From Briefing.com: 4:30 pm : For the first time in quite a while buyers failed to provide near-term support in the face of selling pressure. That left the S&P 500 to suffer its worst single-session slide in almost a month and close below its 50-day moving average for the first time in three weeks.
The tone of trade was initially weakened by a concerted selling effort among the major foreign averages, most of which suffered losses of at least 1%. Japan's Nikkei was one of the worst performers; it tumbled 1.7% following news that officials have increased Japan's nuclear crisis rating to the maximum level of 7.
Dow component Alcoa (AA 16.70, -1.07) gave market participants their first glimpse into earnings season, but apparently they didn't like the view. Even though Alcoa announced its fourth consecutive upside earnings surprise, a light revenue figure suggested softer demand than what Wall Street had wanted. Shares of AA recouped some of their losses, but still settled about 6% lower for one of their worst losses of the past year.
In contrast to the action of recent weeks, market participants refused to provide support to the broad market's early drop. Not even another drop in oil prices could stir support for stocks. Oil prices closed pit trade with a 3.3% loss at $106.25 per barrel. Selling against oil accelerated with news that analysts at Goldman Sachs predict that oil prices will see a substantial pullback in coming months. Just yesterday morning oil prices were above $113 per barrel to mark their highest level in more than two years.
The combination of sharply lower oil prices and broad market weakness led energy stocks to collectively lose 3.0%, which was the sector's worst single-session slide in one month.
Financials attracted buyers in the face of widespread weakness before they were backed down in the final hour of trade. The sector actually turned a loss of about 1% into a fractional gain, but settled with a 0.4% loss.
Treasuries were spurred higher amid the stock market's slide. Buying interest in that space was supported by a solid auction of 3-year Notes. The auction drew a bid-to-cover of 3.25, dollar demand of $104.0 billion, and an indirect bidder participation rate of 33.7%.
The dollar's doldrums continued today. In turn, the euro set a new one-year high of about $1.45. It was quoted with a 0.4% gain just below that level at session's end.
Even though action today was more exciting than it has been in recent weeks, participation remains at unimpressive levels. More specifically, share volume on the NYSE failed to break 1 billion again.
Advancing Sectors: Consumer Staples (+0.3%)
Declining Sectors: Health Care (-0.1%), Utilities (-0.2%), Consumer Discretionary (-0.2%), Financials (-0.4%), Telecom (-0.6%), Industrials (-0.8%), Tech (-0.9%), Materials (-1.4%), Energy (-3.0%)DJ30 -117.53 NASDAQ -26.72 NQ100 -0.7% R2K -1.4% SP400 -1.% SP500 -10.30 NASDAQ Adv/Vol/Dec 638/1.82 bln/1989 NYSE Adv/Vol/Dec 756/946 mln/2225
5:54PM F5 Networks is rallying after hours, up ~3.2% to $96.80 in sympathy to RVBD's upside guidance (see 17:40, 17:50 comment) (FFIV) 93.77 -0.73 :
5:50PM Riverbed Technology rallies ~10% to $34.00/share after hours following upside Q1 guidance (RVBD) 30.92 -2.15 :
5:45PM Atmel response to Infineon patent lawsuit (ATML) 12.44 -0.67 : Co announced that Infineon Technologies A.G. and Infineon Technologies North America Corporation filed a patent infringement lawsuit against Atmel in the United States District Court for the District of Delaware. The company has not yet reviewed the complaint in detail. Atmel intends to vigorously defend these allegations and believes that the allegations are entirely without merit. Infineon asserts that Atmel is infringing 11 Infineon patents.
5:40PM Riverbed Technology sees Q1 revs of $163-164 mln vs $160.1 mln Thomson Reuters consensus, sees Non-GAAP EPS of $0.19-0.20 vs $0.18 consensus (RVBD) 30.92 -2.15 : Co guides Q1 above expectations... Co said, "With a strong start to 2011, Riverbed exceeded revenue and earnings expectations in the first quarter. We executed well, achieving 45% year-over-year revenue growth, and non-GAAP operating profits doubled compared to the first quarter last year. Sales increased on an annual basis across all major geographies as spending on WAN optimization remains a priority."
2:06PM Sunpower confirms DoE offered $1.187 bln conditional commitment for loan guarantee supporting the 250-Megawatt California Valley Solar Ranch (SPWRA) 16.03 -0.36 : Co announced the project has been offered support via a conditional commitment for a loan guarantee of up to $1.187 billion from the DoE. NRG Solar, a subsidiary of NRG Energy, Inc. (NRG) will assume all ownership and financing responsibilities for the project, subject to certain conditions. SunPower will design, build, and initially operate and maintain the solar power plant. Construction is expected to start in the second half of 2011, contingent on permitting and financing, with a portion of the project expected to begin operations by the end of 2011 and the balance coming on line in 2012 and 2013.
