From Briefing.com: 4:10 pm : The stock market ended the Tuesday affair on a flat note as fears regarding a potential Brexit remained in focus. Additional factors contributing towards today's trade included strengthening in the dollar, weakening in oil prices, largely in-line commentary from Fed Chair Janet Yellen, and sector leadership from heavily-weighted technology (+0.7%) and financials (+0.5%). The S&P 500 (+0.3%) ended its day ahead of the Dow Jones Industrial Average (+0.1%) and the Nasdaq Composite (+0.1%). Equity indices opened on a higher note as investors weighed developments in the latest round of Brexit polling. European indices extended their recent winning streak as an ORB poll for the Telegraph showed that the "Remain" camp maintains a lead over the "Leave" faction. However, a Survation poll showed that the referendum remains highly contested with both camps polling within one percentage point of one another.
The benchmark index slipped from its opening high as investors weighed testimony from Fed Chair Janet Yellen. The central bank head struck a cautious tone, stating that uncertainties persist in her economic outlook. Specifically, Chair Yellen cited that improvements in the labor market have slowed while global developments need to be monitored. The commentary fell largely in-line with market expectations, mirroring similar remarks from last Wednesday's post-FOMC press conference.
The S&P 500 carved out a session high in the final ninety minutes of trade, but failed to clear technical resistance at the 2093 price level. As a result, the benchmark index ended its day off its best level as six sectors finished in the green. The commodity-sensitive energy (+1.1%) sector led telecom services (+0.7%), technology (+0.7%), and financials (+0.5%) while materials (-0.3%), health care (-0.3%), and consumer discretionary (-0.2%) ended in the back of the pack.
The heavily-weighted technology sector (+0.7%) demonstrated relative strength as Dow component Microsoft (MSFT 21.19, +1.12) outperformed. The name jumped 2.2% and finished at the top of the price-weighted index. Elsewhere, Western Digital (WDC 48.87, +1.26) gained 2.7% after announcing that it would collaborate with Hewlett Packard Enterprise (HPE 19.76, +0.38) and VMware (VMW 60.98, +0.21) on the production of rack servers. The PHLX Semiconductor Index (+0.3%) finished behind the broader sector while component Micron (MU 12.75, +0.42) outperformed.
In the financial sector (+0.5%), rate-sensitive real estate investment trusts outperformed as American Tower (AMT 109.44, +2.02) gained 1.9%. Elsewhere, Berkshire Hathaway (BRK.B 143.53, +1.86) advanced 1.3% while Wells Fargo (WFC 47.23, +0.30) and JPMorgan Chase (JPM 62.95, +0.58) led money center bank names.
Biotechnology underperformed in the health care space (-0.3%), evidenced by the 1.5% decline in the iShares Nasdaq Biotechnology ETF (IBB 254.79, -3.74). In the sub-group, Vertex Pharmaceuticals (VRTX 85.27, -1.45) and Celgene (CELG 96.86, -2.43) fell 1.7% and 2.5%, respectively.
The U.S. Dollar Index (94.12, +0.51) gained 0.5% as the pound, euro, and yen lost ground to the greenback. The sterling lost 0.5% against the buck (1.4617) while the euro declined 0.6% (1.1250) against the dollar. Separately, the dollar gained 0.9% against the safe haven yen (104.86). The uptick in the dollar weighed on commodities as WTI crude finished its pit session lower by 0.3% ($49.77/bbl; -$0.15).
The Treasury complex settled lower as the yield on the 10-yr note rose one basis point to 1.70%.
Today's volume was below the recent average as fewer than 831 million shares changed hands on the NYSE floor.
There was no economic data of note released today.
Tomorrow's data will include the weekly MBA Mortgage Index and the FHFA Housing Price Index, which will be released at 7:00 ET and 10:00 ET, respectively. Finally, Existing Home Sales for May (Briefing.com consensus 5.50 million) will cross the wires at 10:00 ET.
Nasdaq Composite -3.3% YTD
Russell 2000 +1.6% YTD
S&P 500 +2.2% YTD
Dow Jones +2.3% YTD
DJ30 +24.86 NASDAQ +6.55 SP500 +5.65 NASDAQ Adv/Vol/Dec 1249/1.559 bln/1672 NYSE Adv/Vol/Dec 1683/831.2 mln/1291 3:30 pm :
The dollar index extends this morning's gains, up +0.5% around the 94.07 level, weighing on select commodities
Commodities, as measured by the Bloomberg Commodity Index, are down -1.0% at 88.58.
Crude oil reverses off its afternoon lows to close near its highs of the day, still lower ahead of tonight's API inventory data
August crude oil futures fell $0.15 (-0.3%) to $49.77/barrel.
Crude oil futures have changed their front months to August from July, as indicated by the active amount of volume in the contracts.
API inventory data is scheduled to be released today after the bell.
EIA petroleum inventory data is scheduled to be released tomorrow at 10:30 am ET.
EIA natural gas inventory data is scheduled to be released Thursday at 10:30 am ET.
Natural gas sees an afternoon of consolidation, inching higher into the close after clocking in +5% gains in the previous session
July natural gas closed $0.02 higher (+0.7%) at $2.77/MMBtu.
