From Briefing.com: 4:30 pm : Stocks ended the day with modest losses after a half-hearted attempt to rebound from the prior session's drop failed in the early going. The decline keeps stocks at monthly lows.
Traders showed some buying interest this morning as markets abroad steadied and the dollar drifted lower. However, their lack of conviction quickly became apparent when they failed to defend early gains as stocks began to lose direction and then drift lower.
Most of the major sectors muddled along in mixed fashion, but weakness among tech stocks (-0.4%) weighed on the Nasdaq, which consistently underperformed its counterparts.
In contrast, energy stocks sported strong gains for the entire session. As a group, they settled with a 1.3% gain. Part of the sector's strength was owed to a near 2% gain by crude oil prices, which closed pit trade just a penny shy of $99.60 per barrel. Oil's gain came amid bullish analyst calls for the price of oil.
Corporate news flow was lacking and economic data was limited to April new home sales, which improved to an annualized rate of 323,000 units from a pace of 301,000 units in the prior month. On average, economists polled by Briefing.com had expected the rate to remain near the March pace. Homebuilders initially had a positive reaction to the data, but ultimately retreated. That left the SPDR S&P Homebuilders ETF (XHB 18.12, -0.08) to settle with a loss.
Advancing Sectors: Energy (+1.3%), Materials (+0.5%), Telecom (+0.5%)
Declining Sectors: Consumer Staples (-0.1%), Financials (-0.2%), Utilities (-0.2%), Health Care (-0.3%), Tech (-0.4%), Consumer Discretionary (-0.5%), Industrials (-0.6%)DJ30 -25.05 NASDAQ -12.74 NQ100 -0.6% R2K -0.5% SP400 -0.3% SP500 -1.09 NASDAQ Adv/Vol/Dec 1014/1.88 bln/1565 NYSE Adv/Vol/Dec 1381/865 mln/1604
5:08PM HEICO beats by $0.03, beats on revs (HEI) 49.77 0.69 : Reports Q2 (Apr) earnings of $0.40 per share, $0.03 better than the Thomson Reuters consensus of $0.37; revenues rose 20.0% year/year to $184.5 mln vs the $176 mln consensus. Co expects FY11 cash flow provided by operating activities to remain at a high level and to ~$95-100 mln. Capital expenditures in fiscal 2011 are anticipated to ~$10-12 mln.
4:32PM KEMET announced the public secondary offering of 7.0 million shares of its common stock by selling shareholders (KEM) 15.05 -0.88 : The shares to be offered are subject to issuance upon exercise of a currently outstanding and exercisable warrant held by the selling securityholder, a portion of which will be sold to and exercised by Deutsche Bank Securities, the underwriter in connection with its sale of the underlying shares.
4:11PM Applied Materials beats by $0.01, beats on revs; guides Q3 EPS in-line, revs below consensus (AMAT) 13.71 -0.08 : Reports Q2 (Apr) earnings of $0.38 per share, excluding non-recurring items, $0.01 better than the Thomson Reuters consensus of $0.37; revenues rose 24.7% year/year to $2.86 bln vs the $2.77 bln consensus. Co issues guidance for Q3, sees EPS of $0.31-0.37, excluding non-recurring items, vs. $0.37 Thomson Reuters consensus; sees Q3 revs falling 3-10% sequentially, which calculates to ~$2.57-2.78 vs. $2.79 bln Thomson Reuters consensus.
4:09PM Sanmina-SCI announces the final results for its previously announced tender offer and consent solicitation (SANM) 10.33 -0.18 : As previously announced, on May 10, 2011, the Company accepted for payment $279,340,000 in aggregate principal amount of its 2013 Notes validly tendered as of the Early Tender and Consent Deadline and made payment to The Depository Trust Company therefor. On May 11, 2011, the Company called the remainder of the outstanding 2013 Notes for redemption on June 10, 2011.
10:06AM Microsoft previews next release of Windows Phone (MSFT) 24.13 -0.04 : The co has previewed the next major release of Windows Phone "Mango" which will deliver more than 500 new features. The "Mango" release will be available for free to Windows Phone 7 customers and is scheduled to ship on new phones beginning this fall.
QLogic (QLGC) announced that its 8200 Series 10GbE converged network adapters are now offered within a broad range of Dell PowerEdge blade servers.
AMD (AMD) introduced the newest generation of professional graphics cards, the AMD FirePro V5900 and AMD FirePro V7900, more than doubling performance of competitive offerings in key professional market applications.
09:40 am SOLR Guides FY12 Above Consensus (SOLR)
GT Solar (SOLR $12.90 +01.28) reported fourth quarter earnings of $0.41 per share, $0.07 better than the Thomson Reuters consensus of $0.34.
Revenues rose 39.2% year/year to $271 million versus the $223.7 million consensus.
Operating margin for the fourth quarter of fiscal 2011 was 30.5 percent of revenue, compared to 36.1 percent of revenue in the third quarter of fiscal 2011 and 28.4 percent in the fourth quarter of fiscal 2010. Operating margin for fiscal 2011 was 30.4 percent, compared with 26.5 percent in fiscal 2010.
For its fiscal year 2012, the company issued earnings guidance of $1.55 to $1.85 versus the $1.45 Thomson Reuters consensus and expects revenues of $1.0 billion to $1.1 billion versus the $966.41 million Thomson Reuters consensus.
"GT's overall business outlook remains strong. We booked over $230 million of new business in the fourth quarter, bringing total net bookings for the year to over $1.1 billion and our backlog as of April 2nd to approximately $1.2 billion. The healthy pace of business has continued into the new fiscal year with an additional $722 million of orders booked so far in the first quarter of fiscal year 2012. "The strength of our balance sheet enables us to significantly increase our investment in a continued flow of new products and additional strategic opportunities. Combined with our strong backlog and continued bookings momentum, this positions GT very well for the foreseeable future."
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