From Briefing.com: 5:13 pm TerraForm Power (TERP) and TerraForm Global (GLBL) announce extensions until March 2017 to regain Nasdaq compliance (TERP) :
TERP: Based on discussions with the Panel's staff, the extension granted by the Panel also covers the non-compliance by the Company with Nasdaq Listing Rule 5250(c)(1) caused by the failure of the Company to timely file its Form 10-Q for the period ended September 30, 2016, of which the Company was formally notified by a letter from a Senior Director of Nasdaq Listing Qualifications on November 15, 2016.
GLBL: Based on discussions with the Panel's staff, the extension granted by the Panel also covers the non-compliance by the Company with Nasdaq Listing Rule 5250(c)(1) caused by the failure of the Company to timely file its Form 10-Q for the period ended September 30, 2016, of which the Company was formally notified by a letter from a Senior Director of Nasdaq Listing Qualifications on November 15, 2016.
4:36 pm Semtech amends and restates existing $400 mln credit facility (SMTC) : Co has executed a new credit agreement consisting of a senior secured Term A loan facility in the principal amount of $150 million and a senior secured revolving credit facility in the principal amount of $250 million. Fourth quarter of fiscal year 2017 GAAP net income is expected to be impacted by approximately $0.7 million in non-cash costs associated with the amendment of the existing credit agreement.
4:32 pm Vishay Intertechnology COO Dieter Wunderlich to retire effective December 31, 2016; co will not replace the COO role (VSH) :
4:13 pm First Solar: Shares Halted; Raises 2016 EPS guidance; Initiates 2017 EPS, Revenue, and Shipment Guidance below expectations; Shares resume trading at 4:35pm (FSLR) :
2016
Net Sales unchanged at $2.8-2.9 blnGross Margin unchanged at 25.5-26.0%Operating Expenses unchangedOperating Income unchangedEPS raises to $4.60-4.80 (From $4.30-4.50)Net Cash balance unchanged
Operating Cash Flow unchanged
CapEx unchangedShipments unchanged
2017
Net Sales in the range of $2.5-2.6 bln , Capital IQ consensus $2.966 blnGross Margins between 12.4-14.5%Operating Expense Non-GAAP $280-300 mlnOperating Income Non-GAAP $40-80 mlnNon-GAAP EPS $0.00-0.50, Capital IQ consensus $1.91Net Cash Balance $1.4-1.6 blnOperating Cash Flow $550-650 mlnCapEx $525-625 mlnShipments 2.4-2.6 GW (Street Expectations were for approx 3.0 GW)
Co announced an acceleration of Series 6 production into 2018, with approximately 3 Gigawatts of production expected in 2019. Over the course of 2017 and 2018 the Company's existing production facilities will be converted to Series 6 production and the current Series 4 product will be phased out. As a result of the change in roadmap the Company will cancel its Series 5 product.
The Company will reduce its workforce at its manufacturing facilities both domestically and internationally as a result of the transition from Series 4 to Series 6 production. Additional reductions in administrative and other staff are also planned. Resulting from the transition to Series 6 from Series 4 and other competitive factors, the Company expects to incur restructuring and asset impairment charges of $500 to $700 million, which includes a cash impact of $70 to $100 million.
These actions, combined with additional reductions in administrative and other staff, are expected to reduce First Solar's workforce by approximately 1,600 associates, or 27% of its approximately 6,000 global total.4:11 pm Cisco Systems beats by $0.02, reports revs in-line; guides Q2 EPS and revenue below consensus (CSCO) :
Reports Q1 (Oct) adj. earnings of $0.61 per share, $0.02 better than the Capital IQ Consensus of $0.59; revenues fell 2.6% year/year to $12.35 bln vs the $12.33 bln Capital IQ Consensus, up 1% normalized to exclude the SO Video SPE business, with product revenue down 1% and service revenue up 7%.
Revenue by geographic segment was: Americas down 1%, EMEA flat, and APJC up 6%.
Product revenue performance was led by Security and NGN Routing which increased 11% and 6%, respectively. Switching decreased 7%, Collaboration and Data Center each decreased 3%, and Wireless and Service Provider Video each decreased 2%.
