From Briefing.com: The broader market closed today with modest losses as the midday bleeding was slowly regained as the session progressed. Futures took all three US indices lower at the open, and bell-to-bell, all three indices traded in negative territory. The S&P 500 led the way down, shedding 4.49 points (-0.22%) to 2056.50. The Nasdaq Composite was also down, lower by 7.51 points (-0.15%) to 5040.98, and the Dow Jones Industrial Average managed the most modest losses today, down 23.90 points (-0.14%) to 17528.27. Broader market action began the session lower as the overnight session saw the Chinese November Industrial Profits dip 1.4% year-over-year (previous -4.6%). In addition, Hong Kong's November trade deficit widened to HKD 33.10 billion from HKD 29.70 billion as exports fell 3.5% month-over-month and imports also declined 8.1% (last was 8.5%).
Weakness in China led to weakness in the oil market as names likes China Petroleum & Chemical, Petrochina, and CNOOC all finished in the red overnight. February Crude Oil Futures fell $1.24 (or -3.3%) to $36.86 per barrel. In Chinese Tech names, SMI -2.12%, ATHM -2.07%, NQ -2.01%, SINA -1.93%, NTES -1.15%, SOHU -1.09% closed the session in the red.
When the bell rang, Technology (XLK 43.22, -0.03 -0.07%) was lower, albeit modestly. Broader market action dictated the candles today, and components Cisco Systems (CSCO 27.31, -0.07 -0.26%) was pressured by an unfavorable Court of Appeals ruling. Other sectors performed XLY +0.25%, XLU +0.18%, XLF -0.08%, IYZ -0.10%, XLP -0.14%, XLI -0.22%, XLV -0.47%, XLB -0.70%, XLE -1.82% today.
Shares of Social Media (SOCL 19.87, -0.07 -0.35%) names were particularly weak today as the sector performed worse than the broader market. Blue chip names GRPN -4.27%, P -2.73%, TWTR -1.92%, YELP -1.83%, YHOO -1.50% finished lower as well.
The S&P 500 Information Technology sector (727.93, +0.44 +0.06%) closed Monday with modest gains, outperforming the broader index. Components which closed the session higher with the sector included GOOGL +2.14% and GOOG +1.89% (which were helped by a price target increase premarket at Axiom Capital), FB +0.87%, RHT +0.73%, INTU +0.65%, MCHP +0.57%, MSFT +0.50%, CRM +0.48%, EA +0.35%, V +0.35%.
Other notable news items among sector components:
Qualcomm (QCOM 49.58, +0.03 +0.06%) entered into a Chinese Patent License Agreement with QiKu Internet Network Scientific, a JV between Qihu (QIHU 72.74, -0.23 -0.32%) and Coolpad. Under the terms of the royalty bearing agreement, Qualcomm has granted QiKu a patent license to develop, manufacture and sell 3G WCDMA and CDMA2000 (including EV-DO), and 4G LTE (including "3-mode" GSM, TD-SCDMA and LTE-TDD) subscriber units for use in China.
Facebook (FB 105.93, +0.91 +0.87%) CEO Mark Zuckerberg responded to criticism of the company's Free Basics project.
Intel (INTC 34.93, -0.05 -0.14%) completed the previously announced acquisition of Altera (ALTR).
Cisco Systems (CSCO 27.31, -0.07 -0.26%) received a favorable ruling in Court of Appeals case vs COMMIL USA.
Elsewhere in the technology space:
Siliconware Precision (SPIL 7.94, -0.01 -0.13%) announced certain Board resolutions, and that it will evaluate Advanced Semi's (ASX 5.71, -0.07 -1.21%) acquisition proposal.
Advanced Semi (ASX) responded to SPIL's resolution. ASX plans to proceed with tender offer as previously announced.
Boingo Wireless (WIFI 6.80, -0.20 -2.86%) disclosed Nick Hulse, President of Boingo Wireless, will leave the company effective January 4, 2016.
