From Briefing.com: 4:56 pm Brocade beats by $0.11, beats on revs; will not provide fiscal Q1 2017 guidance due to pending acquisition by Broadcom (AVGO) (BRCD) :
Reports Q4 (Oct) earnings of $0.33 per share, excluding non-recurring items, $0.11 better than the Capital IQ Consensus of $0.22; revenues rose 11.6% year/year to $657.3 mln vs the $639.74 mln Capital IQ Consensus.
On November 2, 2016, Brocade announced that it had entered into a definitive agreement under which Brocade would be acquired by Broadcom (AVGO). In light of the pending acquisition, Brocade will not provide fiscal Q1 2017 guidance and will not hold a conference call to discuss these financial results.
4:00 pm ON Semiconductor Chairman J. Daniel McCranie to retire from the Board in 2017 (ON) :
4:15 pm : The stock market began an abbreviated week on a higher note as the three major averages notched new all-time closing highs. The Nasdaq Composite (+0.9%) finished ahead of the S&P 500 (+0.8%) and the Dow Jones Industrial Average (+0.5%). The Russell 2000 (+0.4%) also carved out a new all-time high, extending its November gain to 10.8%.
The major averages jumped at the start of the session as crude oil extended its recent winning streak. The energy component rallied 4.1% ($48.27/bbl; +$1.89) after several oil producers made upbeat comments regarding the elusive OPEC supply cap agreement. Iranian Oil Minister Bijan Namdar Zanganeh stated that the oil cartel will likely reach a consensus regarding cuts at its official meeting on November 30. Separately, Iraqi Oil Minister Jabbar al-Luaibi indicated that three new proposals will be brought to the group during technical meetings taking place today and tomorrow.
Softening in the US Dollar Index (100.85, -0.36, -0.36%) boosted dollar-denominated commodities. The currency index moved off a fresh 14-year high overnight as the euro and the pound gained ground against the greenback. The single currency ticked up 0.2% (1.0629) against the buck while the pound/dollar pair finished higher by 1.2% (1.2494). The euro remains down 3.2% against the dollar in November.
A pullback in market rates helped keep a lid on recent rate angst while a positive bias in global markets also underpinned today's advance.
The major averages carved out all-time highs in the final hour of action with ten sectors finishing with gains. The energy (+2.2%), utilities (+1.1%), and technology (+1.1%) sectors ended in the lead while real estate (-0.2%), financials (+0.3%) and health care (+0.3%) rounded out the board.
The influential technology sector (+1.1%) paced today's advance as large cap names continued their recent rebound. Facebook (FB 121.77, +4.75) finished higher by 4.1% after the company reported a $6.0 billion share buyback. Top-weighted Apple (AAPL 111.75, +1.69) ended higher by 1.5%. The broader sector has gained 0.5% so far in November, which compares to an advance of 3.4% in the benchmark index.
In the consumer staples space (+0.7%), Tyson Foods (TSN 57.60, -9.76) tumbled 14.5% in reaction to weaker-than-expected quarterly results and disappointing full-year 2017 earnings guidance. However, the company did increase its quarterly dividend to $0.225 per share from $0.15 per share. Peer Hormel Foods (HRL 34.94, -0.64, -1.8%) moved lower in sympathy with the name. Hormel will release its quarterly results tomorrow morning.
Retailers continued to have a mixed showing as Gap (GPS 24.99, -0.62, -2.4%) extended its post-earnings losing streak. Meanwhile, Best Buy (BBY 45.65, +0.86, +1.9%) continued to outperform after reporting upbeat results and guidance last Friday. Separately, influential Amazon (AMZN 780.00, +19.84) and Netflix (NFLX 117.96, +2.75) finished higher by 2.5% apiece.
The financial sector (+0.3%) finished on a flat note as flattening in the yield curve weighed on banking names. The yield on the 2-yr note finished down one basis point to 1.06% while the yield on the benchmark 10-yr note slipped five basis points to 2.30%. The yield spread between the 2-yr and 10-yr note narrowed to 124 basis points from 128 basis points last Friday.
