AI
| Followers | 71 |
| Posts | 12229 |
| Boards Moderated | 1 |
| Alias Born | 04/01/2000 |
Sunday, August 23, 2015 11:59:36 AM
From Briefing.com: Well, the only word that can explain today's trading action (and the week for that matter) is RED. Red, red, red - the markets were seeing red this week like the Pamplona Bull Run had come one month late. On a more serious note, US markets saw pressure from the get-go today as triple digit losses in the Dow Jones Industrial Average (-3.12%) are becoming more of a reliable occurrence than old age. Today, the Dow fell at one point more than 525 points, and finished the day near lows of 16459. Not to be outdone, the S&P 500 (-3.19%) and the Nasdaq Composite (-3.52%) also saw their fair share of losses on the session, both ending Friday trade (and the week) lower.
The S&P 500 ripped eclipsed its 200 day simple moving average yesterday, and today seems like it is not looking back. As mentioned earlier, the Dow continued ripping lower this week shedding ?more than 1000 points in the five-day span, touching levels not seen since . The Nasdaq also ripped through its 200 day sma yesterday, and today continued the downward trend.
Notable tech names Hewlett-Packard (HPQ 27.49, +0.14 +0.51%), which is recently to be split into two companies, Salesforce.com (CRM 69.25, +1.43 +2.11%), and Intuit (INTU 89.28, -13.65 -13.26%) reported quarterly results in the overnight session.
Other notable tech names seeing pressure on the session include social media giant Facebook (FB 86.06, -4.50 -4.97%) which like the broader market, has seen a week of losses. Google (GOOG/GOOGL 612.48, -34.35 -5.31%) which has pared back to back session toward the downside to end near late July levels. And semiconductor name SunEdison (SUNE 10.72, -1.38 -11.40%), which since the middle of July has seen a downtrend consistently almost every session.
For its part, the S&P 500 Information Technology sector (-4.21%) traded lower with the broader market. Other sectors performed XLK -3.82%, XLE -3.56%, XLY -3.20%, XLF -3.10%, XLV -3.04%, XLI -2.76%, XLP -2.63%, XLB -2.39%, XLU -1.21%, IYZ -0.89%, underperforming from top to bottom.
Notable news items among sector components:
Google (GOOG/GOOGL) published a blog update which noted the company will bring Tweets to Google search via mobile devices.
Sergey Brin disclosed in a blog post that Google's Life Sciences Unit will become a standalone company under the new Alphabet umbrella.
Ambarella (AMBA 89.76, -7.28 -7.50%) Citron Research reiterated their cautious view on the stock via their Twitter page noting the next step for the stock is $70.
Teradata (TDC 30.18, +0.55 +1.86%) added $500 million to its share repurchase authorization, combined to the existing $360 million still remaining on the current outstanding authorization.
Elsewhere in the technology space:
Siliconware Precision (SPIL 6.43, +1.25 +24.13%) Advanced Semiconductor Engineering (ASX 4.94, +0.24 +5.11%) announced it plans to commence on August 24, 2015, tender offers in the Republic of China and the United States for common shares and American Depositary Shares of SPIL at a price of NT$45 per common share and NT$225 per ADS payable in the equivalent amount of U.S. dollars, respectively.
InterCloud Systems (ICLD 1.87, +0.03 +1.63%) announced it continues to see an influx of new purchase orders and long term contracts across its business segments; The backlog of business is now at an all-time high of over $38 million.
VirnetX Holding (VHC 3.27, -0.46 -12.33%) filed a universal shelf registration statement to sell up to $100 million of equity, debt or other types of securities; also enters into $35 million ATM agreement to sell common stock.
GigOptix (GIG 1.65, -0.50 -23.26%) announced a public offering of common stock; size and terms not disclosed, but to include up to 282K shares offered by certain officers and directors. The company then priced a public offering of ~9.218 million shares of common stock at $1.70 per share.
Notable names in reaction to earnings:
Salesforce.com (CRM) reported Q2 EPS and revenues which were better than expected at $0.19 per share and $1.63 billion. The company also guided mixed for Q3, EPS of $0.18-0.19 on revenues of $1.69-1.70 billion. For the FY16 period, CRM sees EPS of $0.70-0.72 on revenues of $6.660-6.625 billion - in-line and above expectations, respectively.
Hewlett-Packard (HPQ) reported Q3 EPS which were better than expected at $0.88, and revenues which were in-line at $25.35 billion. The company also guided Q4 EPS worse than expected at $0.92-0.98.
Intuit (INTU) reported Q4 EPS which beat expectations at a loss of $0.05 per share, and revenues which missed expectations at $696 million. Also, the company issued EPS for Q1 guidance which was in-line at $0.03-0.04 on worse than expected revenues of $660-680 million.
Analyst actions:
CRM was upgraded to Buy from Hold at Pivotal Research Group,
SYMC was upgraded to Equal Weight from Underweight at Morgan Stanley, CMPR was upgraded to Buy from Hold at Cantor Fitzgerald,
BRCD was upgraded to Neutral from Sell at Goldman, AMKR was upgraded to Outperform from Neutral at Credit Suisse; INTU was downgraded to Underweight from Equal Weight at First Analysis Sec, TSU was downgraded to Neutral from Buy at BofA/Merrill,
INGIY was downgraded to Equal Weight from Overweight at Morgan Stanley
Weekly Recap - Week ending 21-Aug-15
Dow -530.94 at 16459.75, Nasdaq -171.45 at 4706.04, S&P -64.84 at 1970.89
The stock market wrapped up a defensive week with a Friday plunge that sent the S&P 500 (-3.2%) lower by 65 points to levels not seen since late October. For the week, the S&P 500 lost 5.8% while the Nasdaq Composite underperformed, diving 3.5% today to extend its weekly decline to 6.8%.
Equities stumbled out of the gate as investor sentiment continued deteriorating after the overnight session included more selling in China with the Shanghai Composite falling 4.3% to extend its weekly decline to 11.2%. Continued concerns about the country's economy fueled today's dive after the preliminary Caixin Manufacturing PMI (47.1; consensus 47.7) dropped near 6.5-year lows while the output component dropped to 46.6, its lowest level in four years.
The selling pressure persisted through European trade and remained heavy during the New York session. The daylong retreat began with an opening dive that sent the S&P 500 lower by almost 20 points. The index followed that with an eight-point uptick, but that was met with a 30-point slide. Another rebound ensued, but the move was limited to 14 points, and followed by 17-point retreat. The index then strung a 12-point advance, but once again, that was retraced by a 35-point slide to a fresh low into the close.
