From Briefing.com: 4:25 pm : Strength wavered a bit in the wake of the latest FOMC Policy Statement, but stocks ultimately settled with solid gains as buyers stepped back in after the equity market suffered a two-day drubbing.
Entering today's trade stocks had fallen about 5% in just two sessions. Selling was driven by concerns that the implementation of a eurozone bailout package could be disrupted by a referendum issued by Greece. However, concerns over the matter were tempered by expectations that the European Central Bank will discuss the referendum's implications ahead of its latest policy statement, which is scheduled for tomorrow morning.
The FOMC issued its most recent statement today. To little surprise, the FOMC kept its target interest rate at 0.00% to 0.25%. It also stated that the Fed remains prepared to employ its tools to promote a stronger economic recovery and that it will continue to extend the average maturity of its securities holdings. In a question and answer session, Fed Chairman Bernanke indicated that under the right conditions the Fed's purchase of mortgage-backed securities would be considered.
Just before Bernanke's press conference began the Fed's revised growth forecast was released. For fiscal 2011 the Fed expects economic growth to range from 1.6% to 1.7%, down from the range of 2.7% to 2.9%. For 2012, growth is expected the range from 2.5% to 2.9%, down from a range of 3.3% to 3.7%. Additionally, the Fed raised its long-run umemployment rate forecast to 5.6% from 5.4%.
Stocks descended to session lows between the FOMC statement and Bernanke's press conference. They gradually worked their way upward in late afternoon trade, but never returned to the highs that were set in the first half of the session. Still, buying was both strong and broad.
All 10 major sectors settled in positive territory, but energy and financial stocks were the best performers. Both sectors ended the day with gains close to 3%.
MasterCard (MA 357.66, +23.36) was one of the strongest performers on an individual level. Better-than-expected earnings and broad market strength helped the stock reach a record high. On average, earnings continue to exceed Wall Street's expectations.
Data helped provide a positive backdrop to trade. The latest ADP Employment Change showed that private payrolls increased by 110,000 in October. That exceeded the increase of 100,000 that had been widely anticipated. The ADP report provides a glimpse into the offiical jobs report, which will be released Friday morning.
Advancing Sectors: Energy +2.9%, Financials +2.8%, Materials +2.2%, Industrials +1.8%, Utilities +1.7%, Telecom +1.3%, Tech +1.1%, Consumer Discretionary +1.1%, Consumer Staples +0.8%, Health Care +0.6%
Declining Sectors: (None)DJ30 +178.08 NASDAQ +33.02 NQ100 +0.9% R2K +2.7% SP400 +2.2% SP500 +19.62 NASDAQ Adv/Vol/Dec 1958/1.92 bln/563 NYSE Adv/Vol/Dec 2506/957 mln/499
4:12PM Qualcomm beats by $0.02, beats on revs; guides Q1 above consensus; guides FY12 EPS in-line, revs above consensus (QCOM) : Reports Q4 (Sep) earnings of $0.80 per share, $0.02 better than the Capital IQ Consensus Estimate of $0.78; revenues rose 39.6% year/year to $4.12 bln vs the $4.0 bln consensus. Co issues upside guidance for Q1, sees EPS of $0.86-0.92 vs. $0.85 Capital IQ Consensus Estimate; sees Q1 revs of $4.35-4.75 bln vs. $4.25 bln Capital IQ Consensus Estimate. Co issues mixed guidance for FY12, sees EPS of $3.42-3.62 vs. $3.48 Capital IQ Consensus Estimate; sees FY12 revs of $18.0-19.0 bln vs. $17.29 bln Capital IQ Consensus Estimate.
4:11PM TTM Tech reports EPS in-line, misses on revs; guides Q4 EPS in-line, revs below consensus (TTMI) 10.86 +0.40 : Reports Q3 (Sep) earnings of $0.38 per share, excluding non-recurring items, in-line with the Capital IQ Consensus Estimate consensus of $0.38; revenues rose 0.1% year/year to $358.3 mln vs the $374.03 mln consensus. Co issues mixed guidance for Q4, sees EPS of $0.27-0.36, excluding non-recurring items, vs. $0.34 Capital IQ Consensus Estimate; sees Q4 revs of $345-365 mln vs. $375.82 mln Capital IQ Consensus Estimate.
