From Briefing.com: The broader market closed today split. Gains were led by the Dow Jones Industrial Average, which added 6.49 points (+0.04%) to 17489.50. The Nasdaq Composite also closed above flat lines, higher by 1.40 points (+0.03%) to 4986.02. The S&P 500 was the only index to close in negative territory, shedding 2.75 points (-0.13%) to 2050.44. Market data today included CPI, Industrial Production, and NAHB Housing Market Index. The October CPI reading was in-line with expectations, as both total and core CPI increased 0.2%. October Industrial Production declined 0.2% on top of an unrevised 0.2% decline in September. The NAHB Housing Market Index for November fell to 62 from an upwardly revised 65 (from 64).
Technology (XLK 43.05, +0.03 +0.07%) names enjoyed modest gains as the sector climbed out of negative territory as the markets closed. MU +2.62%, CSC +2.47%, INTC +1.68%, XLNX +1.61%, WU +1.55%, RHT +1.50% all outperformed the broader market today, helping the sector stay out of negative territory. Other sectors closed the session XLV +0.43%, IYZ +0.27%, XLY +0.19%, XLP -0.04%, XLB -0.11%, XLI -0.20%, XLF -0.21%, XLE -1.10%, XLU -1.80%.
Social Media (SOCL 19.48, +0.07 +0.36%) names grabbed modest gains today as component Angie's List (ANGI 9.96, +0.13 +1.32%) rejected InterActiveCorp's (IACI 62.51, -2.23 -3.44%) offer to acquire the company for $8.75 per share. Other SOCL names which finished higher today included YNDX +6.10%, DMD +5.53%, GRPN +4.55%, DNACF +2.77%, ANGI +1.32%, FB +1.05%.
Chinese Technology (QQQC 22.61, +0.86 +3.93%) names were higher today, as the broader Asian Markets closed with mostly positive action: Japan's Nikkei +1.2%; Hong Kong's Hang Seng +1.2%; China's Shanghai Composite -0.1%. Asian markets were higher even as macro data was exceptionally light. Strength was seen in China and Hong Kong as unconfirmed reports suggested that the PBOC lowered its RRR for the Bank of Beijing in an attempt to inspire lending in rural areas. Asian names were outperformed today included: NTES +3.33%, VIMC +0.69%, WB +0.65%, VNET +0.56%. Component SINA (SINA 48.20, +1.49 +3.19%) posted a strong session ahead of their November 18 quarterly results.
For its part, the S&P 500 Information Technology sector (722.78, -0.65 -0.09%), underperformed the broader sector as losses were realized at the close. The sector traded the majority of the session in positive territory, but gains would not hold as CTSH -2.66%, FSLR -2.64%, CTXS -1.26%, APH -1.21%, STX -1.21%, ADS -0.92%, FFIV -0.87%, MSFT -0.81% pressured the sector.
Other notable news items among sector components:
EMC (EMC 25.17, -0.10 -0.40%) announced the immediate availability of a broad range of products and solutions designed to seamlessly connect primary storage and data protection systems to private and public clouds.
The German power grid operator EWR Netz GmbH is using WAVE Work Group Communications from Motorola Solutions (MSI 71.05, +1.03 +1.47%) on its communications network.
Epsilon, an Alliance Data (ADS 284.49, -2.65 -0.92%) company, signed 500 new clients in its affiliate marketing segment.
Qorvo (QRVO 54.74, +2.90 +5.59%) announced that LG Electronics (LGEAF) has selected Qorvo's RF Fusion Mobile Wi-Fi integrated Front End Module for the Nexus 5X smartphone.
Elsewhere in the technology space:
Angie's List's (ANGI 9.96, +0.13 +1.32%) Board unanimously determined not to pursue the unsolicited proposal from IAC/InterActiveCorp (IACI 62.51, -2.23 -3.44%).
Super Micro Computer (SMCI 24.34, -0.40 -1.62%) announced for certain contracts which included extended product warranties, revenue relating to the extended warranties was recorded as revenue in prior periods instead of being deferred and amortized over the contractual period. The company also reaffirmed certain Fiscal Year 2016 guidance.
QLogic (QLGC 12.43, +0.21 +1.72%) announced the approval of a $125 million stock repurchase program.
Marvell (MRVL 8.50, -0.12 -1.39%) submitted compliance plan to NASDAQ which it says supports its request for an extension of time to March 8 to regain compliance with continued listing requirements.