All ten sectors registered losses with five groups losing 3.0% or more. Top-weighted sectors like technology (-3.8%), consumer discretionary (-3.2%), and health care (-3.0%) paced the daylong tumble while other heavily-weighted groups also contributed to the market-wide pressure.
The technology sector suffered from losses among large cap components with the likes of Apple (AAPL 106.05, -6.60), Google (GOOGL 644.03, -35.45), Facebook (FB 86.06, -4.50), Intel (INTC 26.58, -0.95), and Microsoft (MSFT 43.07, -2.59) diving between 3.5% and 5.9%. Unlike Intel, high-beta chipmakers held slimmer losses than the broader market during the day, but the PHLX Semiconductor Index ended lower by 2.7% due to heavy selling in the afternoon.
Elsewhere, the discretionary sector was broadsided by retailers while recent high-flyers like Amazon (AMZN 494.50, -21.28) and Netflix (NFLX 103.96, -8.53) lost 4.1% and 7.6%, respectively. The two listings contributed to the relative weakness in the Nasdaq while biotech names also retreated, but iShares Nasdaq Biotechnology ETF (IBB 339.84, -10.98) ended ahead of the Nasdaq with a 3.1% decline.
Also of note, the energy sector (-3.6%) finished near the bottom of the barrel as crude oil registered its eight consecutive weekly decline. The energy component fell 2.1%, settling at $40.45/bbl after briefly dipping below the $40.00/bbl mark. For the week, crude oil sank 6.2%.
The Friday drop caught many participants by surprise, evidenced by a daylong rally in the CBOE Volatility Index (VIX 28.17, +9.03), which rocketed higher by nine points to levels last seen in mid-October as investors showed relentless demand for downside protection.
Interestingly, the considerable weakness in equities was not met by significant strength in the Treasury market. To be sure, Treasuries did advance, but the 10-yr note notched its high well before the low in stocks. As a result, the benchmark 10-yr yield fell two basis points to 2.05%.
Today's participation was well above average as more than 1.3 billion shares changed hands at the NYSE floor. It is worth noting that the total was boosted in part by flows related to August options expiration.
Investors did not receive any economic data today and Monday's session will also be quiet on the economic front.
Week in Review: China Returns to Headlines
The stock market began the trading week on an upbeat, albeit quiet, note with the S&P 500 climbing 0.5%. The benchmark index turned an opening ten-point loss into an eleven-point gain while the Nasdaq Composite (+0.9%) displayed relative strength throughout the session. Equity indices faced some short-lived weakness at the start of the session after the August Empire Manufacturing survey came in well below expectations (-14.9; Briefing.com consensus 5.0). The report was met with a rally in the Treasury market while equity futures slipped, leading to the lower open. Despite the early pressure, the major averages were back in the green just 90 minutes after the opening bell and they continued inching higher during afternoon action. The health care sector (+1.0%) was among the early pockets of relative strength as biotechnology rallied throughout the day. The iShares Nasdaq Biotechnology ETF (IBB 371.67, +7.61) climbed 2.1%, contributing to the outperformance of the Nasdaq.
After enjoying a broad-based spike on Monday, the market surrendered more than half of that gain on Tuesday. The S&P 500 lost 0.3%, narrowing its weekly advance to 0.3%, while the Nasdaq Composite (-0.6%) underperformed. Although the Tuesday session produced a different outcome than Monday's affair, investor participation remained below-average with fewer than 700 million shares changing hands at the NYSE floor. Equities began the day with modest losses after the overnight session featured a resumption of heavy selling in China that sent the Shanghai Composite lower by 6.2%. There was no clear-cut reason for the plunge, but some pointed to a better than feared Housing Starts report, which could keep the People's Bank of China from implementing additional stimulus measures. The overnight weakness was followed by a shaky session in Europe while U.S. indices made a brief appearance in the green before revisiting their morning lows. The S&P 500 slid below its 100-day moving average (2,098) during midday action and hit its session low just a point below the 50-day average (2,095) before settling just above that level.
The stock market ended the Wednesday session on a lower note after enduring a volatile day that included opening weakness, an afternoon rebound, and a slide from rebound highs. When the dust settled, the S&P 500 ended lower by 0.8%, turning a slim weekly gain into a 0.6% week-to-date loss. Stocks stumbled at the start after the overnight session featured more uninspiring action in China. Specifically, the Shanghai Composite climbed 1.2%, but not before being down more than 5.0% in the early going. The wild turnaround was followed by a retreat across European markets while U.S. equities opened in the red and continued their slide with the energy sector (-2.8%) pacing the move. The growth-sensitive group extended its weekly loss to 3.2% while crude oil fell to a new low for the year, ending the pit session lower by 4.3% at $40.80/bbl. Similarly, the other commodity-related sector-materials (-1.2%)-ended at the bottom of the leaderboard amid weakness in steelmakers. The Market Vectors Steel ETF (SLX 25.63, -0.75) lost 2.8%. That being said, mining shares represented a pocket of strength, evidenced by a 2.9% spike in Market Vectors Gold Miners ETF (GDX 15.20, +0.43). On a related note, gold futures climbed 1.2% to $1130.70/ozt. The early selling pressured the S&P 500 below its 200-day moving average (2,078), but the benchmark index crawled back above that mark during afternoon action and charged to an intraday high after the minutes from the July FOMC meeting crossed the wires about 20 minutes ahead of the scheduled release time. Overall, the minutes appeared to be quite dovish with members "generally agreeing" that more information is needed before hiking rates. Furthermore, most members believed that "conditions for policy firming had not yet been achieved," but they agreed that conditions were nearing that point.
The market registered its third consecutive decline on Thursday with the S&P 500 (-2.1%) slashing below its 200-day moving average (2,078). The benchmark index slid to levels not seen since early February while the Nasdaq Composite (-2.8%) displayed relative weakness throughout the day. The daylong selloff was brought on by a heightened sense of uncertainty among investors, pulling the S&P 500 into the red for 2015 (-1.1%). To be sure, some of the uncertainty (rate-hike speculation, concerns about the global economy, plunging commodity prices) had been brewing for a while, whereas today's session reminded investors about ongoing concerns related to China and Greece. Overnight, China's Shanghai Composite tumbled 3.4% amid reports the country's official GDP target could be lowered to 6.5% from 7.0%. Sellers maintained control despite a CNY120 billion injection from the People's Bank of China into capital markets. As for Greece, Prime Minister Alexis Tsipras resigned from his post and called for a snap election, set for September 20, just three days after the FOMC concludes its September meeting. It is worth noting that there are indications Greece's minority parties could try to form a coalition government, which would block the September 20 vote.
