From Briefing.com: The broader market closed the session with losses across the board. The Dow Jones Industrial Average led the way lower, losing 162.51 points (-0.92%) on the day to close 17568.00. The S&P 500 followed, down about 13.48 points (-0.65%) to 2063.59. The Nasdaq Composite closed just barely in the red, albeit losing 3.57 points (-0.07%) as the bell rang to end 5098.24. Market data today was limited to the October Job Openings and Labor Turnover Survey, which showed that job openings declined to 5.383 million from a revised mark of 5.534 (from 5.526 million).
In Asian markets, China reported disappointing trade data as the November surplus narrowed to $54.10 billion (expected surplus of $63.60 billion) with exports falling 6.8% year-over-year. The news rekindled concerns about the pace of global growth, which has pressured commodities. As such, the QQQC and the CQQQ both finished in the red, down about 2.1% and 0.5% respectively. For context, both the Nikkei (-1.04%) and the Hang Seng (-1.34%) closed in the red today.
Technology (XLK 44.24, -0.11 -0.25%) traded to lows of the day as the session got underway, but regained some of those losses as Tuesday progressed. Component Qualcomm (QCOM 49.48, -2.95 -5.63%) was active as the company received and subsequently responded to two Statements of Objections from the European Union. Other sectors closed as such -- IYZ +0.37%, XLV +0.22%, XLU -0.14%, XLP -0.26%, XLY -0.30%, XLE -1.03%, XLF -1.26%, XLI -1.60%, XLB -1.89%.
Semi (SOX 679.03, -5.82 -0.85%) names were again among the most actively traded today as component Fairchild Semi (FCS 20.62, +1.09 +5.58%) acknowledged the receipt of an unsolicited proposal to be acquired for $21.70 per share in cash. Other names which closed lower with the sector included MRVL -7.37%, CAVM -4.09%, MXIM -2.81%, SUNE -1.71%, MU -1.68%, LLTC -1.38%, TXN -1.17%, CREE -1.09%.
In the S&P 500 Information Technology sector (), action turned lower quickly as the session began, and broader market weakness kept a lid on the sector the entire day. Component Lam Research (LRCX 80.40, +2.51 +3.22%) posted gains as shares were added to the US 1 List at BofA/Merrill premarket.
Other notable news items among sector components:
IBM (IBM 138.05, -1.49 -1.07%) acquired cloud based video service provider, Clearleap, Inc. Financial terms of the deal were not disclosed.
FIS (FIS 63.05, -0.46 -0.72%) announced the resolution and dismissal of patent infringement claims brought against the company by Fiserv (FISV 94.67, +0.07 +0.07%) in 2012.
Cognizant (CTSH 62.01, +0.01 +0.02%) announced a commitment of $40 million (Rs 260 crore) to help residents, its employees and business partners in Chennai, India, with relief and rehabilitation in the aftermath of recent flooding.
Qualcomm (QCOM): The EU sent two Statements of Objections on exclusivity payments and predatory pricing to QCOM.
QCOM later responded to the EU documents, stating the company requests information from Taiwan Fair Trade Commission and that its practices have always complied with European competition laws.
eBay Enterprise (EBAY unit 28.78, -0.26 -0.91%) announced Designer Shoe Warehouse (DSW 23.31, -0.19 -0.81%) successfully implemented eBay Enterprise In-Store Pickup and Ship-to Store in 467 stores. The addition of In-Store Pickup and Ship-to Store represents a major milestone in DSW's omnichannel journey and customer-centric goal to deliver any shoe, anywhere, any time.
Elsewhere in the technology space:
Fairchild Semi (FCS) acknowledged the receipt of an unsolicited proposal to be acquired for $21.70 per share in cash. The company said the Board will review and consider the proposal.
L-3 Communications (LLL 124.21, -1.27 -1.01%) to sell its National Security Solutions Business to CACI International (CACI 103.03, +3.68 +3.70%) for $550 million in cash.
InterCloud Systems (ICLD 1.15, -0.13 -10.16%) commenced a review of its strategic alternatives in response to the receipt of multiple unsolicited offers to purchase certain of its key assets.
TerraForm Power (TERP 8.66, +0.58 +7.18%) David Tepper's Appaloosa boosted its active stake to 9.5% (Prior 9.25%). The firm also sent a letter to the company's CEO Brian Wuebbels following meeting, as they believe Vivint Solar's (VSLR 8.39, -0.17 -1.99%) transaction poses a serious threat to TERPs prospects.
Harmonic (HLIT 4.49, -0.76 -14.48%) signed a binding offer to acquire Thomson Video Networks for $90 million. The company also announced a $125 million private offering of senior notes due 2020.