Today's trading volume was below the recent average of one billion as fewer than 842 million shares changed hands at the NYSE floor.
There was no economic data of note released today.
Tomorrow's economic data will be limited to the Existing Home Sales Report for October (Briefing.com consensus 5.40 million), which will be released at 10:00 ET. DJ30 +88.76 NASDAQ +47.35 SP500 +16.28 NASDAQ Adv/Vol/Dec 1711/1.597 bln/1153 NYSE Adv/Vol/Dec 2223/841.7 mln/745
3:30 pm :
Crude oil closed at a 1-month high following comments from OPEC ahead of the official Nov 30 meeting to discuss
Jan 2017 crude oil futures rose $1.89 (+4.1%) to $48.27/barrel
OPEC updates:
Oil saw a notable rally to close pit trading at a fresh 1-month high, attributable to comments from OPEC ahead of next week's official meeting in Vienna, Austria on November 30.
Late yesterday, Iraq's oil minister stated that they plan to present 3 new proposals at 2 technical meetings taking place today and tomorrow designed at facilitating cooperation with other OPEC members.
Russian President Vladimir Putin has stated that he sees no problem with Russia freezing its output at current levels as part of a coordinated effort with OPEC producers.
Over the weekend, Iran's oil minister stated that an OPEC agreement is highly likely & expressed confidence in a deal to limit oil production at the upcoming official meeting.
Reminder: In Algiers, Algeria on Sept 28, OPEC announced plans to cut production to between 32.5-33 mln barrels/day, compared to all-time high production levels in October of 33.83 mln barrels/day & stated details of how to implement this cut will be announced at the next upcoming official OPEC meeting.
In addition, its worth noting that the dollar index has retreated from last week's 14-year high & was down as much as 0.3% earlier this morning, another contributing factor offering support to oil prices.
Upcoming data reminders:
API data will be released tomorrow after the bell.
Weekly EIA data will be released Wed at 10:30 am ET.
Baker Hughes rig count data will be released on Friday at 1 pm ET.
The dollar index snapped its 10-day streak, retreated from last week's 14-year high, -0.1% around the 101.11 level
Commodities, as measured by the Bloomberg Commodities index, were +2.2% around the 84.88 level
Natural gas extended Friday's gains, ended pit trading at its highest level in 3 weeks
December natural gas closed $0.11 higher (+3.9%) at $2.95/MMBtu
Weekly EIA natural gas data will be released at Thursday at 10:30 am ET.
In precious metals, gold managed to break out of its 4-session downtrend, rebounded from last week's 9-month low as the dollar index week
December gold ended today's session up $0.80 (+0.1%) to $1209.60/oz
December silver closed today's session $0.10 lower (-0.6%) at $16.51/oz
Base metal copper reclaimed all of Friday's losses, closed at session highs
December copper closed $0.05 higher (+2.0%) at $2.52/lb
In a remarkable day of positive action, all three US indices cracked into new all-time high territory at one point on the day. The shortened holiday week began with the Nasdaq Composite coming out on top, higher by 47.35 points (+0.89%) to 5368.86. The S&P 500 ended up 16.28 points (+0.75%) to 2198.18, and the Dow Jones Industrial Average added 88.76 points (+0.47%) today to close 18956.69.
The abbreviated holiday week began with 10 S&P sectors in the green -- Real Estate (XLRE 29.63, -0.08 -0.27%) closed modestly lower -- as the Technology (XLK 47.84, +0.48 +1.01%) sector followed the broader market to highs at the close. Component Facebook (FB 121.77, +4.75 +4.06%) was strong today after the late Friday announcement of a $6.0 billion buyback and the resignation of Chief Accounting Officer Jas Athwal. Other sectors as measured by the S&P closed Monday XLE +2.38%, XLFS +2.19%, IYZ +1.50%, XLB +1.18%, XLU +1.06%, XLP +0.67%, XLY +0.60%, XLI +0.54%, XLF +0.41%, XLV +0.36%, XLRE -0.24% as the Energy complex led the positive action.