Deferred Revenue -- was $17.0 billion, up 12% in total, with deferred product revenue up 19%, driven largely by subscription-based and software offerings. Deferred service revenue was up 8%. The portion of product deferred revenue related to recurring and subscription businesses grew 48%.
Non-GAAP total gross margin and product gross margin were 65.2% and 64.8%, respectively. The increase in non-GAAP product gross margin compared with 64.5% in the first quarter of fiscal 2016 was primarily due to continued productivity improvements, partially offset by pricing and to a lesser extent product mix.
Co issues downside guidance for Q2, sees EPS of ~$0.55-0.57, excluding non-recurring items, vs. $0.59
Capital IQ Consensus Estimate; sees Q2 revs down 2-4% to ~$11.27-11.51 bln vs. $12.15 bln Capital IQ Consensus; adj. gross margin 63-64%.
"We had a good quarter despite a challenging global business environment and we performed well in our priority areas... We executed well in Q1 delivering profitable growth, and saw strong adoption of our subscription-based and software offerings as we transition our business to a more recurring revenue model."
4:09 pm Applied Materials thin-film deposition equipment has been selected by Chinese semiconductor display product manufacturer BOE Technology for use in the Gen 10.5 TFT-LCD production line to accelerate production of large LCD TVs (AMAT) :
4:04 pm NetApp beats by $0.06, misses slightly on revs; guides Q3 (Jan) EPS in-line, revs in-line (NTAP) :
Reports Q2 (Oct) adj earnings of $0.60 per share, $0.06 better than the Capital IQ Consensus of $0.54; revs -7% YoY to $1.34 bln vs $1.35 bln Capital IQ consensus
Co issues in-line guidance for Q3 (Jan), sees EPS of 0.72-0.77 vs. $0.65 Capital IQ Consensus Estimate; sees Q3 (Jan) revs of 1.325-1.475 bln vs. $1.36 bln Capital IQ Consensus Estimate.
"Our second quarter results are evidence of our ability to maintain a high level of execution while streamlining the business and pivoting to the growth areas of the market."
4:10 pm : The major averages ended the midweek affair on a mixed note as investors continued to fine-tune their post-election positioning. The Nasdaq Composite (+0.4%) finished ahead of the S&P 500 (-0.2%) and the Dow Jones Industrial Average (-0.3%). The three indices are now up between 2.0% and 4.0% in November.
Equity indices diverged at the start of the session as profit-taking activity weighed on the post-election landscape. Investors continued to book profits on their reflationary trades, leading to pull backs in financials (-1.4%; month-to-date: +10.7%), industrials (-0.7%; month-to-date: +6.6%), and materials (-0.1%; month-to-date: +3.4%).
In addition, the top-weighted technology sector (+0.9%; month-to-date: -1.0%) rebounded after last week's underperformance, which occurred as investors left sector mainstays in favor of stocks better positioned for large-scale public works projects.
The S&P 500 (-0.2%) finished modestly lower with eight groups losing ground. The financial (-1.4%) sector rounded out the board while telecom services (+1.0%), technology (+0.9%), and consumer discretionary (+0.5%) outperformed.
Banking names continued to underperform in the financial sector (-1.4%) as Dow component JPMorgan Chase (JPM 77.40, -1.96) fell 2.5%. Banks rallied in the immediate aftermath of the election as a steepening yield curve boosted earnings prospects for the group. There has also been a fair amount of speculation regarding the Trump Administration reducing regulations for the industry. JPMorgan Chase remains up 11.8% so far this month.
The energy space (-0.9%) slid amid a downtick in crude oil futures. WTI crude fell 0.7% ($45.56/bbl; -$0.31) after the Department of Energy released a bearish inventory report. The EIA reported that crude oil inventories increased by 5.27 million barrels (consensus: +1.48 million) while gasoline stockpiles rose by 0.74 million barrels (consensus: -0.41 million). However, losses were held in check by some positive jawboning from Russian Energy Minister Alexander Novak.
