From Briefing.com: 4:20 pm : A disappointing jobs report prompted sellers to knock stocks sharply lower in the first few minutes of trading. Stocks then locked into an extremely narrow trading range until the S&P 500 slipped below the psychologically significant 900 level in the final half-hour of trading.
Following an uninspiring finish to the previous session, stocks had already been showing weakness ahead of the government's latest jobs report, which was released shortly before the opening bell. However, sellers became emboldened when the June Nonfarm Payrolls report indicated that 467,000 jobs were lost last month. That marked pickup from the 322,000 jobs that were lost in May, and topped the 365,000 losses that were widely expected.
Meanwhile, the national unemployment rate now stands at 9.5%, which isn't quite as bad as the 9.6% that was expected, but it still marks a 25-year high. According to Reuters, the White House expects unemployment rate to climb to 10% in next two to three months. Average weekly hours came in at a slightly worse-than-expected 33.0. Since hours often lead payrolls and employers are cutting back hours suggests that hiring remains a long ways off, which will damper consumer spending and hopes of a consumer-led economic recovery.
May factory orders made a surprisingly strong 1.2% increase, which bested the 0.9% increase that had been forecast. The stock market attempted to pare some of its losses following the orders announcement, but the disappointing jobs report dominated headlines and overshadowed the encouraging orders data.
Since U.S. market's are closed Friday in observance of Independence Day, this session's decline gave stocks their third straight weekly loss. During that time, stocks have shed more than 5%. This session's weakness was widespread as declining issues outnumbered advancers by more than 20-to-1 in the S&P 500.
Losses were steepest among energy and financial stocks. They both finished 3.7% lower. Energy was hampered by a 3.7% drop in crude oil prices, which closed at $66.73 per barrel. Crude has fallen for three consecutive sessions. Meanwhile, financials were severely undercut by losses among insurers.
Elan (ELN 7.66, +0.66) was one of the few stocks to post a gain this session. The company garnered support following the announcement that Johnson & Johnson (JNJ 55.97, -1.10) will acquire certain drug assets from Elan and will invest $1 billion in Elan through an affiliate.
In other corporate news, Exelon (EXC 49.03, -2.53) has increased its exchange offer to acquire NRG Energy (NRG 24.59, -1.46) by 12%. The increase was widely expected and neither stock was able to attract buyers amid the session's broad-based selling effort.
Trading volume was extremely light ahead of the long, holiday weekend. Hardly 700 million shares traded hands on the NYSE in what was the most thinly traded session this year. That's even after trading had been extended by 15 minutes in order to address system irregularities. DJ30 -218.94 NASDAQ -49.20 NQ100 -2.4% R2K -3.8% SP400 -3.2% SP500 -26.18 NASDAQ Adv/Vol/Dec 447/1.93 bln/2214 NYSE Adv/Vol/Dec 538/685 mln/2435
4:19PM LDK Solar guides Q2 revs below consensus; raises solar shipments ests (LDK) 10.91 -0.34 : Co guides Q2 revs to $215-225 mln vs $247.19 mln First Call consensus. For the second quarter of 2009, LDK Solar estimates shipments between 220 and 230 megawatts ("MW"). This compares to its previously issued guidance for the second quarter of 2009 of wafer shipments in the range of 200 to 220 MW. The company expects to record between $215 and $225 million in revenues. LDK Solar additionally provided an update on its financing activities. The company secured a loan in the aggregate principal amount of RMB 500 million (equivalent to approximately US$73 million), with a term of one year, from The Export-Import Bank of China. The company also secured a loan in the aggregate principal amount of RMB 500 million (equivalent to approximately US$73 million), with a term of three years, from Huarong International Trust Co., Ltd. to support LDK Solar's polysilicon plant construction. Huarong International Trust Co., Ltd. is a state-controlled company permitted under the relevant PRC laws and regulations to provide enterprises with financing facilities. LDK Solar had a healthy cash position of more than $250 million and pledged bank deposits and time deposits of more than $170 million as of June 30, 2009.
6:05AM Methode Electronics beats by $0.06, beats on revs (MEI) 7.28 : Reports Q4 (Apr) loss of $0.10 per share, excluding non-recurring items, $0.06 better than the First Call consensus of ($0.16); revenues fell 42.3% year/year to $89.1 mln vs the $79.3 mln consensus. Automotive segment net sales were negatively impacted by the continuing softness of the global economic environment, especially the effect on the North American automotive industry, and by negligible Chrysler sales volumes as compared to the prior period due to co's decision to exit the Chrysler business. The transfer of the Chrysler product was substantially completed during the Q209. Additionally, as a result of agreement with Ford Motor to transfer all production at Methode's Reynosa, Mexico, facility to another supplier, sales to Ford were further reduced in Q409. Methode expects to complete the transfer of this Ford business by August 2009.
09:35 am Corning target raised to $17 at RBC as demand for LCD TVs so far has proved resilient: . RBC raises their GLW tgt to $17 from $16 as the supply chain may have over-corrected in recent months and the co cited that June volumes will increase by 100% in LCD glass vs prior expectations of 75%. Over-reaction earlier this year on the negative side means GLW is now readjusting it production on the positive side, although GLW's newfound optimism remains guarded. More swings are expected as panel makers adjust their utilization rates and retail demand becomes more predictable, in their view. And with most investors having already factored in healthy sequential volume growth, the stock may now enter a trading range until visibility toward year-end improves; they maintain their Sector Perform rating.
10:30 am Xilinx (XLNX)
Chip maker Xilinx (XLNX 20.34, -0.23) this morning disclosed that its June quarter sales are expected to be down approximately 5% sequentially vs. consensus of a sales increase of ~0.5% quarter-over-quarter. This is a revision from previous sales guidance of down 4% to up 4% sequentially.
The company said the shortfall in sales is primarily due to supply constraints on certain Virtex-5 devices that are in high demand. Xilinx currently expects most of the existing delinquency issues to be resolved in the September quarter.
Gross margin guidance of 61% to 63% and operating expense guidance of flat to slightly down sequentially remain unchanged.
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