Index Started Week Ended Week Change % Change YTD %
DJIA 17477.40 16459.75 -1017.65 -5.8 -7.6
Nasdaq 5048.23 4706.04 -342.19 -6.8 -0.6
S&P 500 2091.54 1970.89 -120.65 -5.8 -4.3
Russell 2000 1212.69 1156.79 -55.90 -4.6 -4.0
4:20 pm Closing Market Summary: Stocks Dive Amid Continued Global Growth Concerns (:WRAPX) :
The stock market wrapped up a defensive week with a Friday plunge that sent the S&P 500 (-3.2%) lower by 65 points to levels not seen since late October. For the week, the S&P 500 lost 5.8% while the Nasdaq Composite underperformed, diving 3.5% today to extend its weekly decline to 6.8%.
Equities stumbled out of the gate as investor sentiment continued deteriorating after the overnight session included more selling in China with the Shanghai Composite falling 4.3% to extend its weekly decline to 11.2%. Continued concerns about the country's economy fueled today's dive after the preliminary Caixin Manufacturing PMI (47.1; consensus 47.7) dropped near 6.5-year lows while the output component dropped to 46.6, its lowest level in four years.
The selling pressure persisted through European trade and remained heavy during the New York session. The daylong retreat began with an opening dive that sent the S&P 500 lower by almost 20 points. The index followed that with an eight-point uptick, but that was met with a 30-point slide. Another rebound ensued, but the move was limited to 14 points, and followed by 17-point retreat. The index then strung a 12-point advance, but once again, that was retraced by a 35-point slide to a fresh low into the close.
All ten sectors registered losses with five groups losing 3.0% or more. Top-weighted sectors like technology (-3.8%), consumer discretionary (-3.2%), and health care (-3.0%) paced the daylong tumble while other heavily-weighted groups also contributed to the market-wide pressure.
The technology sector suffered from losses among large cap components with the likes of Apple (AAPL 106.05, -6.60), Google (GOOGL 644.03, -35.45), Facebook (FB 86.06, -4.50), Intel (INTC 26.58, -0.95), and Microsoft (MSFT 43.07, -2.59) diving between 3.5% and 5.9%. Unlike Intel, high-beta chipmakers held slimmer losses than the broader market during the day, but the PHLX Semiconductor Index ended lower by 2.7% due to heavy selling in the afternoon.
Elsewhere, the discretionary sector was broadsided by retailers while recent high-flyers like Amazon (AMZN 494.50, -21.28) and Netflix (NFLX 103.96, -8.53) lost 4.1% and 7.6%, respectively. The two listings contributed to the relative weakness in the Nasdaq while biotech names also retreated, but iShares Nasdaq Biotechnology ETF (IBB 339.84, -10.98) ended ahead of the Nasdaq with a 3.1% decline.
Also of note, the energy sector (-3.6%) finished near the bottom of the barrel as crude oil registered its eight consecutive weekly decline. The energy component fell 2.1%, settling at $40.45/bbl after briefly dipping below the $40.00/bbl mark. For the week, crude oil sank 6.2%.
The Friday drop caught many participants by surprise, evidenced by a daylong rally in the CBOE Volatility Index (VIX 28.17, +9.03), which rocketed higher by nine points to levels last seen in mid-October as investors showed relentless demand for downside protection.
Interestingly, the considerable weakness in equities was not met by significant strength in the Treasury market. To be sure, Treasuries did advance, but the 10-yr note notched its high well before the low in stocks. As a result, the benchmark 10-yr yield fell two basis points to 2.05%.
Today's participation was well above average as more than 1.3 billion shares changed hands at the NYSE floor. It is worth noting that the total was boosted in part by flows related to August options expiration.
Investors did not receive any economic data today and Monday's session will also be quiet on the economic front.
Nasdaq Composite -0.6% YTD
S&P 500 -4.3% YTD
Russell 2000 -3.9% YTD
Dow Jones Industrial Average -7.7% YTD
Week in Review: China Returns to Headlines
The stock market began the trading week on an upbeat, albeit quiet, note with the S&P 500 climbing 0.5%. The benchmark index turned an opening ten-point loss into an eleven-point gain while the Nasdaq Composite (+0.9%) displayed relative strength throughout the session. Equity indices faced some short-lived weakness at the start of the session after the August Empire Manufacturing survey came in well below expectations (-14.9; Briefing.com consensus 5.0). The report was met with a rally in the Treasury market while equity futures slipped, leading to the lower open. Despite the early pressure, the major averages were back in the green just 90 minutes after the opening bell and they continued inching higher during afternoon action. The health care sector (+1.0%) was among the early pockets of relative strength as biotechnology rallied throughout the day. The iShares Nasdaq Biotechnology ETF (IBB 371.67, +7.61) climbed 2.1%, contributing to the outperformance of the Nasdaq.
After enjoying a broad-based spike on Monday, the market surrendered more than half of that gain on Tuesday. The S&P 500 lost 0.3%, narrowing its weekly advance to 0.3%, while the Nasdaq Composite (-0.6%) underperformed. Although the Tuesday session produced a different outcome than Monday's affair, investor participation remained below-average with fewer than 700 million shares changing hands at the NYSE floor. Equities began the day with modest losses after the overnight session featured a resumption of heavy selling in China that sent the Shanghai Composite lower by 6.2%. There was no clear-cut reason for the plunge, but some pointed to a better than feared Housing Starts report, which could keep the People's Bank of China from implementing additional stimulus measures. The overnight weakness was followed by a shaky session in Europe while U.S. indices made a brief appearance in the green before revisiting their morning lows. The S&P 500 slid below its 100-day moving average (2,098) during midday action and hit its session low just a point below the 50-day average (2,095) before settling just above that level.
