From Briefing.com: 4:30 pm : There weren't many truly positive catalysts this session, but participants showed support for stocks as they stepped in to buy the many names that were sent lower in the previous session. Their efforts drove stocks to a fresh 52-week closing high.
Stocks started the session in mixed fashion, but a steady stream of buyers helped stocks fully recover from their 1.1% loss this past Friday. Though technical resistance at 52-week intraday highs contained the move, the advance remained broad based and strong into the close.
The buying effort showed that participants remain willing to keep the stock market's pullbacks short and shallow as they try to take a position for future gains. Earnings represent a primary caveat to future gains, though.
Citigroup (C 3.54, +0.12) was the latest financial giant to post its latest quarterly results. The company booked a loss of $0.33 per share, but that was in-line with Wall Street's expectations. Shares of C were initially pressured by the report, but they were able to snap back and book a gain. The broader financial sector settled with a 1.1% gain.
Health care fared the best this session. It advanced 2.0% amid speculation that a Republican election to the vacant Massachusetts Senate seat could stall or stymie health care reform.
Tech was another strong source of support for the stock market. The sector climbed 1.6% as IBM (IBM 134.14, +2.36) hit a fresh 52-week high ahead of its quarterly announcement. IBM was one of more than 50 companies in the S&P 500 to book a fresh 52-week high and one of seven Dow components to hit a new yearly high.
Kraft (KFT 29.41, -0.17) was one of just a handful of Dow components to finish lower. It was weighed down by news that Cadbury (CBY 54.83, +2.93) has consented to a takeover by the food giant. Kraft will have to pay $19.44 billion in cash and stock for the confectioner, though.
Though smaller, an acquisition was announced by Tyco International (TYC 38.19, +0.65), which will pay $2.0 billion for Brink's Home Security Holdings (CFL 41.54, +10.12). Tyco went on to forecast fiscal first quarter adjusted earnings from $0.63 to $0.65 per share, which exceeds the current consensus of $0.50 per share and the range of $0.48 to $0.50 per share that the company had previously forecast. The company maintained its in-line guidance for fiscal 2010, though.
Roughly 90% of the stocks in the S&P 500 booked gains this session. Though that helped the broader market put together one of its better sessions since the start of the year, more impressive is that the advance came in the face of a firmer dollar -- the greenback actually gained a healthy 0.5% against a basket of foreign currencies.
Advancing Sectors: Health Care (+2.0%), Tech (+1.6%), Materials (+1.6%), Telecom (+1.5%), Utilities (+1.2%), Consumer Discretionary (+1.2%), Financial (+1.1%), Industrials (+0.9%), Energy (+0.9%), Consumer Staples (+0.6%)
Declining Sectors: (None).DJ30 +115.78 NASDAQ +32.41 NQ100 +1.7% R2K +1.8% SP400 +1.3% SP500 +14.20 NASDAQ Adv/Vol/Dec 1893/2.06 bln/825 NYSE Adv/Vol/Dec 2389/1.04 bln/686
5:01PM Rambus and Samsung sign comprehensive agreement; Samsung to invest $200 mln (RMBS) 21.13 +0.36 : Samsung Electronics and Rambus (RMBS) announce that they have reached agreement settling all claims between them and licensing Rambus' patent portfolio covering all Samsung semiconductor products including a perpetual fully paid-up license to certain current DRAM products. As part of the overall agreement, Samsung will invest $200 mln in Rambus stock. Other consideration to Rambus includes an initial payment of $200 mln and a quarterly payment of about $25 mlnor the next five years. In addition, Samsung and Rambus have signed a memorandum of understanding relating to a new generation of memory technologies which brings together Samsung's leadership in memory technologies with Rambus' innovations in high performance memory interfaces. The two companies will initially focus on graphics and mobile memory solutions and will further review a potential collaboration on server and high-speed NAND Flash memories. Stock is halted.
4:30PM First Solar, PNM sign contract for 22 megawatts of utility scale power for New Mexico (FSLR) 123.94 : New Mexico's largest electric utility has signed a contract with FSLR to construct 22 megawatts AC of utility scale photovoltaic solar power plants in New Mexico.
