From Briefing.com: Action in the broader markets ended today with modest gains. The tepid advance was led by the Nasdaq Composite, which added 13.23 points (+0.28%) to close 4808.87. The Dow Jones Industrial Average was up 21.57 points (+0.12%) to 17623.87 when the day was finished. The S&P 500 posted the most reserved gains today, up 2.02 points (+0.10%) when the bell rang to close 2051.60. The wires were hit with a few M&A updates this morning, but a quiet active session was only interrupted by the Apple (AAPL 105.91, -0.01 -0.01%) event this afternoon. By all means, the news and earnings wires were nothing to write home about, and a modest finish to the three major indices toed the line of that timeless idiom.
Technology (XLK 43.74, +0.15 +0.34%) sector trading was mostly in the green as component FLIRSystems (FLIR 33.36, +0.90 +2.77%) announced a $38 million contract award from an internationalmilitary customer. The work is expected to be completed by Q2 of 2017. Othersectors closed XLI +0.59%, XLV +0.58%, XLB +0.46%, XLP +0.06%, XLY +0.05%, XLU -0.10%, XLF -0.18%, XLE -0.35%, IYZ -0.53% as Industrials were the best performer and Telecoms lagged.
Chinese Tech (QQQC 21.36, +0.16 +0.73%) names were especially volatile today, asthe Hang Seng closed up +0.20% and the Shanghai Composite closed up +2.15% in theovernight session. Reports that the company would offer ZTE (ZTCOF 1.81, +0.26 +16.58%) relief onexport restrictions sent the stock higher today. Other components whichdisplayed strength included SMI +1.82%, NQ +1.60%, SINA +0.69%, VNET +0.65%, NTES +0.57%.
The S&P 500 Information Technology sector (726.38, +2.33 +0.32%) ended Monday near highs of the session with component Juniper Networks (JNPR 25.80, -0.59 -2.24%) resisting the broader sector, as trading in the name was lower today following a premarket downgrade of the stock at Sun Trust RbsnHumphrey to a Reduce rating. Other components which displayed relative strengthincluded PYPL +4.39%, CTXS +1.23%, QCOM +1.20%, AMAT +1.17%, CA +1.11%, RHT +1.09%, IBM +1.05%.
Other notable news items among sector components:
At Apple's (AAPL) device even today, the company unveiled a new 4' iPhone model, named the iPhone SE; announced new bands for the Apple Watch, and lowered the starting price on the Watch to $299 from $399; also confirmed the new 'CareKit' application and a smaller 9.7' iPad Pro; an update to the phone's operation software was also announced today (iOS 9.3).
Western Union (WU 19.10, -0.03 -0.16%) will launch remittance services from across the world into Cuba following U.S. regulatory and policy changes that allow Cubans and non-Cubans to send remittances via Western Union to this island nation.
Oracle (ORCL 41.61, +0.13 +0.31%) filed for a mixed securities shelf offering.
CSC (CSC 31.58, +0.14 +0.45%) and 360Globalnet, a UK-based digital insurance solutions provider, announced a new relationship, which includes a strategic investment by CSC in 360Globalnet. Under the terms of the agreement, CSC will have exclusive worldwide rights to resell to the insurance industry all 360Globalnet offerings including the company's advanced digital, cloud-based claims solutions that let customers easily manage the end-to-end claims process via the Internet.
FLIR Systems (FLIR) was awarded new contracts by a key international military customer totaling $38 million for FLIR man-portable multispectral targeting systems and integrated mobile long-range multispectral imaging and command and control systems. Work under these contracts will be performed out of multiple FLIR facilities and is expected to be completed by 2Q17.
Elsewhere in the technology space:
ComScore (SCOR 30.24, -0.26 -0.85%) received notice of non-compliance with NASDAQ listing standards for failure to file form 10-K for year-end December 31.
Intelsat (I 2.81, +0.21 +8.08%) announced a $1 billion proposed offering of senior secured notes due 2024.
Broadridge Financial (BR 57.69, -0.29 -0.50%) made a strategic investment and entered into a referral, sales and marketing alliance with LiquidX.
Analyst actions:
HPE was upgraded to Outperform from Neutral at Macquarie,
QLIK was upgraded to Overweight from Sector Weight at Keybanc Capital Mkts,
SYMC was upgraded to Overweight from Neutral at Piper Jaffray;
INTC was downgraded to Underperform from Mkt Perform at Bernstein,
NTAP was downgraded to Underperform from Neutral at Macquarie,
RSTI was downgraded to Neutral from Buy at Northcoast,
JNPR was downgraded to Reduce from Neutral at Sun Trust Rbsn Humphrey
4:15 pm : The stock market began the week on a higher note as the major averages recovered from a weaker-than-expected February Existing Home Sales reading (5.08 million; Briefing.com consensus 5.37 million) and volatile oil trade. Today's advance was owed to key sector leadership from the heavyweight health care (+0.5%) space and boosted investor sentiment, courtesy of increased M&A activity. To be fair though, an uptick in oil probably helped matters. The Nasdaq Composite (+0.3%) finished ahead of the Dow Jones Industrial Average (+0.1%) and the S&P 500 (+0.1%).
Today's trade got off to a shaky start as market participants eyed volatile oil trade in the wake of last week's increase to the Baker Hughes Rig Count. Meanwhile, today's Existing Home Sales Report reading showed a 7.1% decline in existing home sales month-over-month. These two concerns dampened investor sentiment and pushed the averages to their lowest levels. However, a rebound in the heavily-weighted health care (+0.5%) space assisted a rebound effort in the broader market.
