From Briefing.com: 4:30 pm : A positive start to earnings season and a surge by the euro sent stocks to their sixth straight gain, but the broader market couldn't quite close above its 50-day moving average.
Stocks traded with strength for the entire session. Market participants responded positively to the latest quarterly report from Dow component Alcoa (AA 11.00, +0.13), which unofficially started earnings season on a strong note with better-than-expected earnings and revenue. Fellow Dow component Chevron (CVX 72.23, +1.38) complemented the report with a statement that it expects sequential earnings growth, which is tantamount to upside guidance given what analysts had already forecast.
Though all 10 major sectors staged gains, financials finished with the best gains. The sector settled 2.6% as bank stocks and diversified financial services shares surged. As such, the KBW Bank Index advanced 3.0%.
Meanwhile, the euro gained 1.0% against the greenback to find a fractionally improved two-month high. The had actually been behind the dollar overnight, but it began a steady climb after Greece held a successful debt auction. Little was made of news that Moody's downgraded Portugal's debt since Moody's had the highest rating on the country ahead of the decision.
While stocks spent the entire session with impressive gains, they couldn't quite muster enough momentum to sustain their first push past the S&P 500's 50-day moving average since early May - the 50-day average currently stands at 1096.
Participation was moderate this session. Specifically, 1.1 billion shares exchanged hands on the NYSE. The 50-day average for trading volume is closer to 1.5 billion shares.
The stock market's strength kept steady pressure on Treasuries this session. They weren't helped by the latest 10-year Note auction, which was met with a bid-to-cover ratio of 3.1, dollar demand of almost $65 billion, and an indirect bidder participation rate of 42%. The prior auction produced a bid-to-cover of 3.2, dollar demand of $68.0 billion, and indirect bidder participation of 40%.
The only items on the economic calendar included a June Treasury budget that showed a $68.4 billion deficit, which is not quite as steep as the $70.0 billion deficit that had been expected, on average, by a sample of economists polled by Briefing.com. There was also a Trade Balance for May that showed a $42.3 billion deficit when a $39.4 billion deficit had been expected, on average, by a sample of economists.
Advancing Sectors: Financials (+2.6%), Consumer Discretionary (+2.5%), Materials (+2.2%), Industrials (+1.9%), Tech (+1.4%), Energy (+1.2%), Telecom (+0.9%), Consumer Staples (+0.8%), Health Care (+0.7%), Utilities (+0.3%)
Declining Sectors: (None) DJ30 +146.75 NASDAQ +43.67 NQ100 +1.3% R2K +3.4% SP400 +2.4% SP500 +16.59 NASDAQ Adv/Vol/Dec 2244/2.31 bln/442 NYSE Adv/Vol/Dec 2644/1.13 bln/387
4:21PM Intel beats by $0.08, beats on revs; guides Q3 revs and margins above consensus; raises FY10 margins and capital spending forecast (INTC) 21.01 : Reports Q2 (Jun) earnings of $0.51 per share, $0.08 better than the Thomson Reuters consensus of $0.43; revenues rose 34.6% year/year to $10.8 bln vs the $10.25 bln consensus. Reports Q2 gross margins of 67% vs the 64.0% Thomson Reuters consensus. Co issues upside guidance for Q3, sees Q3 revs of $11.2-12.0 bln vs. $10.92 bln Thomson Reuters consensus. Sees Q3 gross margin of 67% plus or minus a couple % pts vs. the 64.4% consensus. Intel guides FY10 gross margins to 66%, + or - a couple pts, up from previous guidance of 64% + or - a couple pts, vs the 64.2% Thomson Reuters consensus. INTC sees FY10 Capital Spending in the range of $5.0 bln to $5.4 bln; previous guidance $4.7-4.9 bln. "Strong demand from corporate customers for our most advanced microprocessors helped Intel achieve the best quarter in the company's 42-year history... Our process technology lead plus compelling architectural designs increasingly differentiate Intel-based products in the marketplace. The PC and server segments are healthy and the demand for leading-edge technology will continue to increase for the foreseeable future."
12:03PM General Electric announces smart grid-compatible electric vehicle charger (GE) 15.26 +0.33 : Co introduced the GE WattStation, an electic vehicle (EV) charger. GE WattStation significantly decreases time needed for vehicle charging and, using smart grid technology, allows utility companies to manage the impact of electric vehicles on the local and regional grids. Combining functionality with consumer friendly form from renowned industrial designer Yves Behar, the GE WattStation on average decreases electric vehicle charging time from 12-18 hours to as little as 4-8 hours compared to standard charging "level 1", assuming a full-cycle charge for a 24 kWh battery.
9:02AM Suntech Power appoints Amy Yi Zhang to spearhead strategic project finance initiatives (STP) 10.57 : Co announces that Ms. Amy Yi Zhang will assume a new role as Vice President in charge of Suntech's strategic project finance initiatives. In her new role, Ms. Zhang will focus on strategic initiatives including building stronger relationships with key project finance partners and developing value-added solutions to support sales growth
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