From Briefing.com: 4:30 pm : Strength in the early going had the stock market up 1% to trade near its five-month high, but the mix of a stronger dollar, technical resistance, and uncertainty ahead of this week's major events left stocks to slide and nearly finish with a loss.
Trade ended on a flat note last week, but buyers were brought back into the mix by data. Manufacturing data out of China was impressive as the country's PMI improved to a six-month high of 54.7. That was complemented by domestic data that showed an October ISM Manufacturing Index of 56.9, which marked also marked a six-month high and exceeded the 54.0 that had been widely expected.
U.S. construction spending for September was also strong. It increased 0.5% when a 0.7% decline had been expected to follow a downwardly revised 0.2% decline in the prior month.
Income and spending data was rather disappointing, but participants shrugged it off anyway. September personal income slipped 0.1% and spending increased a tepid 0.2% -- the consensus had called for a 0.2% increase in income and a 0.4% increase in spending. Core personal consumption expenditures for September were flat, as expected, though.
The collective body of data helped drive the S&P 500 to within less than one point of its best level since May, but the move was unable to push through resistance in that zone.
At the same time stocks ran into resistance they had to grapple with a bounce by the greenback, which was also spurred higher by today's data since it could help make the case for smaller steps toward further quantitative easing.
It is widely expected that the FOMC will announce some sort of plan to augment monetary policy on Wednesday, but the size and scope of the plan remains a mystery. Participants are also brooding over the implications of midterm elections and the latest monthly payrolls report on Friday.
Uncertainty about what will unfold this week also kept many investors on the sidelines. In turn, trading volume on the NYSE did not even break 1 billion shares.
Those that did trade left to surrender all of their gains and then some as the stock market actually fell to a modest loss in late trade. Though it recovered, the stock market's fractional gain paled in comparison to what it had sported in the early going.
Energy stocks had been early leaders with a 1.5% gain at their session high, but they settled just 0.3% for the better. Baker Hughes (BHI 48.37, +1.95) was one of the best performers in the group, thanks to an upside earnings surprise.
Though defensive oriented, utilities underperformed by a wide margin. The sector's 0.9% slide was also its worst loss in more than a month.
Advancing Sectors: Tech (+0.4%), Telecom (+0.4%), Energy (+0.3%), Health Care (+0.2%), Industrials (+0.1%)
Declining Sectors: Utilities (-0.9%), Consumer Staples (-0.1%)
Unchanged: Consumer Discretionary, Materials, FinancialsDJ30 +6.13 NASDAQ -2.57 NQ100 +0.2% R2K -0.7% SP400 -0.2% SP500 +1.12 NASDAQ Adv/Vol/Dec 971/1.92 bln/1684 NYSE Adv/Vol/Dec 1556/958 mln/1405
4:22PM Rudolph Tech beats by $0.08, misses on revs (RTEC) 7.59 +0.18 : Reports Q3 (Sep) earnings of $0.34 per share, ex-items, $0.08 better than the Thomson Reuters consensus of $0.26; revenues rose 124.5% year/year to $52.3 mln vs the $52.9 mln consensus. Third quarter gross margin rose to 56%, compared to 41% in 3Q09. The increase in gross margin was due to higher revenues, including an increase in software sales, higher average selling prices and lower reserves due to better inventory utilization.
4:18PM Concurrent misses by $0.17, beats on revs (CCUR) 6.90 +0.56 : Reports Q1 (Sep) loss of $0.14 per share, $0.17 worse than the Thomson Reuters consensus of $0.03; revenues rose 21.1% year/year to $15.5 mln vs the $12.5 mln consensus.
4:07PM Sanmina-SCI beats by $0.08, reports revs in-line; guides Q1 EPS in-line, revs below consensus (SANM) 12.98 -0.21 : Reports Q4 (Sep) earnings of $0.46 per share, excluding non-recurring items, $0.08 better than the Thomson Reuters consensus of $0.38; revenues rose 24.7% year/year to $1.69 bln vs the $1.68 bln consensus. Co issues mixed guidance for Q1, sees EPS of $0.40-0.44, excluding non-recurring items, vs. $0.43 Thomson Reuters consensus; sees Q1 revs of $1.63-1.68 bln vs. $1.71 bln Thomson Reuters consensus.
Flextronics (FLEX) announced that Flextronics Medical will open a dedicated, 180,000 square foot facility in Senai, Johor, Malaysia. This expansion will support a significant rise in demand from medical OEMs, while providing additional low-cost geographic diversity to meet our customers' needs.