SuperCom (SPCB 7.90, -0.85 -9.71%) appointed Shahar Marom as its acting CFO and Arnon Zilberman as Chief Information Officer.
Energous (WATT 7.15, +0.25 +3.62%) priced its offering of 2,608,700 common stock shares at $6.90 per share.
Lumentum (LITE 18.20, +0.01 +0.05%) determined it will be unable to file its 10-Q report within the five-day extension period permitted.
Orange (ORAN 17.77, +0.16 +0.91%) obtained two blocks of 5MHz in the 700Mhz band from French spectrum auction.
Equinix (EQIX 299.07, +3.68 +1.25%) to offer about $750 million of its common stock in a public offering.
Flex (FLEX 10.92, -0.23 -2.06%) announced an agreement to acquire Wink. Financial terms of the deal were not disclosed.
In reaction to quarterly results:
Nuance Communications (NUAN 20.21 +3.16 +18.53%) reported Q4 EPS and revenues which beat expectations at $0.41 and $513.3 million, respectively. The company also guided Q1 EPS in-line at $0.31-0.33 on revenues of $486-498 million. The company also guided FY16 EPS of $1.35-1.45 and revenues of $1.98-2.03 billion.
Cheetah Mobile (CMCM 18.14, +0.97 +5.65%) reported Q3 EPS of RMB 0.79 on revenues which rose 110.7% year-over-year to RMB 1.01 billion. The company guided in-line for Q4 revenues of RMB 1.11-1.16 billion.
Agilent (A 38.38, +1.05 +2.81%) reported Q4 EPS which beat expectations at $0.50 on in-line revenues of $1.03 billion. The company also guided worse than expected for the Q1 and FY16 periods. For Q1, EPS is expected to be in the range of $0.42-0.44 and revenues in the range of $1.0-1.02 billion. For FY16, EPS is expected in the range of $1.85-1.91 and revenues are expected in the range of $4.15-4.17 billion.
Kulicke & Soffa (KLIC 10.70, -0.39 -3.52%) reported Q4 EPS of $0.13 on revenues which beat expectations but fell 38.8% year-over-year to $119.2 million. The company issued downside guidance for Q1 revenues in the range of $90-100 million.
Analyst actions:
YNDX was upgraded to Overweight from Equal Weight at Morgan Stanley,
EXLS was upgraded to Buy from Neutral at BofA/Merrill;
LEJU was downgraded to Neutral from Buy at BofA/Merrill,
AMX was downgraded to Neutral from Outperform at Macquarie,
IMOS was downgraded to Equal Weight from Overweight at Morgan Stanley
4:10 pm : The stock market finished the day on a flat note after enjoying an opening rally that briefly placed the S&P 500 (-0.1%) above its 200-day moving average (2,064). The benchmark index was up around 0.7% during late morning action, but steady afternoon selling ensured a lower finish.
The second-half retreat accelerated after police officials in Hanover, Germany confirmed that a credible bomb threat forced the cancellation of a soccer match between Germany and the Netherlands. Press reports suggested that an emergency vehicle loaded with explosives was found at the soccer stadium, but this was refuted by the German Interior Minister just before the market closed for the day.
Treasuries notched their highs in reaction to the news, but to be fair, they spent the day in a steady climb off their lows that were set around 10:30 ET. The 10-yr note ended the day with a modest gain, pressuring its yield two basis points to 2.26% after testing the 2.31% level during morning action.
Six sectors ended the day with losses while health care (+0.4%) ended in the lead thanks to daylong strength in biotechnology. To that point, the iShares Nasdaq Biotechnology ETF (IBB 329.14, +4.25) gained 1.3%, helping keep the Nasdaq Composite ahead of the broader market. However, that was a small victory considering the Nasdaq returned to its flat line as large cap tech sector (unch) components struggled, overshadowing a good showing from the chipmaker space where the PHLX Semiconductor Index gained 0.6%.
Similar to technology, most cyclical sectors ended the day with modest losses while energy (-1.1%) underperformed notably. The growth-sensitive sector struggled from the start after surging more than 3.0% on Monday. As for today, the sector retreated while crude oil lost 2.4%, ending the pit session at $40.74/bbl.