In the S&P 500 Information Technology (804.81, +8.49 +1.07%) sector, trading returned to the $800-level with a strong session. Component Symantec (SYMC 24.52, +0.77 +3.24%) was among today's best performers after it was announced the company would acquire LifeLock (LOCK 23.81, +3.06 +14.75%) for $24 per share in a deal which is to be accretive to FY19 non-GAAP EPS. Other names in the space which closed higher today included WU +2.78%, AVGO +2.63%, PAYX +2.16%, AMAT +1.98%, ADI +1.97%, GPN +1.81%, AAPL +1.54%, TXN +1.49%, IBM +1.48%, LRCX +1.46%, MU +1.46%, TDC +1.40%, PYPL +1.37%, TSS +1.37%.
Other notable news items among sector components:
LifeLock (LOCK) to be acquired for $24 per share by Symantec (SYMC). The deal is expected to be accretive to FY2019 non-GAAP EPS. SYMC also reaffirmed its FY17 and FY18 non-GAAP EPS guidance.
Facebook (FB) disclosed a $6.0 billion stock buyback, going into effect in the first quarter of 2017. The company also announced its Chief Accounting Officer, Jas Athwal, will resign effective February 17, 2017
Oracle (ORCL 39.89, +0.03 +0.08%) to acquire cloud-based Internet Performance and DNS provider Dyn. Financial terms of the deal were not disclosed.
CSRA (CSRA 31.31, -0.36 -1.14%) announced a re-competed contract with the Department of Homeland Security's Office of Cybersecurity and Communications (CS&C) to provide a broad range of technical services and expertise. The single-award contract is valued at more than $52 million over a four year period.
Elsewhere in the tech space:
Applied Micro (AMCC 8.10, +0.85 +11.72%) to be acquired by MACOM Technology Solutions (MTSI 45.01, -1.94 -4.13%) for approx. $8.36 per share consisting of cash and stock for total transaction value of approx. $770 mln.
Arista Networks (ANET 94.48, +6.50 +7.39%) received a letter from the United States Customs and Border Protection ruling that the company's current products which contain its redesigned Extensible Operating System are not within the scope of the limited exclusion order issued by the ITC and therefore may be imported into the US.
Eros International (EROS 15.70, -0.25 -1.57%) announced a distribution partnership with Vodafone India (VOD 25.51, -0.18 -0.70%). Financial details of the deal were not disclosed.
According to the WSJ, Amazon (AMZN 780.00, +19.84 +2.61%) may be considering a premium sports package for Prime members.
In reaction to quarterly results:
Cheetah Mobile (CMCM 11.20, +0.60 +5.66%) reported non-GAAP EPS of RMB0.51 on revenues which missed expectations yet rose 9.7% compared to last year to RMB1.13 billion. For Q4, the company sees revenues of RMB1,200-1,240 million.
Canadian Solar (CSIQ 10.68, -1.02 -8.72%) reported better than expected Q3 EPS of $0.27 on revenues which missed expectations and fell 22.7% compared to last year to $657.3 million.
Companies scheduled to report quarterly results tonight/tomorrow morning: BRCD, PANW, SINA, WB/ADI, DAKT, HQCL, TECD
Analyst actions:
MPWR was upgraded to Strong Buy from Outperform at Raymond James,
LDOS was upgraded to Outperform from Neutral at Credit Suisse,
MBT was upgraded to Buy from Neutral at Citigroup;
LOCK was downgraded at Needham and Dougherty,
KS was downgraded to Market Perform from Outperform at Wells Fargo,
MLNX was downgraded to Underperform from Hold at Jefferies,
MGI was downgraded to Buy from Strong Buy at Feltl,
LFUS was downgraded to Neutral from Buy at Sidoti,
VOD was downgraded to Neutral from Outperform at Exane BNP Paribas,
AMCC was downgraded to Neutral from Buy at Roth Capital;
CRUS was initiated with a Hold at Craig Hallum,
SITO was initiated with an Outperform at Cowen,
NFLX was initiated with a Buy at Brean Capital,
ENTG was initiated with a Hold at Needham,
LPL was initiated with a Sell at Goldman
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