From Briefing.com: On the final trading day of November, the broader market finished in the red. Losses were led by the S&P 500, which lost 9.70 points today (-0.46%) to 2080.41. The Dow Jones Industrial Average closed 78.57 points lower (-0.44%) to 17719.92, and the Nasdaq Composite was also lower, down 18.86 points (-.0.37%) to 5108.67. Market data today came in the form of Chicago PMI for November of 48.7 from 56.2 in October, and Pending home sales for October which rose 0.2%.
At the end of the action today, Technology (XLK 43.96, +0.05 +0.11%) was slightly higher. Shares of Computer Sciences (CSC 31.33, +2.42 +8.37%) were active today as the company completed its spin-off of CSRA (CSRA 30.47, +1.26 +4.31%), and announced quarterly dividends for both companies. Also in the green today despite the broader market action was Seagate Tech (STX 35.94, +1.32 +3.81%) which gained following a positive Barron's mention.
On the back of the IMF's addition of the Chinese yuan to the basket of currencies that form the Special Drawing Rights, or SDRs, Chinese Tech (CQQQ 36.92, +0.39 +1.07%) was strong today. Names like NQ Mobile (NQ 4.21, +0.24 +6.05%), Weibo (WB 18.60, +0.73 +4.09%) and 21Vianet (VNET 20.83, +0.85 +4.25%) were strong today despite the Nikkei -0.69%, and the Hang Seng -0.33% both finishing lower.
Ending the session weaker were Telecom (FCOM 26.78, -0.03 -0.11%) names as TMUS -3.77%, SHEN -3.30%, EGHT -2.88%, S -2.14%, VG -1.53% all closed in the red on no specific news.
The S&P 500 Information Technology (738.69, +0.39 +0.05%) sector barely managed gains as the sector fell to near flat lines, albeit edging higher. The sector managed to eke out gains in spite of the broader market action lower. Names like YHOO +2.64%, MU +2.44%, ADI +1.95%, EBAY +1.68%, SWKS +1.37%, MCHP +1.24%, WDC +1.10%, NVDA +1.05% outperformed the sector.
Other notable news items among sector components:
Swatch SA (SWGAY 17.44, +0.19 +1.13%) and Visa (V 79.01, -0.83 -1.04%) together with Visa Europe have signed an agreement giving eligible Visa cardholders in the U.S., Switzerland and Brazil the ability to tap and pay with Swatch's new pay-by-the-wrist watch, Swatch Bellamy. Slated to launch in early 2016, Swatch Bellamy can be used globally, anywhere contactless, NFC-based Visa payments are accepted.
Limelight Networks (LLNW 1.69, +0.01 +0.60%) filed a patent infringement lawsuit against Akamai (AKAM 57.61, -0.09 -0.50%) and XO Communications.
Elsewhere in the technology space:
NXP Semi (NXPI 93.46, +5.10 +5.77%) announced Peter Kelly, NXPI's current CFO, will retire in 2017. Subsequently, Dan Durn will become EVP and CFO of the company.
Integrated Silicon (ISSI 22.89, -0.01 -0.04%) received a favorable jury verdict in litigation brought by GSI Technology (GSIT 4.00, -0.19 -4.53%).
SuperCom (SPCB 4.60, -3.10 -40.26%) issued downside Q3 revenue guidance of $5.5-6.1 million due in part by the inability of the company to recognize more than $10 million of revenues with foreign government customers. The company noted it expects to recognize that revenue in 2016.
GigaMedia's (GIGM 0.67, +0.01 +1.52%) Chairman Mo-Na Chien announced his retirement effective December 1. Collin Hwang, the company's current CEO will assume the role of Chairman effective December 1. In addition, two Board members, King Wai Alfred Wong and Dirk Chi-Ching Chen will resign effective December 1.
B.O.S. Better Online Solutions (BOSC 2.23, -0.04 -1.76%) signed a definitive agreement for the acquisition of iDnext Ltd. The transaction consummation expected in January 2016.
Partner Comms (PTNR 4.44, -0.18 -3.90%) acknowledged the filing of two class action lawsuits against the company and its 012 Smile Telecom subsidiary.
Analyst actions:
MSFT was upgraded to Strong Buy from Mkt Perform at Raymond James,
ZAYO was upgraded to Outperform from Neutral at Macquarie;
CYOU, SOHU were downgraded to Sell from Neutral at Goldman
4:34 pm Market Internals (:MKTIN) :
S&P500 down to 2080 (-0.46%). Dow down to 17720 (-0.44%). Nasdaq down to 5109 (-0.37%). Action came on higherthan average volume (NYSE 1332 mln vs. avg. of 935; NASDAQ 2236 mln vs.avg. of 1903), with decliners outpacing advancers (NYSE 1382/1766,NASDAQ 1346/1531) and new highs outpacing new lows (NYSE 98/63,NASDAQ 132/50).
