From Briefing.com: 4:30 pm : 4:30 pm : Stocks started 2012 on a strong note by scoring its best single-session percentage move in two weeks. The effort took the stock market to a two-month closing high.
A lack of corporate news and domestic data ahead of the open left many market participants to take their cues from foreign averages. Buying abroad was backed by a manufacturing reading from China that suggested activity began to expand after it had contracted in the prior month. India also reported its best manufacturing reading in six months. Manufacturing data from Europe also proved relatively encouraging. Recent manufacturing activity in the United Kingdom made a modest contraction, but to a lesser extent than had been anticipated. A reading on eurozone manufacturing activity was more in-line with expectations.
An advance by the euro also proved beneficial to stocks. By session's end the euro was sporting a 0.8% lead against the greenback. Stocks took little time to sprint higher following the toll of the opening bell.
Collective gains remained strong, on the order of 2%, following the release of the December ISM Manufacturing Index, which improved to 53.9 from 52.7 in November. That exceeded expectations for a reading of 53.4.
Construction spending for November also proved supportive of early gains. It increased by 1.2%, which bested the 0.5% increase that had been generally expected after a downwardly revised 0.2% decline during October.
Financial and materials stocks, the two worst performing sectors of 2011, led early gains, but the pair lacked the influence to take the S&P 500 past resistance at its multi-month closing high of 1285. From there stocks drifted lower before they made a modest attempt to reclaim gains.
4:30PM Aehr Test Systems announced that Gayn Erickson has been appointed CEO of the company, effective January 3, 2012 (AEHR) 0.59 +0.07 : Mr. Erickson is replacing Rhea Posedel as CEO. He has also been appointed as a member of the board of directors. Rhea Posedel, Aehr Test Systems' founder, chairman and previous CEO, led the search for his replacement and has been appointed Executive Chairman of Aehr Test, effective January 3, 2012.
4:11PM Natl Instruments sees Q4 revenue of approx $279 mln, Capital IQ consensus $294.5 mln; sees non-GAAP EPS in the range of $0.26-0.27, consensus $0.32 (NATI) 26.37 +0.42 : Sequentially, the company saw the greatest reduction in year-over-year revenue growth in Europe, where revenue growth in US dollars dropped from 25 percent year-over-year in Q3 to 3 percent in Q4. In Asia and in the Americas year-over-year organic revenue growth in Q4 was approximately 10 percent. Including acquisitions, year-over-year revenue growth in the Americas was approximately 20 percent. "While it is clear that the industrial economy, especially in Europe, experienced a slowdown in Q4, we believe the diversity of our business and the solid execution of our sales force allowed us to continue to gain market share," said James Truchard, NI president, co-founder and CEO. "Going forward, we will be very disciplined in managing our expenses, while ensuring we continue to serve the growing industries that are fundamental to the needs of society such as energy, medical, communications, and academic." The company will provide final results and detailed guidance for Q1 2012 in its Q4 2011 conference call on Jan. 31, 2012.
4:06PM Advanced Analogic Tech concludes internal investigation and moves forward with filing its Third Quarter 10-Q; found no improper conduct (AATI) 5.79 +0.01 : The allegations were made by Skyworks Solutions (SWKS) in connection with an arbitration proceeding then pending in the Delaware Court of Chancery regarding AnalogicTech's accounting treatment of certain revenue that the Company reported for the three months ended June 30, 2011.
4:02PM Brooks Automation announces expansion of Life Science Systems business with acquisition of Celigo Cell Cytometer product line (BRKS) 10.41 +0.14 : Co announced that it had completed the acquisition of the Celigo Cell Cytometer product line from Cyntellect, a privately held life sciences co.
2:15PM NXP Semi subsidiary files form 15F to terminate its reporting obligations in the United States (NXPI) 15.85 +0.48 : Co announced that its wholly-owned subsidiary, filed a Form 15F with the U.S. SEC with the intention of voluntarily terminating the duty that the NXP Subsidiary has to file reports in accordance with section 15 of the Securities Exchange Act of 1934 in relation to its outstanding Euro-denominated Floating Rate Senior Secured Notes due 2013.