Although the energy sector posted a notable loss, the group still ended ahead of the utilities sector, which lagged throughout the day, settling lower by 1.8%. Elsewhere among countercyclical groups, the consumer staples sector ended flat, masking a 3.5% spike in the shares of Wal-Mart (WMT 59.92, +2.05) after the retail giant reported a one-cent beat. Meanwhile, another retailer-Home Depot (HD 126.18, +5.34)-also had a solid showing, spiking 4.4%, in reaction to better than expected results, but the consumer discretionary sector was limited to a slim gain of 0.2%.
In other earnings of note, Dick's Sporting Goods (DKS 36.96, -3.85) tumbled 9.4% after missing estimates and lowering its guidance. The report cast a pall over apparel retailers with the likes of Under Armour (UA 84.99, -5.01), Finish Line (FINL 15.52, -0.40), and Lululemon (LULU 44.09, -1.15) falling between 2.5% and 5.6%.
Today's session generated above-average activity with more than a billion shares changing hands at the NYSE floor.
Economic data included CPI, Industrial Production, and NAHB Housing Market Index:
The October Consumer Price Index was right in-line with expectations. Both total CPI and core CPI, which excludes food and energy, increased 0.2%.
Total CPI is up 0.2% year-over-year on an unadjusted basis while core CPI is up 1.9%, which is steady with the year-over-year change seen in September
October Industrial Production declined 0.2% on top of an unrevised 0.2% decline in September while the Briefing.com consensus estimate called for a 0.1% increase
Total industrial production is up 0.3% year-over-year
The October weakness was driven entirely by the mining and utilities groups, which saw output decline 1.5% and 2.5%, respectively, while manufacturing output increased 0.4%, which was the biggest gain since a 1.0% jump in July and the first increase in the last three months
The NAHB Housing Market Index for November fell to 62 from an upwardly revised 65 (from 64) while the Briefing.com consensus expected the reading to come in at 64.5
Tomorrow, the weekly MBA Mortgage Index will be released at 7:00 ET while October Housing Starts (Briefing.com consensus 1.173 million) and Building Permits (consensus 1.137 million) will be reported at 8:30 ET. Also of note, the Federal Reserve will release the minutes from its October meeting at 14:00 ET.
Nasdaq Composite +5.3% YTD
S&P 500 -0.4% YTD
Dow Jones Industrial Average -1.9% YTD
Russell 2000 -4.2% YTD
DJ30 +6.49 NASDAQ +1.40 SP500 -2.75 NASDAQ Adv/Vol/Dec 1313/1.70 bln/1518 NYSE Adv/Vol/Dec 1122/1.05 bln/1929
3:20 pm :
The dollar index trended near the flat-line in early morning trade, following the release of in-line US CPI and Core CPI data sets (showing +0.2% growth)
As the session progressed the index saw a moderate rally- which exacerbated prior sell-offs in WTI, precious metals and copper- and is now +0.2% to 99.68
Crude Oil followed its early trend-as sentiment ahead of tonight's API and tomorrow's EIA inventory reports caused a pullback from yesterday's positive close
January WTI closed -2.3% to $40.74/barrel
Natural gas got pummeled in early trading (on weather-related demand drivers) before lifting mid-session to close modestly negative at -0.8% to $2.37/MMBtu
Precious metals and copper closed lower: Gold on the dollar's strength, and silver/copper on Asian industrial demand concerns.
