From Briefing.com: 4:30 pm : The S&P 500 faltered in the face of resistance near the 1300 zone during the early going. That left it to muddle along with a modest loss for the rest of the session as buyers sat on their gains from the prior session.
Although there is still headline risk related to the military action in Libya and the status of damaged nuclear facilities in Japan, the lack of deterioration of relative conditions in those countries has made them less threatening, for the time being, to market participants. That theme helped the major equity averages advance more than 1% yesterday. However, there wasn't any follow through this morning. The lack of early buying interest left stocks to slip into the red, which is where they spent the rest of the session.
Overall selling pressure was rather mild today. Declining share volume outpaced advancing volume by just 3-to-2 -- total share volume on the NYSE barely broke 800 million.
Corporate headlines drove action in a few individual names, but did little for the overall market. Walgreen (WAG 39.21, -2.76) slumped to one of its worst single-session losses in about nine months following in-line earnings results. Meanwhile, Express (EXPR 18.42, +1.02) hit a one-month high following news of its upside earnings surprise. Bristol Myers Squibb (BMY 26.29, +0.29) initially bounced to a one-month high in response to news that one of its drugs met a primary endpoint in a Phase III study, but the stock gradually gave back a chunk of its gain.
Renewed pressure against the greenback dropped the Dollar Index to a new 52-week intraday low, but the buck battled back for a flat finish.
No economic data of consequence was out today. Tomorrow brings the latest monthly new home sales figures, though. Also on tomorrow's agenda are weekly crude oil inventories and a speech from Fed Chairman Bernanke. DJ30 -17.90 NASDAQ -8.22 NQ100 -0.2% R2K -0.5% SP400 -0.7% SP500 -4.61 NASDAQ Adv/Vol/Dec 1051/1.65 bln/1540 NYSE Adv/Vol/Dec 1262/822 mln/1703
4:13PM Jabil Circuit also reports update related to Japan operations; may have an impact on the supply of components (JBL) 18.93 -0.58 : "Our employees and site in Gotemba, Japan were not directly impacted by the natural disaster. However, many of our employees as well as suppliers were impacted. We extend our heartfelt condolences to those who have suffered losses as a result of this tragedy." Revenue from Jabil's Gotemba site is not material to overall results. The natural disaster in Japan may have an impact on the supply of components to Jabil's global manufacturing operations. However, the extent of this impact is not known at this time. Therefore, Jabil is expressing expectations regarding its third quarter results excluding the impact of potential supply disruptions on these results. These expectations include the recently acquired sites in Italy and France on a fully consolidated basis.
4:08PM Adobe Systems beats by $0.01, reports revs in-line; guides Q2 EPS below consensus, revs below consensus (ADBE) 32.88 +0.54 : Reports Q1 (Feb) earnings of $0.58 per share, excluding non-recurring items, $0.01 better than the Thomson Reuters consensus of $0.57; revenues rose 19.7% year/year to $1.03 bln vs the $1.03 bln consensus. Q1 non-GAAP operating margin of 38.9% vs. the 37.6% consensus and 37-38% guidance. Co issues downside guidance for Q2, sees EPS of $0.47-0.54, excluding non-recurring items, vs. $0.56 Thomson Reuters consensus; sees Q2 revs of $970 mln-$1.02 bln vs. $1.03 bln Thomson Reuters consensus. "Although Adobe has a very diversified business, Japan is our second largest country from a revenue perspective and March is typically our biggest revenue month of the year there due to fiscal year-end spending. Given the uncertain business environment in Japan, we are being prudent and have reduced our revenue expectation for our second quarter by $50 mln -- or roughly one-third of our original Q2 revenue expectation for Japan."
4:06PM Sunpower and Hawaiian Electric sign solar power agreement (SPWRA) 15.71 -0.40 : Hawaiian Electric (HE) and SunPower (SPWRA) announced an agreement for SunPower to sell solar photovoltaic power to the utility under a fixed price contract for 20 years. The power will be generated from a five-megawatt solar farm that SunPower will design, build and operate at Kalaeloa in West Oahu. The purchase power agreement is before the Hawaii Public Utilities Commission for approval.
4:05PM Jabil Circuit beats by $0.03, reports revs in-line; guides Q3 EPS above consensus, revs above consensus (JBL) 18.93 -0.58 : Reports Q2 (Feb) earnings of $0.54 per share, excluding non-recurring items, $0.03 better than the Thomson Reuters consensus of $0.51; revenues rose 30.8% year/year to $3.93 bln vs the $3.91 bln consensus. Co issues upside guidance for Q3, sees EPS of $0.55-0.59, excluding non-recurring items, vs. $0.53 Thomson Reuters consensus; sees Q3 revs of $4.1-4.2 bln vs. $4.03 bln Thomson Reuters consensus. Jabil Circuit reports Q2 core operating margin of 4.3% vs. the 4.2% consensus
8:31AM Apple announces iPad 2 will go on sale in 25 additional countries this Friday, March 25 (AAPL) 339.30 : Co announced that the iPad 2, will go on sale in 25 additional countries this Friday, March 25. iPad 2 will be available at Apple retail stores and select Apple Authorized Resellers at 5 p.m. local time, and online through the Apple Store beginning at 1 a.m. Apple also announced that all models of iPad 2 will be available in Hong Kong, Korea, Singapore and additional countries in April.
Sierra Wireless (SWIR) announced that NETGEAR (NTGR) has selected Sierra Wireless AirPrime embedded wireless modules to provide high-speed connectivity for a new series of mobile broadband routers that are specifically designed to take advantage of 4G LTE and Dual-Carrier HSPA+ networks
Research In Motion (RIMM) announced plans to make the highly-anticipated BlackBerry PlayBook tablet available in more than 20,000 retail outlets in the U.S. and Canada.
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