From Briefing.com: 4:30 pm : Greece's long-awaited austerity plan wasn't enough for participants to forget about the fiscal troubles that still face the likes of Spain and Portugal. That left the stock market unable to sustain solid, broad-based gains.
Led by the materials sector, stocks made their way to fresh one-month highs. The materials sector had been up as much as 2.0% before it saw that gain cut in half. Still, materials saw the best gain of any major sector as a combination of momentum and a weaker dollar provided it with support.
Weakness in the greenback came as the euro and British pound rebounded from recent losses, which were frequently attributed to the fiscal woes that face the likes of Greece, Portugal, and Spain.
Greece attempted to quell concern over its fiscal health with the release of a new austerity plan that includes civil service salary cuts and a sales tax increase. Despite such plans, problems persist for Portugal and Spain. That reality caused Europe's major bourses to show little initial reaction to Greece's plans, but the continent's major averages gradually pushed higher to log strong gains.
U.S. equities were unable to mimic the move. The Dow, Nasdaq Composite, and S&P 500 each added modestly to the previous session's gains, but eventually rolled over. That left the stock market to finish flat after three straight advances.
The afternoon slide left the S&P 500 below the 1125 line, which many traders believe could act as a springboard for further gains if the stock market closes above it.
Economic data received little attention this session. That's essentially because participants remain cautious ahead of the official nonfarm payrolls number on Friday. Cautious trade also led to light trading volume, which failed to surpass 1 billion shares on the NYSE.
A glimpse into the payrolls report was given with the February ADP Employment Change Report, which indicated that 20,000 private payrolls were shed last month. The number was in-line with expectations and the smallest decline in one year.
Meanwhile, the ISM Services Index for February came in at 53.0, which was above the reading of 51.0 that had been widely expected and marked the highest reading since October 2007.
The Fed's Beige Book, which is largely full of anecdotal economic news, came with little surprise. It indicated that nine of the 12 Fed districts reported modest improvement in economic activity during February, while consumer spending improved slightly in many districts.
Commodities had a strong session that pushed the CRB Commodity Index back above its 50-day moving average. Oil futures prices closed 1.5% higher at $80.87 per barrel, despite a larger-than-expected weekly inventory build of 4.03 million barrels. Silver had another strong session and closed with a 1.6% gain at $17.33 per ounce.
Advancing Sectors: Materials (+1.0%), Energy (+0.2%), Industrials (+0.2%), Consumer Staples (+0.1%), Tech (+0.1%), Financials (+0.1%) Declining Sectors: Health Care (-0.5%), Telecom (-0.2%), Utilities (-0.1%) Unchanged: Consumer DiscretionaryDJ30 -9.22 NASDAQ -0.11 NQ100 +0.00% R2K +0.2% SP400 +0.2% SP500 +0.48 NASDAQ Adv/Vol/Dec 1412/2.54 bln/1245 NYSE Adv/Vol/Dec 1641/936 mln/1368
4:20PM Altera raises bottom end of Q1 revs guidance, in-line with consensus (ALTR) 24.64 -0.16 : Co raises bottom end of Q1 revs guidance to 7-10% of sequential growth, up from prior 5-10% of sequential growth, which equates to ~$390.6-401.5 mln vs. $393.9 mln consensus, up from $383.3-401.5 mln prior guidance. The co expects solid growth from new products in Q1. All four vertical market segments are likely to report sequential improvements. Growth continues in the telecom and wireless market segment as communications equipment manufacturers respond to ongoing Asian demand.
4:06PM Sigma Designs beats by $0.27, beats on revs (SIGM) 12.17 -0.49 : Reports Q4 (Jan) earnings of $0.37 per share, $0.27 better than the First Call consensus of $0.10; revenues rose 44.0% year/year to $68.1 mln vs the $52.7 mln consensus. "We are pleased to report a substantial increase in revenue for the fourth quarter, nearly doubling that of our third quarter, and reflecting the underlying strength of the markets we serve. Our IPTV market sales were up sharply and we believe that the market is moving into a new growth phase evidenced by the many telco accounts that achieved their highest ever net subscriber additions in the fourth quarter. Our connected media player sales were also up, reflecting increased sell-through rates for consumer products such as network players that enable Internet access for playback of over-the-top content. Finally, our connected home market sales increased significantly as a result of added revenues from the recently acquired CopperGate operation, whose revenues accrue from their leadership position in home audio/video network solutions such as HomePNA. Moving forward, we are continuing to pursue major design wins in the hybrid IP Cable set-top box industry and increased adoption of Z-Wave based home control solutions.
4:02PM Finisar beats by $0.01, beats on revs; guides Q4 revs above consensus (FNSR) 12.93 +0.05 : Reports Q3 (Jan) earnings of $0.17 per share, $0.01 better than the First Call consensus of $0.16; revs rose 32% YoY to $166.9 mln vs $164.80 mln First Call consensus. Co issues upside guidance for Q4, sees Q4 revs of $175-185 mln vs. $167.22 mln consensus. Additional non-cash and infrequently occurring charges excluded in calculating non-GAAP operating income are expected to total approximately $6 to $8 million. As a result, on a non-GAAP basis, gross margin is also expected to be approximately the same as the third quarter with non-GAAP operating margin in the range of 8.5% to 10%.
Optelecon (OPTC) announces the award of a $503,000 traffic management equipment contract from Temple, a regional systems distributor based in Decatur, Alabama, USA...
7:45AM Conexant announces comprehensive refinancing plan (CNXT) 4.89 : Co announced a comprehensive refinancing plan designed to improve its balance sheet and address its liquidity needs. The co expects that this refinancing plan will provide sufficient financial flexibility to tender for its outstanding 4% convertible subordinated notes due 2026 and to realize the benefits associated with its business and growth opportunities. Conexant has priced $175 mln of new 11.25% senior secured notes due 2015, and is launching an offering of ~14 mln shares of its common stock. The senior secured notes have already been placed with institutional investors, and the co expects to complete the equity offering in the next several days. The proceeds from these offerings, together with available cash, will be used by the co to tender for any and all of its outstanding $232 mln convertible subordinated notes, which are "puttable" in March 2011.
6:30AM Lattice Semi raises guidance for Q1 on robust growth (LSCC) 3.08 : Co says Q1 revenue is now expected to increase by approximately 21% to 25%, sequentially. This upward revision compares to previous guidance that first quarter revenue would be up 8% to 12%, sequentially (This calculates to ~$66.67-68.87 mln vs $60.53 mln consensus). The revision is based on robust growth across all product lines and continued strength in the Company's order bookings throughout the quarter. Gross margin percentage is expected to be approximately 55% to 57% of revenue, upwardly revised from our prior guidance of approximately 54% to 56%. Total operating expenses are now expected to be approximately $30.0 million. The increase compared to prior guidance of $29.0 million is primarily due to costs related to the acceleration of certain R&D activities, and an increase in sales related expenses. Lattice reiterates its expectation for continued profitability in the first quarter of 2010.
4:47AM LDK Solar resolves class action lawsuit (LDK) 6.43 : Co announces that it has reached an agreement to settle the securities class action lawsuit pending in the U.S. District Court of Northern Calif. After submitting the proposed settlement agreement to the court on February 16, 2010, the court granted preliminary approval of the settlement on February 17, 2010. The settlement is not final until the class receives notice of the settlement and the court grants final approval of the settlement terms. Under the terms of the agreement, all of the claims in the securities class action lawsuit will be dismissed with prejudice. As part of the settlement terms, LDK Solar and its insurance carrier will pay a total of $16 mln (approx 5% of the alleged damages) to compensate the class members and to cover all legal and administrative expenses.
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