Gold closed -1.4% to $1068.60/oz, silver closed -0.4% to $14.17/oz and copper fell -0.9% to $2.10/lb
11:51 am Stocks/ETFs that traded to new 52 week highs/lows this session - New lows (167) outpacing new highs (43) (SCANX) : Stocks that traded to 52 week highs: ALKS, BCOM, BDGE, BMA, BOCH, BT, CCRN, COST, CUBE, DSGX, EDUC, EGHT, ENZ, ESLT, FBC, FLIC, GPN, HPY, JBT, JKHY, JRVR, LOXO, MITK, MMAC, NCTY, NUAN, NXST, OLBK, OME, OMI, PBY, PCBK, PCL, PE, RNG, RTN, SBGI, SPKE, SVT, TMP, VII, VRSN, WFBI
Stocks that traded to 52 week lows: AAMC, ACP, ACSF, ACTA, ACTG, AGFS, APPS, APT, ARDC, ASA, ASUR, ATI, AUPH, AVNW, BBW, BEBE, BKE, BONT, BOOT, CADC, CDE, CGIX, CHCI, CIDM, CLUB, CLVS, CNIT, CNL, CPST, DAR, DDC, DECK, DKS, DSCO, DTEA, DXI, DXYN, EFF, EGLE, EMAN, EMG, EMITF, ESEA, EVAR, EVER, EVRI, FCFS, FENX, FINL, FIVE, FORK, FREE, FSAM, FTGC, FUEL, GARS, GASS, GCO, GDP, GFI, GILT, GLBS, GLP, GLRE, GMCR, GOGL, GPS, GSL, GTIM, GYRO, HAIN, HIBB, HMY, HNSN, ICLD, IMN, INOV, IPHS, JGW, KOOL, KTCC, KURA, LENS, LEU, LLEX, LLNW, LULU, LXFR, MCUR, MDVX, MEMP, MIFI, MSB, MTRN, NBG, NC, NETE, NMBL, NNI, NSPH, OCC, ORN, OSIR, OSTK, OXLC, OZM, PBYI, PCOM, PDVW, PED, PEIX, PERY, PETX, PFMT, PII, PRGN, PVH, PXS, QBAK, RAS, RAVE, REV, RGLD, RMCF, RNO, ROKA, ROSG, RTIX, RTK, SBRA, SBY, SIEN, SNMX, SPXC, SSY, SSYS, SUNE, TAS, TASR, TC, TERP, TIME, TLYS, TOO, TUMI, TWER, URBN, URG, UUUU, VALE, VALE.P, VCEL, VFC, VRX, VVR, WAIR, WILC, WILN, WLB, WPG, WRK, WTT, WWW, X, XGTI, XHR, ZHNE
ETFs that traded to 52 week highs: none
ETFs that traded to 52 week lows: DBB, FXF, GLD, IAU, PPLT, XME
9:01 am QLogic announces approval of a $125 mln stock repurchase program (QLGC) :
Co announces that its Board of directors has authorized a program to repurchase up to $125 million of the company's outstanding common stock over a period of up to two years from the initial purchase under the new program.
8:34 am Marvell submits compliance plan to NASDAQ which it says supports its request for an extension of time to March 8 to regain compliance with continued listing requirements (MRVL) : Marvell also announced that it currently anticipates issuing preliminary financial information for the third fiscal quarter ended October 31, 2015 by early Decembe
8:12 am JA Solar --CORRECTION-- Co beats by $0.44 per ADS; beats on revs (JASO) :
Earlier we reported the co missed by $0.10 but that was incorrect. The co earned $0.68 on a Non-GAAP per ADS basis. We reported the net income number of $0.14 which was not comparable to the consensus number. We have removed the original post.
Reports Q3 (Sep) earnings of $0.68 per share, $0.44 better than the Capital IQ Consensus of $0.24; revenues rose 22.1% year/year to $600.96 mln vs the $512.37 mln Capital IQ Consensus. Total shipments were 1,126.8 megawatts, an increase of 43.5% y/y and 42.5% sequentially; Shipments of modules and module tolling were 1,073.8 MW, an increase of 54.8% y/y and 49.7% sequentially; Shipments of cells and cell tolling were 53.0 MW, a decrease of 42.3% y/y and 27.8% sequentially.
Gross margin was 17.7%, an increase of 270 basis points y/y and 130 basis points sequentially.
"Strong demand in China continued to drive shipment growth, as China represented 53% of our total shipments during the quarter".
For the fourth quarter of 2015, the Company expects total cell and module shipments to be in the range of 1.1 GW to 1.2 GW. Due to strong customer demand, the Company now expects to ship less than 100 MW of modules to its downstream projects in 2015.
7:33 am ReneSola beats by $0.10, beats on revs; guides Q4 revs in-line (SOL) :
Reports Q3 (Sep) earnings of $0.08 per share, excluding non-recurring items, $0.10 better than the two analyst estimate of ($0.02); revenues fell 1.2% year/year to $368.2 mln vs the $340.02 mln two analyst estimate. Gross profit of $59.3 million was up 33.6% q/q and 3.9% y/y. Gross margin expanded to 16.1% when compared to the third quarter of 2014, but was down slightly sequentially. During the third quarter, total solar module shipments were 405.5 MW, representing an increase of 25.9% from Q2 2015. Total wafer shipments were 341.6MW, up 21.3% q/q and 69.4% y/y.Co issues in-line guidance for Q4, sees Q4 revs of $275-295 mln vs. $278.62 mln two analyst estimate.Gross margin in the range of 17% to 18%
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