Relative Strength:
Gold Miners -GDX +2.08%, Oil Services -OIH +1.449%, Teucrium Corn ETV-CORN +1.29%, Semiconductor ET-SMH +1.11%, China Large-Cap -FXI +1.097%, Sweden -EWD +1.07%, S&P Metals & Mining -XME +1%, Thailand Capped In-THD +0.93%, Bank Plc iPath ETNs li-INP +0.84%, Global X Colombia -GXG +0.81%
Relative Weakness:
United States Diesel Heating Oi-UHN -5.55%, Coffee Sub-JO -4.03%, Rare Earth Strat-REMX -3.64%, Brazilian Real Strat-BZF -2.98%, Cotton Sub-BAL -2.3%, S&P Retail -XRT -2.24%, S&P Retail -XRT -2.24%, Global X FTSE Greece 20 -GREK -1.91%, Latin America 40 -ILF -1.865%, Indonesia -IDX -1.65%
4:10 pm : The stock market began the trading week on a modestly lower note with the S&P 500 surrendering 0.4% after spending the day in a 13-point range. Today's session marked the end of November, a month during which the S&P 500 added 0.1% while the Nasdaq Composite (+1.1% month-to-date) outperformed.
Equities held slim gains at the start of the trading day, but the early strength faded quickly, sending the S&P 500 below its flat line where the index remained into the afternoon. The S&P 500 tried to stage a rebound during afternoon action, but that move was followed by a slip to new lows. The benchmark index settled near its worst level of the day, masking gains in five of ten sectors.
For instance, energy (+0.4%) and technology (+0.1%) outperformed from the start, but their strength could not lift the overall market. The energy sector settled in the lead even though crude oil surrendered a solid intraday gain to end lower by 0.2% at $41.63/bbl. For the month, WTI crude tumbled 10.7% while the energy sector lost 0.8%.
As for technology, the top-weighted sector received support from chipmakers, evidenced by a 1.0% spike in the PHLX Semiconductor Index, which gained 2.2% for the month.
Similar to energy and technology, materials (+0.2%), utilities (+0.2%), and telecom services (+0.4%) posted gains, but it is worth noting that together the three sectors account for no more than 9.0% of the entire market.
On the downside, the health care sector (-1.3%) was pressured by daylong weakness in biotechnology as the iShares Nasdaq Biotechnology ETF (IBB 334.37, -6.64) surrendered 2.0%.
Elsewhere, consumer discretionary (-0.8%) and industrials (-0.7%) also struggled throughout the trading day. Retailers endured heavy selling amid reports of sluggish sales growth on Black Friday with SPDR S&P Retail ETF (XRT 44.57, -0.99) falling 2.2%. Even Target (TGT 72.51, -0.93) lost 1.3% despite making upbeat comments about the start of the holiday shopping season.
Staying in the discretionary space, Staples (SPLS 12.07, -0.24) ended lower by 2.0% after the New York Post reported the company's acquisition of Office Depot (ODP 6.59, -0.16) is likely to hit a regulatory road block.
Similar to stocks, Treasuries spent the day in a very narrow range. The 10-yr note held a modest loss during overnight action, but it ticked into the green in the morning to end on its high with the benchmark yield down one basis point at 2.21%.
On a separate note, the International Monetary Fund announced that China's yuan will be added to the special drawing rights basket, meaning five currencies will be represented in the SDR starting from October 1, 2016. Following the move, the yuan will make up almost 11.0% of the SDR, which is a smaller weighting than the currency had been expected to receive.
Today's intraday participation was very light, but a late surge in activity took place just before the closing bell to push the final NYSE floor volume above the 1.1 billion share mark.
Economic data included Chicago PMI and Pending Home Sales:
The Chicago Purchasing Managers Index for November dipped to 48.7 from 56.2 in October while the Briefing.com consensus expected a reading of 55.0
New orders were largely responsible for the pullback as the related index fell to 44.1, its lowest level since March, from 59.4 in October
Other components saw little change with Employment and Supplier Deliveries holding above 50 while Order Backlogs have remained below 50 for the tenth consecutive month, which represents ongoing contraction
Pending home sales for October rose 0.2% while the Briefing.com consensus expected an increase of 0.7%
Tomorrow, October Construction Spending (Briefing.com consensus 0.7%) and the November ISM Index (consensus 50.4) will both be released at 10:00 ET.
Nasdaq Composite +7.9% YTD
S&P 500 +1.1% YTD
Dow Jones Industrial Average -0.6% YTD
Russell 2000 -0.4% YTD
DJ30 -78.57 NASDAQ -18.86 SP500 -9.70 NASDAQ Adv/Vol/Dec 1347/2.04 bln/1536 NYSE Adv/Vol/Dec 1330/1.28 bln/1745
3:30 pm :
The dollar has traded higher all session, currently holding modest gains of +0.2% 100.21 to (down from mid-day highs near 100.30) following an underwhelming Chicago PMI figure this morning (48.7 vs. a 55 consensus) and ahead of tomorrow's ISM index reading- expected to be near 50.4.
Crude rallied mid-morning and into the early afternoon, reaching as high as $42.60/barrel, before slumping back to near-flat into the close.
Sentiment ahead of Friday's OPEC meeting and ahead of tonight's Chinese Manufacturing PMI figure drove sentiment throughout most of the day.