The stock market ended the Wednesday session on a lower note after enduring a volatile day that included opening weakness, an afternoon rebound, and a slide from rebound highs. When the dust settled, the S&P 500 ended lower by 0.8%, turning a slim weekly gain into a 0.6% week-to-date loss. Stocks stumbled at the start after the overnight session featured more uninspiring action in China. Specifically, the Shanghai Composite climbed 1.2%, but not before being down more than 5.0% in the early going. The wild turnaround was followed by a retreat across European markets while U.S. equities opened in the red and continued their slide with the energy sector (-2.8%) pacing the move. The growth-sensitive group extended its weekly loss to 3.2% while crude oil fell to a new low for the year, ending the pit session lower by 4.3% at $40.80/bbl. Similarly, the other commodity-related sector-materials (-1.2%)-ended at the bottom of the leaderboard amid weakness in steelmakers. The Market Vectors Steel ETF (SLX 25.63, -0.75) lost 2.8%. That being said, mining shares represented a pocket of strength, evidenced by a 2.9% spike in Market Vectors Gold Miners ETF (GDX 15.20, +0.43). On a related note, gold futures climbed 1.2% to $1130.70/ozt. The early selling pressured the S&P 500 below its 200-day moving average (2,078), but the benchmark index crawled back above that mark during afternoon action and charged to an intraday high after the minutes from the July FOMC meeting crossed the wires about 20 minutes ahead of the scheduled release time. Overall, the minutes appeared to be quite dovish with members "generally agreeing" that more information is needed before hiking rates. Furthermore, most members believed that "conditions for policy firming had not yet been achieved," but they agreed that conditions were nearing that point.
The market registered its third consecutive decline on Thursday with the S&P 500 (-2.1%) slashing below its 200-day moving average (2,078). The benchmark index slid to levels not seen since early February while the Nasdaq Composite (-2.8%) displayed relative weakness throughout the day. The daylong selloff was brought on by a heightened sense of uncertainty among investors, pulling the S&P 500 into the red for 2015 (-1.1%). To be sure, some of the uncertainty (rate-hike speculation, concerns about the global economy, plunging commodity prices) had been brewing for a while, whereas today's session reminded investors about ongoing concerns related to China and Greece. Overnight, China's Shanghai Composite tumbled 3.4% amid reports the country's official GDP target could be lowered to 6.5% from 7.0%. Sellers maintained control despite a CNY120 billion injection from the People's Bank of China into capital markets. As for Greece, Prime Minister Alexis Tsipras resigned from his post and called for a snap election, set for September 20, just three days after the FOMC concludes its September meeting. It is worth noting that there are indications Greece's minority parties could try to form a coalition government, which would block the September 20 vote.
3:30 pm Earnings Preview for the week of August 24 - 28 (:SUMRX) :
Of the companies reporting earnings for the week of August 24 - 28 some of the bigger names include:
Monday:
Pre Market - TOUR
After Hours - PINC, QUNR
Tuesday:
Pre Market - BBY, BMO, VAL, TOL, SAFM, DSW, PLCE, SOL, EJ, SXI, DAKT, LEJU
After Hours - DY, JKHY, HEI, SLH, GSM, LCI, NMBL
Wednesday:
Pre Market - RY, BF.B, ANF, CHS, EXPR, EVLV
After Hours - PVH, AVGO, WSM, GES, WDAY, PSEC, VNET, TLYS, NQ
Thursday:
Pre Market - TD, DG, SJM, SIG, PDCO, SDRL, BURL, TIF, MIK, FLWS, MOV, DXLG, IKGH
After Hours - GME, ULTA, MRVL, CAL, ADSK, ARO, OVTI, SPWH, SWHC, SPLK, BEBE, VEEV, ZOES, VMEM
Friday:
Pre Market - BNS, BIG, RGS
11:57 am Stocks/ETFs that traded to new 52 week highs/lows this session- New lows (137) outpacing new highs (1) (:SCANX) :
Stocks that traded to 52 week highs: RCPT
Stocks that traded to 52 week lows: AA, AAXJ, ABB, ABY, ALB, AMAT, AMX, AR, ATHM, ATI, AUO, AVP, BABA, BBBY, BBD, BBRY, BEN, BG, BHP, BIDU, BP, BSMX, BWA, CBS, CFX, CHS, CIE, CIG, CLR, CMI, CNI, CNQ, CNW, CNX, COG, COP, CP, CPN, CSX, CVE, CVX, CX, DD, DISCA, DISCK, DOV, DVN, ECA, FAST, FCX, FLR, FLS, FTI, GGB, GLW, GNW, GPS, GRMN, GRPN, GRUB, HAL, HPQ, HSBC, HUN, IBN, IGT, INTC, JMEI, JOY, KATE, KLAC, KSS, LC, LNKD, LVS, MAT, MEOH, MFA, MFC, MJN, MON, MOS, MRO, MT, MU, MUR, NAVI, NBL, NOK, NOV, NSC, PAH, PBR.A, PG, PNR, POT, PX, QCOM, QEP, RDC, RDS.A, RDS.B, RES, RRC, RY, SAN, SBS, SCTY, SDRL, SE, SFM, SNDK, SNI, SPN, SPWR, STO, STR, SUNE, TD, TSM, TTM, TV, TWTR, UMC, UNP, URI, UTX, VIV, WDAY, WFM, WFT, WLL, WMT, WYNN, XOM, YHOO, YNDX
ETFs that traded to 52 week highs: SMN
ETFs that traded to 52 week lows: AFK, BJK, BKF, BNO, CHN, DBA, DBC, DIG, DJP, EEB, EEM, EGPT, EPP, EPU, EWA, EWC, EWH, EWM, EWS, EWT, EWW, EWY, EWZ, EZA, GAF, GSG, GULF, GXC, HYG, IDX, IEO, IGE, ILF, IXC, IYE, IYM, JJA, JNK, KOL, OIH, OIL, PBD, PBW, PHO, REMX, RJA, SEA, SLX, SOCL, TAN, TAO, THD, UHN, USO, UYM, VNM, VWO, XES, XLB, XLE, XOP
Note: To reduce the list of stocks making 52 week highs/lows to a manageable size we have filtered out stocks below $2 bln in market cap and below 1 mln average volume. Without this filter 5 stocks made 52 week highs and 863 stocks made 52 week lows.
9:00 am QLogic announces that the Board has appointed Christine King as Executive Chairman and Jean Hu as acting CEO (QLGC) :
Prasad Rampalli has resigned his positions as president and chief executive officer in order to pursue other opportunities.
