From Briefing.com: 4:15 pm : Disappointing new home sales numbers caused stocks to surrender opening gains, but a weaker dollar helped drive stocks back into the green. However, the rebound was resisted at session highs and left gains to chop their way into the close.
The major indices started the session in higher ground amid continued broad-based buying that was helped along by solid gains throughout Europe and Asia. A pullback by the greenback also provided support; it concluded the session with a 0.5% loss against competing currencies after it had hit a three-month high in the previous session.
Initial gains came despite a smaller-than-expected increase in both personal income and spending in November. They were up 0.4% and 0.5%, respectively. Meanwhile, core personal consumption expenditures for November were flat. They had been expected to rise a modest 0.1%.
Stocks weren't able to shrug off the November new home sales numbers, however. New home sales for the month fell 11.3% from October to an annualized rate of 355,000 units, which is well below the rate of 438,000 units that had been widely expected.
The news caused the broader market to slide in a hurry. Shares of homebuilders had been up nearly 2% ahead of the report, but saw that gain nearly vanish entirely. They were able to reclaim some of the gains and finish 0.7% for the better.
Materials stocks and energy stocks helped lead a broader market recovery, but they were unable to push the broader market past the session high that was set in the early going. That high, which marked a new 52-week high for the S&P 500, created a line of resistance in afternoon action. Still, the two sectors logged gains of 1.5% and 0.5%, respectively.
Support for the sectors came amid higher commodity prices and energy prices. While a retreat by the dollar helped both groups, oil got an added benefit from a larger-than-expected weekly inventory draw of 4.84 million barrels. Oil prices settled 2.9% higher at $76.59 per barrel.
With only a few days left in the holiday shopping season, Internet retailers were also in favor. They teamed with large-cap tech to drive the Nasdaq Composite to another new 52-week intraday high and closing high.
Financials fell out of favor this session. The sector settled with a 0.4% loss as diversified banks stocks (-1.5%) and diversified financial services plays (-1.0%), like Citigroup (C 3.29, -0.05), faltered.
Citigroup saw some of the most trading volume this session, but that's not saying much given the lack of overall participation. Fewer than 800 million shares exchanged hands on the NYSE this session. The 50-day average stands just above 1.2 billion shares. The lack of participation should not come as a surprise ahead of the Christmas holiday, but market watchers should note that lack of trading volume is often tantamount to a lack of conviction among the investing community, so swings by stocks on light volume shouldn't necessarily be considered telling signs of market direction. DJ30 +1.51 NASDAQ +16.97 NQ100 +0.7% R2K +1.2% SP400 +0.7% SP500 +2.57 NASDAQ Adv/Vol/Dec 1835/1.59 bln/855 NYSE Adv/Vol/Dec 2161/786 mln/847
5:17PM Conexant retires remaining senior secured debt, Establishes New Credit Facility (CNXT) 2.38 -0.10 : Co announced that it completed the previously announced planned redemption of the remaining $61.4 mln of outstanding aggregate principal amount of its floating rate senior secured notes due in November 2010. The co also announced that its special purpose entity, Conexant CF, LLC, established a new accounts receivable credit facility with Silicon Valley Bank for $15 mln through November 30, 2010.
1:15PM MEMC Elec and Xcel Energy strike deal for 50MW (AC) / 55MW (DC) of solar PV Energy in New Mexico (WFR) 13.25 +0.12 : SunEdison, North America's largest solar energy services provider, a subsidiary of MEMC Electronic Materials (WFR), and Xcel Energy's (XEL) regional operating company, Southwestern Public Service Company, today announced a deal for five photovoltaic solar installations in New Mexico that will total 50 megawatts (MW) in generation capacity.
9:17AM ASM Intl NV target raised to $30 from $25 at GC Research (ASMI) 25.57 :
9:17AM Applied Materials target raised to $22 from $19 at GC Research (AMAT) 13.94 :
9:16AM Cymer downgraded to Neutral from Overweight at GC Research; tgt $45 (CYMI) 39.05 :
08:42 am Micron Technology (MU)
Micron Technology (MU 9.41) reported fiscal first quarter earnings that easily beat expectations as sales rebounded from depressed levels.
Micron reported fiscal first quarter earnings of $0.23 per share, $0.16 better than the First Call consensus of $0.07.
Revenues rose 24.1% yer-over-year to $1.74 billion, topping the $1.6 billion 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.
Micron'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.
Shares of MU are about 3.4% higher an hour ahead of Wednesday's opening bell.
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