From Briefing.com: The broader market closed the session at lows of the day. Losses were led today by the S&P 500 which lost 21.06 points (-1.08%) today to close 1922.03. The Dow Jones Industrial Average was down 167.65 (-1.02%) to 16346.45. The Nasdaq Composite lost just under 1%, shedding 45.79 points (-0.98%) to 4643.63. On the week, the three major US indices all lost more than 5.5%, with the Nasdaq (-7.3%) the worst among the three, the Dow followed down (-6.2%) on the week, and the S&P was just shy of -6.0% at (-5.98%) in the first five days of 2016. Economic data today included December nonfarm payrolls, which increased by 292,000. Private sector payrolls increased 275,000 and the unemployment rate was 5.0% versus 5.0% in November. November Wholesale Inventories fell 0.3% following last month's revised decrease of 0.3% (from -0.1%).
As the week came to a close, Technology (XLK 40.09, -0.32 -0.79) ended Friday at session lows. Shares of component Texas Instruments (TXN 50.36, -1.34 -2.59%) displayed weakness today as it was reported in late trade that TXN and Analog Devices (ADI 49.98, -0.44 -0.87%) were no longer interested in a Maxim Integrated (MXIM 32.33, -1.93 -5.63%) takeover, according to Bloomberg. Other sectors closed the session XLF -1.56%, XLV -1.51%, XLE -1.29%, XLY -1.08%, XLI -1.02%, XLB -1.01%, IYZ -0.87%, XLP -0.77%, XLU -0.05% with Financials leading the way down.
Pressured most by the broader market today were Semi (SOX 600.47, -9.78 -1.60%) names. The sector closed the session lower as Gartner reported worldwide semiconductor revenues declined 1.9% in 2015. Names in the sector which were weaker today included ASML -2.68%, CAVM -2.68%, MCHP -2.65%, QRVO -2.52%, AMAT -2.44%, MU -2.42%, NVDA -2.17%, XLNX -2.05%, TER -2.05%, CREE -1.91%.
The S&P 500 Information Technology sector (670.88, -5.39 -0.80%) grabbed modest losses, and also finished at the lows of the day. Component Microsoft (MSFT 52.33, +0.16 +0.31%) managed to stave off the selling action today, as shares finished in the green following a positive mention at Barron's this afternoon and an initiation at BMO Capital this morning with an Outperform rating. Other components which closed today higher included YHOO +1.56%, EA +1.07%, FLIR +0.87%, AAPL +0.53%, FFIV +0.34%.
Other notable news items among sector components:
Avon Products (AVP 2.79, -0.23 -7.46%) selected Hewlett Packard Enterprise (HPE 13.54, -0.19 -1.42%) to lead hybrid infrastructure transformation.
Lenovo (LNVGY 17.93, +0.25 +1.41%) announced the development of the first consumer mobile device with Project Tango in collaboration with Alphabet's (GOOG 714.47, -11.92 -1.64%) Google. Available in summer 2016, the new smartphone, powered by the Qualcomm (QCOM 45.88, -0.26 -0.57%) Snapdragon processor, turns the screen into a magic window that can overlay digital information and objects onto the real world.
Salary.com announced that it has been acquired from IBM (IBM 131.57, -1.29 -0.97%) by its founding team. Under the leadership of the returning management team, Salary will deliver next generation analytical tools that further enable companies to manage their compensation expenditures as well as provide the market at large with the most accurate, objective information related to employee compensation.
Elsewhere in the technology space:
InterCloud Systems (ICLD 0.90 +0.00 +1.04%) announced that during the last few weeks of the calendar year it was awarded over $2.3 million in new contracts.
Imation (IMN 1.24, +0.06 +5.08%) divested its corporate headquarters facility for a gross purchase price of $11.5 million and its Memorex trademark and two associated trademark licenses for $9.4 million.
Microsemi (MSCC 29.00, -0.69 -2.32%) priced $450 million senior notes offering.
Euronet (EEFT 73.09, +1.43 +2.00%) announced the Board's authorization of a $100 million stock repurchase program through December 10, 2017.
SunEdison (SUNE 3.41, +0.08 +2.40%) announced it has signed a 20-year power purchase agreement with Watervliet, New York for close to 1 megawatt DC of solar power.
In reaction to quarterly earnings results:
Barracuda Networks (CUDA 10.74, -5.69 -34.63%) reported Q3 EPS of $0.07 on revenues which rose 13.7% YoY to $80.1 million. The company also reported gross bookings of $89 million with expectations in the range of $101-103 million.
Synnex (SNX 79.49, -3.95 -4.73%) reported Q4 EPS which beat expectations at $1.80 on revenues which beat expectations at $3.55 billion. The company also issued guidance for Q1 in the form of EPS in the range of $1.34-1.39 on revenues of $3.23-3.33 billion. The company also anticipates a negative currency impact on revenues of about $55 million in Q1.
