From Briefing.com: 4:30 pm : Stocks scored their strongest single session gain in eight weeks on the back of broad-based buying. The effort took the stock market to a new two-year high.
The stock market's refusal to extend Friday's sharp slide yesterday was treated as an encouraging sign to buyers. Gains abroad also offered a positive backdrop for further buying this session.
Support for stocks was wide ranging as nearly 90% of the issues in the S&P 500 staged gains. Every sector except consumer staples (+0.7%) registered a gain of more than 1%. Materials stocks and financial stocks were among the best performers for the second straight session; they climbed 2.8% and 2.2%, respectively.
Such a strong, concerted buying effort helped the S&P 500 close comfortably above the 1300 line, which is where it had faltered on a couple of occasions last week, to its best level since August 2008. The Dow also set a two-year high and closed above the psychologically significant 12,000 line for the first time since June 2008, but the Nasdaq is still shy of the highs that it set a couple of weeks ago.
Dow component Pfizer (PFE 19.22, +1.00) was among this session's best individual performers and most actively traded names by volume. The pharmaceutical outfit's upside earnings surprise was cheered while its disappointing forecast was shrugged off.
In other earnings news, Baidu.com (BIDU 118.73, +10.10), Anadarko Petroleum (APC 78.54, +1.46), UPS (UPS 74.59, +2.97), and Archer-Daniels Midland (ADM 34.70, +2.03) all beat bottom line expectations. BP Plc (BP 47.98, +0.51) came short of the consensus earnings estimate, but announced that it will resume its dividend at 50% of its dividend from the first quarter of fiscal 2010.
Ford Motor (F 15.89, -0.06) saw strong volume following news of its 13% increase in total January sales. General Motors (GM 36.45, -0.04) announced a 23% annual increase in January sales and Toyota Motor (TM 83.29, +1.11) said its January U.S. sales increased 17% from the prior year.
An increased appetite for stocks prompted many to dump the dollar. In turn, the greenback fell 1.0% against a collection of competing currencies to its lowest level in more than two months.
Data was given only brief consideration this session. Although the January ISM Manufacturing Index improved to a six-year high of 60.8, which is greater than the 58.4 that had been expected, on average, among economists polled by Briefing.com, construction spending during December fell 2.5% when a 0.4% decline had been widely expected.
Advancing Sectors: Materials (+2.8%), Financials (+2.2%), Energy (+1.9%), Tech (+1.8%), Health Care (+1.8%), Industrials (+1.6%), Consumer Discretionary (+1.2%), Telecom (+1.2%), Utilities (+1.1%), Consumer Staples (+0.7%)
Declining Sectors: (None)DJ30 +148.23 NASDAQ +51.11 NQ100 +1.9% R2K +2.3% SP400 +1.6% SP500 +21.47 NASDAQ Adv/Vol/Dec 2036/2.28 bln/624 NYSE Adv/Vol/Dec 2482/1.09 bln/539
5:02PM Verigy received initial draft of definitive agreement from Advantest (ATE) to acquire all of the outstanding Verigy ordinary shares for $15.00 per share in cash (VRGY) 13.23 -0.11 : Co announced that on January 26, 2011 it received an initial draft of a definitive agreement from Advantest relating to Advantest's proposal to acquire all of the outstanding Verigy ordinary shares for $15.00 per share in cash. The Verigy Board of Directors is in the process of reviewing Advantest's proposed agreement and continues to engage with Advantest in due diligence, business analysis and management meetings in connection with the proposed transaction. The Verigy Board has not made any recommendation with respect to the Advantest proposal. There can be no assurances that an agreement will be reached with Advantest or that a transaction with Advantest will be consummated, and Verigy does not intend to comment further unless an agreement is reached with Advantest or discussions are terminated.
5:00PM JA Solar to supply 400 MW of solar modules to a leading European provider of photovoltaic systems by 2013 (JASO) 6.93 +0.03 : Co announced that it has signed a supply agreement with one of the leading European specialists in photovoltaic systems to provide 400 megawatts (MW) of solar modules from 2011 through the end of 2013. Under the terms of this agreement, JA Solar will supply the company with 100 megawatts of solar modules in 2011, 125 megawatts in 2012 and 175 megawatts in 2013.
4:30PM Amtech Systems to acquire controlling interest in Ion implant technology based in China; strengthens high-efficiency solar cell strategy (ASYS) 26.39 : Co announced it has entered into an agreement to acquire a controlling interest in a China-based ion implant technology company located in Shanghai, China. The acquisition is expected to close in February 2011, subject to compliance with formal Hong Kong filing requirements. Under the terms of the acquisition: For its 55% ownership, Amtech will pay $5.5 mln in the form of cash and stock, and will pay up to $4 mln in the form of a contingent promissory note. The payments of up to $4 mln pursuant to the contingent note are to be made to the acquired company and used to fund Kingstone Semiconductor's development of a next generation solar ion implant machine.
4:06PM Broadcom announces 12.5% increase in quarterly cash dividend and $300 million accelerated share repurchase plan (BRCM) 46.30 +1.21 : Co announces that its Board of Directors has approved a 12.5% increase in the quarterly cash dividend to $0.09 cents per share, up from $0.08 per share, payable to holders of the Company's Class A and Class B common stock. Co also announced a $300 million accelerated share repurchase plan under its existing evergreen share repurchase program.
4:06PM Powerwave misses by $0.02, misses on revs (PWAV) 3.47 -0.01 : Reports Q4 (Dec) earnings of $0.06 per share, excluding non-recurring items, $0.02 worse than the Thomson Reuters consensus of $0.08; revenues rose 23.1% year/year to $175.6 mln vs the $179.5 mln consensus.
4:03PM Magma Design increases authorization in common stock repurchase program to $30 mln (LAVA) 5.59 +0.16 :
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