From Briefing.com: 4:20 pm : Disappointing news from retail giant Wal-Mart (WMT 51.36, -4.18) helped invoke cautious trading ahead of tomorrow's unemployment report. Still, stocks managed to finish at session highs with modest gains.
Wal-Mart shaved more than a dime from its fourth quarter earnings outlook, which now ranges from $0.91 to $0.94 per share. Wall Street was expecting $1.06 per share for the quarter.
The company also disappointed investors by announcing December same-store sales increased by a less-than-expected 1.7%.
Many other retailers posted same-store sales results that ranged from disappointing to dismal. Several lowered their earnings forecasts as well.
Retailers were able to shake the weakness, though. They finished 0.8% higher.
Cautious trading led to choppy action in the broader market.
With December nonfarm payroll data due tomorrow morning, fewer investors were willing to buy on weakness stemming from such announcements as Wal-Mart's, or that of Intel in the prior session. Adding to the apprehension is a soon-to-begin earnings season that is full of uncertainty.
Economists expect December nonfarm payrolls to show a decline of 545,000 jobs. If a worse-than-expected figure emerges and investors can shake it off, that suggests an underlying bullish bias in the stock market. A sell-off will suggest caution.
The significance of the report led many to look past the latest weekly jobless claims report. Initial claims for the ended Jan. 3 totaled 467,000, down 24,000 from the prior week. Many viewed the report with skepticism given strong seasonal factors at play.
Eight of the 10 economic sectors finished higher.
Consumer staples stocks (-1.3%) and financials (-0.2%) were the only two sectors to finish lower. Large-cap tech stocks, however, helped the Nasdaq outperform its counterparts.DJ30 -27.24 NASDAQ +17.95 NQ100 +1.1% R2K +1.0% SP400 +0.8% SP500 +3.08 NASDAQ Dec/Adv/Vol 1047/1666/2.01 bln NYSE Dec/Adv/Vol 1177/1911/1.20 bln
3:11PM EMCORE Corporation raises additional cash through the sale of shares of WorldWater & Solar Technologies Corporation (EMKR) 1.40 +0.19 : Co announces that that it has completed the first closing of a two step transaction involving the sale of its remaining interests in WorldWater & Solar Technologies Corporation. The Co recently sold 1,446,428 shares of WorldWater Series D Convertible Preferred Stock and 152,522 Warrants to purchase shares of Series D Convertible Preferred Stock to The Quercus Trust for approximately $5.7 million and expects to complete the second closing, for an additional $5.7 million, within the next 90 days.
10:31AM RF Micro Device reports $40 mln in free cash flow in December 2008 quarter and currently expects March 2009 quarter to be free cash flow positive (RFMD) 0.91 +0.02 : Co provides updated financial information, including forecasts for generation of free cash flow (net cash provided by operating activities less capital expenditures for purchases of property and equipment) for its December 2008 and March 2009 quarters, as well as for its 2010 fiscal year, beginning March 29, 2009. "RFMD today is flexible and agile, as evidenced by our ability to quickly decrease capital expenditures, rationalize our supply chain and reduce expenses to match our current demand environment." RFMD's capital expenditures were ~$5 mln in the December 2008 quarter, and the Company expects capital expenditures to be ~$20 mln in calendar 2009. By comparison, RFMD's capital expenditures had been $113 mln through the 12 months ended September 2008. Also co generated ~$40 mln in free cash flow in the December 2008 quarter. Additionally, RFMD reduced net debt by ~$50 mln during the December 2008 quarter, primarily through the generation of cash and open-market repurchases of convertible notes. RFMD currently expects to be free cash flow positive in its March 2009 quarter, and co continues to anticipate free cash flow will improve in fiscal 2010 to ~$80 -120 mln.
8:00AM Suntech Power achieves 1GW solar cell and module production capacity (STP) 12.00 : The co announces the achievement of reaching 1GW PV cell and module production capacity in Wuxi, China. The co also announced the opening of its new headquarters in Wuxi, China that incorporates a 1MW grid-connected building integrated solar facade, which is the largest in the world.
08:02 am EMC (EMC)
Data storage company EMC (EMC 11.18) reaffirmed its fourth quarter earnings and revenue guidance and announced a program to cut costs.
For the fourth quarter, EMC expects earnings of $0.25 to $0.26 per share, excluding a $0.10 restructuring charge and a $0.02 intangible asset charge. The consensus estimate expects earnings of $0.23 per share.
EMC's expectations for revenues of $4.0 billion match the consensus estimate.
As part of its restructuring program, EMC plans to cut 2,400 jobs, or about 7% of its workforce. EMC expects the program to reduce costs from its 2008 annualized rate by approximately $350 million in 2009, increasing to approximately $500 million in 2010.
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