From Briefing.com: 4:30 pm : A bleak weekly jobless claims count caused consternation ahead of tomorrow's pivotal nonfarm payrolls report. Stocks responded by plodding along with modest losses for the entire session.
Initial jobless claims for the week ended July 31 to a three-month high of 479,000, which was worse than the expected initial claims count of 455,000. Continuing claims came down 34,000 from the prior week, but they remain at uncomfortably high levels above 4.5 million.
Even though the weekly claims figures will not play a part in the calculation of the July payrolls report, which is due tomorrow, the data stirred concern that the report might not show the improvement that some had hoped for following a better-than-expected ADP Employment Change reading yesterday.
Uncertainty ahead of the payrolls report kept many on the sidelines. In turn, trading volume on the NYSE totaled a pathetic 875 million shares.
A lack of interest in stocks left stocks to trade listlessly for the entire session, though the major indices were able to trim their losses into the close.
Financials and tech stocks weighed on trade. The two sectors, which are the two largest by market cap and combine for 35% of the stock market's weight, both fell 0.4%. Weakness in the tech sector was partly owed to semiconductor stocks (-0.6%), while financials fell amid losses in consumer finance plays (-1.6%).
Insurers showed relative strength, though. Prudential Financial (PRU 58.00, +1.29) and Cigna (CI 33.96, +1.81) both bested earnings expectations. However, Hartford Financial (HIG 22.68, -1.16) lowered its profit outlook even though it had an upside earnings surprise of its own.
Retailers settled near session highs with a 0.6% gain, collectively. The group was led by Abercrombie & Fitch (ANF 39.53, +0.73), which posted stronger-than-expected same-store sales for July and greater-than-expected revenue figure for the latest quarter, and Macy's (M 19.78, +0.34), which also had stronger-than-expected same-store sales results, but went on to issue upside guidance.
Currencies lacked influence over the broader market as the dollar dipped 0.2%. Most of its weakness was owed to strength in the yen, which closed near its best levels of the year, and a bounce by the euro following the European Central Bank's decision to leave its benchmark rate unchanged at 1.00% and the Bank of England's choice to keep its target rate at 0.50% and maintain its bond repurchase program. ECB President Trichet followed up the decision with bullish comments about Europe's economy. That seemed to complement positive comments from other regional officials regarding fiscal progress in Greece.
Advancing Sectors: Materials (+0.3%), Telecom (+0.3%), Consumer Discretionary (+0.2%), Industrials (+0.1%), Energy (+0.1%)
Declining Sectors: Consumer Staples (-0.4%), Financials (-0.4%), Tech (-0.4%), Health Care (-0.1%)
Unchanged: Utilities DJ30 -5.45 NASDAQ -10.51 NQ100 -0.2% R2K -1.2% SP400 -0.5% SP500 -1.43 NASDAQ Adv/Vol/Dec 871/1.78 bln/1740 NYSE Adv/Vol/Dec 1273/875 mln/1733
3:30 pm : Commodities concluded pit trade for Thursday with mixed results, but the CRB Commodity Index still shed 0.5%.
Natural gas was one of the worst performers. It had been as high above $4.80 per MMBtu in the early going, but sellers stepped in once it was learned that weekly inventories had a build of 29 bcf, which is actually less than the 33 bcf that had been widely expected. Contract prices for the commodity closed 2.8% lower at $4.61 per MMBtu.
Oil prices never garnered any real support. In turn, contracts for crude closed with a 0.6% loss at $82.01 per barrel.
Precious metals made modest gains. Specifically, gold tacked on 0.3% to finish at $1199.30 per ounce and silver settled 0.2% higher at $18.32 per ounce.
In the soft commodities space, wheat prices continued their ascent. The grain gained 7.3% to close at $8.11 per bushel amid reports that Russia, which produces some 8% of the world's wheat, will ban exports of grains in August. DJ30 -11.28 NASDAQ -7.43 SP500 -1.50 NASDAQ Adv/Vol/Dec 957/1.44 bln/1620 NYSE Adv/Vol/Dec 1311/624 mln/1646
4:38PM Aehr Test Systems announces follow-on WaferPak contactor orders of ~$2 mln scheduled to ship during the next 4 months (AEHR) 1.36 -0.03 :
4:33PM Multi-Fineline beats by $0.04, reports revs in-line; guides Q4 revs in-line (MFLX) 24.42 -0.38 : Reports Q3 (Jun) earnings of $0.23 per share, ex-items, $0.04 better than the Thomson Reuters consensus of $0.19; revenues rose 3.7% year/year to $181 mln vs the $181 mln consensus. Co issues in-line guidance for Q4, sees Q4 revs of $220-$240 mln vs. $227.50 mln Thomson Reuters consensus.
4:30PM Diodes beats by $0.02, reports revs in-line; guides Q3 revs above consensus (DIOD) : Reports Q2 (Jun) earnings of $0.41 per share, excluding non-recurring items, $0.02 better than the Thomson Reuters consensus of $0.39; revenues rose 43.6% year/year to $149.2 mln vs the $148.2 mln consensus. Co issues upside guidance for Q3, sees Q3 revs of $158-164 mln vs. $153.79 mln Thomson Reuters consensus.
4:29PM Microchip misses by $0.04, reports revs in-line; guides Q2 EPS in-line, revs above consensus (MCHP) 30.76 +0.33 : Reports Q1 (Jun) earnings of $0.47 per share, $0.04 worse than the Thomson Reuters consensus of $0.51; revenues rose 66.3% year/year to $320.8 mln vs the $319.3 mln consensus. Co issues guidance for Q2, sees EPS of approx $0.52 vs. $0.52 Thomson Reuters consensus; sees Q2 revs of $340-$343 mln vs. $329.02 mln Thomson Reuters consensus. Sees Q2 gross margins of 62.7%.
4:10PM Brooks Automation beats by $0.05, reports revs in-line (BRKS) 8.16 +0.06 : Reports Q3 (Jun) earnings of $0.26 per share, excluding non-recurring items, $0.05 better than the Thomson Reuters consensus of $0.21; revenues rose 257.2% year/year to $156.8 mln vs the $156.5 mln consensus. "All current indications from our global customer base are for continued strong performance. We anticipate continued revenue growth and expanding operating margins in the near term and have high expectations for our business opportunities in targeted new market segments next year and beyond."
4:06PM TTM Tech beats by $0.05, beats on revs; guides Q3 EPS in-line, revs above consensus (TTMI) 10.13 -0.25 : Reports Q2 (Jun) earnings of $0.26 per share, $0.05 better than the Thomson Reuters consensus of $0.21; revenues rose 114.7% year/year to $310.2 mln vs the $301.6 mln consensus. Co issues mixed guidance for Q3, sees EPS of $0.26-$0.33 vs. $0.27 Thomson Reuters consensus; sees Q3 revs of $341-$357 mln vs. $325.77 mln Thomson Reuters consensus.
10:23AM MEMC Elec and DRI Energy sign channel partner agreement for the deployment of solar power installations of over 19 MW of solar capacity (WFR) 9.49 -0.05 :
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