From Briefing.com: 4:30 pm : An aggressive selling effort left stocks to suffer another loss. The stock market now sits at its lowest level since June.
A higher debt ceiling and new fiscal measures were signed into law today, but that mattered little to a market that remains threatened by the prospect of a U.S. debt rating downgrade and ongoing concerns about the sluggish pace of the economy's recovery.
Data has been almost entirely underwhelming in the wake of the lackluster GDP report that was posted this past Friday. Just yesterday a disappointing ISM Manufacturing Index reading was reported. This morning it was learned that personal spending during June declined by 0.2%, which contrasts with the consensus call for a 0.1% increase issued by economists polled by Briefing.com. As had been expected, personal incomes increased by 0.1% during June, though.
A breakdown by stocks left the S&P 500 to settle at its session low and suffer its worst one-day drop in nearly a year, seemingly a suggestion that the stock market's seven-session slide isn't losing momentum.
Dow component Pfizer (PFE 18.14, -0.87) was among the hardest hit names, despite an upside earnings surprise for the latest quarter. Coach (COH 61.03, -4.26) also sank sharply after it, too, posted better-than-expected earnings results. Foster Wheeler (FWLT 27.02, +0.56) was one of the few names that managed to score a gain; it did so as traders cheered the company's latest quarterly report.
Automakers were mostly weak following their latest monthly sales numbers. Both General Motors (GM 27.05, -1.02) and Ford (F 11.85, -0.50) experienced annual sales increases of slightly less than 10%. Toyota (TM 81.29, -0.48) suffered a 20% year-over-year slump in July sales, but the stock's loss was tempered by a positive response to the company's strong quarterly report.
This session's selling effort was accompanied by robust share volume. In fact, more than 1 billion shares traded hands on the NYSE again today. The pick up in participation comes after the pace of trade had been anemic for several months.
Gold and Treasuries, both traditional safe havens, attracted a bevy of buyers. In turn, gold prices spiked more than 1% to a new record above $1640 per ounce then extended the move in electronic trade. As for Treasuries, the benchmark 10-year Note climbed more than a point so that its yield approached 2.60% for the first time since November.
Advancing Sectors: (None)
Declining Sectors: Consumer Staples -1.3%, Utilities -1.6%, Telecom -1.9%, Health Care -2.3%, Tech -2.3%, Energy -2.7%, Financials -2.8%, Materials -2.9%, Industrials -3.4%, Consumer Discretionary -3.7%DJ30 -265.87 NASDAQ -75.37 SP500 -32.89 NASDAQ Adv/Vol/Dec 443/2.40 bln/2178 NYSE Adv/Vol/Dec 645/1.25 bln/2396
4:26PM Silicon Image beats by $0.02, beats on revs; guides Q3 revs in-line (SIMG) 5.45 -0.20 : Reports Q2 (Jun) earnings of $0.05 per share, excluding non-recurring items, $0.02 better than the Capital IQ Consensus Estimate of $0.03; revenues rose 20.2% year/year to $53.6 mln vs the $52.3 mln consensus. Co issues in-line guidance for Q3, sees Q3 revs of $60-62 mln vs. $61.90 mln Capital IQ Consensus Estimate.
4:26PM Super Micro Computer reports EPS in-line, beats on revs; guides Q1 EPS in-line, revs in-line (SMCI) 12.69 -0.98 : Reports Q4 (Jun) earnings of $0.29 per share, in-line with the Capital IQ Consensus Estimate consensus of $0.29; revenues rose 29.1% year/year to $260.3 mln vs the $251.2 mln consensus. Co issues in-line guidance for Q1, sees EPS of $0.23-0.27 vs. $0.27 Capital IQ Consensus Estimate; sees Q1 revs of $240-260 mln vs. $249.09 mln Capital IQ Consensus Estimate.
4:18PM Monolithic Power beats by $0.02, beats on revs; guides Q3 revs in-line (MPWR) 12.76 -0.47 : Reports Q2 (Jun) earnings of $0.21 per share, $0.02 better than the Capital IQ Consensus Estimate of $0.19; revenues fell 7.4% year/year to $51.6 mln vs the $50.9 mln consensus. Co issues in-line guidance for Q3, sees Q3 revs of $56-60 mln vs. $57.05 mln Capital IQ Consensus Estimate. Sees Q3 gross margin in the range of 52.0% to 52.5%.
MIPS Technologies (MIPS) announced that TRACE32? debuggers from Lauterbach now support the MIPS32 M14K and M14K processor cores.
8:13AM Trina Solar lowers Q2 shipment, gross margin guidance; reaffirms FY11 shipment guidance (TSL) 18.36 : Co lowers Q2 shipment guidance to 395-397 MW from 430-450 MW, gross margin to 17.0-17.5% from low 20s % previously. Gross margin relating to its in-house wafer production and module production to be ~20%, compared to the co's previous guidance of in the mid 20s in percentage terms "While shipment volumes in the second quarter were our highest ever, sales were adversely impacted by extended slower demand and high industry inventory due in part to recently issued regulatory revisions and reduction in solar subsidies in Italy. We expect a significant improvement in production costs and an increase in shipment volumes in Q3. As market demand conditions improve, we see a significant increase in pipeline from our distributors and large commercial and utility segment customers across Europe and North America. We are in discussions with new and existing customers to secure a growing number of sales agreements that cover the second half of the year." Based on its demand outlook for the second half of 2011, the co reiterates its expectation for its full year 2011 PV module shipments of between 1.75 GW to 1.80 GW, representing an increase of 65.6% to 70.3% from 2010.
7:31AM Vishay misses by $0.01, reports revs in-line; guides Q3 revs in-line (VSH) 13.68 : Reports Q2 (Jun) earnings of $0.50 per share, excluding non-recurring items, $0.01 worse than the Capital IQ Consensus Estimate of $0.51; revenues rose 1.2% year/year to $710 mln vs the $715.4 mln consensus. Co issues in-line guidance for Q3, sees Q3 revs of $675-715 mln vs. $711.63 mln Capital IQ Consensus Estimate.
6:04AM Kulicke & Soffa beats by $0.06, beats on revs; guides Q4 revs below consensus (KLIC) 9.27 : Reports Q3 (Jun) earnings of $0.95 per share, $0.06 better than the Capital IQ Consensus Estimate of $0.89; revenues rose 33.0% year/year to $294.4 mln vs the $263.1 mln consensus. Co issues downside guidance for Q4, sees Q4 revs of $155-175 mln vs. $202.71 mln Capital IQ Consensus Estimate. Co states Q3 guidance reflects softening of OSAT demand.
ARM (ARMH) announced that HiSilicon has licensed a range of ARM IP for use in 3G/4G base stations, networking infrastructure, mobile computing and power management applications.
09:34 am TriQuint Semi upgraded to Buy at Kaufman Bros: . Kaufman Bros upgrades TQNT to Buy from Hold saying the upcoming iPhone launch in late 3Q11/early 4Q11 should be a catalyst for the shares. Firm says additional depreciation expense from capex additions likely to hit mostly in 1Q12, or late 4Q11, at the same relative time as the next iPhone ramp
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