January Crude closed down 0.2% to $41.63/barrel. Meanwhile natural gas closed positive (+0.9% to $2.23/MMBtu)- largely on mildly bullish weather-driven demand sentiment.
Gold closed moderately higher at +0.6% to $1,065.3/oz- following a sustained rally that began in early trade. Silver closed near-flat at +0.1% to $14.09/oz
Copper fell by 1.4% to $2.06/lb
11:29 am Stocks/ETFs that traded to new 52 week highs/lows this session - New highs (173) outpacing new lows (71) (SCANX) : Stocks that traded to 52 week highs: AAAP, ABCB, ABTL, ACAS, ACXM, ADBE, AEGN, AFG, AFH, AHL, ALKS, ALLE, AMWD, AOS, AWR, AYI, BABY, BGS, BKCC, BOCH, BWXT, BXS, CASY, CBM, CBNJ, CBOE, CCRN, CHFC, CMN, CNCR, CORE, CPB, CRVL, CSC, CSFL, CUBE, CVI, DEA, DHIL, DPS, DSGX, EFII, EFX, EGHT, EIG, EME, EW, EXLS, EXR, EXTR, FBC, FCB, FCF, FFG, FIBK, FIVN, FIZZ, FMBI, FNBC, FPRX, FR, FRBK, FXCB, GABC, GDEN, GERN, GFF, GT, GVP, HFWA, HPY, HRL, IBCP, IBOC, IDTI, IHC, INST, INWK, IOSP, IT, JAXB, JBL, KCLI, KFY, KINS, KRNY, LANC, LAWS, LKFN, MAA, MANH, MBWM, MCBC, MDWD, MELR, METR, MGPI, MKC, MKTX, MLVF, MNST, MORE, MPWR, MRCY, MTN, NAII, NBBC, NBTB, NCTY, NHC, NSA, NTGR, NUTR, NVR, OME, OMI, ORMP, OSBC, PACEU, PBF, PE, PFBC, PLAB, POST, PPBI, PRTA, PSA, PSB, RENX, RNG, ROP, SASR, SBCF, SBNY, SFBS, SGBK, SHBI, SHOR, SKYY, SNA, SOCB, SPKE, SRI, STBA, STBZ, STL, STZ, TCBK, THFF, TLMR, TMP, TOWN, TOWR, TSN, TSS, TTC, TTS, UBSH, UDR, USLB, VGR, VNTV, VTN, WDFC, WFD, WK, WSFS, WTR, XLNX, XRS, XUE, YDKN, ZAGG
Stocks that traded to 52 week lows: ARDM, ATV, BBL, BHP, BSPM, BTU, CAR, CCCR, CCO, CHCI, CIB, DAVE, DPW, DRAM, DTRM, DYN, ESBK, FDEU, FELP, FWM, GDEF, GDP, GLNG, GRAM, HERO, HKTV, HNP, HTBX, I, IRS, ISHG, KMF, LUK, MIL, NCQ, NRG, NVS, NWPX, OCIP, OIBR, PBA, PERF, PRGN, PRXI, PSTI, PTXP, PXS, QAT, QKLS, REE, ROSG, SMLR, SPCB, SPTN, SQBG, STV, SWN, TC, TGA, TLN, UNXL, USEG, UUUU, VALE, VALE.P, VKTX, WPZ, WRES, XBIT, YLCO, ZX
ETFs that traded to 52 week highs: PSK, SKYY
ETFs that traded to 52 week lows: AFK, EPOL, KOL, PPLT
8:36 am Canadian Solar subsidiary closes on a combined construction and long term debt facility for ~$275 mln (CSIQ) : Southern Company subsidiary Southern Power announced the acquisition of a controlling interest in the 157-megawatt (MW) Roserock solar facility from Recurrent Energy, a subsidiary of Canadian Solar Inc., which will retain the remaining interest in the project. The project is expected to enter commercial operation in the fourth quarter of 2016.
8:03 am Integrated Silicon received favorable jury verdict in litigation brought by GSI Technology (GSIT) (ISSI) :
Following a four-week trial in San Jose, California, the jury rejected GSI's claims against ISSI, including trade secret misappropriation and unfair competition. Other GSI claims, including antitrust allegations, were dismissed in pre-trial rulings. "We invested a lot of time and effort to defend this case. However, after more than two years plus a several week jury trial, we are very pleased with this favorable verdict."
ISSI was represented in this litigation by Wilson Sonsini Goodrich & Rosati, P.C. The verdict remains subject to potential post-trial motions and/or a potential appeal by GSI.
4:38 am NXP Semi CFO to retire in 2017; appoints Dan Durn as replacement (NXPI) :
NXP Semiconductors announced that effective December 7, 2015 Dan Durn will become executive vice president and Chief Financial Officer of NXP.
Peter Kelly, NXP's current CFO, has expressed a desire to retire in 2017 and the appointment of Durn is part of the succession plan for the company.
Kelly will continue to be a key member of the NXP Management Team. In his new role Mr. Kelly will focus on Strategy and M&A, as well as ensuring a successful integration with Freescale.
Before joining NXP, Durn was senior vice president and CFO of Freescale Semiconductor (FSL)
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