Lattice Semiconductor (LSCC) announced the transfer of its Standard Military Drawing product portfolio to Arrow Electronics, effective immediately. Customers now have a new supply channel for these discontinued products.
3:20AM LDK Solar invests in Sunways AG; intends to submit to shareholders a public takeover offer for all outstanding shares (LDK) 4.19 : Co announces it has entered into an investment agreement with Sunways AG, a German stock corporation with its shares listed on the Frankfurt Stock Exchange, to acquire ~33% of Sunways' increased share capital following a capital increase from its authorized capital. In the capital increase, LDK will subscribe for a total of 5.79 mln new shares of Sunways to be issued against a cash contribution and contributions in kind. The issue amount of the shares to be granted against the cash contribution amounts to a total of EUR2,201,805.50. Simultaneously, LDK has announced its intention to submit to the Sunways shareholders a public takeover offer for all outstanding shares in the company.
09:08 am Riverbed Technology upgraded to Outperform at Oppenheimer; tgt $30: . Oppenheimer upgrades RVBD to Outperform from Perform and sets target price at $30. Following their US/Europe channel checks, they believe Riverbed's 4Q11 sales are tracking in line with to slightly above expectations due to a typical year-end flush. In addition, traction and interest in Riverbed's newer products seem to be rising although they expect tangible progress here only in 2H12. Looking ahead to 1Q12, they've raised ests as demand looks to be stronger than they expected across geographies with a solid pipeline building. Overall, it seems Riverbed's momentum is still very strong, and they like its competitive position and strong execution.
11:48 am S&P Tech Sector Up 2%, Just Ahead Of The Broader Market
The tech sector is trading higher today, slightly outpacing the broader market. Semiconductors are showing relative weakness in the tech space with the Philly Semi Index trading 1.6% higher. STM (+8.6%) is a standout, while SNDK (-2.5%) is a notable laggard in the chip index. Among other major indices, the S&P 500 is trading 2.0% higher, while the NASDAQ is trading 2.1% higher and the QQQ is 2.3% higher on the session. Among tech bellwethers, CSCO (+4.2%) is showing strength, while VZ (-0.5%) is a notable underperformer.
In earnings Friday after the close, TSTC (-19.0%) lowered FY11 guidance. This morning, RMBS (+8.0%) and RVSN (+2.4%) raised its guidance.
In news, RIMM (+9.0%) is higher today attributed to a Financial Post story from overnight suggesting co is "leaning toward new chairman".
Among notable analyst upgrades this morning, Oppenheimer upgraded RVBD (+7.5%) to Outperform, CSCO (+4.2%) was upgraded to Overweight at JP Morgan, ALTR (+2.1%), SMTC (+3.1%) and ATML (+4.3%) were upgraded to Buy at Goldman, MU (+8.1%), LSI (+2.4%), and CYMI (+3.2%) were upgraded to Overweight at Barclays, PAY (+4.3%) was upgraded to Outperform at RBC, and FIO (+13.8%) was upgraded to Overweight at Morgan Stanley.
Among downgrades, AMT (-0.6%) was downgraded to Neutral at JP Morgan, PMCS (-0.2%), MCHP (+1.6%), SNDK (-2.5%) and ISIL (-1.6%) were downgraded at Goldman, and AMAT (+1.1%), INTC (+1.1%), FSL (+2.7%), and MCHP (+1.6%) were downgraded at Barclays.
09:55 am Rambus Trading Higher This Morning After Raising Revenue Outlook (RMBS)
Rambus (RMBS $8.25 +0.70) is trading notably higher after raising its revenue outlook earlier this morning.
Earlier, the company raised its fourth quarter revenue guidance to $83 million versus $69.00 million Capital IQ Consensus Estimate, well above its prior guidance of $66 million to $71 million.
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