The Dow Jones Transportation Average (-0.7%) also saw some profit taking as rail names narrowed their recent gains. Union Pacific (UNP 98.01, -1.10) finished lower by 1.1%, narrowing its month-to-date gain to 11.2%. In the broader industrial sector (-0.7%), Lockheed Martin (LMT 263.35, -2.58, -1.0%) trimmed its November gain to 6.8%.
In the consumer discretionary space (+0.5%), shares of discount retailer Target (TGT 76.03, +4.59) rallied 6.4% after the company reported a bottom-line quarterly beat and issued better-than-expected comparable sales guidance for the fourth quarter. Separately, Dow component Disney (DIS 99.12, +1.41) rose 1.4% after being upgraded to "Buy" from "Hold" at Deutsche Bank.
The Treasury complex finished on a modestly higher note while the 30-yr bond outperformed, recovering early losses after a lukewarm inflation reading. The October Producer Price Index (PPI) came in flat while the index for final demand, less food and energy, fell 0.2%. The headline index is up 0.8% year-over-year while the core reading checks in at 1.2% year-over-year. Despite today's four-basis point decline, the 30-yr yield (2.92%) is up 34 basis points so far in November. For its part, the 10-yr yield ended unchanged at 2.22%.
Today's trading volume was below the average of 924 million as fewer than 869 million shares changed hands at the NYSE floor.
Today's economic data included the weekly MBA Mortgage Index, October PPI, October Industrial Production/Capacity Utilization, and the November NAHB Housing Market Index:
The MBA Mortgage Index indicated that mortgage applications fell 9.2% in the week ending November 12. This followed a 1.2% decline in the prior week.
The Producer Price Index for October was unchanged (Briefing.com consensus +0.3%) while the index for final demand, less food and energy, was down 0.2% (Briefing.com consensus +0.2%).
Industrial production was unchanged in October (Briefing.com consensus +0.2%) after declining a downwardly revised 0.2% (from +0.1%) in September.
The capacity utilization rate slipped to 75.3% (Briefing.com consensus 75.5%) from an unrevised 75.4% in September.
The NAHB Housing Market Index for November came in at 63 from an unrevised 63 in October. The Briefing.com consensus expected the reading to come in at 64.0.
For more on these economic releases, be sure to visit Briefing.com's Economic Calendar page.
Tomorrow's economic data will include the 8:30 ET release of CPI for October (Briefing.com consensus +0.4%), October Housing Starts (Briefing.com consensus 1178k) and Building Permits (Briefing.com consensus 1200k), weekly initial claims (Briefing.com consensus 257k), and the Philadelphia Fed Survey for November (Briefing.com consensus 7.0). On a separate note, Fed Chair Janet Yellen is scheduled to testify before the Joint Economic Committee tomorrow at 10:00 ET. This will be Chair Yellen's first opportunity to address monetary policy since the election.
Russell 2000: +14.6% YTD
Dow Jones: +8.3% YTD
S&P 500: +6.5% YTD
Nasdaq Composite: +5.7% YTD
DJ30 -54.92 NASDAQ +18.96 SP500 -3.45 NASDAQ Adv/Vol/Dec 1515/1.855 bln/1355 NYSE Adv/Vol/Dec 1575/868.5 mln/1414
3:30 pm :
The dollar index was +0.2% around the 100.38 level, near a 14-year high, weighed on precious metals
Commodities, as measured by the Bloomberg Commodity Index,
Crude oil futures gave back post-EIA gains to end at initial morning lows as the Nov 30 OPEC meeting approaches
December crude oil futures fell $0.31 (-0.7%) to $45.56/barrel
The next OPEC meeting will take place in Vienna, Austria on November 30.
Baker Hughes rig count data will be released tomorrow at 10:30 am ET.
EIA highlights:
Crude oil inventories had a build of +5.274 mln barrels (consensus called for a build of +1.48 mln barrels)
Gasoline inventories had a build of +0.746 mln barrels (consensus called for a draw of -0.42 mln barrels)
Distillate inventories had a build of +0.310 mln barrels
Natural gas erased Friday's losses to close near its highest levels of the session ahead of tomorrow's inventory data
December natural gas closed $0.06 higher (+2.2%) at $2.77/MMBtu
Weekly EIA natural gas storage data will be released tomorrow at 10:30 am ET.