RigNet (RNET 21.78, +0.54 +2.54%) was awarded a new master services agreement with a leading US independent oil and gas operator for the delivery of communications systems and infrastructure.
Inventergy (INVT 1.31, +0.32 +32.73%) announced a 1:10 reverse stock split. The split reduced the number of outstanding shares of the company's common stock from about 42.2 million shares to about 4.2 million shares.
Flex (FLEX 10.94, -0.19 -1.71%) acquired product development company Farm Design. Financial details of the deal were not disclosed.
GrubHub (GRUB 24.17, -0.05 -0.21%) acquired Delivered Dish. Financial terms of the deal were not disclosed.
Benchmark Electronics (BHE 21.46, +0.27 +1.27%) authorized and additional $100 million share repurchase program.
Analyst actions:
A and FEIC were upgraded to Buy from Neutral at Goldman,
FEYE was upgraded to Buy from Neutral at Citigroup;
WBMD was downgraded to Outperform from Top Pick at RBC Capital Mkts,
MTSN was downgraded to Hold from Buy at Craig Hallum
5:42 pm SunPower announces intention to offer $350 mln aggregate principal amount of senior convertible debentures (SPWR) : Co intends to use the net proceeds from the offering for general corporate purposes, including, but not limited to, pursuing its HoldCo and YieldCo strategies, capital expenditures, working capital, retirement of existing indebtedness and to fund potential acquisitions of complementary businesses.
4:20 pm Analogic reports Q1 in-line with downside preannouncement; reaffirms lowered guidance (ALOG) :
Reports Q1 (Oct) earnings of $0.55 per share, excluding non-recurring items, in-line with the Capital IQ Consensus of $0.55; revenues fell 2.8% year/year to $115 mln vs the $115 mln two analyst estimate. Co guided for Q1 EPS of $0.55 vs. $0.77 consensus, rev $115 mln vs. $122.3 mln consensus on Novemer 18. "As we previously announced, our first quarter revenue was impacted by delays in revenue recognition, timing of new product introductions and foreign currency. In fiscal 2016 we expect a return to growth in the second half, yielding low-single-digit revenue growth for the year. With our focus on costs, we continue to expect an improvement in non-GAAP operating margin of ~1 pt."
3:16 pm Sigma Designs beats by $0.04, reports revs in-line (SIGM) :
Reports Q3 (Oct) earnings of $0.13 per share, excluding non-recurring items, $0.04 better than the Capital IQ Consensus of $0.09; revenues rose 14.5% year/year to $61.6 mln vs the $61.55 mln Capital IQ Consensus. Q3 Non-GAAP gross margin was 51.7%. This compares with 51.4% in Q3 of last year. The sequential improvement in non-GAAP gross margin was due primarily to product mix.
4:05 pm : The stock market endured a shaky session on Tuesday, but the key indices managed to recover a portion of their losses by the close. The S&P 500 settled in the middle of its trading range, surrendering 0.7%, while the Nasdaq Composite (-0.1%) outperformed throughout the day.
Equity indices began the day under heavy pressure after the overnight session featured some disappointing economic data from China. Specifically, the country's November trade surplus narrowed to $54.10 billion from $61.64 billion (expected surplus of $63.30 billion) as exports fell 6.8% year-over-year (consensus -5.0%; previous -6.9%) and imports declined 8.7% (expected -12.6%; last -18.8%).
The smaller than expected trade surplus re-invited the same global growth concerns that have been plaguing the market throughout the year. Accordingly, commodities retreated with crude oil falling more than 2.0% before pulling back. The energy component made a brief appearance in the green, but could not avoid a lower close, slipping 0.3% to $37.51/bbl after marking a session low near $36.64/bbl.
The rebound in crude helped alleviate some of the pressure in the stock market, but the S&P 500 could not return above its 200-day moving average (2,064), which served as resistance.
Nine of ten sectors ended in the red while health care (+0.2%) eked out a slim gain thanks to relative strength in biotechnology. The iShares Nasdaq Biotechnology ETF (IBB 330.59, +6.31) rallied 2.0%, which helped the Nasdaq end the day near its flat line.
Similarly, the technology sector (-0.2%) contributed to the relative strength in the Nasdaq, but the top-weighted sector could not stay out of the red as high-beta chipmaker names weighed. To that point, the PHLX Semiconductor Index fell 0.9%.