Companies scheduled to report quarterly results next week: PRGS, DSKY, QTM, INFY, TSM, WNS, ELRC, INTC
Analyst actions:
POWI and VEC were upgraded to Buy from Neutral at Sidoti,
CALX and ADTN were upgraded to Buy from Hold at Stifel, VNTV and GPN were upgraded to Buy from Neutral at Sun Trust Rbsn Humphrey,
CRUS was upgraded to Overweight from Sector Weight at Pacific Crest,
SUNE was upgraded to Mkt Outperform from Mkt Perform at Avondale;
FNSR and LITE were downgraded at Barclays, INVN was downgraded to Neutral from Buy at Rosenblatt, CUDA was downgraded to Morgan Stanley, JMP Securities and Pacific Crest,
HOLI was downgraded to Neutral from Outperform at Credit Suisse
Weekly Recap - Week ending 08-Jan-16
The first week of 2016 was not particularly kind to the stock market as global equity indices careened lower to begin the New Year. The S&P 500 tumbled 4.9% through Thursday, representing the worst four-day start to the year in the history of the index. Things did not improve much on Friday as stocks surrendered their opening gains, going out on their lows with the S&P 500 falling 6.0% for the week while the Nasdaq (-7.3%) underperformed.
While the S&P 500 clearly struggled to start the year, other global equity markets had an even more difficult time as China's CSI 300 index plunged 9.9% during a week that featured two early closures after the index declined 7.0%, tripping its circuit breakers. The second instance took place on Thursday, ending the session before the opening hour was up. As a result, Chinese officials removed the circuit breaker mechanism after implementing it at the beginning of the week.
The volatility in Chinese (and global) equities occurred as the People's Bank of China took almost daily steps to devalue the yuan with Thursday's move pushing the currency to a five-year low against the dollar at 6.5646. On Thursday afternoon, Reuters reported that PBoC advisers have voiced support for devaluing the yuan by as much as 15.0% against the dollar, which added to the worries that deflationary pressures may be exported from China to other economies.
The resulting growth concerns manifested themselves through continued weakness in oil prices as WTI crude surrendered 10.8% for the week, settling at its lowest level since December 2008. To be fair, there was a pocket of strength in the commodity space as gold futures rallied 3.5% to $1,097.50/ozt.
Back in the U.S., the Friday session saw a morning rebound after the December Employment Situation report (292K; Briefing.com consensus 200K) beat estimates, but the headline reading masked the lack of wage growth in December (Briefing.com consensus +0.2%). The combination of strong headline payroll growth and nonexistent wage growth gave market participants some hope that the Federal Reserve's rate hike path may be even more gradual than first thought; however, San Francisco Fed President John Williams appeared on CNBC in the early afternoon, suggesting that four rate hikes in 2016 may still be appropriate. Mr. Williams is not a voting member this year, but the market retreated after his comments nonetheless.
All ten sectors ended the first week of 2016 in the red. The utilities sector shed just 0.4% while other countercyclical groups like consumer staples, telecom services, and health care posted respective weekly losses of 2.9%, 3.0%, and 5.6%. On the cyclical side, energy and materials lost 6.8% and 7.8%, respectively, while the consumer discretionary sector outperformed, falling 5.9%.
Index Started Week Ended Week Change % Change YTD %
DJIA 17425.03 16346.45 -1078.58 -6.2 -8.3
Nasdaq 5007.41 4643.63 -363.78 -7.3 -2.0
S&P 500 2043.94 1922.03 -121.91 -6.0 -6.6
Russell 2000 1135.89 1046.39 -89.50 -7.9 -13.1
5:05 pm Anadigics: GaAs Labs extends tender offer for shares of Anadigics until January 25 (previously scheduled to expire at 11:59pm today) (ANAD) :
The tender offer, which was previously scheduled to expire at 11:59 PM on January 8, 2016, has been extended until January 25, 2016, unless further extended.
2:15 pm Earnings preview for the week of January 11 (:SUMRX) :
Confirmed companies reporting earnings for the week of January 11th include:
Monday (January 11)
Pre-Market: SHLM, APOL
After-Hours: AA, TISI, VOXX, LMNR
Tuesday (January 12)
Pre-Market: IHS
After-Hours: CSX, PRGS
Wednesday (January 13)
Pre-Market: SVU
After-Hours: CLC
Thursday (January 14)
Pre-Market: TSM, INFY, JPM, FRC, WNS
After-Hours: INTC, OZRK
Friday (January 15)
Pre-Market: WFC, C, USB, PNC, BLK, RF, FAST
Analyst comments: SGNL +17.6% (initiated with a Buy at Rodman & Renshaw; tgt $4 on favorable MyPRS view),SUNE +12.6% (upgraded to Hold from Sell at Axiom Capital),ARC +2.3% (initiated with a Buy at B. Riley & Co),PHM +1.7% (upgraded to Outperform from Mkt Perform at Raymond James),AA +1.7% (upgraded to Outperform from Neutral at Macquarie),FL +1.5% (upgraded to Buy from Neutral at BofA/Merrill),MSFT +1.1% (initiated with an Outperform at BMO Capital)
Qorvo (QRVO 42.73, -2.91): -6.4% after the Apple supplier was downgraded at Cowen with a price target reduction to $125 from $130. This move comes after the company lowered Q3 revenue guidance to $620 million from $720-730 million late yesterday. The firm also sees below consensus Q4 revenue as well.
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