King has served as a member of the board of directors since 2013 and previously served as president and CEO of Standard Microsystems Corporation and AMI Semiconductor
Hu has served as senior vice president and chief financial officer since 2011 and will continue in that role and retain her CFO responsibilities while serving as acting CEO
8:13 am ASM Intl NV announces that the voluntary delisting of its common shares from the Nasdaq Stock Market has become effective (ASMI) : The ASMI Common Shares, which are held in the U.S. as New York Registry Shares,are now eligible for trading on the OTCQX Best Market under the symbol ASMIY.
The S&P 500 ripped eclipsed its 200 day simple moving average yesterday, and today seems like it is not looking back. As mentioned earlier, the Dow continued ripping lower this week shedding ?more than 1000 points in the five-day span, touching levels not seen since . The Nasdaq also ripped through its 200 day sma yesterday, and today continued the downward trend.
Notable tech names Hewlett-Packard (HPQ 27.49, +0.14 +0.51%), which is recently to be split into two companies, Salesforce.com (CRM 69.25, +1.43 +2.11%), and Intuit (INTU 89.28, -13.65 -13.26%) reported quarterly results in the overnight session.
Other notable tech names seeing pressure on the session include social media giant Facebook (FB 86.06, -4.50 -4.97%) which like the broader market, has seen a week of losses. Google (GOOG/GOOGL 612.48, -34.35 -5.31%) which has pared back to back session toward the downside to end near late July levels. And semiconductor name SunEdison (SUNE 10.72, -1.38 -11.40%), which since the middle of July has seen a downtrend consistently almost every session.
For its part, the S&P 500 Information Technology sector (-4.21%) traded lower with the broader market. Other sectors performed XLK -3.82%, XLE -3.56%, XLY -3.20%, XLF -3.10%, XLV -3.04%, XLI -2.76%, XLP -2.63%, XLB -2.39%, XLU -1.21%, IYZ -0.89%, underperforming from top to bottom.
Notable news items among sector components:
Google (GOOG/GOOGL) published a blog update which noted the company will bring Tweets to Google search via mobile devices.
Sergey Brin disclosed in a blog post that Google's Life Sciences Unit will become a standalone company under the new Alphabet umbrella.
Ambarella (AMBA 89.76, -7.28 -7.50%) Citron Research reiterated their cautious view on the stock via their Twitter page noting the next step for the stock is $70.
Teradata (TDC 30.18, +0.55 +1.86%) added $500 million to its share repurchase authorization, combined to the existing $360 million still remaining on the current outstanding authorization.
Elsewhere in the technology space:
Siliconware Precision (SPIL 6.43, +1.25 +24.13%) Advanced Semiconductor Engineering (ASX 4.94, +0.24 +5.11%) announced it plans to commence on August 24, 2015, tender offers in the Republic of China and the United States for common shares and American Depositary Shares of SPIL at a price of NT$45 per common share and NT$225 per ADS payable in the equivalent amount of U.S. dollars, respectively.
InterCloud Systems (ICLD 1.87, +0.03 +1.63%) announced it continues to see an influx of new purchase orders and long term contracts across its business segments; The backlog of business is now at an all-time high of over $38 million.
VirnetX Holding (VHC 3.27, -0.46 -12.33%) filed a universal shelf registration statement to sell up to $100 million of equity, debt or other types of securities; also enters into $35 million ATM agreement to sell common stock.
GigOptix (GIG 1.65, -0.50 -23.26%) announced a public offering of common stock; size and terms not disclosed, but to include up to 282K shares offered by certain officers and directors. The company then priced a public offering of ~9.218 million shares of common stock at $1.70 per share.
Notable names in reaction to earnings:
Salesforce.com (CRM) reported Q2 EPS and revenues which were better than expected at $0.19 per share and $1.63 billion. The company also guided mixed for Q3, EPS of $0.18-0.19 on revenues of $1.69-1.70 billion. For the FY16 period, CRM sees EPS of $0.70-0.72 on revenues of $6.660-6.625 billion - in-line and above expectations, respectively.
Hewlett-Packard (HPQ) reported Q3 EPS which were better than expected at $0.88, and revenues which were in-line at $25.35 billion. The company also guided Q4 EPS worse than expected at $0.92-0.98.
Intuit (INTU) reported Q4 EPS which beat expectations at a loss of $0.05 per share, and revenues which missed expectations at $696 million. Also, the company issued EPS for Q1 guidance which was in-line at $0.03-0.04 on worse than expected revenues of $660-680 million.
Analyst actions:
CRM was upgraded to Buy from Hold at Pivotal Research Group,
SYMC was upgraded to Equal Weight from Underweight at Morgan Stanley, CMPR was upgraded to Buy from Hold at Cantor Fitzgerald,
BRCD was upgraded to Neutral from Sell at Goldman, AMKR was upgraded to Outperform from Neutral at Credit Suisse; INTU was downgraded to Underweight from Equal Weight at First Analysis Sec, TSU was downgraded to Neutral from Buy at BofA/Merrill,
INGIY was downgraded to Equal Weight from Overweight at Morgan Stanley
Weekly Recap - Week ending 21-Aug-15
Dow -530.94 at 16459.75, Nasdaq -171.45 at 4706.04, S&P -64.84 at 1970.89
The stock market wrapped up a defensive week with a Friday plunge that sent the S&P 500 (-3.2%) lower by 65 points to levels not seen since late October. For the week, the S&P 500 lost 5.8% while the Nasdaq Composite underperformed, diving 3.5% today to extend its weekly decline to 6.8%.
Equities stumbled out of the gate as investor sentiment continued deteriorating after the overnight session included more selling in China with the Shanghai Composite falling 4.3% to extend its weekly decline to 11.2%. Continued concerns about the country's economy fueled today's dive after the preliminary Caixin Manufacturing PMI (47.1; consensus 47.7) dropped near 6.5-year lows while the output component dropped to 46.6, its lowest level in four years.
The selling pressure persisted through European trade and remained heavy during the New York session. The daylong retreat began with an opening dive that sent the S&P 500 lower by almost 20 points. The index followed that with an eight-point uptick, but that was met with a 30-point slide. Another rebound ensued, but the move was limited to 14 points, and followed by 17-point retreat. The index then strung a 12-point advance, but once again, that was retraced by a 35-point slide to a fresh low into the close.
All ten sectors registered losses with five groups losing 3.0% or more. Top-weighted sectors like technology (-3.8%), consumer discretionary (-3.2%), and health care (-3.0%) paced the daylong tumble while other heavily-weighted groups also contributed to the market-wide pressure.