In precious metals, gold trades sideways in the afternoon, dropping near its lows of the day into the close
August gold ended today's session down $19.80 (-1.5%) to $1272.40/oz.
Silver sees a similar move to gold, seeing an afternoon of consolidation and then falling into the close as the dollar extends its momentum
July silver closed today's session $0.19 lower (-1.1%) at $17.32/oz.
Base metal copper inches higher despite the dollar staging a recovery above the 94.07 level
July copper closed $0.03 higher (+1.4%) at $2.12/lb.
Equity indices opened the day on a higher note as a positive bias in global bourses buttressed U.S. markets. The move higher in equities followed the latest batch of polls for Thursday's Brexit referendum. An ORB poll for the Telegraph showed that the "Remain" camp leads the "Leave" camp while a Survation Brexit poll indicated that the two sides remain in a close race.
For its part, the S&P 500 xxx pulled back after the opening half hour as investors listened to testimony from Fed Chair Yellen. The Fed Chair maintained that a cautious approach to interest rate normalization remains prudent as uncertainties regarding global developments and a slowdown in U.S. hiring pose potential headwinds to the U.S. economy. The benchmark index notched a session high following the prepared remarks, but pulled back as European markets closed.
Broader market trading ended the day with modest gains. Trading was led higher by the S&P 500 which added 5.65 points (+0.27%) to 2088.90. The Nasdaq Composite was up 6.55 points (+0.14%) to 4843.76, and the Dow Jones Industrial Average was higher by 24.86 (+0.14%) to 17829.73. In terms of volume, it was a relatively sluggish affair today, as only 1,559 million shares traded hands at the NASDAQ floor versus the 1,679 million average, and at the NYSE, 831 million shares traded hands versus an average near 941 million.
The Technology (XLK 43.53, +0.27 +0.62%) sector managed a fairly bullish session, trading higher with the broader market. Component Western Digital (WDC 48.87, +1.26 +2.65%) posted a solid session as the company announced a new software flash solution with Hewlett Packard Enterprise (HPE 19.76, +0.38 +1.96%), VMware (VMW 60.98, +0.21 +0.35%) and SanDisk. Other sectors as measured by the S&P ended the day XLE +1.2%, XLF +0.6%, XLP +0.3%, XLU +0.1%, XLI -0.1%, XLY -0.2%, XLB -0.3%, XLV -0.4% as Energy and Tech led the advance and Healthcare was notably weak.
In the S&P 500 Information Technology (719.73, +4.72 +0.66%) sector, action was decidedly positive today as the sector rode the broader market coat tails. Component Facebook (FB 114.38, +1.01 +0.89%) posted a modestly higher Tuesday as the company's Instagram app announced it achieved 500 million users, and FB renewed its partnership with Mondelez Int'l (MDLZ 44.48, +0.25% +0.57%). Other names in the sector which closed Tuesday higher included xxx.
Other notable news items among sector components:
Adobe (ADBE) reported quarterly results which were mixed, but guided to the dismay of investors -- Q2 (May) earnings of $0.71 per share, excluding non-recurring items, on revenues which rose 20.4% versus last year to $1.4 billion. Additionally, ADBE issued in-line guidance for Q3, as they see EPS of $0.69-0.75, excluding non-recurring items, on revenues of $1.42-1.47 billion. The company also reaffirmed guidance for FY16 on EPS of about $2.80, excluding non-recurring items, with revenue expectations in the area of about $5.8 billion.
Visa Inc. (V 77.33, -0.01 -0.01%) announced the completion of its acquisition of Visa Europe Ltd.
Facebook's (FB) Instagram announced the achievement of 500 million users.
Mondelez International (MDLZ) renewed its global strategic partnership with Facebook (FB).
Western Digital (WDC) announced a new software-defined, all-flash storage solution, with HPE (HPE) ProLiant DL Rack Servers and VMware (VMW) Virtual SAN running SQL Server 2016 workloads. Leveraging SanDisk's (SNDK) enterprise-grade flash storage products, the virtualized storage and server infrastructure solution offers industry-leading performance for SQL Server 2016 database, demonstrating online transaction processing (OLTP) performance results of 2.4 million New Orders Per Minute (NOPM).
Network-1 Technologies, Inc. (NTIP 2.84, +0.14 +5.19%) announced that the Patent Trial and Appeal Board of the United States Patent and Trademark Office issued its Final Written Decisions in the four pending Inter Partes Review proceedings relating to challenges made by Alphabet's (GOOG 695.94, +2.23 +0.32%) Google and YouTube to the patentability of four of Network-1's patents relating to content identification.
The Western Union (WU 18.94, -0.06 -0.32%) has grown its reach in Mexico with the ability to send money from the United States directly into nearly all bank accounts in Mexico1, amplifying funds-out options in the fourth largest remittance market in the world.
