From Briefing.com: 4:30 pm : The broad market ran up to a multi-month high in the early going, but spent the rest of the session drifting along. Although the stock market settled shy of its session high, it still booked its best gain in a week.
Buying interest was largely based on the robust gains staged by many of the major averages abroad, including those in both Europe and Asia. Overseas gains came amid word that analysts at Fitch believe France and Germany will maintain their top-notch credit ratings in 2012, while many in Asia are hoping that China will ease monetary policy after leaders commented last week about the difficulty facing the country's economy.
Banks were among the best performers abroad. That helped fire up shares of domestic financial issues, resulting in a 2.0% gain for the sector. With a 1.8% gain, materials stocks were close behind, but nearly every other sector settled with a gain of less than 1%. Defensive-oriented issues gained the least.
Market participants were treated to the unofficial start of earnings season, which got going when Alcoa (AA 9.44, +0.01) announced quarterly results after the prior session's close. The company's strong top line results initially overshadowed its earnings miss, but enthusiasm eventually subsided so that the stock surrendered all but a penny of its gain. Only a handful of other earnings reports were released; none of them was of any real interest to the broad market.
Data was limited to an inconsequential wholesale inventory report for November. It showed a 0.1% increase when an increase of 0.5% had been generally expected.
Unfortunately for participants reliant upon trading catalysts, the flow of data doesn't pick up until later in the week and earnings season really doesn't get going in earnest until next week. Participation, or share volume, presumably won't pick up until then; as a consequence of the absence of catalysts far less than 1 billion shares traded hands on the NYSE today.
Advancing Sectors: Financial +2.0%, Materials +1.8%, Industrials +1.4%, Health Care +0.9%, Energy +0.7%, Consumer Discretionary +0.6%, Tech +0.5%, Telecom +0.4%, Consumer Staples +0.4%, Utilities +0.1%
Declining Sectors: (None)DJ30 +69.78 NASDAQ +25.94 NQ100 +0.7% R2K +1.4% SP400 +1.3% SP500 +11.38 NASDAQ Adv/Vol/Dec 1847/1.84 bln/707 NYSE Adv/Vol/Dec 2323/841 mln/690
JDSU (JDSU) announced that Australia's Telstra has chosen the JDSU HST-3000 handheld test solution to ensure quality video, data and voice services. Telstra selected the HST-3000 for its ability to locate and proactively troubleshoot service-impacting issues in its copper and ADSL network infrastructure.
Broadcom (BRCM) announced that that its STB platforms support the Comcast (CMCSA) Device Software Reference Design Kit and tru2way on-screen guides.
Qualcomm (QCOM) Atheros and Broadcom (BRCM) announced mutual commitment to HomePlug technology. The cos have validated the performance and reliability of their solutions when operating together.
8:31AM Ixia raises Q4 rev guidance above consensus; sees EPS guidance at high end of previous range (XXIA) 9.98 : Co raises Q4 rev guidance to $83-84 mln from $79-82 mln vs $81.30 mln Capital IQ Consensus Estimate; co sees non-GAAP EPS at the high end of $0.14-0.17 previous guidance vs. the $0.16 consensus. "Our topline and earnings momentum are encouraging as we exit 2011. In the fourth quarter we had robust sales of our High-Speed Ethernet solutions and overall demand was solid across all geographies, with particular strength in North America. Additionally, by leveraging our sales channel, we achieved higher than expected sales of our Wi-Fi testing solutions from the recent VeriWave acquisition."
NXP Semiconductors N.V. (NXPI) announced the first automotive-qualified global multi-standard digital radio co-processor to include Digital Radio Mondial.
Nokia (NOK) and AT&T (T) announced the Nokia Lumia 900, the first of Nokia's Windows Phone-based range to feature high-speed LTE connectivity.
Lumiotec and Universal Display (PANL) announced that the companies have entered into an OLED technology license agreement. Under the new agreement, Lumiotec will be licensed to integrate Universal Display's proprietary UniversalPHOLED phosphorescent and other OLED technologies and materials into OLED lighting products.
Monster Digital announced it is teaming with Seagate Technology (STX) to make it easy to upgrade laptop and desktop PC storage to Seagate's Momentus XT solid state hybrid drive
1:13 pm S&P Tech Sector Showing Gains, Slightly Underperforming The S&P 500
The tech sector is trading higher today, trailing gains in the broader market. Semiconductors are trading in line with the tech space, with the Philly Semi Index trading 0.6% higher. CRUS (+13.3%) is the standout in the chip index. Among other major indices, the S&P 500, the NASDAQ, and the QQQ are trading 1.1% higher. Among tech bellwethers, ORCL (+0.6%) is showing strength, while GOOG (-0.2%) is underperforming.
In earnings last night, SMSC (-3.3%) posted a miss and guided lower and OCZ (-8.5%) reported a mixed qtr and guided higher. Elsewhere, JNPR (+0.3%) lowered guidance, while CRUS (+13.3%) and ELX (+14.6%) issued upside guidance. In news, WBMD (-26.1%) announced the termination of discussions regarding potential corporate transaction. In addition, its CEO resigned and the company guided lower.
Among rumors, we are hearing YHOO (+0.9%) for AOL (+1.0%), and separately DELL (+1.6%) for RAX (+0.8%), takeover chatter making the rounds.
Among notable analyst upgrades this morning, Wunderlich upgraded VDSI (+12.2%) to Buy, Oppenheimer upgraded VIT (+5.9%) to Outperform, JNPR (+0.3%) was upgraded to Overweight at Piper Jaffray, ELX (+14.6%) was upgraded to Sector Perform at Pacific Crest, and Stifel Nicolaus upgraded CRUS (+13.3.%) to Buy.
Among downgrades, XRX (+0.4%) was downgraded to Equal Weight at Barclays, SUPX (-1.7%) was downgraded to Neutral at Lazard, and JNPR (+0.3%) was downgraded to Neutral at BofA/Merrill.
SNX (+0.7%) is the notable name in tech scheduled to report results today after the close.
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