From Briefing.com: 4:30 pm : A strong advance by the financial sector and a weaker U.S. dollar helped give the stock market its first gain in five sessions.
The major indices started the session with modest gains, but shares of diversified banks wasted little time putting together their best percentage gain in two months. The group was helped along by news that analysts at Goldman Sachs raised their rating on the U.S. large-cap bank sector. Diversified banks finished the session 5.6% higher, which lifted the broader financial sector to a 3.3% gain and helped it outperform every other major sector.
The U.S. dollar declined 0.5% against a basket of major foreign currencies despite concerns that its weakness could disrupt the global economy. However, the weaker dollar proved beneficial to both stocks and commodities once again.
Amid the dollar's drop the CRB Commodity Index gained 1.3%. The advance reflected a sharp a sharp 1.3% gain in gold prices, which settled at $1017.80 per ounce. A rebound in oil prices also helped. Crude futures had been as low as $68.05 per barrel, but rallied to finish with a 0.7% gain at $70.41 per barrel.
Oil's rebound helped the energy sector climb to a 2.2% gain. The materials sector finished 2.0% higher.
Though broad-based buying helped all 10 major sectors finish in higher ground, stocks did have to overcome a fit of midmorning selling pressure. Sellers had stepped in just minutes after the September ISM Services Index showed a better-than-expected reading of 50.9, but stocks rebounded when the Dow and Nasdaq Composite came in contact with the neutral line. Stocks spent the rest of the session working higher and closed a few points off of session highs.
Advancing Sectors: Financials (+3.3%), Energy (+2.2%), Materials (+2.0%), Industrials (+1.9%), Consumer Discretionary (+1.8%), Utilities (+1.2%), Telecom (+0.8%), Tech (+0.8%), Health Care (+0.5%), Consumer Staples (+0.2%)
Declining Sectors: (None)DJ30 +112.08 NASDAQ +20.04 NQ100 +0.8% R2K +1.9% SP400 +2.1% SP500 +15.25 NASDAQ Adv/Vol/Dec 1964/2.17 bln/730 NYSE Adv/Vol/Dec 2539/1.11 bln/521
3:30 pm : A weaker U.S. dollar helped stocks start the session on stronger footing and also helped spur a supportive bid for commodities. With the Dollar Index currently down 0.5%, near session lows, the CRB Commodity Index is up 1.3%, near session highs.
Precious metals were a primary source of support for the CRB. Following a slow start, gold prices spiked midsession and held strong into the close. Gold prices settled 1.3% higher at $1017.80 per ounce. Silver also netted a strong gain; it settled nearly 2.3% higher at $16.54 per ounce.
Oil prices opened lower and fell as low as $68.05 per barrel before rallying midsession. Contract prices for crude oil settled almost 0.7% higher at $70.41 per barrel. Meanwhile, natural gas prices finished a sharp 5.7% higher at $4.99 per contract.DJ30 +120.39 NASDAQ +21.60 SP500 +15.76 NASDAQ Adv/Vol/Dec 1997/1.72 bln/684 NYSE Adv/Vol/Dec 2555/721 mln/478
5:05PM ANADIGICS and WIN Semiconductors announce strategic foundry relationship (ANAD) 4.59 +0.17 : Co and WIN Semiconductors, the world's largest pure-play Gallium Arsenide (GaAs) foundry, announced a strategic agreement for the design and manufacture of GaAs microwave monolithic integrated circuits. GaAs ICs are used in wireless handsets and data devices that allow people to connect and communicate anywhere, anytime.
4:02PM Cirrus Logic raises Q2 rev guidance to $55.7 mln vs $49.84 mln First Call consensus; expects gross margin to be at the upper end of 50-52% guidance range (CRUS) 5.13 +0.02 : Co raises Q2 rev guidance to $55.7 mln vs $49.84 mln First Call consensus, an increase from the previous forecast of $48-52 mln. The increase in revenue is primarily driven by stronger than previously anticipated demand for audio products. The co expects gross margin to be at the upper range of the previous guidance estimate of 50-52% (consensus is for gross margin of 51.4%). Combined R&D and SG&A expenses are now expected to be approximately $24.1 mln, and include an estimated $1.8 mln in share-based compensation, and amortization of acquisition-related intangible expenses.
7:35AM MKS Instruments raises Q3 revenue and EPS guidance (MKSI) 18.77 : Co issues upside guidance for Q3 (Sep), sees EPS of $0.02-0.04, excluding non-recurring items, vs. ($0.10) First Call consensus, compared to its original guidance of a net loss of ($0.18) to ($0.07) per basic share; sees Q3 (Sep) revs of $105-107 mln vs. $87.50 mln consensus, surpassing the co's high end guidance of $92 mln. "The increase in our business reflects the higher levels of sales at our semiconductor OEM customers and is consistent with recent, positive announcements by industry research firms. Chip unit sales are increasing, semiconductor front end equipment utilization rates are now above 95%, and a number of our Semiconductor OEM customers have increased their third quarter revenue guidance. As we have demonstrated this quarter, we are well positioned to meet the increased demand."
09:37 am Am Superconductor initiated with a Equal Weight at Barclays Capital; tgt $36: . Barclays Capital initiates AMSC with a Equal Weight and price target of $36. The firm notes that AMSC is a leading provider of proprietary wind turbine design technology, power electronics as well as smart grid infrastructure technology. The firm believes AMSC remains well positioned to benefit from rapid growth in China/global wind market and global power grid build-out. However, given relatively rich valuation, uncertainty with respect to timing of new wind customer ramp cycles as well as superconductor business profitability, the firm sees balanced risk/reward with downside limited to $25.
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