7:04AM Corning misses by $0.01, reports revs in-line; lowers FY10 cap-ex to $1.0 bln from $1.2 bln. (GLW) 18.28 : Reports Q3 (Sep) earnings of $0.51 per share, $0.01 worse than the Thomson Reuters consensus of $0.52; revenues rose 8.3% year/year to $1.6 bln vs the $1.61 bln consensus. Sales in the Display Technologies segment were $645 million, declining 23% sequentially and 5% YoY. Volume at the co's wholly owned business declined about 25% sequentially and 5% year over year. Display Technologies' performance benefited from a favorable Japanese yen-to-U.S. dollar exchange rate in the quarter. Glass price declines in the third quarter were comparable to the second quarter. "We have seen a modest increase in utilization rates at the Taiwanese panel makers in October. We believe this is in response to lower panel inventory levels and expectations for good worldwide retail demand during the upcoming holiday season. Our glass demand forecast is based on the assumption panel maker utilization rates will remain modestly higher the remainder of the fourth quarter in comparison to a much weaker September. However, panel maker utilization rates this quarter may not rebound to the level they were prior to the inventory correction. As a result, we anticipate worldwide glass market demand could be flat to down slightly quarter to quarter. The co expects the movement in combined glass volume at both its wholly owned business and SCP to be in line with the market in the fourth quarter. We expect glass pricing at both our wholly owned business and SCP to decline in the mid-single digit range in the fourth quarter. This decline would be more than previous quarters and reflects pricing pressure caused by the current imbalance of glass supply and demand." Co lowers FY10 cap-ex to $1.0 bln from $1.2 bln.
7:01AM Anadigics beats by $0.02, beats on revs (ANAD) 6.79 : Reports Q3 (Sep) earnings of $0.06 per share, $0.02 better than the Thomson Reuters consensus of $0.04; revenues rose 66.9% year/year to $61.3 mln vs the $57.6 mln consensus.
07:40 am Cisco Systems ests raised at Oppenheimer; FY1Q11 sales tracking ahead of expectations: . Oppenheimer notes, based on its checks, it believes Cisco's FY1Q11 (October) sales are tracking ahead of expectations. The channel's FY2Q11 outlook is also positive (US and Europe) and Opco is raising its estimates given the strength in near-term demand. With that said, its cautious stance on Cisco's core switching and routing businesses remains unchanged. The channel noted tough competition from HPQ and JNPR and believes switching is the area the vendors are making the strongest inroads against Cisco. 2011 EPS est to $1.73 from $1.70; 2012 est to $1.85 from $1.80 ($1.73/$1.98 consensus).
09:57 am JKS Guides Q4 Revs Well Above Consensus (JKS)
JinkoSolar Holding (JKS 34.57 +4.42) reports third quarter earnings of $1.75 per share, $0.79 better than the Thomson Reuters consensus of $0.96.
Revenues rose 260% year-over-year to $215 mln, notably higher than the $153.3 mln Thomson Reuters consensus.
For its fourth quarter, the company issued revenues guidance of $210 million to $220 million, well above the $162.44 million Thomson Reuters consensus.
Also, for the fourth quarter of 2010, JinkoSolar expects total solar product shipments to be in the range of 130 MW to 140 MW with module shipments expected to be between 100 MW to 110 MW.
Based on the current operating conditions, the Company raises its full year 2010 total solar product shipments guidance to an estimated range of 448 MW to 458 MW, from its earlier guidance of 395 MW to 415 MW, with module shipments expected to be in an estimated range of 257 MW to 267 MW for the full year 2010, as compared to its earlier guidance of 195 MW to 205 MW.
09:44 am GLW Q3 Earnings Miss Mark (GLW)
Corning (GLW 18.56 +0.28) reports Q3 (Sep) earnings of $0.51 per share, $0.01 worse than the Thomson Reuters consensus of $0.52.
Revenues rose 8.3% year-over-year to $1.6 billion, in-line with the $1.61 billion consensus.
Sales in the Display Technologies segment were $645 million, declining 23% sequentially and 5% year-over-year. Volume at the co's wholly owned business declined about 25% sequentially and 5% year over year. Display Technologies' performance benefited from a favorable Japanese yen-to-U.S. dollar exchange rate in the quarter. Glass price declines in the third quarter were comparable to the second quarter.
The company said, "We have seen a modest increase in utilization rates at the Taiwanese panel makers in October. We believe this is in response to lower panel inventory levels and expectations for good worldwide retail demand during the upcoming holiday season. Our glass demand forecast is based on the assumption panel maker utilization rates will remain modestly higher the remainder of the fourth quarter in comparison to a much weaker September. However, panel maker utilization rates this quarter may not rebound to the level they were prior to the inventory correction. As a result, we anticipate worldwide glass market demand could be flat to down slightly quarter to quarter. The co expects the movement in combined glass volume at both its wholly owned business and SCP to be in line with the market in the fourth quarter. We expect glass pricing at both our wholly owned business and SCP to decline in the mid-single digit range in the fourth quarter. This decline would be more than previous quarters and reflects pricing pressure caused by the current imbalance of glass supply and demand."
The company lowered its fiscal year 2010 CapEx to $1.0 billion from $1.2 billion.
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