From Briefing.com: 4:08 pm Amkor beats by $0.15, misses on revs; guides Q1 EPS, revs below two analyst estimate (AMKR) :
Reports Q4 (Dec) earnings of $0.42 per share, $0.15 better than the Capital IQ Consensus of $0.27; revenues rose 52.3% year/year to $1.02 bln vs the $1.04 bln two analyst estimate.
Co issues downside guidance for Q1, sees EPS of ($0.11)-$0.05 vs. $0.11 Capital IQ Consensus Estimate; sees Q1 revs of $860-940 mln vs. $964.50 mln two analyst estimate; sees gross margin of 13% to 17%
"Although the smartphone market is going through a seasonal slowdown, demand in other markets is healthy."
First quarter 2017 outlook:
4:20 pm : Another day, another record close for the major averages. The key indices backed away from their best levels during afternoon action, but still kept the bulk of their gains. The Dow (+0.7%) led the day's advance while the S&P 500 and the Nasdaq both gained 0.5%.
President Trump's upcoming tax-related announcement was yet again the driver of today's bullish sentiment. Investors have pushed the stock market higher since last Thursday when Mr. Trump promised to deliver a "phenomenal" tax reform plan in the coming weeks. Without any specific details of said plan, it's clear that investors are seeing the gesture as symbolic, a sign of the new administration's resolve in keeping the pro-growth promises of Mr. Trump's presidential campaign.
Financials (+1.1%) provided strong sector leadership throughout the morning, but lost some of their momentum in the afternoon. Industrials (+1.0%) also had a solid showing, as Caterpillar (CAT 98.50, +2.19) rallied around a recent report from U.S. Department of Homeland Security which suggested Mr. Trump's proposed barrier along the U.S./Mexico boarder may cost more than it was originally estimated.
The top-weighted technology sector (+0.7%) finished just a step ahead of the benchmark index, thanks in large part to Apple's (AAPL 133.29, +1.17) strong performance. Apple, the largest company by market cap, has added over 10.0% since reporting record revenues, earnings, and iPhone sales on January 31st.
Energy (unch) was the worst performing cyclical space as crude oil broke its three session wining streak. The commodity finished lower by 1.7% at $52.95/bbl as an uptick in U.S. production overshadowed the release of an OPEC report, which showed high compliance with last year's agreed upon production cuts. This report confirms similar findings from the International Energy Agency.
The only group to finish behind energy was the lightly-weighted telecom services sector (-1.3%) thanks to heavy losses from Verizon (VZ 48.55, -0.43) and AT&T (T 40.65, -0.73). Verizon slipped 0.9% after unveiling a new unlimited data plan while AT&T's downtick of 1.8% was partly due to the company's ongoing dispute with the Communications Workers of America.
U.S. Treasuries also finished the day in the red, leaving the 10-yr note with its fourth consecutive loss. The benchmark 10-yr yield finished two basis points higher at 2.43%.
Investors did not receive economic data on Monday. Tomorrow's lone economic report, January PPI (Briefing.com consensus 0.3%) will cross the wires at 8:30 am ET.
In addition, Fed Chair Janet Yellen will be delivering her semiannual monetary policy report to the Senate Banking Committee on Tuesday. Investors will be tuned in, looking for indications regarding the timing of the next rate hike from the FOMC.
Nasdaq Composite +7.1% YTD
S&P 500 +4.0% YTD
Dow Jones Industrial Average +3.3% YTD
Russell 2000 +2.6% YTD
NASDAQ Adv/Vol/Dec 1650/1.65 bln/1178 NYSE Adv/Vol/Dec 1768/947.4 mln/1165
3:40 pm :
Commodities ended the day lower today
Energy was especially weak
Mar crude oil ended the day -1.7% at $52.95/barrel
Natural gas was the underperformer with the front-month (Mar) closing today's session -2.6% at $2.95/MMbtu
Mar copper had a modest gain of +0.4% to finish at $2.78/lb
Apr gold slipped -0.8% to $1225.80/oz, while Mar silver ended -0.6% at $17.82/oz
The three major averages held onto record highs to open the week, after a record session on Friday. Topping the charts, the Dow Jones Industrial Average added 142.79 points (+0.70%) to 20412.16. The S&P 500 gained 12.15 points (+0.52%) to 2318.25, and the Nasdaq Composite had an equally impressive session, up 29.83 points (+0.52%) at the bell to 5763.96.