Interdigital Comm (IDCC 49.35, +1.68 +3.52%) raised its Q4 revenues guidance. The company also signed a license agreement with Kyocera (KYO 46.49, +0.30 +0.65%).
Rovi (ROVI 17.71, +1.85 +11.66%) renewed its worldwide license agreement with Sony (SNE 24.67, -0.03 -0.12%). The multi-year agreement continues to provide Sony with a license to use Rovi's entertainment discovery patent portfolio for its consumer electronics devices worldwide.
DSP Group's (DSPG 9.62, -0.06 -0.62%) COO, David Dahan, announced his resignation effective March 27 to pursue other interests.
China Telecom (CHA 47.03, -0.83 -1.73%) confirmed that its CEO & Chairman Chang Xiaobing is being investigated by China's Central Commission for Discipline Inspection.
ChinaCache (CCIH 8.03, -0.19 -2.31%) announced a new $5 million share buyback.
Vonage (VG 5.87, +0.01 +0.17%) amended its services agreement with Tata Communications (TTCMY).
Anadigics (ANAD 0.59, +0.03 +6.69%) received a revised takeover proposal from unnamed party.
Analyst actions:
GOOGL target raised to $1000 from $900 at Axiom Capital,
NTAP target lowered to $32 from $36 at Lake Street,
GLUU target lowered to $4 from $7 at Craig Hallum
4:10 pm : The stock market began the abbreviated trading week on a lower note with the S&P 500 surrendering 0.2%; however, Monday's participation left a lot to be desired considering fewer than 600 million shares changed hands at the NYSE floor.
Equity indices stumbled out of the gate with the energy sector (-1.8%) leading the opening slide. The growth-sensitive sector responded to a nightlong retreat in crude oil, which settled lower by 3.3% at $36.86/bbl. The energy component saw additional selling pressure after China reported its sixth consecutive monthly decline in industrial profits (-1.4% in November).
The disappointing data from China cast a pall on the overall risk sentiment and a 2.6% decline in the Shanghai Composite certainly did not help matters. Interestingly, the index held its ground through the first half of the session, but plunged in afternoon trade.
The situation was a bit different in the U.S. as stocks stumbled out of the gate, spending the afternoon in a slow rally off late-morning lows. Two sectors-consumer discretionary (+0.3%) and utilities (+0.2%)-eked out slim gains while the remaining eight groups registered losses. Slow was the operative word as light trading volume made for a quiet trading day and thin trading conditions are expected to persist throughout the week.
The energy sector (-1.8%) spent the day behind its peers, which kept the market on the defensive despite flashes of relative strength in a few other areas. For instance, the consumer discretionary sector (+0.3%) settled just above its flat line with Amazon (AMZN 675.25, +12.46) and Disney (DIS 107.25, +1.39) underpinning the modest advance. Amazon rallied in reaction to upbeat holiday shopping data while Dow component Disney benefited from a strong weekend at the box office for the latest installment of the Star Wars series.
Elsewhere, the top-weighted technology sector (-0.1%) also finished ahead of the broader market, but Apple (AAPL 106.82, -1.21) surrendered 1.1%, returning into the neighborhood of its December low. High-beta chipmakers also struggled with the PHLX Semiconductor Index falling 0.4%.
Unlike stocks, Treasuries climbed in the morning and maintained slim gains into the close with the 10-yr yield falling one basis point to 2.23%.
Investors did not receive any economic data today, but tomorrow, the October Case-Shiller 20-city Index (Briefing.com consensus 5.4%) and December Consumer Confidence (Briefing.com consensus 93.5) will be reported at 9:00 ET and 10:00 ET, respectively.
Nasdaq Composite +6.4% YTD
S&P 500 -0.1% YTD
Dow Jones Industrial Average -1.7% YTD
Russell 2000 -4.7% YTD
DJ30 -23.90 NASDAQ -7.51 SP500 -4.49 NASDAQ Adv/Vol/Dec 1018/1.21 bln/1873 NYSE Adv/Vol/Dec 1183/597.8 mln/1916
3:45 pm :
Natural gas futures surged higher today following cooler weather forecasts
Front-month Jan nat gas closed out of today's session +8.4% at $2.23/MMBtu. Nat gas extended gains a little after hours and are now up 10%.