The technology sector suffered from losses among large cap components with the likes of Apple (AAPL 106.05, -6.60), Google (GOOGL 644.03, -35.45), Facebook (FB 86.06, -4.50), Intel (INTC 26.58, -0.95), and Microsoft (MSFT 43.07, -2.59) diving between 3.5% and 5.9%. Unlike Intel, high-beta chipmakers held slimmer losses than the broader market during the day, but the PHLX Semiconductor Index ended lower by 2.7% due to heavy selling in the afternoon.
Elsewhere, the discretionary sector was broadsided by retailers while recent high-flyers like Amazon (AMZN 494.50, -21.28) and Netflix (NFLX 103.96, -8.53) lost 4.1% and 7.6%, respectively. The two listings contributed to the relative weakness in the Nasdaq while biotech names also retreated, but iShares Nasdaq Biotechnology ETF (IBB 339.84, -10.98) ended ahead of the Nasdaq with a 3.1% decline.
Also of note, the energy sector (-3.6%) finished near the bottom of the barrel as crude oil registered its eight consecutive weekly decline. The energy component fell 2.1%, settling at $40.45/bbl after briefly dipping below the $40.00/bbl mark. For the week, crude oil sank 6.2%.
The Friday drop caught many participants by surprise, evidenced by a daylong rally in the CBOE Volatility Index (VIX 28.17, +9.03), which rocketed higher by nine points to levels last seen in mid-October as investors showed relentless demand for downside protection.
Interestingly, the considerable weakness in equities was not met by significant strength in the Treasury market. To be sure, Treasuries did advance, but the 10-yr note notched its high well before the low in stocks. As a result, the benchmark 10-yr yield fell two basis points to 2.05%.
Today's participation was well above average as more than 1.3 billion shares changed hands at the NYSE floor. It is worth noting that the total was boosted in part by flows related to August options expiration.
Investors did not receive any economic data today and Monday's session will also be quiet on the economic front.
Week in Review: China Returns to Headlines
The stock market began the trading week on an upbeat, albeit quiet, note with the S&P 500 climbing 0.5%. The benchmark index turned an opening ten-point loss into an eleven-point gain while the Nasdaq Composite (+0.9%) displayed relative strength throughout the session. Equity indices faced some short-lived weakness at the start of the session after the August Empire Manufacturing survey came in well below expectations (-14.9; Briefing.com consensus 5.0). The report was met with a rally in the Treasury market while equity futures slipped, leading to the lower open. Despite the early pressure, the major averages were back in the green just 90 minutes after the opening bell and they continued inching higher during afternoon action. The health care sector (+1.0%) was among the early pockets of relative strength as biotechnology rallied throughout the day. The iShares Nasdaq Biotechnology ETF (IBB 371.67, +7.61) climbed 2.1%, contributing to the outperformance of the Nasdaq.
After enjoying a broad-based spike on Monday, the market surrendered more than half of that gain on Tuesday. The S&P 500 lost 0.3%, narrowing its weekly advance to 0.3%, while the Nasdaq Composite (-0.6%) underperformed. Although the Tuesday session produced a different outcome than Monday's affair, investor participation remained below-average with fewer than 700 million shares changing hands at the NYSE floor. Equities began the day with modest losses after the overnight session featured a resumption of heavy selling in China that sent the Shanghai Composite lower by 6.2%. There was no clear-cut reason for the plunge, but some pointed to a better than feared Housing Starts report, which could keep the People's Bank of China from implementing additional stimulus measures. The overnight weakness was followed by a shaky session in Europe while U.S. indices made a brief appearance in the green before revisiting their morning lows. The S&P 500 slid below its 100-day moving average (2,098) during midday action and hit its session low just a point below the 50-day average (2,095) before settling just above that level.
The stock market ended the Wednesday session on a lower note after enduring a volatile day that included opening weakness, an afternoon rebound, and a slide from rebound highs. When the dust settled, the S&P 500 ended lower by 0.8%, turning a slim weekly gain into a 0.6% week-to-date loss. Stocks stumbled at the start after the overnight session featured more uninspiring action in China. Specifically, the Shanghai Composite climbed 1.2%, but not before being down more than 5.0% in the early going. The wild turnaround was followed by a retreat across European markets while U.S. equities opened in the red and continued their slide with the energy sector (-2.8%) pacing the move. The growth-sensitive group extended its weekly loss to 3.2% while crude oil fell to a new low for the year, ending the pit session lower by 4.3% at $40.80/bbl. Similarly, the other commodity-related sector-materials (-1.2%)-ended at the bottom of the leaderboard amid weakness in steelmakers. The Market Vectors Steel ETF (SLX 25.63, -0.75) lost 2.8%. That being said, mining shares represented a pocket of strength, evidenced by a 2.9% spike in Market Vectors Gold Miners ETF (GDX 15.20, +0.43). On a related note, gold futures climbed 1.2% to $1130.70/ozt. The early selling pressured the S&P 500 below its 200-day moving average (2,078), but the benchmark index crawled back above that mark during afternoon action and charged to an intraday high after the minutes from the July FOMC meeting crossed the wires about 20 minutes ahead of the scheduled release time. Overall, the minutes appeared to be quite dovish with members "generally agreeing" that more information is needed before hiking rates. Furthermore, most members believed that "conditions for policy firming had not yet been achieved," but they agreed that conditions were nearing that point.
The market registered its third consecutive decline on Thursday with the S&P 500 (-2.1%) slashing below its 200-day moving average (2,078). The benchmark index slid to levels not seen since early February while the Nasdaq Composite (-2.8%) displayed relative weakness throughout the day. The daylong selloff was brought on by a heightened sense of uncertainty among investors, pulling the S&P 500 into the red for 2015 (-1.1%). To be sure, some of the uncertainty (rate-hike speculation, concerns about the global economy, plunging commodity prices) had been brewing for a while, whereas today's session reminded investors about ongoing concerns related to China and Greece. Overnight, China's Shanghai Composite tumbled 3.4% amid reports the country's official GDP target could be lowered to 6.5% from 7.0%. Sellers maintained control despite a CNY120 billion injection from the People's Bank of China into capital markets. As for Greece, Prime Minister Alexis Tsipras resigned from his post and called for a snap election, set for September 20, just three days after the FOMC concludes its September meeting. It is worth noting that there are indications Greece's minority parties could try to form a coalition government, which would block the September 20 vote.
