From Briefing.com: 4:05 pm : The major averages ended the day with strong gains as they got the second quarter started out on the right foot. Equities opened with modest losses, but quickly reversed to gains following the ISM Index beat, and have been trending higher throughout the session. A 0.9% surge had the Nasdaq pacing the advance while the S&P 500 climbed 0.7%, and the Dow lagged with a gain of 0.4%. Both the S&P 500 and the Dow Jones Industrial Average closed at multi-year highs.
Groupon (GRPN 15.27, -3.10) fell 16.9% after the company revised its fourth quarter and fiscal year 2011 financial results. The revisions occurred because inadequate refund reserves (and higher than expected customer returns) resulted in a reduction to Q4 2011 revenue of $14.3 million, and to an increase of fourth quarter operating expenses that reduced operating income by $30.0 million, net income by $22.6 million, and earnings per share by $0.04.
DirecTV (DTV 49.94, +0.60) added 1.2% despite losing service to Tribune Co. television stations. The two parties saw their agreement end on Sunday, and have yet to reach terms on a new deal. The blackout will prevent Chicagoans with DirecTV from seeing Bulls, Blackhawks, Cubs, and White Sox games scheduled on WGN.
French beauty company Coty announced that it has submitted a non-binding proposal to acquire Avon (AVP 22.68, +3.32) for $23.25 per share in cash, representing a 21% premium to Friday's close. The deal was rejected by Avon.
Dunkin’ Brands (DNKN 30.63, +0.55) is trading up 0.8% after announcing an exclusive multi-year product and marketing agreement with Coca-Cola (KO 74.14, +0.13). The deal will include more than 9,400 Dunkin’ Donuts and Baskin-Robbins restaurants across the United States, and will begin later this month.
Treasuries saw small gains as most of the earlier buying was erased. The 10-yr yield fell 2 .3 bps on the session to finish at 2.193%. Little change along the yield curve saw the 2-10-spread hold steady at 188 bps.
Data picks up a bit on Tuesday as factory orders, the FOMC minutes, and auto/truck sales are released.DJ30 +52.45 NASDAQ +28.13 SP500 +10.42 NASDAQ Adv/Vol/Dec 1766/1.72 bln/764 NYSE Adv/Vol/Dec 2279/751.9 mln/772
4:34PM Rambus has signed a license agreement with Fern Howard (RMBS) 6.39 -0.06 : This agreement enables Fern Howard to sell advanced lighting products based on Rambus lighting solutions incorporating Rambus patented innovations including MicroLens optics technology.
O2Micro International (OIIM) was issued 24 claims under U.S. patent for its Battery Cell Monitoring topology.
8:02AM Dell announces intent to acquire Wyse Technology; end-to-end datacenter infrastructure stack for these solutions is expected to exceed $15 billion by 2015 (DELL) 16.59 : Co announced it has signed a definitive agreement to acquire Wyse Technology to extend its desktop virtualization offerings. The addition of Wyse will expand Dell's desktop virtualization capabilities and provide new solutions and services opportunities for the full range of Dell's enterprise offerings. The transaction was approved by the board of directors of each company and is expected to be accretive to Dell non-GAAP earnings in the second half of its Fiscal Year 2013. Additional terms of the transaction were not disclosed. The transaction remains subject to customary conditions and is expected to close in the second quarter of Dell's FY13.
7:33AM Power Integrations agrees to acquire privately held CT-Concept Technologie AG for ~ $115 mln (POWI) 37.12 : CONCEPT's management team and employees will remain at the company's Biel headquarters, which will become Power Integrations' center of excellence for high-voltage driver design. Wolfgang Ademmer will continue as president of CONCEPT and will also become a vice president of Power Integrations, reporting directly to Mr. Balakrishnan. Based on full-year 2011 results, Power Integrations estimates that the acquisition will add approximately 10 percent to its annual revenues, and expects the transaction to be immediately accretive to its non-GAAP gross margin, operating margin and earnings per share. The company expects the transaction to close during the second quarter of 2012.
Integrated Silicon Solution (ISSI) announced that it is sampling RLDRAM 3 memory. RLDRAM 3 memory offers a 576Mb density with the DRAM industry's fastest random access times.
Canaccord's monthly channel checks indicated strong sales trends for Apple's (AAPL $607.09 +7.72) iPhone 4S at all three U.S. carriers and strong overall iPhone sales in international markets, with particular strength driven by the iPhone 4S launch at China Telecom (CHA) and Unicom (CHU). Firm maintains belief Apple is well positioned for strong C2012/13 sales and earnings growth driven by new product introductions, including the new iPad, the pending refresh of MacBook Air/Pro, an LTE iPhone likely in Q3/C2012, and potentially Apple TV exiting C2012.
1:21 pm Technology Sector Higher today, ahead of market
The tech sector is trading just highertoday, just ahead gains in the broader market. Semiconductors are showing relative weakness in the tech space with the Philly Semi Index trading 0.4% higher. LLTC (-1.6%) is a notable laggard in the chip index, while VECO (+2.2%) is bucking the trend. Among other major indices, the SPY is trading 0.9% higher today, while the QQQ is 0.8% higher and the NASDAQ is trading 0.8% higher on the session. Among tech bellwethers, AAPL (+2.4%) is showing strength, while TXN (-1.1%) is under notable pressure.
In earnings this morning, GPN (-3.4%) reported a mixed Q3 and inline guidance following last week's announcement of a data breach. In news, SINA (-1.5%) is trading lower following reports that China has issued a ban against microblogging. Also, VOD's (+2.4%) Deputy Chairman John Buchanan will resign from VOD and become Chairman of ARMH (+3.1%), according to reports, and TWER (+10.9%) disclosed on Friday it signed a Wi-Fi agreement with a national wireless carrier utilizing current and future rooftop assets.
Among notable analyst upgrades this morning, KNXA (+4.7%) was upgraded to Outperform at Raymond James. While in downgrades, TXN (-1.2%) and LLTC (-2.6%) were downgraded to Neutral at UBS. Also, CCOI (-0.4%) was downgraded to Underperform at BofA/Merrill and VLTR (-2.5%) was downgraded to Average at Caris.
There are no notable names in tech scheduled to report results today after the close.
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