WTI crude oil felt some pain today as supply issues continue to be a dominant catalysts. Feb crude oil finished the day -3.3% to $36.86/barrel
Feb gold lost -0.7% today, closing at $1068.20/oz, while Mar silver ended -3.3% at $13.90/oz.
Mar copper lost 2% to $2.08/lb.
9:00 am Interdigital Comm raises Q4 rev guidance; signs license agreement with Kyocera (IDCC) :
Co raises Q4 rev guidance to $107-111 mln from $89-91 mln vs. $88.6 mln two est avg. The company expects the revenue to be comprised of recurring revenue of between $92 million and $94 million and past sales of between $15 million and $17 million. The updated total range includes, among other things, the expected impact of a new patent license agreement signed during the quarter and the collection of outstanding payments from a prior technology solutions customer.
Co also entered into a new worldwide, non-exclusive, royalty bearing patent license agreement with Kyocera (KYO). The agreement covers Kyocera's sale of certain cellular terminal unit products. See 8:01 comment.
7:36 am Siliconware Precision: ASX responds to SPIL resolution; ASX plans to proceed with tender offer as previously announced (SPIL) : Advanced Semiconductor Engineering (ASX) notes that in order to protect the rights and interests of SPIL shareholders, ASX will lawfully commence the Tender Offer on December 29, 2015 as previously announced. Notwithstanding the above, ASX sincerely hopes that the parties can commence negotiations on the Proposal as soon as possible, and complete such negotiations before the expiration of the Tender Offer. Price: NT$55 per common share (or NT$275 per American depositary share).
As mentioned at 5:20, SPIL announced earlier that if ASX immediately ceases its second hostile tender offer to demonstrate good will, the Company is willing to proceed with evaluation and negotiation of ASX's proposal to use a share swap, with cash as consideration, to acquire 100% of the shares of the Company.
5:20 am Siliconware Precision announces Board resolutions, will evaluate Advanced Semi's (ASX) acquisition proposal (SPIL) :
The co held a board meeting to discuss the letter from Advance Semiconductor Engineering (ASX), dated December 14, and has resolved to clarify and respond to the ASE Letter as follows: If ASE immediately ceases its second hostile tender offer to demonstrate good will, the Company is willing to proceed with evaluation and negotiation of ASE's proposal to use a share swap, with cash as consideration, to acquire 100% of the shares of the Company
Since the ASE Acquisition Proposal will materially impact the Company's future operations, the Company's board will need to take into consideration the best interests of employees, shareholders, and customers, as well as the future development of the Company and other facets when evaluating the proposal in its entirety.Prior to further evaluation of the proposal, the co requested that ASE explain specifics of its offer, including:
Can ASE please detail a concrete proposal for subsequent safeguarding of the rights of the Company's employees.
ASE proposes to uses NT$55 per share to acquire 100% of the Company's equity interest. What is the basis for determining this price? When compared to the present price for a private placement that will not interfere with the Company's management, ASE's proposed price to acquire 100% of the Company's equity interest and management control is actually comparably low. Can ASE please further explain on this, in order to facilitate the various parties' evaluation on the reasonability of ASE's proposed price.
The combination of both leading companies in the IC packaging and testing industry has already caused customers' concerns that the combination will result in disorder of market competition and seriously impact industrial supply and the whole economic benefits.
The Company requested that ASE respond to the abovementioned concerns in written form to the Company by January 4, 2016, so that the Company may evaluate and start further negotiations.
2:04 am Anadigics receives revised takeover proposal from unnamed party (ANAD) : The co announced that it has received a revised offer from an Excluded Party to acquire the Company. The Company's Board of Directors will evaluate this revised offer, which provides that it is to expire on December 31, 2015, along with the amended Acquisition Proposal from the Competing Bidder that was determined by the Company's Board of Directors to be a "Superior Offer" as disclosed by the Company on December 23, 2015.
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