos Technology announces an acceleration for its $25 mln share repurchase program, and the initiation of a second repurchase program by a subsidiary (IMOS) : Under the accelerated start, the repurchases are expected to begin five business days from the date on which ChipMOS and its broker enter into a plan, which is anticipated to occur one business day after the Company reports results for the second quarter of 2015.
The Company also announced that a second share repurchase program has been authorized by the Board of Directors of ChipMOS Technologies, the Company's 58% owned subsidiary. Under the second program, 20,000,000 shares are authorized to be repurchased from the open market on the Taiwan Stock Exchange. The repurchase price is set at or below NT$41.34 with the total amount up to NT$826,800,000 ($26.5 million).
6:01 am Chipmos Technology reports July 2015 revenues of ~NT$1.64 bln, down 15.8% Y/Y from ~NT$1.69 bln prior (IMOS) : Revenue for the month of July 2015 was NT$1,635.9 million or US$51.8 million, a decrease of 3.1% from the month of June 2015 and a decrease of 15.8% from the same period in 2014
1:31 am Advanced Semi reports July revs increased 8.1% YoY to NT$21.7 bln (down 12.7% sequentially) (ASX) :
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