From Briefing.com: 4:30 pm : Stocks finished at session highs in their best single-session percentage advance in three months as buyers returned from an extended weekend to offer stocks broad-based support.
Nearly 95% of the names in the S&P 500 booked gains this session, but the strongest moves were made by energy plays, which advanced a collective 2.7%. The move was helped by a 3.9% spike in crude oil prices, which settled pit trade at $77.01 per barrel.
Oil helped the CRB Commodity Index extend its gains from last week by another 2.6%, which marks the CRB's best single-session gain by percent since mid-November, to a two-week high, such that it now stands just below its 50-day moving average.
The bid for commodities was supported by weakness in the U.S. dollar, which retreated a sharp 0.9% against a basket of foreign currencies. The move marked the dollar's worst drop since late November and a weak follow through from the gains that posted last week, when the Dollar Index hit a multimonth high as global participants sought safety amid uncertainty surrounding Greece's fiscal health. Neither a specific plan nor a concrete development regarding the matter has been unveiled.
In corporate news, better-than-expected earnings from British banking giant Barclays (BCS 19.03, +2.35) helped win support for shares of lenders and diversified banks. In turn, all 24 members of the KBW Bank Index advanced and gave the KBW a 2.9% gain -- its best single-session percentage move in more than one month.
Shared strength among banking issues helped JPMorgan Chase (JPM 40.07, +1.12) overcome early weakness, which followed news that it will pay nearly $1.7 billion for the Asian and European operations of the RBS-Sempra commodities joint venture. The company later announced that its net credit losses for January spiked to 10.91% from 7.11% in December, but its shares still finished with a near 3% gain at their session high.
Though strength was broad based this session, Dow component Kraft (KFT 28.97, -0.12) was unable to find support. Though it posted a solid quarterly report, it was one of only two Dow components to log a loss this session.
Pfizer (PFE 17.72, -0.08) was the other Dow component to book a loss. It failed to attract support from fellow pharmaceutical giant Merck (MRK 37.66, +0.74), which offered investors in-line earnings results for its latest quarter. Though MRK booked a gain, it wasn't enough to help the health care sector keep up with the broader market. Health care, as a group, advanced 0.9%, which is about half of what the broader market gained. DJ30 +169.67 NASDAQ +30.66 NQ100 +1.3% R2K +1.7% SP400 +1.6% SP500 +19.36 NASDAQ Adv/Vol/Dec 1923/2.03 bln/755 NYSE Adv/Vol/Dec 2526/1.08 bln/511
4:54PM Photronics beats by $0.05 (PLAB) 4.41 +0.32 : Reports Q1 (Dec) earnings of $0.01 per share, excluding non-recurring items, $0.05 better than the First Call consensus of ($0.04); revenues rose 12.0% year/year to $98.2 mln vs the $94.7 mln dual-analyst est.
4:10PM Cray beats by $0.01, reports revs in-line; guides FY10 revs in-line (CRAY) 5.25 +0.07 : Reports Q4 (Dec) earnings of $0.08 per share, $0.01 better than the First Call consensus of $0.07; revenues fell 43.2% year/year to $88.2 mln vs the $88.7 mln consensus. Co issues in-line guidance for FY10, sees FY10 revs of $305-325 mln vs. $310.83 mln consensus. Co said, a wide range of results remains possible for 2010. Many variables may impact our results, but one significant item is the timing of the availability and release of our next generation supercomputer, code-named "Baker," including its new interconnect chipset, known as "Gemini," and associated system software." Separately, the co said, "As a result of the timing of the Baker system release, we expect a significant majority of 2010 revenue to be recognized in Q4. Service revenue is expected to be in the range of $110 mln for 2010, driven by strong growth in our custom engineering initiative. Gross margins for 2010 are expected to be in the mid-30 percent range."
4:04PM Flextronics executes mandatory call option on its 6 1/2 % senior subordinated notes due 2013 (FLEX) 6.91 +0.12 :
TowerJazz, a subsidary of Tower Semiconductors (TSEM) announces that it has accelerated plans for additional capacity expansion to meet customer demand, which is exceeding current capacity. In the company's Fab2 located in Israel, capacity will increase by approximately 30,000 wafers per year in order to meet the greatly expanding needs of customers for its wide range of specialty process technologies. In the company's manufacturing facility located in Newport Beach, CA, capacity will be increased by 36,000 wafers per year to enable the fab to accommodate the substantial increase in demand necessitating more than 100% utilization...
7:30AM Photronics enters into new credit facility and repays its previously existing credit facility and term loan (PLAB) 4.09 : Co announced today that it has entered into a new three-year revolving credit facility in the amount of $50 million, with an expansion capability to $65 million. In connection therewith, Photronics repaid all outstanding amounts of its previously existing credit facility and term loan which was due to mature on January 31, 2011. The new credit agreement provides for reduced interest rates and covenant amendments, collectively, to the benefit of Photronics.
7:24AM Intel and Nokia will create a unified Linux-based platform (INTC) 20.43 : Intel Corporation and Nokia are merging their Moblin and Maemo software platforms. This will create a unified Linux-based platform that will run on multiple hardware platforms across a wide range of computing devices. Called MeeGo, the open software platform will accelerate industry innovation and time-to-market for a wealth of new Internet-based applications and services and exciting user experiences. MeeGo-based devices from Nokia and other manufacturers are expected to be launched later this year.
7:23AM Microsoft unveiled the next generation of Windows Phones (MSFT) 27.93 : Microsoft Corp. CEO Steve Ballmer unveiled the next generation of Windows Phones, Windows Phone 7 Series. For the first time ever, Microsoft will bring together Xbox LIVE games and the Zune music and video experience on a mobile phone, exclusively on Windows Phone 7 Series.
Ultra Clean Holdings (UCTT) announces that it has entered into an agreement with Orbotech (ORBK) under which Ultra Clean will provide manufacturing services to Orbotech at one of Ultra Clean's two facilities in Shanghai. Ultra Clean Microelectronics Equipment, a subsidiary of UCTT, will assemble products from Orbotech's Supervision range of high-speed automated optical inspection systems for applications in the manufacture of flat panel display products.
7:12AM Advanced Energy beats by $0.13, beats on revs; guides Q1 EPS above consensus, revs above consensus (AEIS) 14.25 : Reports Q4 (Dec) earnings of $0.04 per share, $0.13 better than the First Call consensus of ($0.09); revenues fell 1.6% year/year to $66.4 mln vs the $59.3 mln consensus. Gross margin improved significantly to 36.8% in the fourth quarter, up from 30.1% in the third quarter of 2009 and 27.2% for the fourth quarter of 2008. The sequential improvement was driven largely by leverage against our fixed costs from the increase in revenues. Co issues upside guidance for Q1, sees EPS of $0.13-$0.17 vs. ($0.03) consensus; sees Q1 revs of $77-$83 mln vs. $66.85 mln consensus.
6:04AM Rudolph Tech receives $5 mln in capacity orders for metrology production tools from tier one memory manufacturer (RTEC) 8.11 :
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