From Briefing.com: 4:30 pm : Strong same-store sales results and an in-line weekly jobless claims count were offset by the dollar's recovery. In turn, the stock market booked another flat finish ahead of the always-pivotal nonfarm payrolls report.
Stocks started the session in higher ground, but they were quickly cut down as the dollar started to rebound off of an eight-month low. The dollar was down as much as 0.6% and climbed to a 0.4% gain before it settled with a 0.1% gain. Amid the dollar's doldrums the euro set an eight-month high and the yen hit a 15-year high. The dollar's turnaround led many to look past the latest lot of weekly jobless claims.
Initial claims for the week ended October 2 totaled 445,000, which is slightly below the 455,000 claims that had been expected among economists polled by Briefing.com and down 11,000 week-over-week. Continuing claims declined 48,000 week-over-week to 4.46 million, which is a bit more than the 4.45 million claims that had been widely anticipated.
September same-store sales were also shrugged off by the broader market, though a 13% increase in same-store sales by Abercrombie & Fitch (ANF 42.03, +3.44) made its shares one of this session's best performers by percent gained. Of the 25 retailers covered by Briefing.com, 19 posted better-than-expected results. As a group, retailers gained 0.4%.
Retailers helped lift the consumer discretionary sector to a 0.3% gain. That tied tech for the best performing sector of the session. Tech's strength came in contrast to the prior session, when its weakness caused the Nasdaq to underperform.
Telecom was at the weak end of things for the second straight session. It tumbled 1.2% today.
Earnings announcements were light ahead of the latest from Dow component Alcoa (AA 12.20, -0.17), which unofficially begins earnings season with its announcement. PepsiCo (PEP 66.10, -2.01) and Immucor (BLUD 16.72, -3.72) both posted in-line earning, but PepsiCo trimmed the top end of its growth outlook and Immucor issued downside guidance. Marriott (MAR 35.67, -2.19) reported a miss, but issued an in-line forecast.
Despite the flurry of announcements, many participants spent the session looking ahead to the official September nonfarm payrolls report, which will be released tomorrow morning ahead of the open. There is an element of uncertainty around the report, especially after the ADP Employment Change for September surprised to the negative side.
Advancing Sectors: Consumer Discretionary (+0.3%), Tech (+0.3%), Utilities (+0.1%), Health Care (+0.1%)
Declining Sectors: Telecom (-1.2%), Materials (-0.9%), Consumer Staples (-0.5%), Financials (-0.4%), Energy (-0.4%), Industrials (-0.1%)DJ30 -19.07 NASDAQ +3.01 NQ100 +0.3% R2K -0.2% SP400 -0.1% SP500 -1.91 NASDAQ Adv/Vol/Dec 1153/1.86 bln/1463 NYSE Adv/Vol/Dec 1357/915 mln/1596
4:08PM Kulicke & Soffa follow up -- co says Dec qtr revs to be significantly below September qtr revs... consensus is for a ~2% sequential drop (KLIC) 6.49 : "The combination of industry growth and market share gains have driven what will be an all-time record for quarterly revenue from continuing operations, but we have recently seen softness in forecasted demand. In our June quarter earnings release, we stated that although it was too early to provide December quarter guidance, we expected December quarter revenue to be about comparable to the September quarter. Given softening industry conditions, it now appears that December quarter revenue will be significantly below the September level." (Consensus calls for a ~2% sequential decline)... The Company will provide additional guidance when it announces its full fiscal fourth quarter results... As mentioned at 16:05, co sees Q4 (September qtr) revs at upper end of $250-260 mln range, vs $255.78 mln Thomson Reuters consensus. (Stock is halted)
4:05PM Kulicke & Soffa sees Q4 revs at upper end of $250-260 mln range, vs $255.78 mln Thomson Reuters consensus (KLIC) 6.49 +0.16 :
4:06PM Micron misses by $0.06, misses on revs (MU) 7.11 +0.16 : Reports Q4 (Aug) earnings of $0.32 per share, $0.06 worse than the Thomson Reuters consensus of $0.38; revenues rose 91.5% year/year to $2.49 bln vs the $2.65 bln consensus. MU reports gross margins of 31.3% vs Thomson Reuters consensus of 30.9%
4:06PM Alcoa beats by $0.04, beats on revs; increases 2010 global aluminum consumption forecast (AA) 12.20 -0.17 : Reports Q3 (Sep) earnings of $0.09 per share, excluding $0.03 in non-recurring items, $0.04 better than the Thomson Reuters consensus of $0.05; revenues rose 14.6% year/year to $5.29 bln vs the $4.95 bln consensus. The QoQ increase was the result of a 3% increase in aluminum shipment volumes and a 7% increase in alumina shipments, offset by lower realized third-party prices for alumina (-5%) and aluminum (-2%). Strong end-market rev performance in the quarter was achieved in Packaging (+11%), Commercial Transportation (+10%), Building & Construction (+10%), and Aerospace (+3%). Quarterly results were impacted by lower London Metal Exchange prices and negative currency impacts. These were partially offset by higher volumes in Alumina, Flat-Rolled Products, and Engineered Products and Solutions and the continued benefits from Alcoa's Cash Sustainability Program. "We see markets strengthening and have increased our 2010 global aluminum consumption forecast to 13% from 12%. In countries such as China, Brazil, India, and Russia, more and more people are moving into the middle class, driving demand in building and construction, transportation, and packaging. This trend favors aluminum as it is light, strong, and infinitely recyclable."
7:40AM LightSquared announced that Qualcomm (QCOM) is integrating L-Band LTE technology; also Nokia Siemens to deploy LightSquared nationwide network : LightSquared announced that Qualcomm (QCOM) is integrating L-Band LTE technology in its mainstream chipset roadmap. Qualcomm has also developed an advanced satellite air interface technology called EGAL (Enhanced Geostationary Air Link), which enables the satellite mode of operation in mobile devices... Initial Device Manufacturers LightSquared also announced that Nokia (NOK) will provide branded, data-centric products for LightSquared customers in support of Nokia Siemens Networks' infrastructure build-out for LightSquared's network. Additionally, LightSquared disclosed that both the Nokia Siemens Networks and LightSquared boards of directors recently approved the 8-year, $7 billion agreement for Nokia Siemens Networks to deploy, install, operate and maintain the LightSquared nationwide network. The agreement, the largest of its kind for the U.S. wireless industry, was first announced on July 20 of this year.
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