4:03PM Coherent beats by $0.12, reports revs in-line (COHR) 49.65 +1.21 : Reports Q4 (Sep) earnings of $0.96 per share, $0.12 better than the Capital IQ Consensus Estimate of $0.84; revenues rose 1.4% year/year to $210.9 mln vs the $209.85 mln consensus.
9:23AM Benchmark Elec restarts manucaturing facility (BHE) 13.24 : Co announced that its Korat, Thailand facility has begun manufacturing operations. On October 17, 2011, the co announced that it began efforts to put the vacant Korat plant into operation after its main manufacturing facility in Ayudhaya was inundated with floodwaters. As part of the co's Emergency Management Business Continuity Plan, the Korat plant was transformed in record time by an all out effort. The work included remodeling the buildings, moving or procuring manufacturing equipment and inventory, and transferring and hiring employees.
NXP Semiconductors (NXPI) announced that the recently launched Galaxy Nexus from Google (GOOG) incorporates NXP's fully integrated near field communication solution PN65N.
8:07AM O2Micro reports revenue fell 1% to $32.0 mln from $33.7 mln, Capital IQ consensus $31.2 mln; net income $0.04, compared to Capital IQ consensus of $0.04 (OIIM) 3.99 : The company ended the third quarter of 2011 with $119.1 million in unrestricted cash and short-term investments or $3.60 per outstanding ADS. The accounts receivable balance was $14.0 million and represented 41 days sales outstanding at the end of Q3 2011. Inventory was $9.3 million or 66 days and turned over 5.5 times during Q3 2011. As of September 30, 2011, the company had $130.8 million in working capital and the book value was $185.4 million, or $5.60 per outstanding ADS.
8:06AM Sunpower announced agreement with North County Watch and Carrizo Commons to settle and dismiss lawsuit against the 250-megawatt California Valley Solar Ranch project (SPWRA) 9.08 : Under the settlement agreement, SunPower has agreed that the use of the site for the CVSR project will not extend further than 50 years and that the decommissioning and restoration of habitat at the site will occur by that time. In addition, the agreement provides for enhanced communication and collaboration regarding mitigation and monitoring activities during the construction of the project, funding of research on endangered species, and support for the development of a long-term vision for the Carrizo Plain
12:08 pm S&P Tech Over One Percent Higher, Underperforming the S&P 500 (INTC)
The tech sector is trading higher today, just trailing gains in the broader market. Semiconductors are showing relative weakness in the tech space with the Philly Semi Index trading 0.8% higher. WFR (-1.2%) is a notable laggard in that chip index ahead of its earnings tonight. Among other major indices, the S&P 500 is trading 1.7% higher, while the NASDAQ is trading 1.3% higher The QQQ, meanwhile, is trading 0.9% higher on the session. Among tech bellwethers, IBM (+2.1%) is a notable outperformer, while INTC (-0.1%) is lagging.
In earnings last night, SANM (+5.9%) and JDSU (+8.5%) posted quarterly beats on the top and bottom lines, but guided lower. Elsewhere, NVTL (-17.1%) posted a slight beat, but guided shy of consensus. This morning, CTSH (-0.6%) reported a beat and offered upside guidance, while VG (-12.8%) reported a mixed Q3 and SNE (-6.3%) posted a miss and downside guidance.
Among rumors, we are hearing VRSN (+0.2%) takeover chatter and, separately, JNPR (+0.7%) for RVBD (+5.2%) making the rounds again.
Among notable analyst upgrades this morning, ARMH (+1.3%) was upgraded to Outperform at BMO Capital, FXCM (+6.0%) was upgraded to Neutral at Citigroup, PCS (+12.0%) was upgraded to Overweight at JP Morgan, and SOHU (+2.6%) was upgraded to Buy at Deutsche Bank.
In downgrades, INTC (-0.1%) was downgraded to Market Perform at BMO Capital, NXPI (+1.8%) was downgraded to Equal Weight at Morgan Stanley, GLW (+2.0%) was downgraded to Underweight at JP Morgan, and SAI (-1.5%) was downgraded to Underperform at RBC Capital.
CACI (+2.0%), CTL (-0.5%), and QCOM (+2.8%) are the notable names in tech set to report results today after the close.
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