From Briefing.com: The broader market action began the week notably lower. Declines come following a back and forth end to last week which saw Thursday and Friday exchange losses and gains, respectively. The markets closed with the Nasdaq Composite leading the way lower when it was all said and done. The index shed 40.46 points (-0.79%) today to 5101.81. The S&P 500 closed off Friday's highs lower by 14.62 points (-0.70%) to 2077.07. The Dow Jones Industrial Average posted the most shallow of losses among the three, declining 117.12 points (-0.66%) to 17730.51 even as WTI Crude Oil Futures lost 5.9% to close at $37.63/barrel. The sole market data out today came at 3 p.m. ET when October Consumer Credit was released to show an increase of $16.0 billion.
In the Technology (XLK 44.35, -0.22 -0.49%) sector, Monday trading slightly off session lows as the slight gains in the broader market as the bell rang allowed the tech space to escape modestly lower. On the session, MU -4.19%, ADBE -3.22%, TDC -3.10%, XRX -2.96%, MSI -2.40%, ADSK -2.36% underperformed other components while STX +1.89%, CTL +1.57%, WIN +1.03%, AVGO +0.86% managed to withstand the broader market action. Other sectors closed XLU +0.45%, XLP +0.28%, XLY -0.42%, IYZ -0.44%, XLI -0.49%, XLV -0.56%, XLF -0.93%, XLB -1.79%, XLE -3.80%.
Internet (FDN 76.12, -0.99 -1.28%) names were among the worst performers today as the sector succumbed to broader market selling. Component Groupon (GRPN 2.86, -0.20 -6.54%) was especially weak as the company announced on Friday night that Jay Sullivan was appointed as Chief Product Officer and that Chief Technology Officer Sri Viswanath will resign.
The S&P 500 Information Technology sector (745.99, -4.27 -0.57%) outperformed the S&P 500 as a whole with trading only edging above flat lines only as the session began. Components like PYPL -1.29%, V -1.06%, EBAY -1.02%, TXN -0.90%, MA -0.89%, ORCL -0.87%, GOOGL -0.80%, YHOO -0.66%, AAPL -0.63% could not stay out of the red, while QCOM +0.17%, INTC +0.14%, JNPR +0.10%, GLW +0.06%, CSCO +0.04% managed slight gains.
Other notable news items among sector components:
Analog Devices (ADI 58.50, -0.71 -1.20%) updated its prior net interest expense disclosure following its $850 million senior unsecured note offering.
In connection with their previously announced business combination transaction, Avago Tech (AVGO 148.83, +1.27 +0.86%) and Broadcom (BRCM 57.77, +0.25 +0.43%) announced that they intend to commence the election period for BRCM shareholders on or about Dec. 11, 2015 in preparation for a transaction closing targeted for Feb. 1, 2016. They also announced that all regulatory approvals that are a condition to closing under the merger agreement have been obtained.
Harris (HRS 83.84, -0.43 -0.51%) was awarded an $800 million expeditionary warfare IDIQ contract from the US Army.
Elsewhere in the technology space:
AT&T (T 34.28, +0.17 +0.48%) employees represented by the Communications Workers of America vote to ratify four-year contract with AT&T Southeast wireline operations.
Cvent (CVT 36.88, +0.55 +0.14%) announced the sale of its consumer ticketing assets to Vendini, Inc. The company does not expect the divestiture to have a significant impact on previously provided guidance for adjusted EBITDA and non-GAAP net income.
Vringo (VRNG 2.87, -0.34 -10.59%) reached a settlement with ZTE Corp (ZTCOF 2.13, -0.23 -9.75%). ZTE will pay VRNG a lump sum of $21.5 million, ZTE granted worldwide license of certain patents.
Groupon (GRPN) announced that Jay Sullivan was appointed as Chief Product Officer. The company also disclosed that Chief Technology Officer Sri Viswanath will resign.
GoDaddy (GDDY 33.94, +1.26 +3.86%) acquired the majority of domain names in the Worldwide Media domain portfolio. Financial terms were not disclosed.
Nxt-ID (NXTD 0.36, -0.40 -10.00%) received a non-compliance notice from Nasdaq relating to the minimum bid price requirement. The company has until May 31 to regain compliance.
Comtech Telecom (CMTL 21.48, -0.26 -1.20%) subsidiary Typhoon Acquisition commenced a tender offer for TeleCommunication Systems (TSYS 4.96, +0.01 +0.20%) at $5.00 per share.
ePlus (PLUS 88.69, +0.40 +0.45%) acquired the businesses of IGX Acquisition Global. Financial terms of the deal were not disclosed.
Lantronix (LTRX 1.15, +0.03 +2.68%) appointed Jeffrey Benck President and CEO effective immediately.
FARO Tech (FARO 29.54, -0.44 -1.47%) announced the appointment of Dr. Simon Raab as Interim President and CEO.
Jiayuan.com (DATE 7.34, +0.34 +4.86%) to be acquired by LoveWorld Inc. for $7.56/share.
Analyst actions:
MSI was downgraded to Hold from Buy at Gabelli & Co,
ARMH was downgraded to Market Perform from Outperform at Northland Capital
(Disclosure: Briefing.com has a business relationship with Yahoo!)
4:10 pm : The major averages began the trading week on a cautious note with the Dow (-0.7%), Nasdaq (-0.8%), and S&P 500 (-0.7%) registering comparable losses.
Equity indices retreated through the first two hours of the trading day and the lack of intraday bargain hunting kept the key averages near their lows into the afternoon. The S&P 500 erased a third of its advance from Friday, but managed to settle above its 200-day moving average (2,065).