1:46PM Juniper Networks confirms prodcuts protect customers from new Microsoft (MSFT) vulnerabilities disclosed today (JNPR) 38.10 -0.48 : Co has confirmed its Intrusion Detection and Preventionsecurity systems and Integrated Security Gateway firewall/virtual private network (VPN) systems with IDP offer protection for new Microsoft vulnerabilities announced today.
8:36AM Marvell founders file lawsuit against Goldman Sachs (GS); claims GS 'put firms interests in front of clients'; claims defrauded executives of more than $100 mln (MRVL) 16.05 : The founders of MRVL, Sehat Sutardja and Weili Dai, filed a lawsuit in San Francisco Superior Court against Goldman Sachs (GS) and two account executives, alleging GS manipulated the 2008 financial crisis to defraud the two Silicon Valley executives of more than $100 mln. The suit alleges Goldman Sachs issued a margin call for the two executives' investment accounts, which were managed, under false pretenses, wrongly claiming an SEC Rule mandated the margin call when no such rule existed. It is alleged the margin call was a result of Goldman Sachs' need to repair its balance sheet and insulate itself from the extreme market turmoil of the financial crisis in 2008. Further, the complaint alleges that Goldman Sachs' wholly improper margin call reflects the Goldman Sachs' willingness to put its own interests ahead of its clients.
8:01AM MEMC Elec resumes wafer production in Japan (WFR) 12.16 : Co announces that it has resumed production of 300mm wafers at its facility in Utsunomiya, Japan following the earthquake that occurred on March 11. The facility has been shipping unaffected product and has resumed production on qualified process tools, while continuing to inspect, qualify, and ramp additional equipment. Production yield on operating tools has been comparable to pre-earthquake levels, raw material availability has been good, and power availability has improved. Full 300mm production is targeted to be achieved by the middle of May. The facility's small volume of 200mm wafer capacity, previously scheduled to be moved to the company's Ipoh, Malaysia site during the third quarter of 2011, is now in the process of being moved ahead of the original schedule.
Nokia (NOK) announced the Nokia E6 and the Nokia X7, two new smartphones aimed at business people and entertainment enthusiasts respectively. The two devices are the first Nokia smartphones to contain the updated Symbian software, with new icons and usability enhancements such as improved text input, a faster browser and refreshed Ovi Maps.
11:10 am Western Digital ests raised at Wedbush on improving pricing environment: . Wedbush is raising its June quarter estimates for WDC to $2.25B/$0.70 from $2.23B/$0.66 ($2.24/$0.65 consensus). Firm is raising its gross margin assumptions for WDC due to the improving pricing environment. It is likely that 3.5 SATA and 2.5 notebook drive ASPs (average selling price) are flat-to-up q/q in the June quarter. It is likely that the WDC stock outperforms the Nasdaq in the next couple of quarters as the pricing environment for HDDs improves in the next quarter or two
11:01 am MCRL Lowers Q1 Guidance (MCRL)
Micrel (MCRL $13.18 -1.22) lowers first quarter earnings to $0.13 to $0.14 from $0.17 to $0.19 versus the $0.18 Thomson Reuters consensus. The company also sees revenues down 10% to 11% quarter-over-quarter to approx. $67.3 million to $68.0 million versus the $72.6 million consensus, versus the -2 to -6% previously.
The shortfall in rev is primarily a result of lower than expected sales to a device manufacturer in Korea that makes wireless handsets and other consumer electronic devices. This customer moderated product deliveries during the quarter to control inventory levels. In addition, Micrel also experienced a reduction in overall demand in March related to disruptions in the worldwide electronics supply chain due to the earthquake and tsunami in Japan.
The company also had a further inventory reduction by its sell-in (POP) channel partners as a result of the inventory over-build that took place in the last half of 2010. Based upon current demand estimates, the co expects second quarter 2011 revs to grow sequentially over first quarter 2011 revenues (cons: $76.3 mln).
11:10 am Western Digital ests raised at Wedbush on improving pricing environment: . Wedbush is raising its June quarter estimates for WDC to $2.25B/$0.70 from $2.23B/$0.66 ($2.24/$0.65 consensus). Firm is raising its gross margin assumptions for WDC due to the improving pricing environment. It is likely that 3.5 SATA and 2.5 notebook drive ASPs (average selling price) are flat-to-up q/q in the June quarter. It is likely that the WDC stock outperforms the Nasdaq in the next couple of quarters as the pricing environment for HDDs improves in the next quarter or two
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