Six of ten sectors ended their day in positive territory with countercyclical telecom services (+0.6%) and health care (+0.5%) leading the upside. Meanwhile, commodity-sensitive materials (-0.5%) and energy (-0.5%) rounded out the leaderboard while the financial sector (-0.2%) settled just below its flat line.
In the health care space (+0.5%), Valeant Pharmaceuticals (VRX 28.98, +2.00) outperformed after announcing a search for a new CEO and naming investor Bill Ackman to its Board of Directors. Biotechnology was able to take advantage of the boost in sentiment as the iShares Nasdaq Biotechnology ETF (IBB 256.46, +5.12) rebounded 2.0%, narrowing its March loss to 2.0%.
The broader consumer discretionary sector (UNCH) ended its day off its low after recovering from the initial sell off following the Existing Home Sales Report. Both Home Depot (HD 131.01, -0.34) and Lowe's (LOW 75.22, +0.29) were able to end the first session of the week near their flat lines after recovering from respective losses of 0.8% apiece. On the flipside, the iShares Dow Jones US Home Construction ETF (ITB 26.53, -0.31) tumbled 1.2%.
On the commodities front, WTI crude ended its day higher by 1.0% ($41.57/bbl), extending its month-to-date climb to 23.2%. This compares to a 11.2% gain in the energy sector (-0.5%) over that period. Meanwhile, oil and gas pipeline companies displayed relative weakness while oil field service name Schlumberger (SLB 74.89, +1.37) outperformed.
On the M&A front, Starwood Hotels (HOT 84.19, +3.62) climbed 4.5% after the company received a revised merger proposal from Marriott (MAR 72.30, -0.86), at $85.36 per share. Separately, IHS (IHS 122.09, +11.38) and Markit (MRKT 33.51, +4.02) agreed to a merger of equals after IHS reported an earnings beat.
The U.S. Dollar Index (95.37,+ 0.28) extended its gain as the yen and the euro slipped against the dollar. The euro/dollar pair ticked down 0.2% to 1.1242 after ticking off the 1.1237 level. Meanwhile, the dollar/yen pair climbed off the overnight low near 111.25 to trade at 111.91 (+0.3%).
The Treasury complex tumbled to fresh lows at the start of the day and continued to fall as stock rallied off their lows. The yield on the 10-yr note ended the day higher by five basis points at 1.92%.
Today's participation fell beneath the recent average with fewer that 812.09 million shares changing hands at the NYSE floor.
On the economic front, today's data was limited to Existing Home Sales for February:
After hitting their highest annual rate in six months in January, total existing home sales declined 7.1% in February to a seasonally adjusted annual rate of 5.08 million. That was below the Briefing.com consensus estimate of 5.37 million and the lowest number of existing homes sold since November 2015. Single-family sales fell 7.2% to a seasonally adjusted annual rate of 4.51 million.
Sales were down in all regions, led by the Northeast (-17.1%) and the Midwest (-13.8%). Those downturns were blamed on the lull in contract signings in January due to the large East Coast blizzard and the slump in the stock market. Sales in the West and in the South were down 1.8% and 3.4%, respectively.
Supply and affordability were touted as the main headwinds for existing home sales, although there was an acknowledgment that households are anxious about the economy losing steam.
The median sales price increased 4.4% versus last year to $210,800, which is the 48th consecutive month of year-over-year gains. All-cash sales slipped to 25% of sales from 26% of sales in January and the same period a year ago.
The share of first-time buyers dipped to 30% in February versus 29% a year ago; however, February marked the lowest share of first-time buyers since November 2015.
Unsold inventory is at a 4.4-month supply at the current sales pace. That is up slightly from a 4.0-month supply in January, yet well below the 6-month supply that is typically seen during normal periods of buying and selling.
Tomorrow's economic data will be limited to January's FHFA Housing Price Index, which will be released at 9:00 ET. DJ30 21.57 NASDAQ +13.23 SP500 +2.02 NASDAQ Adv/Vol/Dec 1477/1.4388 bln/1406 NYSE Adv/Vol/Dec 1522/812.09 mln/1497
3:40 pm :
Natural gas futures were weak again following recent rally
It's not shocking given the supply/demand combo of plenty of supply and slim demand, which worsened following a mild winter
At the end of today's session, Apr nat gas finished -3.7% at $1.83/MMBtu
WTI oil recovered off of overnight lows below $41/barrel and gained buying interest throughout the day
May crude finished floor trading +1% at $41.57/barrel
Metals ended mixed with Apr gold closing -0.8% at $1244.20/oz, while May silver closed +0.3% at $15.85/oz
May copper finished +0.4% at $2.29/lb
1:58 pm Apple confirms release of 9.7 inch iPad Pro (AAPL) :
The 9.7-inch iPad Pro comes in silver, space gray, gold and a new rose gold metallic finish, and starts at $599 for the 32GB with Wi-Fi model and $729 (:US) for the 32GB Wi-Fi + Cellular model. Both iPad Pro sizes are available in offerings of 32GB, 128GB and a new 256GB capacity, the highest of any iOS device.Devices will begin shipping on March 31.
1:42 pm Apple confirms release of iPhone SE (AAPL) :
iPhone will feature the 64-bit A9 chip, introduced in iPhone 6s and iPhone 6s Plus, offers iPhone SE customers two times faster CPU and three times faster GPU performance compared to iPhone 5s.Axcelis Technologies (ACLS) announces that it has shipped a follow on order for the Purion XE high energy implanter to a major chipmaker in the Asia Pacific region. The system will be used to support volume production of advanced NAND Flash devices. The system shipped in the first quarter
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