Cyclical sectors were at the forefront of today's retreat with energy (-3.7%) diving to the bottom of the leaderboard at the start of the trading day. The growth-sensitive group accelerated its slide during the late morning as crude oil cracked a new low for the year, dipping beneath the $38.00/bbl mark. The energy component settled lower by 5.9% at $37.63/bbl after sliding from its overnight high near $39.75/bbl.
Similarly, the other commodity-related sector-materials (-1.8%)-also settled well behind the broader market while other cyclical groups posted slimmer losses. For instance, the industrial sector (-0.4%) ended ahead of the S&P 500 with airlines contributing to the relative strength. Delta Air Lines (DAL 51.78, +2.00) was a standout performer, spiking 4.0%, but the Dow Jones Transportation Average (-0.9%) settled behind the S&P 500 as losses in most DJTA components overshadowed gains in airline names.
Likewise, the consumer discretionary sector (-0.5%) ended ahead of the broader market with restaurant names showing general strength, which masked a 1.7% drop in the shares of Chipotle Mexican Grill (CMG 551.75, -9.45) after the company forecast a decline in Q4 comparable sales stemming from the recent E. coli incident. Furthermore, the stock was downgraded at Cowen and Guggenheim following the guidance update.
Meanwhile, the consumer staples sector (+0.3%) held a modest gain throughout the day, largely thanks to a 72.0% surge in Keurig Green Mountain (GMCR 88.89, +37.19) after the company agreed to be acquired by an investor group led by JAB Holding Company for $92/share, which translates to roughly $13.90 billion.
Similar to consumer staples, utilities (+0.3%) and telecom services (+0.6%) posted gains while the fourth countercyclical sector-health care (-0.6%)-could not make it out of the red.
Treasuries climbed throughout the morning to end the day near their highs with the 10-yr yield down four basis points at 2.23%.
Today's retreat invited above-average participation with more than 925 million shares changing hands at the NYSE floor.
Economic data was limited to the Consumer Credit report which showed a $16.00 billion increase in October, bolstered almost entirely by a $15.80 billion increase in nonrevolving credit. The Briefing.com consensus estimate expected consumer credit to increase by $18.60 billion. The change in September consumer credit was revised slightly lower to $28.50 billion from $28.90 billion.
Tomorrow's data will be limited to the October Job Openings and Labor Turnover Survey, which will be released at 10:00 ET.
Nasdaq Composite +7.7% YTD
S&P 500 +0.9% YTD
Dow Jones Industrial Average -0.5% YTD
Russell 2000 -3.0% YTD
DJ30 -117.12 NASDAQ -40.46 SP500 -14.65 NASDAQ Adv/Vol/Dec 656/1.77 bln/2253 NYSE Adv/Vol/Dec 608/927.7 mln/2477
3:35 pm :
Commodities took a hit today, especially the energy space
WTI crude oil futures lost 5.9% to close at $37.63/barrel, which follows weakness from Friday's OPEC meeting
Jan nat gas lost 5%, on current weather outlooks, to close at $2.07/MMBtu
Metals posted more modest losses
Feb gold fell 0.8% today to close at $1075.30/oz, while Mar silver lost -1.2% to $14.35/oz
Mar copper traded -1.9% to $2.04/lb today
9:03 am Flex announces an exchange offer for up to $600 mln of its unregistered 4.750% Notes due 2025, for registered, equivalent notes of the same type, coupon and maturity (FLEX) :
9:00 am NXP Semi closes Freescale (FSL) acquisition; reaffirms deal expected to be accretive to non-GAAP earnings in 2016, and NXP anticipates achieving cost savings of $200 mln in 2016 with a clear path to $500 mln of annual cost synergies (NXPI) :
In connection with their previously announced business combination transaction, Avago Technologies Limited (AVGO) and Broadcom Corporation (BRCM) announced that they intend to commence the election period for Broadcom shareholders on or about December 11, 2015 in preparation for a transaction closing targeted for February 1, 2016. They also announced that all regulatory approvals that are a condition to closing under the merger agreement have been obtained.
8:38 am Marvell follow-up: MRVL guides below consensus; still in the process of assessing which transactions should be considered as "pull-in" transactions (MRVL) :
Co issues downside guidance for Q3 (Oct), sees EPS of $0.05 vs. $0.14 Capital IQ Consensus Estimate; sees Q3 (Oct) revs of $674 mln vs. $732.85 mln Capital IQ Consensus Estimate. Q3 non-GAAP gross margin percentage was 46.1%, compared to 48.9% in 2Q16 and 51% in 3Q15.
In Q3, storage revenue declined 16% sequentially reflecting lower demand from HDD customers but was offset slightly by better-than-expected SSD controller sales. Networking revenue in the third quarter of fiscal 2016 declined 8% sequentially reflecting continued weak demand for enterprise networking products while mobile and wireless revenue grew 15% sequentially on stronger smartphone demand, particularly in the low-end.
MRVL anticipates mobile handset platform-related revenue to decline through fiscal year 2017 due to the restructuring actions announced on September 24, 2015.
MRVL is in the process of assessing which transactions should be considered as "pull-in" transactions for which revenue is properly recognized in a quarter but would have been expected to be received and earned in the subsequent quarter. This process includes continued assessment of the amount of revenue recognized in the second quarter of fiscal 2016 derived from pull-in transactions, which is subject to the Audit Committee's investigation. Although the Company believes revenue attributable to "pull-ins" was properly recognized in the second and third quarters of fiscal 2016, the amount of "pull-ins" has had an impact on the revenue attributable to each such quarter.
MRVL is halted, resumes trading at 9:00 ET.
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