From Briefing.com: 4:30 pm : Stocks showed solid gains in the early going, but the advance was rebuffed by a round of profit taking. Choppy trading ensued, leading stocks to close with a modest gain.
Financials were up more than 5% in the early going. Diversified banks (+3.2%) and other diversified financial services companies (+4.3%) were among the sector's strongest performers. Citigroup (C 1.54, +0.09) also traded higher, though it wasn't quite the leader that it was in the prior session.
Market watchers await details from tomorrow's congressional committee meeting, which will examine mark-to-market accounting rules. The rules have driven massive write-downs at banks and other financial companies; temporarily suspending the rules could remove an overhang from many financial companies, potentially allowing their shares to rip higher.
Removal of the uptick rule is another regulatory change that has been proposed. However, Washington has sent mixed signals regarding the rules, so basing trades on speculation the government may change existing rules could prove treacherous.
A mix of profit taking and uncertainty surrounding financial stocks turned the financial sector's early gain into a fractional loss. Financials were able to climb back, though. They finished 2.4% higher.
The broader market seemed to take its cues from the financial sector for the second straight session.
Each of the major indices climbed more than 1% in the early going. However, the S&P 500 was rebuffed after failing to push through 730, while the Dow failed to crack 7000.
The stock market's failure to extend its advance amid ongoing uncertainty in the financial system and broader economy opened the door for profit taking, which resulted in a choppy session. Stocks retreated into the red, but rebounded. Sellers redoubled their efforts in the final leg of trading, limiting the gains for the session.
Health care (-2.0%) was the session's worst performing sector. Pfizer (PFE 12.79, -0.30) was a primary laggard. Its credit rating was lowered by Moody's to Aa2 from Aa1.
Energy (-1.2%) was also a notable laggard. Its weakness followed a 7.4% drop in crude oil prices, which finished pit trading near $42.35 per barrel.
There were no earnings announcements or economic reports of consequence to influence the direction of trade, though a CNBC report indicated JPMorgan Chase (JPM 20.40, +0.90) was profitable in the first two months of the year.
Tomorrow's earnings calendar is also absent of market movers. However, advance retail sales for February are due tomorrow, along with January business inventories, and weekly jobless claims data.
Treasury Secretary Geithner will testify tomorrow before the Senate Budget Committee on the 2010 Budget.
The G-20 also meets this week. Agenda items include how to ensure economic recovery and restart growth, and how to reform and coordinate the international regulatory and supervisory system to ensure that no such crisis occurs again. DJ30 +3.91 NASDAQ +13.36 NQ100 +1.2% R2K -0.4% SP400 +0.4% SP500 +1.76 NASDAQ Dec/Adv/Vol 1343/1342/2.15 bln NYSE Dec/Adv/Vol 1263/1822/1.75 bln
8:02AM ON Semiconductor announces settlement of patent dispute with Samsung Electronics (ONNN) 3.62 : Co announces that it has entered into a settlement agreement with Samsung Electronics that resolves the outstanding patent infringement actions that were pending in the District of Delaware involving technology relevant to DRAM products. Under the terms of the confidential settlement agreement, the parties have cross-licensed their respective patent portfolios for a significant term of years.
6:31AM Amtech Systems announces $3 million in solar orders (ASYS) 3.00 : Co announces that its solar subsidiary, Tempress Systems, has received approximately $3 mln in follow-on solar orders for its diffusion processing systems from two new customers, both located in Asia.
1:49AM U.S. District Court enters final judgment for $397 mln against Hynix in favor of Rambus (RMBS) 8.77 : Co announcesthat the U.S. District Court for the Northern District of Calif. has entered final judgment in the Hynix Semiconductor matter. Judgment was entered against Hynix in the amount of approx $134 mln for infringement through December 31, 2005 and approx $215 mln for its infringement from January 1, 2006 through January 31, 2009. In addition, the Court awarded about $48 mln in pre-judgment interest to Rambus. The Court also ordered Hynix to pay Rambus royalties on net sales after January 31, 2009 and before April 18, 2010 of 1% for SDR SDRAM and 4.25% for DDR SDRAM memory devices. The latter rate applies to DDR, DDR2, DDR3, GDDR, GDDR2 and GDDR3 SDRAM devices, as well as DDR SGRAM devices.
3:08 pm National Semiconductor (NSM)
National Semiconductor (NSM 11.28, -0.42) reported a steep drop in revenues and said it will eliminate jobs and consolidate manufacturing operations.
National Semiconductor reported earnings of $0.09 per share for its fiscal third quarter. The results include $11 million in discrete tax benefits and may not be comparable to the First Call consensus that expected a loss of $0.05 per share.
Revenues fell 35.5% year-over-year to $292.4 million; the consensus expected $295.6 million.
The Santa Clara, Calif.-based company said it will immediately eliminate 850 jobs worldwide in sales and marketing, manufacturing and support functions. Another 875 positions will be eliminated in phases over several quarters as the company closes an assembly and test plant in China and a wafer fabrication plant in Arlington, Texas. The total job cuts amount to approximately 26% of National Semiconductor's workforce.
The company said it will incur between $160 million and $180 million in charges as a result of its restructuring actions.
Looking ahead, the company said it expects sales in its fiscal fourth quarter to decrease sequentially by 5-10%. The outlook calculates to fiscal fourth quarter revenues between $263 million and $278 million. The consensus currently stands at $292.6 million.
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