From Briefing.com: 4:20 pm : Stocks were slapped by sellers again this session. The subsequent slide sent stocks to a new low for July.
The three major equity averages sank steadily in the first couple of hours. All three were down in excess of 1% before pressure started to ease. The market's push up from its session low came after the S&P 500 had managed to resist extending its slide much below the 1300 line. June was the last time the S&P 500 traded below that line. The
broad market never really managed to make any kind of meaningful run higher, however. That left the major equity averages to settle with marked losses.
Tech stocks and energy stocks did a good job of staving off sellers. The two sectors logged losses of 0.3% and 0.4%, respectively. Tech was helped by Apple (AAPL 373.80, +8.88), which printed a record high. Halliburton (HAL 53.12, +0.04) helped oil and gas services stocks after it posted an upside earnings report.
Financials were down more than 2% at their session low, but managed to lessen that to a 1.4% loss. The sector was bogged down by weakness among banks and diversified financial services names like Bank of America (BAC 9.72, -0.28), which is scheduled to report its latest results tomorrow morning.
European bank stocks were especially weak amid lingering concern regarding fiscal conditions and sovereign debt in their home continent. Stress tests throughout the region late last week failed to quell concerns over the state of finances there. Threats of the matter imbued the broader market.
Financial media also focused on the lack of progress in raising the U.S. debt ceiling. The deadline for a decision is still a few weeks away.
Safe havens like gold and the greenback were on the short list of strong performers this session. Gold prices set a record high of almost $1608 per ounce in the face of a stronger dollar, which was up 0.4% at the end of the trading day. However, the dollar had been up close to 1% at its session high.
Advancing Sectors: (None)
Declining Sectors: Tech -0.3%, Energy -0.4%, Consumer Staples -0.6%, Telecom -0.8%, Health Care -0.8%, Utilities -0.9%, Consumer Discretionary -1.1%, Industrials -1.1%, Materials -1.2%, Financials -1.4%DJ30 -94.57 NASDAQ -10.70 NQ100 -0.5% R2K -1.5% SP400 -1.3% SP500 -24.69 NASDAQ Adv/Vol/Dec 537/1.76 bln/2039 NYSE Adv/Vol/Dec 455/874 mln/2604
4:13PM IBM beats by $0.07, beats on revs; guides FY11 EPS above consensus (IBM) 175.28 -0.26 : Reports Q2 (Jun) earnings of $3.09 per share, $0.07 better than the Capital IQ Consensus Estimate of $3.02; revenues rose 12.4% year/year to $26.67 bln vs the $25.32 bln consensus. IBM reported Q2 gross margin of 46.8% vs 46.0% street expectations. Co issues upside guidance for FY11, sees EPS of at least $13.25 vs. $13.19 Capital IQ Consensus Estimate, up from prior guidance for "at least $13.15"... The estimated services backlog at June 30 was $144 billion, up $15 billion year over year at actual rates ($2 billion, adjusting for currency). Services revenue was up 10%, 2% adjusting for currency. Growth markets revenue was up 23%, 13justing for currency. Business analytics revenue was up more than 20% in the first half. Cloud revenue are on track to double in 2011.
4:12PM Cisco Systems announces additional details on comprehensive action plan; will reduce global workforce by ~6500 employees (CSCO) 15.43 -0.16 : Cisco will reduce its global workforce across all functions by ~6,500 employees, which includes ~2,100 employees who elected to participate in a voluntary early retirement program. In connection with this plan, Cisco estimates that it will recognize total pre-tax restructuring charges to its GAAP financial results in an amount not expected to exceed $1.3 bln over several quarters, consisting of severance and other one-time termination benefits. Substantially all of these charges are cash-based. Cisco expects that ~$750 mln of these charges will be recognized during the fourth quarter of fiscal 2011, including ~$500 mln relating to the voluntary early retirement program. The remaining balance of the charges is expected to be recognized during fiscal 2012.
4:07PM Cisco Systems announces transfer of Juarez, Mexico manufacturing operation to Foxconn (CSCO) 15.43 -0.16 : The agreement brings Cisco's video equipment manufacturing in line with the company's overall strategy of partnering with world-class contract manufacturers to deliver the highest-quality products to customers. The agreement also positions the companies to further expand their strategic partnership in North America.
3:48PM MEMC Elec and its SunEdison subsidiary join Flextronics (FLEX) to to create ~ 400 new jobs supporting solar module production (WFR) 7.41 -0.22 : Co announced the creation of ~400 jobs to ramp production of MEMC solar panels being manufactured at Flextronics' facility in Newmarket, Ontario.
10:00AM Intersil announced opening of new enhanced low dose rate sensitivity testing facility (ISIL) 11.85 -0.33 : Co announced its continued commitment to the global space community by introducing its new Palm Bay, Florida ELDRS testing facility. The facility will perform low dose rate total ionizing dose acceptance testing for all Intersil radiation hardened products regardless of process technology on a wafer by wafer basis.
Texas Instruments (TXN) introduced the industry's first fully integrated battery protection and cell-balancing solution for Li-Ion and lithium iron phosphate battery packs.
Seagate (STX) announced it has began distribution channel shipments of the Pulsar XT.2 solid state drive that combines outstanding and consistent performance with the data integrity and drive endurance needed for the most demanding enterprise environments, and is on track to commence channel shipments of the Pulsar.2 SSD, the first Multi-Level Cell Flash-enabled SSD from an enterprise hard drive maker.
8:06AM Chipmos Technology reports Q2 $162.2 million (no ests), an increase of 4.5% from Q1 and an increase of 3.8% YoY (IMOS) 8.13 : Co reports June 2011 revenue of $53.0 mln, a decrease of 6.5% from May 2011 and a decrease of 3.2% YoY.
Maxim Integrated Products (MXIM) announced it has acquired SensorDynamics, a privately held semiconductor company that develops proprietary sensor and microelectromechanical solutions.
7:18AM Semi Manufacturing appoints Zhang Wenyi as Chairman, Executive Director, and acting CEO (SMI) 3.92 : Co announces that Zhang Wenyi has been appointed as co's Chairman, Executive Director, and acting CEO with effect from July 15th. The co will continue its search for a suitable candidate to fill the CEO position. Zhang previously served as the Chairman of the Board of Shanghai Hua Hong.
Lattice Semiconductor (LSCC) announced release 6.1 of its PAC-Designer mixed signal design software, with updated support for Lattice's Platform Manager, Power Manager II and ispClock devices.
10:42 am Sunpower downgraded to Sell at Collins Stewart; tgt $15: . Collins Stewart downgrades SPWRA to Sell from Neutral; tgt $15. Sunpower's A shares have rallied 14.5% last week, possibly due to technical factors related to the short position in the A shares and limited float. The float in SPWRA's shares was reduced by ~60% due to Total's June 14 tender. Conditions in the solar market have deteriorated in recent weeks, with module prices falling faster than expected. While Sunpower has a unique product and efficiency advantages, its modules are still priced in reference to the price of traditional modules. Due to the decline, they view SPWRA's earnings as vulnerable in the quarters ahead. They have lowered ests below consensus.
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