From Briefing.com: 4:30 pm : Stocks spent the better part of the session bobbing along the neutral line before a bout of buying interest induced a broad market bounce, but that move was ultimately countered by sellers.
An absence of economic data and material corporate announcement kept stocks close to the flat line for most of the session, at least until word surfaced that officials in Europe are considering an increase in the size of proposed firewalls. Stocks responded to the report by bouncing to a solid gain.
However, a lack of leadership left stocks unable to resist the late efforts of sellers, who were successful in sending the broad market back near the neutral line. The Dow did manage to hold on for a modest gain, thanks to strength among a few blue chips. The Nasdaq ultimately settled in the red after it had lagged all session.
Neither the dollar nor the euro did much today. As such, both finished flat.
Commodities managed to overcome early weakness, resulting in a 0.2% gain for the CRB Index. Silver led the effort by rallying to just above $32.75 per ounce for a gain greater than 1% after the precious metal had been down about 2% in early pit trade.
The lack of trading catalysts kept many on the sidelines, resulting paltry trading volume. Participation is likely to remain depressed tomorrow, given that the economic calendar remains without meaningful data. That will likely keep many focused on an upcoming announcement from the European Central Bank and the outcome of a eurozone summit.
Advancing Sectors: Materials +0.8%, Health Care +0.5%, Telecom +0.3%, Consumer Staples +0.2%, Utilities +0.2%, Industrials +0.2%, Energy +0.1%
Unchanged: Tech
Declining Sectors: Financials -0.1%, Consumer Discretionary -0.2%DJ30 +52.30 NASDAQ -6.20 NQ100 -0.2% R2K +0.00% SP400 -0.3% SP500 +1.39 NASDAQ Adv/Vol/Dec 1094/1.49 bln/1409 NYSE Adv/Vol/Dec 1505/802 mln/1488
4:31PM Photronics beats by $0.01, reports revs in-line (PLAB) 6.04 -0.05 : Reports Q4 (Oct) earnings of $0.14 per share, $0.01 better than the Capital IQ Consensus Estimate of $0.13; revenues rose 11.1% year/year to $122.2 mln vs the $122.39 mln consensus.
HP (HPQ) announced it has acquired Hiflex Software GmbH, a privately held global software solutions provider specializing in web-to-print and management information systems solutions for printing services. Financial terms of the transaction were not disclosed.
Photronics (PLAB) announced it is streamlining its operating infrastructure in Asia by ceasing the manufacture of semiconductor photomasks at its Singapore facility. Co estimates that this action will result in an annualized cost savings of ~$3-4 mln, the majority of which will be cash.
Texas Instruments (TXN $30.26 +0.03) was upgraded to Mkt Outperform from Mkt Perform at JMP Securities and the firm set a target price at $36 based on the emergence of favorable cycle indicators and their belief in the co's ability to drive upside margin leverage going forward.
Needham raises their Novellus (NVLS $36.56 +0.96) tgt to $40 from $37 following the mid quarter update. The firm prefers co over mid/large-cap semi equipment stocks for its strong positions at leading capex spenders, low exposure to second-tiered DRAM customers, improved leverage of its financial model and aggressive buyback program.
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