Factors affecting the price of natural gas include:
Updated forecasts showed cold weather pushing into the western U.S. later this weekend, expected to track toward the eastern U.S. next weekend, bringing rain, snow, and cooler than normal temps. This colder weather is expected to result in increased demand for natural gas.
This compares to last week's weather forecast models which showed that high pressure weather systems will dominate over the central & southern U.S, resulting in much warmer than normal conditions & negatively impacting demand for natural gas.
In precious metals, silver closed at its lowest level since June on continued dollar index strength as the dollar index sat near a 14-year high
December gold ended today's session down $0.90 (-0.1%) to $1223.60/oz
December silver closed today's session $0.10 lower (-0.6%) at $16.92/oz
Base metal copper extended yesterday's losses after showing gains for 15 out of the last 16 trading days
December copper closed $0.04 lower (-1.6%) at $2.47/lb
The broader market closed split on Wednesday, leaving only the Nasdaq Composite in the green when the bell rang -- up 18.96 points (+0.36%) to 5294.58. The Dow Jones Industrial Average was the worst performer, down 54.92 points (-0.29%) to 18868.14, and the S&P 500 fell in the middle of the two, lower by 3.45 points (-0.16%) to 2176.94. Top Nasdaq 100 components SBAC +2.3%, ALXN +1.8%, DLTR +1.7%, SBUX +1.6% and KHC +1.6% aided in the broader index's advance.
Equity indices diverged at the start of the session as profit-taking activity weighed on the post-election landscape. Investors continued to book profits on their reflationary trades, leading to pull backs in financials (-1.4%; month-to-date: +10.7%), industrials (-0.7%; month-to-date: +6.6%), and materials (-0.1%; month-to-date: +3.4%).
Banking names continued to underperform in the financial sector (-1.4%) as Dow component JPMorgan Chase (JPM 77.40, -1.96) fell 2.5%. Banks rallied in the immediate aftermath of the election as a steepening yield curve boosted earnings prospects for the group. There has also been a fair amount of speculation regarding the Trump Administration reducing regulations for the industry. JPMorgan Chase remains up 11.8% so far this month.
The energy space (-0.9%) slid amid a downtick in crude oil futures. WTI crude fell 0.7% ($45.56/bbl; -$0.31) after the Department of Energy released a bearish inventory report. The EIA reported that crude oil inventories increased by 5.27 million barrels while gasoline stockpiles rose by 0.74 million barrels. However, losses were held in check by some positive jawboning from Russian Energy Minister Alexander Novak.
The Treasury complex finished on a modestly higher note while the 30-yr bond outperformed, recovering early losses after a lukewarm inflation reading. The October Producer Price Index (PPI) came in flat while the index for final demand, less food and energy, fell 0.2%. The headline index is up 0.8% year-over-year while the core reading checks in at 1.2% year-over-year. Despite today's four-basis point decline, the 30-yr yield (2.92%) is up 34 basis points so far in November. For its part, the 10-yr yield ended unchanged at 2.22%.
Among the few sectors which turned in positive sessions today, the Technology (XLK 47.10, +0.43 +0.92%) sector ended near highs. Component Visa (V 80.08, +1.67 +2.14%) was a strong gainer today as the company disclosed that the FTC is conducting an investigation into the company's EMV chips. Other sectors as measured by the S&P closed Wednesday XLFS +2.19%, XLY +0.55%, IYZ +0.29%, XLP +0.02%, XLRE -0.07%, XLB -0.19%, XLV -0.54%, XLI -0.57%, XLU -0.68%, XLE -0.70%, XLF -1.44%.
In the S&P 500 Information Technology (792.60, +7.25 +0.92%) sector, trading also closed near highs, pulled into the green by components like NVDA +6.31%, ADSK +3.22%, GPN +2.78%, AAPL +2.74%, RHT +2.38%, CTSH +2.16%, YHOO +1.91%, FISV +1.64%, EA +1.56%, MA +1.48%, TSS +1.44%.