4:11PM IBM beats by $0.12, reports revs above consensus; guides FY10 EPS to high end of prior range, above consensus (IBM) 134.14 +2.36 : Reports Q4 (Dec) earnings of $3.59 per share, $0.12 better than the First Call consensus of $3.47; revenues rose 0.7% year/year to $27.2 bln vs the $26.96 bln consensus. Reports Q4 gross margins of 48.3% vs Street est of 48.4%. Co issues upside guidance for FY10, sees EPS of at least $11.00 vs. $10.88 consensus. In the Q3 report (10/15), the company reaffirmed its 2010 EPS guidance, stating that it was well ahead of pace for its 2010 roadmap of $10 to $11 per share... Global Business Services segment revenues decreased 3 percent to $4.6 billion; Revenues from the Systems and Technology segment totaled $5.2 billion for the quarter, down 4 percent; Revenues from the Software segment were $6.6 billion, an increase of 2 percent; Signings in Consulting and Systems Integration and in Integrated Technology Services were $7.4 billion, an increase of 1 percent... "IBM continued to benefit from our strategic transformation, offerings that our clients value in this economy, and our commitment to developing countries around the world.... In 2009, we invested in opportunities such as Smarter Planet solutions, cloud computing and advanced analytics. These new capabilities position IBM to grow as the economy recovers. The increased operational leverage we have established by creating a globally integrated enterprise will enable us to drive greater profits as revenue growth returns. We are confident about 2010 and our ability to achieve the high end of our long-term roadmap." The balance sheet remains strong, and the company is well positioned to take advantage of opportunities.
4:07PM Cree beats by $0.08, beats on revs; guides Q3 EPS and revs well above consensus (CREE) 54.21 +0.20 : Reports Q2 (Dec) earnings of $0.38 per share, excluding non-recurring items, $0.08 better than the First Call consensus of $0.30; revenues rose 35.1% year/year to $199.5 mln vs the $186.8 mln consensus. Co issues upside guidance for Q3 (Mar), sees EPS of $0.41-0.44, excluding non-recurring items, vs. $0.28 consensus; sees Q3 revs of $215-225 mln vs. $189.21 mln consensus. Q2 non-GAAP gross margin was 47.5% vs 43.9% consensus; it was 44.1% in SepQ and 38.9% in the year ago period; Cree's target is 40% plus or minus. Co says LED lighting adoption continues to gain momentum and its near term focus is on factory execution and capacity expansion.
4:04PM Cree trading almost 4 points higher following earnings (CREE) 54.21 : $57, $59, and $60 are technical levels to watch. Stock was down sharply on Friday ahead of earnings
1:41PM Semiconductors Hldrs Trust back vacillating near early high (SMH) 27.32 +0.39 : The Semi sector (SMH) was a laggard last week with it dropping more than 3% on Friday and as much as 6.3% off Monday's high. It held at support at its Oct high and 50 day ema and stabilized Friday with the early run today reaching 27.34 which has been retested in recent trade. For the near term as long as the 27.15/27.05 support area is not taken out, it will be in position for follow through upticks. Key short term resistances to work through to neutralize the recent weak pattern are at 27.60 and the 27.80/27.86 area (Click for chart) -- SNDK +6.3%, ADI +1.6%, ALTR +1.7%, AMAT +1.7%, AMD +2.2%, AMKR +1.8%, ATML +2%, LSI +1.7%, TER +1.8%, XLNX +1.6%.
8:03AM Chipmos Technology says revs for Dec 2009 were $39.9 mln, up 8.9% from Nov 2009 and up 63.9% YoY (IMOS) 0.80 : Co announces that revs for the month of December 2009 was NT$1,274.7 million or US$39.9 million, an increase of 8.9% from the month of November 2009 and an increase of 63.9% from the same period in 2008. On a quarterly basis, revenues for the fourth quarter of 2009 was NT$3,589.7 million or US$112.4 million, an increase of 7.2% from the third quarter of 2009 and an increase of 17.6% from the same period in 2008. This is above prior expectations that fourth quarter 2009 revenue would be flat to having growth in the single digit percentage, as compared to the third quarter 2009. The Company also announced upwardly revised gross margin guidance for the fourth quarter 2009, primarily due to better than expected revenue. The Company now expects gross margin will be in the range of negative 13% to negative 17%, compared to prior guidance of negative 18% to negative 25%.
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