From Briefing.com: 4:15 pm : More broad-based buying sent stocks to fresh 52-week highs in the face of a surprise downward revision to third quarter GDP and a gain by the greenback.
An extension of the previous session's buying effort positioned stocks for a strong start this morning, but the mood was tempered by news that third quarter GDP was determined to have increased at a slower-than-expected annualized rate of 2.2%, according to the third and final estimate. The consensus prediction called for no revisions to the 2.8% increase that had been posted in the previous estimate.
However, buyers weren't dissuaded by the data. Their case was strengthened by existing home sales figures for November. The data showed that existing home sales climbed at a stronger-than-expected clip of 7.4% month-over-month. That lifted the annualized rate to 6.54 million units, which exceeded the average prediction that sales would climb to a rate of 6.25 million units.
Shortly after the release of the home sales figures, the S&P 500 set a fresh 52-week high. It wasn't led by any individual name or sector; rather, its source of support was broad. Such broad-based buying helped the Nasdaq Composite and the Amex Airline Index (XAL 34.17, +1.49) put in fresh 52-week highs of their own. The Nasdaq actually closed near those highs.
The broader stock market wasn't able to close at its session highs, but it did successfully work through some moderate midsession selling pressure that stemmed from a bounce by the greenback. The dollar had a mixed start, but it firmed up and climbed against competing currencies to take the Dollar Index to a fresh three-month high. It finished off of that mark with a gain of 0.2%.
This session's trading volume wasn't very high; fewer than 1 billion shares exchanged hands on the NYSE. Such low trading volume often enables stocks to move more than they ordinarily would during a day with more typical levels of trading volume. Perhaps more importantly, low share volume often suggests a lack of conviction behind the market's move.
Nonetheless, the buying effort pushed volatility lower for the second straight session. In turn, the Volatility Index stands at a new 52-week low.
Treasuries continued to tumble, too. The benchmark 10-year Note shed 18 ticks and saw its yield rise to 3.75% for the first time since August.
Advancing Sectors: Telecom (+1.0%), Materials (+0.7%), Tech (+0.6%), Energy (+0.5%), Consumer Staples (+0.4%), Health Care (+0.4%), Financials (+0.3%), Consumer Discretionary (+0.2%), Industrials (+0.1%)
Declining Sectors: Utilities (-0.7%)DJ30 +50.79 NASDAQ +15.01 SP500 +3.97 NASDAQ Adv/Vol/Dec 1585/1.72 bln/1098 NYSE Adv/Vol/Dec 1900/955 mln/1114
4:11PM Micron lifts ~4% in afterhours following Q1 results (MU) 9.41 +0.10 :
4:07PM Micron beats by $0.16, beats on revs (MU) 9.36 +0.05 : Reports Q1 (Nov) earnings of $0.23 per share, $0.16 better than the First Call consensus of $0.07; revenues rose 24.1% year/year to $1.74 bln vs the $1.6 bln consensus. Revenue from sales of DRAM products increased 50% in Q1 compared to Q4 due to a 25% increase in sales volume and a 21% increase in average selling prices. Revenue from sales of NAND Flash products increased 21% in Q1 compared to Q4 due to a 16% increase in sales volume and a 5% increase in average selling prices. The co's gross margin on sales of memory products improved from 12% in Q4 of FY09 to 27% in Q1 of FY10 due primarily to the increases in average selling prices.
4:01PM Motorola: LifeSync purchases wireless patent portfolio from Motorola (MOT) 8.10 -0.29 : LifeSync Holdings is pleased to announce that it has purchased the Besson Patent Portfolio and other wireless vital sign patents from Motorola. The Besson Patents describe the use of wireless, two-way, digital communication between patient-electrodes or sensors and an evaluator station for monitoring a patient. The acquired patent portfolio includes additional wireless improvements including a wireless system telemetry protocol and programmable wireless electrode systems for medical monitoring. "We are excited about the opportunities for growth in our licensing program that these key assets will provide," said Shelley Hartman, President and CEO of LifeSync. Terms were not disclosed.
2:24PM Microsoft: i4i confirms it won appeal by Microsoft (MSFT) 30.75 +0.23 : Today, in the United States Federal Circuit Court of Appeals, in Washington D.C., a panel of three judges returned their ruling on the appeal of i4i v. Microsoft and upheld jury's verdict and all the findings of the August 11, 2009 Final Judgment that ruled in favor of i4i and found that Microsoft had willfully infringed i4i's U.S. Patent # 5,787,449, issued in 1998.
9:20AM Evergreen Solar panels chosen to power Patriot Place (ESLR) 1.51 : Co announces that its String Ribbon solar panels have been chosen for a 525-kilowatt installation at Patriot Place, a 1.3-million-square-foot shopping, dining and entertainment complex.
09:25 am Jabil Circuit (JBL)
Jabil Circuit (15.02) reported fiscal first quarter earnings that topped the consensus estimate and issued upside guidance for its second quarter
The company reported fiscal first quarter earnings of $0.32 per share, excluding nonrecurring items, $0.03 better than the First Call consensus of $0.29;
Revenues fell 8.7% year-over-year to $3.09 billion vs. the $3.11 billion consensus.
Jabil issued upside guidance for Q2, sees EPS of $0.20-0.32, excluding nonrecurring items, vs. $0.19 consensus. The company expects revenues to range from $2.90 billion to $3.10 billion; the consensus expects $2.88 billion.
"We believe that we have a good pipeline of new business, a stable to improving end-market environment and a keen focus on cost, quality and delivery for our valuable customers," said CEO Timothy L. Main. "We also think that we have established positive momentum toward a much improved fiscal 2010 and we expect to provide further evidence of this in our second fiscal quarter."
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