Index Started Week Ended Week Change % Change YTD %
DJIA 17477.40 16459.75 -1017.65 -5.8 -7.6
Nasdaq 5048.23 4706.04 -342.19 -6.8 -0.6
S&P 500 2091.54 1970.89 -120.65 -5.8 -4.3
Russell 2000 1212.69 1156.79 -55.90 -4.6 -4.0
4:20 pm Closing Market Summary: Stocks Dive Amid Continued Global Growth Concerns (:WRAPX) :
The stock market wrapped up a defensive week with a Friday plunge that sent the S&P 500 (-3.2%) lower by 65 points to levels not seen since late October. For the week, the S&P 500 lost 5.8% while the Nasdaq Composite underperformed, diving 3.5% today to extend its weekly decline to 6.8%.
Equities stumbled out of the gate as investor sentiment continued deteriorating after the overnight session included more selling in China with the Shanghai Composite falling 4.3% to extend its weekly decline to 11.2%. Continued concerns about the country's economy fueled today's dive after the preliminary Caixin Manufacturing PMI (47.1; consensus 47.7) dropped near 6.5-year lows while the output component dropped to 46.6, its lowest level in four years.
The selling pressure persisted through European trade and remained heavy during the New York session. The daylong retreat began with an opening dive that sent the S&P 500 lower by almost 20 points. The index followed that with an eight-point uptick, but that was met with a 30-point slide. Another rebound ensued, but the move was limited to 14 points, and followed by 17-point retreat. The index then strung a 12-point advance, but once again, that was retraced by a 35-point slide to a fresh low into the close.
All ten sectors registered losses with five groups losing 3.0% or more. Top-weighted sectors like technology (-3.8%), consumer discretionary (-3.2%), and health care (-3.0%) paced the daylong tumble while other heavily-weighted groups also contributed to the market-wide pressure.
The technology sector suffered from losses among large cap components with the likes of Apple (AAPL 106.05, -6.60), Google (GOOGL 644.03, -35.45), Facebook (FB 86.06, -4.50), Intel (INTC 26.58, -0.95), and Microsoft (MSFT 43.07, -2.59) diving between 3.5% and 5.9%. Unlike Intel, high-beta chipmakers held slimmer losses than the broader market during the day, but the PHLX Semiconductor Index ended lower by 2.7% due to heavy selling in the afternoon.
Elsewhere, the discretionary sector was broadsided by retailers while recent high-flyers like Amazon (AMZN 494.50, -21.28) and Netflix (NFLX 103.96, -8.53) lost 4.1% and 7.6%, respectively. The two listings contributed to the relative weakness in the Nasdaq while biotech names also retreated, but iShares Nasdaq Biotechnology ETF (IBB 339.84, -10.98) ended ahead of the Nasdaq with a 3.1% decline.
Also of note, the energy sector (-3.6%) finished near the bottom of the barrel as crude oil registered its eight consecutive weekly decline. The energy component fell 2.1%, settling at $40.45/bbl after briefly dipping below the $40.00/bbl mark. For the week, crude oil sank 6.2%.
The Friday drop caught many participants by surprise, evidenced by a daylong rally in the CBOE Volatility Index (VIX 28.17, +9.03), which rocketed higher by nine points to levels last seen in mid-October as investors showed relentless demand for downside protection.
Interestingly, the considerable weakness in equities was not met by significant strength in the Treasury market. To be sure, Treasuries did advance, but the 10-yr note notched its high well before the low in stocks. As a result, the benchmark 10-yr yield fell two basis points to 2.05%.
Today's participation was well above average as more than 1.3 billion shares changed hands at the NYSE floor. It is worth noting that the total was boosted in part by flows related to August options expiration.
Investors did not receive any economic data today and Monday's session will also be quiet on the economic front.
Nasdaq Composite -0.6% YTD
S&P 500 -4.3% YTD
Russell 2000 -3.9% YTD
Dow Jones Industrial Average -7.7% YTD
Week in Review: China Returns to Headlines
The stock market began the trading week on an upbeat, albeit quiet, note with the S&P 500 climbing 0.5%. The benchmark index turned an opening ten-point loss into an eleven-point gain while the Nasdaq Composite (+0.9%) displayed relative strength throughout the session. Equity indices faced some short-lived weakness at the start of the session after the August Empire Manufacturing survey came in well below expectations (-14.9; Briefing.com consensus 5.0). The report was met with a rally in the Treasury market while equity futures slipped, leading to the lower open. Despite the early pressure, the major averages were back in the green just 90 minutes after the opening bell and they continued inching higher during afternoon action. The health care sector (+1.0%) was among the early pockets of relative strength as biotechnology rallied throughout the day. The iShares Nasdaq Biotechnology ETF (IBB 371.67, +7.61) climbed 2.1%, contributing to the outperformance of the Nasdaq.
After enjoying a broad-based spike on Monday, the market surrendered more than half of that gain on Tuesday. The S&P 500 lost 0.3%, narrowing its weekly advance to 0.3%, while the Nasdaq Composite (-0.6%) underperformed. Although the Tuesday session produced a different outcome than Monday's affair, investor participation remained below-average with fewer than 700 million shares changing hands at the NYSE floor. Equities began the day with modest losses after the overnight session featured a resumption of heavy selling in China that sent the Shanghai Composite lower by 6.2%. There was no clear-cut reason for the plunge, but some pointed to a better than feared Housing Starts report, which could keep the People's Bank of China from implementing additional stimulus measures. The overnight weakness was followed by a shaky session in Europe while U.S. indices made a brief appearance in the green before revisiting their morning lows. The S&P 500 slid below its 100-day moving average (2,098) during midday action and hit its session low just a point below the 50-day average (2,095) before settling just above that level.