Unlike technology, most of the remaining cyclical sectors ended among the laggards with energy (-1.5%) widening this week's decline to 5.1% while the industrial sector (-1.6%) was pressured by transport stocks. The Dow Jones Transportation Average tumbled 2.8% with Southwest Air (LUV 45.04, -4.47) diving 9.0% after the company lowered its Q4 on unit revenue guidance.
Treasuries notched their highs during the opening retreat in the stock market, but the 10-yr note slipped into the red in the late afternoon, pushing its yield up one basis point to 2.23%.
Today's participation was a bit above average as more than 915 million shares changed hands at the NYSE floor.
Economic data was limited to the October Job Openings and Labor Turnover Survey, which showed that job openings decreased to 5.383 million from a revised reading of 5.534 million (from 5.526 million).
Tomorrow's economic data will include the 7:00 ET release of the weekly MBA Mortgage Index and the October Wholesale Inventories report (Briefing.com consensus 0.1%), which will be released at 10:00 ET.
Nasdaq Composite +7.7% YTD
S&P 500 +0.2% YTD
Dow Jones Industrial Average -1.4% YTD
Russell 2000 -3.6% YTD
DJ30 -161.64 NASDAQ -3.57 SP500 -13.47 NASDAQ Adv/Vol/Dec 1148/1.73 bln/1737 NYSE Adv/Vol/Dec 1013/931.6 mln/2078
3:40 pm :
The dollar index slid lower today, which helped give some commodities some strength
After almost running $2/barrel to $38.58/barrel this morning, Jan crude oil reverse and consolidated in afternoon trade, closing the day out at $37.51/barrel, down $0.12.
Jan natural gas recovered and closed today's session unchanged at $2.07/MMBtu
Gold and silver remained consolidated today following overnight losses
Feb gold ended floor trading +$0.20 at $1075.50/oz, while Mar silver closed -1.5% at $14.13/oz
9:02 am Flex acquires product development company Farm Design; terms not disclosed (FLEX) : Farm Design is a full-service, ISO 13485-certified and FDA-compliant product development company with more than 40 years of experience providing complete development and design services for medical device and diagnostic companies
Dataram (DRAM) approved the reincorporation of the Company to the State of Nevada from the State of New Jersey. Granted the Board of Directors the authority, in its sole direction, to effect a reverse stock split of the co's issued and outstanding common stock by a ratio of not less than one-for-two and not more than one-for-ten at any time prior to December 3, 2016.
7:31 am Fairchild Semi acknowledges receipt of an unsolicited proposal to be acquired for $21.70/share in cash, says Board will review and consider the proposal (FCS) :
As previously announced on November 18, 2015, Fairchild entered into an Agreement and Plan of Merger, dated as of November 18, 2015, under which a wholly owned subsidiary of ON Semiconductor (ON), has agreed to acquire all of the outstanding shares of Fairchild common stock for $20.00 per share in cash.
Fairchild's board of directors, in consultation with its legal and financial advisors, will carefully review and consider the Proposal. Fairchild remains subject to the Merger Agreement and Fairchild's board of directors has not changed its recommendation in support of the Merger Agreement.
7:03 am Canadian Solar secures a new $97.2 mln senior non-recourse project finance credit facility, for the construction of the Kumamoto Mashiki solar power plant in Japan (CSIQ) :
6:24 am Qualcomm responds to two Statements of Objections from the European Commission, announces request of information from Taiwan Fair Trade Commission (QCOM) :
Co issued a statement responding to the two Statements of Objections from the European Commission relating to separate matters involving its chipset business "We look forward to demonstrating that competition in the sale of wireless chips has been and remains strong and dynamic, and that Qualcomm's sales practices have always complied with European competition law."
Separately, the co disclosed that the Taiwan Fair Trade Commission has requested information from Qualcomm, and has initiated an investigation into whether the co's patent licensing arrangements violate the Taiwan Fair Trade Act. This matter is in its early stages. The co believes it complies with the Act and will cooperate with the TFTC's investigation.Dialog Semiconductor (DLGNF) announced its support for WeChat's communications protocol, with the launch of Dialog's WeChat SDK. STMicroelectronics (STM) announced that its efforts to enrich the IoT development ecosystem have been further strengthened by the recent adoption of its STM32 Nucleo Development Kit by the School of Electronics Engineering and Computer Science at Peking University and for the Xiao Gang Pao IoT development system by JUMA, an IoT software platform company.
4:13 am Benchmark Electronics authorizes additional $100 mln share repurchase program (BHE) :
Co announced its Board of Directors approved the repurchase of up to an additional $100 million of the Company's outstanding shares of common stock.
This repurchase program is in addition to the current 2014 repurchase program, which also authorized the Company to purchase up to $100 million of its outstanding common shares.
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