HP Inc (HPQ) issued guidance in the after hours session, initially pushing the stock higher but gains would not hold and the stock pulled back into negative territory in extra trading. HPQ sees Q3 non-GAAP diluted EPS from continuing operations $0.43-0.46 and reaffirmed FY16 non-GAAP diluted net EPS from continuing operations $1.59-1.65. Further, HPQ guided for the full year fiscal 2016; HP estimates free cash flow to be in the range of $2.0 to $2.3 billion. With net capital expenditures expected to be $0.5 billion, cash provided by operating activities is estimated to be in the range of $2.5 to $2.8 billion.
Elsewhere in the tech space:
American Science & Engineering (ASEI 36.88, +4.54 +14.04%) to be acquired by OSI Systems (OSIS 57.48, +4.80 +9.11%) for $37.00 per share in cash, or about $269 million.
Communications Sales & Leasing (CSAL 28.29, +0.13 +0.46%) announced the planned disposition by former parent Windstream (WIN 9.35, +0.20 +2.19%) of its remaining stake.
Neustar (NSR 24.46, +0.44 +1.83%) announced its intention to separate into two independent and publicly traded companies.
Verizon (VZ 54.10, +0.34 +0.63%) purchased privately-held Telogis. Financial terms of the deal were not disclosed.
Marvell (MRVL 10.09, -0.05 -0.49%) named former Maxim Integrated (MXIM 37.44, +0.43 +1.16%) EVP, Matthew Murphy, as President and CEO effective July 11.
xG Technology (XGTI 1.52, -0.27 -15.05%) announced the effectiveness of a 1:12 reverse stock split.
Oi SA (OIBR) requested a judicial reorganization after debt agreement talks with creditors breaks down.
Cypress Semi (CY 10.03, -0.15 -1.47%) priced a $250 million offering of convertible senior notes due 2022 in a private placement.
Tencent (TCEHY 22.22, +0.20 +0.91%) to acquire a majority equity interest in Supercell from Softbank (SFTBY 27.75, +0.21 +0.76%) for total consideration of about $8.6 billion.
Softbank's (SFTBY) President and COO, Nikesh Arora, to step down.
JD.com (JD 21.13, +0.07 +0.33%) and Mellanox (MLNX 48.15, +0.21 +0.44%) established a 'Joint Innovation Lab' JV.
Analyst actions:
ERIC was upgraded to Neutral from Sell at Goldman,
OSIS was upgraded to Buy from Hold at The Benchmark Company;
ALRM was downgraded to In-Line from Outperform at Imperial Capital
4:47 pm Interdigital Comm guides for Q2'16 revs $75-77 mln ($86 mln Consensus) (IDCC) : This revenue guidance does not include the amounts collected from Huawei in second quarter 2016 that were due and outstanding under the arbitration awards at the time of payment. The company will recognize the related revenue from these payments, including both a current and a past sales component, in the period in which it believes the revenue to be fixed and determinable. The company currently expects to reach that conclusion, and recognize the related revenue, no later than third quarter 2016.
4:14 pm Adobe Systems beats by $0.03, reports revs in-line; guides Q3 EPS in-line, revs a tad light; reaffirms FY16 guidance (ADBE) :
Reports Q2 (May) earnings of $0.71 per share, excluding non-recurring items, $0.03 better than the Capital IQ Consensus of $0.68; revenues rose 20.4% year/year to $1.4 bln vs the $1.4 bln Capital IQ Consensus. Digital Media segment revenue grew by 26 percent year-over-year to a record $943 million, with Creative revenue growing 37% year-over-year to a record $755 million. Strong Creative Cloud and Document Cloud adoption drove Digital Media Annualized Recurring Revenue to $3.41 billion exiting the quarter, a quarter-over-quarter increase of $285 mln vs. $275 mln guidance. Adobe Marketing Cloud achieved record revenue of $385 million that represents year-over-year growth of 18% vs. +17% guidance.Co issues in-line guidance for Q3, sees EPS of $0.69-0.75, excluding non-recurring items, vs. $0.71 Capital IQ Consensus Estimate; sees Q3 revs of $1.42-1.47 bln vs. $1.47 bln Capital IQ Consensus Estimate.Expect strong year-over-year Digital Media segment revenue growth; net new Digital Media ARR of ~$285 million; ~7% year-over-year revenue growth with Adobe Marketing Cloud.Co reaffirms guidance for FY16, sees EPS of ~$2.80, excluding non-recurring items, vs. $2.84 Capital IQ Consensus Estimate; sees FY16 revs of ~$5.8 bln vs. $5.83 bln Capital IQ Consensus Estimate. Also reaffirms: Digital Media segment revenue growth of above 20% Digital Media ARR approx $4.0 bln exiting 2016 Marketing Cloud revenue growth of ~20% Marketing Cloud bookings growth of ~30%.
4:08 pm HP updates financial outlook for FY16 (HPQ) :
Sees Q3 non-GAAP diluted EPS from continuing operations $0.43-0.46 ($0.39 Consensus)Co reaffirms FY16 non-GAAP diluted net EPS from continuing operations $1.59-1.65 ($1.59 Consensus)For the full year fiscal 2016, HP estimates free cash flow to be in the range of $2.0 to $2.3 billion. With net capital expenditures expected to be $0.5 billion, cash provided by operating activities is estimated to be in the range of $2.5 to $2.8 billion.
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