From Briefing.com: 4:30 pm : Efforts to overcome early losses looked like they would end with stocks at the flat line for the second straight session, but a late squeeze gave the broad market a modest gain as participants spent the final minutes positioning themselves for the European Central Bank's monetary policy statement and the outcome of a summit of eurozone officials later this week.
Sellers sent the major averages down to marked losses in the opening minutes, but the tone of trade strengthened when financials began to offer leadership following word that results from recent EBA stress tests will be released tomorrow. Financials were down about 1% at their session low, worked their way up to the flat line, and then squeezed higher into the close for a 1.2% gain. Financials were among the poorest performers in early trade, but boasted the biggest gains by the finish.
Health care stocks make up the day's the second best performing sector, but their 0.6% advance is only half of what the financial sector scored. Pharmaceutical play Pfizer (PFE 20.47, +0.24) provided leadership to the sector for the second straight session. The stock, along with a few other blue chips, also helped keep the Dow out in front of its counterparts for the second day in a row.
The market's path to a gain was interrupted for a time by reports that analysts at S&P may be questioning the European Union's top-notch credit rating. The potential for a downgrade comes amid persistently precarious conditions in the region, so the threat of a negative revision wasn't regarded as anything new, but it did remind traders of the headline risk associated with Europe.
Although stocks stretched higher during the last leg of trade, their position was pared in the final few minutes. That left the major averages to settle shy of session highs.
Advancing Sectors: Financials +1.2%, Health Care +0.6%, Consumer Discretionary +0.5%, Telecom +0.2%, Tech +0.1%, Consumer Staples +0.1%, Materials +0.1%
Declining Sectors: Industrials -0.2%, Utilities -0.3%, Energy -0.3%DJ30 +46.24 NASDAQ -0.35 NQ100 +0.0% R2K -0.1% SP400 -0.2% SP500 +2.54 NASDAQ Adv/Vol/Dec 1167/1.64 bln/1327 NYSE Adv/Vol/Dec 1584/960 mln/1407
LTX-Credence (LTXC) announced that ANADIGICS (ANAD) has chosen the LTX-Credence PAx tester as its preferred test platform for its power amplifier cellular and WiFi device testing.
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.
10:48 am S&P Tech Sector Trading Just Under One Percent Lower, In-line With The S&P 500 (MRVL)
The tech sector is trading lower today, along with losses in the broader market. Semiconductors are showing weakness inline with the tech space with the Philly Semi Index trading 1.1% lower. STM (-3.2%) is a notable laggard in the chip index. Among other major indices, the S&P 500 is trading 1.1% lower, while the NASDAQ is trading 1.3% lower and the QQQ is 1.2% lower on the session. Among tech bellwethers, CSCO (+0.7%) are showing strength, while ORCL (-2.7%) is a notable underperformer.
In earnings last night, SAI (+5.5%) reported a Q3 beat and reaffirmed guidance, while PLAB (-1.8%) posted an inline qtr.
Among notable analyst upgrades this morning, MRVL (+0.9%) and SABA (0.0%) were upgraded at Craig Hallum. Among downgrades, S (-2.9%) was downgraded to Sector Perform at RBC.
There are no notable names in tech scheduled to report results today after the close.
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