The stock market ended the Wednesday session on a lower note after enduring a volatile day that included opening weakness, an afternoon rebound, and a slide from rebound highs. When the dust settled, the S&P 500 ended lower by 0.8%, turning a slim weekly gain into a 0.6% week-to-date loss. Stocks stumbled at the start after the overnight session featured more uninspiring action in China. Specifically, the Shanghai Composite climbed 1.2%, but not before being down more than 5.0% in the early going. The wild turnaround was followed by a retreat across European markets while U.S. equities opened in the red and continued their slide with the energy sector (-2.8%) pacing the move. The growth-sensitive group extended its weekly loss to 3.2% while crude oil fell to a new low for the year, ending the pit session lower by 4.3% at $40.80/bbl. Similarly, the other commodity-related sector-materials (-1.2%)-ended at the bottom of the leaderboard amid weakness in steelmakers. The Market Vectors Steel ETF (SLX 25.63, -0.75) lost 2.8%. That being said, mining shares represented a pocket of strength, evidenced by a 2.9% spike in Market Vectors Gold Miners ETF (GDX 15.20, +0.43). On a related note, gold futures climbed 1.2% to $1130.70/ozt. The early selling pressured the S&P 500 below its 200-day moving average (2,078), but the benchmark index crawled back above that mark during afternoon action and charged to an intraday high after the minutes from the July FOMC meeting crossed the wires about 20 minutes ahead of the scheduled release time. Overall, the minutes appeared to be quite dovish with members "generally agreeing" that more information is needed before hiking rates. Furthermore, most members believed that "conditions for policy firming had not yet been achieved," but they agreed that conditions were nearing that point.
The market registered its third consecutive decline on Thursday with the S&P 500 (-2.1%) slashing below its 200-day moving average (2,078). The benchmark index slid to levels not seen since early February while the Nasdaq Composite (-2.8%) displayed relative weakness throughout the day. The daylong selloff was brought on by a heightened sense of uncertainty among investors, pulling the S&P 500 into the red for 2015 (-1.1%). To be sure, some of the uncertainty (rate-hike speculation, concerns about the global economy, plunging commodity prices) had been brewing for a while, whereas today's session reminded investors about ongoing concerns related to China and Greece. Overnight, China's Shanghai Composite tumbled 3.4% amid reports the country's official GDP target could be lowered to 6.5% from 7.0%. Sellers maintained control despite a CNY120 billion injection from the People's Bank of China into capital markets. As for Greece, Prime Minister Alexis Tsipras resigned from his post and called for a snap election, set for September 20, just three days after the FOMC concludes its September meeting. It is worth noting that there are indications Greece's minority parties could try to form a coalition government, which would block the September 20 vote.
3:30 pm Earnings Preview for the week of August 24 - 28 (:SUMRX) :
Of the companies reporting earnings for the week of August 24 - 28 some of the bigger names include:
Monday:
Pre Market - TOUR
After Hours - PINC, QUNR
Tuesday:
Pre Market - BBY, BMO, VAL, TOL, SAFM, DSW, PLCE, SOL, EJ, SXI, DAKT, LEJU
After Hours - DY, JKHY, HEI, SLH, GSM, LCI, NMBL
Wednesday:
Pre Market - RY, BF.B, ANF, CHS, EXPR, EVLV
After Hours - PVH, AVGO, WSM, GES, WDAY, PSEC, VNET, TLYS, NQ
Thursday:
Pre Market - TD, DG, SJM, SIG, PDCO, SDRL, BURL, TIF, MIK, FLWS, MOV, DXLG, IKGH
After Hours - GME, ULTA, MRVL, CAL, ADSK, ARO, OVTI, SPWH, SWHC, SPLK, BEBE, VEEV, ZOES, VMEM
Friday:
Pre Market - BNS, BIG, RGS
11:57 am Stocks/ETFs that traded to new 52 week highs/lows this session- New lows (137) outpacing new highs (1) (:SCANX) :
Stocks that traded to 52 week highs: RCPT
Stocks that traded to 52 week lows: AA, AAXJ, ABB, ABY, ALB, AMAT, AMX, AR, ATHM, ATI, AUO, AVP, BABA, BBBY, BBD, BBRY, BEN, BG, BHP, BIDU, BP, BSMX, BWA, CBS, CFX, CHS, CIE, CIG, CLR, CMI, CNI, CNQ, CNW, CNX, COG, COP, CP, CPN, CSX, CVE, CVX, CX, DD, DISCA, DISCK, DOV, DVN, ECA, FAST, FCX, FLR, FLS, FTI, GGB, GLW, GNW, GPS, GRMN, GRPN, GRUB, HAL, HPQ, HSBC, HUN, IBN, IGT, INTC, JMEI, JOY, KATE, KLAC, KSS, LC, LNKD, LVS, MAT, MEOH, MFA, MFC, MJN, MON, MOS, MRO, MT, MU, MUR, NAVI, NBL, NOK, NOV, NSC, PAH, PBR.A, PG, PNR, POT, PX, QCOM, QEP, RDC, RDS.A, RDS.B, RES, RRC, RY, SAN, SBS, SCTY, SDRL, SE, SFM, SNDK, SNI, SPN, SPWR, STO, STR, SUNE, TD, TSM, TTM, TV, TWTR, UMC, UNP, URI, UTX, VIV, WDAY, WFM, WFT, WLL, WMT, WYNN, XOM, YHOO, YNDX
ETFs that traded to 52 week highs: SMN
ETFs that traded to 52 week lows: AFK, BJK, BKF, BNO, CHN, DBA, DBC, DIG, DJP, EEB, EEM, EGPT, EPP, EPU, EWA, EWC, EWH, EWM, EWS, EWT, EWW, EWY, EWZ, EZA, GAF, GSG, GULF, GXC, HYG, IDX, IEO, IGE, ILF, IXC, IYE, IYM, JJA, JNK, KOL, OIH, OIL, PBD, PBW, PHO, REMX, RJA, SEA, SLX, SOCL, TAN, TAO, THD, UHN, USO, UYM, VNM, VWO, XES, XLB, XLE, XOP
Note: To reduce the list of stocks making 52 week highs/lows to a manageable size we have filtered out stocks below $2 bln in market cap and below 1 mln average volume. Without this filter 5 stocks made 52 week highs and 863 stocks made 52 week lows.
9:00 am QLogic announces that the Board has appointed Christine King as Executive Chairman and Jean Hu as acting CEO (QLGC) :
Prasad Rampalli has resigned his positions as president and chief executive officer in order to pursue other opportunities.
King has served as a member of the board of directors since 2013 and previously served as president and CEO of Standard Microsystems Corporation and AMI Semiconductor
Hu has served as senior vice president and chief financial officer since 2011 and will continue in that role and retain her CFO responsibilities while serving as acting CEO
8:13 am ASM Intl NV announces that the voluntary delisting of its common shares from the Nasdaq Stock Market has become effective (ASMI) : The ASMI Common Shares, which are held in the U.S. as New York Registry Shares,are now eligible for trading on the OTCQX Best Market under the symbol ASMIY.
Discover What Traders Are Watching
Explore small cap ideas before they hit the headlines.
