From Briefing.com: 4:20 pm : The stock market advanced for the tenth time in 11 sessions to set a new two-year high as financials provided leadership in the face of a narrow gain by the greenback. However, action was generally anemic again as share volume dwindled.
The major stock indices of both Europe and Asia moved markedly higher overnight. Their gains helped inspire buying at home, such that domestic averages gapped higher in the early going.
Financials were quick to provide leadership to the broader market as the sector settled with a 1.6% gain. Bank stocks were especially strong. Diversified banks ripped to a 2.2% gain while regional banks advanced 1.9%. Toronto-Dominion Bank (TD 71.95, +2.44) was a standout after the outfit confirmed its plan to take over Chrysler Financial. The $6.3 billion acquisition comes as part of the firm's expansionary effort.
Strength in the financial sector helped push the S&P 500 through near-term resistance around the 1250 zone. A couple of hours was spent consolidating those gains along the 1254 line before some late buying took the stock market to its best level since September 2008. The late move lost momentum, though, and the stock market settled in the 1254 to 1255 zone.
It is impressive that the stock market's advance came after the dollar turned an early loss into a narrow gain. Early weakness in the greenback came as the euro advanced after China's Vice Premier expressed that his country supports efforts by the European Union and International Monetary Fund to stem sovereign debt problems of the eurozone and countries in its periphery. Gains by the euro were partly clipped by early morning news that analysts at Moody's put Portugal's credit rating on review for possible downgrade, but were later completely dashed shortly after analysts at Fitch issued cautious commentary on Greece's credit rating.
Earnings news was limited. Both Jabil Circuit (JBL 19.55, +1.89) and Adobe Systems (ADBE 30.93, +1.75) posted better-than-expected earnings then went on to issue upside guidance.
No economic data was issued today. That certainly didn't help share volume, which has already been hampered by the thinning of trading desks ahead of year-end holidays. A lack of participation this session resulted in share volume of barely 800 million shares on the NYSE.
Advancing Sectors: Financials (+1.6%), Materials (+1.0%), Energy (+0.9%), Industrials (+0.7%), Tech (+0.6%), Consumer Discretionary (+0.5%), Telecom (+0.2%)
Declining Sectors: Consumer Staples (-0.4%), Health Care (-0.2%), Utilities (-0.1%)DJ30 +55.03 NASDAQ +18.05 NQ100 +0.5% R2K +1.1% SP400 +0.7% SP500 +7.52 NASDAQ Adv/Vol/Dec 1928/1.65 bln/730 NYSE Adv/Vol/Dec 2079/809 mln/945
4:25PM Xilinx falls ~7.4% to $26.30 after lowering Q3 revs guidance; npw at $26.55 (XLNX) 28.39 +0.28 :
4:24PM Xilinx lowers Q3 revs guidance below consensus (XLNX) 28.39 +0.28 : Co lowers Q3 revs guidance to down ~7-9% sequentially, which equates to ~$563.9-576.3 mln vs. $604.7 mln consensus, down from ~flat to down 4%, which equates to ~$594.9-619.7 mln. The decreased sales guidance is primarily related to weaker than anticipated sales to a few large communications customers, specifically in the wireless segment. The Co expects sales growth to return to the communications segment in the March quarter based on current backlog and forecasts from its large customers. -- Gross margin is expected to be approximately 65%, in line with previous guidance. Additional commentary pertaining to the March quarter will be provided when the company reports its third quarter financial results on January 19, 2011. No conference call will be held in conjunction with this guidance revision.
4:04PM FSI Intl beats by $0.03, reports revs in-line; issues mixed Q2 guidance (FSII) 4.24 -0.11 : Reports Q1 (Nov) loss of $0.06 per share, $0.03 better than the Thomson Reuters consensus of ($0.09); revenues fell 25.3% year/year to $10.9 mln vs the $10.9 mln consensus. Co issues mixed guidance for Q2, sees Q2 revs exceeding $30 mln vs. $30.10 mln Thomson Reuters consensus, with net income of $3.5-4.5 mln vs the $5.0 mln consensus. Orders for 1Q11 increased 10 percent to $32.3 mln, as compared to $29.3 mln in the fourth quarter of fiscal 2010 and increased 73% from the $18.7 mln first quarter fiscal 2010 level.
Ultratech (UTEK) introduced the LSA100L, a new dual-beam laser spike anneal system for logic devices. With multiple beta systems in the field, the production version of Ultratech's LSA100L will be available in the first quarter of 2011.
09:52 am JBL Beats Q1 EPS Expectations (JBL)
Jabil Circuit (JBL 18.95 +1.29) reported first quarter earnings of $0.61 per share above the consensus of $0.54.
Revenues rose 32.2% year-over-year to $4.08 billion above the $3.96 billion consensus.
The company issued upside guidance for the second quarter, seeing earnings per share of $0.49-0.53, above the $0.44 consensus. The company sees second quarter revenues of $3.85-3.95 billion above the $3.7 billion consensus.
09:44 am ADBE Guides Q1 Above Consensus (ADBE)
Adobe (ADBE $31.00 +1.82) reported fourth quarter earnings of $0.56 per share, excluding non-recurring items, $0.04 better than the Thomson Reuters consensus of $0.52.
Revenues rose 33.2% year-over-year to $1.01 billion versus the $0.99 billion consensus.
For the first quarter, the company expects to see earnings of $0.54-0.59, excluding non-recurring items, versus $0.51 Thomson Reuters consensus. On the top line, the company see revenues falling in the range of $1.0 billion to $1.05 billion versus the $992.19 million Thomson Reuters consensus.
The company said, "We posted our first billion dollar quarter and record annual revenue in 2010, driven by outstanding performance across all of our major businesses."
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