General upward action didn't stop at the broader market though, as the Technology (XLK 51.55, +0.23 +0.45%) space, too, enjoyed healthy gains on Monday. Component Activision Blizzard (ATVI 45.70, -1.53 -3.24%) was pressured today, despite broader action higher, as the stock was downgraded to an Underperform rating in the premarket session at Hilliard Lyons. Other sectors as measured by the S&P closed Monday XLF +1.14%, XLI +1.00%, XLB +0.81%, XLV +0.61%, XLU +0.51%, XLRE +0.48%, XLE +0.19%, XLY +0.09%, XLP +0.00%, IYZ -0.18% with Financials leading all others and US Telecoms under-performing.
In the S&P 500 Information Technology (871.50, +5.62 +0.65%) space, trading touched another all-time high today about the $872 level, finishing modestly under that mark. Component Seagate Tech (STX 47.80, +1.34 +2.88%) was the best performing name today behind no major catalyst with other technology bellwethers ending TSM +3.19%, QCOM +1.72%, CSCO +1.46%, ASML +1.32%, NTES +1.31%, INTC +1.30%, MSFT +1.12%.
Other notable news items in the space:
During the weekend, Verizon (VZ 48.55, -0.43 -0.88%) announced the renewal of its Verizon Unlimited plan. Customers have the option to pay $80 for unlimited data, talk and text with certain conditions, or customers can pay $45 per line for four lines for unlimited data, talk and text with certain conditions.
IBM Security (IBM 179.36, +0.68 +0.38%) announced the availability of Watson for Cyber Security, the industry's first augmented intelligence technology designed to power cognitive security operations centers (SOCs).
ParkerVision's (PRKR 2.23, +0.04 +1.83%) wholly-owned German subsidiary, ParkerVision GmbH, has amended its complaint against Apple, Inc. (AAPL 133.29, +1.17 +0.89%), Apple Distribution International and Apple Retail Germany B.V. & Co. KG adding the infringement of the German part of European Patent 1 135 853. This amended complaint also expands the accused products to include the Apple iPhone 7 and iPhone 7 Plus which use Intel's PMB5750 transceiver chip, which is based on Intel's SMARTi architecture.
Nokia (NOK 4.96, +0.08 +1.64%) is to introduce technologies that leverage licensed, unlicensed and shared spectrum for the creation of robust, private end-to-end networks for vertical industries.
NOK also announced the introduction of its 4.9G technologies by the end of 2017.
NOK also successfully carried out the world's first connection based on the 5GTF 'pre-standard', marking a further milestone in Nokia's momentum to make 5G a commercial reality.
AT&T (T 40.65, -0.73 -1.76%) and Communications Workers of America have not reached settlement. Negotiations between the two parties continue.
Zillow (ZG 34.78, +0.69 +2.04%) provided an update on court case vs. VHT. The jury awarded VHT $79,875 in actual damages and $8.24 million in statutory damages.
Volkswagen AG (VLKAY 31.71, +0.55 +1.77%) confirmed an agreement with Mobileye (MBLY 45.48, +2.16 +4.99%).
In reaction to quarterly results:
First Data (FDC 16.14, +0.32 +2.02%) reported better than expected Q4 EPS of $0.39 on revenues which missed market expectations at $2.94 billion.
Tower Semi (TSEM 22.56, +0.49 +2.22%) reported better than expected Q4 earnings of $0.52 per share on in-line revenues of $340.4 million. For Q1, TSEM sees revenue growth of about 19% year-over-year to about $330 million with an upward or downward range of 5%.
WEX (WEX 113.52, -5.76 -4.83%) reported better than expected Q4 earnings of $1.28 per share on better than expected revenues of $290.8 million. For Q1, WEX sees in-line EPS and revenues of $1.16-1.24 and $275-285 million, respectively. For FY17, the company also sees in-line EPS and revenues of $5.10-5.50 and $1.15-1.19 billion, respectively.
Companies scheduled to report quarterly results tonight/tomorrow morning: AMKR CSOD GUID PDFS QTNA RNG/AUO DBD FLIR IPGP MGI NVMI RDCM SQNS TMUS VG
Analyst actions:
MDRX was upgraded to Buy from Neutral at Dougherty,
NOK was upgraded to Mkt Perform from Mkt Underperform at Charter Equity,
AGYS was upgraded to Buy from Neutral at Sidoti;
ATVI was downgraded to Underperform from Long-Term Buy at Hilliard Lyons,
INOV was downgraded to Underperform at BofA/Merrill,
AUO was downgraded to Underweight from Neutral at JP Morgan;
WB and MOMO were initiated with a Buy at Instinet,
YY and CMCM were initiated with a Neutral at Instinet,
PMTS was initiated with a Mkt Perform at Barrington Research,
AXTI was initiated with a Buy at Dougherty
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