Other notable news items among sector components:
Visa (V) disclosed in 10-K that the FTC is conducting an investigation into whether Visa's requirements for EMV chip inhibit merchant routing choice for debit card transactions.
Accenture (ACN 117.32, +1.33 +1.15%) announced plans with SAP SE (SAP) to accelerate the development of solutions, based on a digital customer engagement platform, for utility companies to engage with customers through virtually any channel, improving customer operations efficiency.
ACN also entered into a strategic relationship with Partech Ventures, a leading venture capitalist firm headquartered in Paris, France, with offices in Berlin, Germany and San Francisco, California. Under the agreement, Accenture will invest in two Partech funds and join its Advisory Committee, gaining early access to relevant startups and the opportunity to co-invest in early-stage companies. Financial details were not disclosed.
Also, Iren Mercato, the Italian energy utility, has collaborated with ACN to launch one of the first connected home services for customers in Italy.
Facebook (FB 116.34, -0.86 -0.73%) issued updates on metrics and reporting after discovering some miscalculated metrics.
Elsewhere in the tech space:
Square (SQ 12.04, +0.01 +0.08%) confirmed CEO Jack Dorsey entered into stock trading plan to sell shares of Square over course of the next twelve months.
Verint Systems (VRNT 37.40, +0.10 +0.27%) acquired OpinionLab. Financial terms of the deal were not disclosed.
ViaSat (VSAT 73.55, -7.24 -8.96%) commenced an underwritten public offering of 6,500,000 shares of its common stock.
Digital Ally (DGLY 5.10, -0.40 -7.27%) reduced exercise prices of 2015 Warrants to $5.00 per share during the period from November 16-November 30.
Littelfuse (LFUS 150.83, -1.82 -1.19%) announced that Chairman and CEO Gordon Hunter will transition to the role of Executive Chairman, effective Jan 1, 2017. LFUS COO Dave Heinzmann was therefore promoted to CEO.
Netsol's (NTWK 5.60, +0.35 +6.67%) Board approved a stock repurchase program that authorizes repurchases of up to 500k shares of common stock over the next six months.
Cohu (COHU 11.82, -0.16 -1.34%) acquired Kita Manufacturing for $15 million.
Model N (MODN 8.70, flat) announced that Founder and Executive Chairman Zack Rinat will reassume the role of CEO on an interim basis, effective immediately.
CDK Global (CDK 57.32, +1.29 +2.30%) increased its quarterly dividend to $0.14 per share from $0.135 per share.
Callidus Software's (CALD 16.47, -0.32 -1.93%) CFO Bob Corey to retire.
In reaction to quarterly results:
JinkoSolar Holding (JKS 14.63, +0.88 +6.40%) reported better than expected Q3 EPS and revenues of $1.40 and $855.3 million, respectively.
Agilent (A 46.18, +0.78 +1.72%) reported better than expected Q4 EPS and revenues of $0.59 and $1.11 billion, respectively. For Q1, the company sees worse than expected EPS and revenues of $0.48-0.50 and $1.04-1.06 billion, respectively. For FY17, the company guided EPS below market expectations at $2.10-2.16 and in-line revenues of $4.35-4.37 billion.
Yirendai (YRD 29.00, -1.30 -4.29%) reported Q3 EPS of $0.85 on revenues of $131.5 million. The company also raised its FY16 outlook for revenues to $462-468 million from $451-466 million.
Companies scheduled to report quarterly results tonight/tomorrow morning: CSCO, NTAP/JASO, LQDT
Analyst actions:
FIT was upgraded to Sector Weight from Underweight at Pacific Crest;
LVLT was downgraded to Equal Weight from Overweight at Barclays,
SCTY, JASO, YGE, TSL were downgraded to Sell at Axiom,
NOK was downgraded to Market Perform from Outperform at BMO Capital,
ROG was downgraded to Neutral from Buy at Sidoti,
VSAT was downgraded to Underperform from Neutral at Macquarie;
CACI and OSIS were initiated with Buy ratings at Drexel Hamilton,
MANT was initiated with a Hold at Drexel Hamilton,
GUID was initiated with a Buy at Roth Capital
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