From Briefing.com: 4:30 pm : For the second straight session concerns about the implications of political uncertainty in Greece dropped the major equity averages in excess of 1%, but stocks managed to slash losses.
This morning market participants took their cues from Europe, where the region's major bourses faltered, debt yields spiked, and the euro retreated to a multi-month low of less than $1.30, all amid worries that political impasse in Greece could undermine the country's commitment to austerity measures and, in turn, complicate the country's next bailout tranche. Concerns about the latter were put to rest by afternoon reports that the EFSF will make more than 5 billion euros available to Greece.
At its low, the S&P 500 traded beneath the depths set during the prior session, but didn't quite challenge the March low of about 1340. As for the Dow, it dipped its prior session low, but did not break under its April low. Meanwhile, the Nasdaq probed its prior session low, but did not violate it.
Tech proved pivotal in helping drive stocks up from session lows. The largest sector by market weight was down 1.5% at its session low, but completely overcame that deficit and extended its climb to a narrow gain before being backed down to a 0.1% loss. Microsoft (MSFT 30.76, +0.26) was a primary leader, but shares of CISCO (CSCO 18.78, +0.07) managed a modest gain ahead of the company's quarterly report.
Fellow Dow component Disney (DIS 45.02, +0.72) scored a strong gain of its own. The stock was bid up to a new 52-week high on the back of a better-than-expected earnings report.
Financials were left out of the recovery effort for the second straight session, mostly because of the perception about their vulnerability to eurozone tumult. The sector's 1.2% loss today came on top of a 0.7% drop in the prior session. Month to date, the Financial sector is down more than 3%, or slightly worse than the S&P 500 in that time.
Although the broad market was able to fight through selling pressure, it was unable to turn the move into a gain. Once the S&P 500 came in contact with the neutral line sellers redoubled their efforts to keep the stock market in the red. While the Dow came close to the neutral line, the Nasdaq actually poked into positive territory for an incremental gain before it was pushed lower.
The stock market's afternoon slip helped Treasuries reclaim only a small portion of their gains. Early strength had the yield on the benchmark 10-year Note to a 2012 low of 1.80%. Results from an auction of 10-year Notes drew a bid-to-cover of 2.90, dollar demand of $69.6 billion, and an indirect bidder rate of 38.7%. For comparison, the prior auction attracted a bid-to-cover of 3.08, dollar demand of $64.7 billion, and an indirect bidder participation rate of 38.5%, while an average of the past six auctions results in a bid-to-cover of 3.14, dollar demand of $68.8 billion, and an indirect bidder rate of 42.9%.
Gold prices were pared again. It set a session low of $1578.50 per ounce, but settled with a 0.7% loss at $1593.80 per ounce.
Crude oil prices fell for a sixth straight session, closing at $96.79 per barrel. Prices are down more than 8% in those six sessions.
Advancing Sectors: None
Declining Sectors: Utilities -0.1%, Tech -0.1%, Consumer Discretionary -0.5%, Telecom -0.5%, Consumer Staples -0.7%, Energy -0.7%, Materials -0.8%, Health Care -0.9%, Financials -1.2%, Industrials -1.2%DJ30 -97.03 NASDAQ -11.56 NQ100 -0.3% R2K -0.5% SP400 -0.4% SP500 -9.14 NASDAQ Adv/Vol/Dec 881/2.05 bln/1610 NYSE Adv/Vol/Dec 967/940 mln/2044
4:08PM Cisco Systems beats by $0.01, reports revs in-line (CSCO) 18.78 +0.07 : Reports Q3 (Apr) earnings of $0.48 per share, excluding non-recurring items, $0.01 better than the Capital IQ Consensus Estimate of $0.47; revenues rose 6.6% year/year to $11.59 bln vs the $11.58 bln consensus. "We delivered solid results this quarter with record revenue and non-GAAP earnings per share," said John Chambers, Cisco chairman and CEO. "We are successfully executing against our long-term strategic plan of growing profit faster than revenue, and in a cautious IT spending environment, we continue to outperform our competitors." Cash flows from operations were $3.0 billion for the third quarter of fiscal 2012, compared with $3.1 billion for the second quarter of fiscal 2012, and compared with $3.0 billion for the third quarter of fiscal 2011. Non-GAAP inventory turns were 11.1 in the third quarter of fiscal 2012, compared with 10.8 in the second quarter of fiscal 2012, and compared with 10.3 in the third quarter of fiscal 2011.
Marvell (MRVL) and Osram Opto Semiconductors announced the availability of the Marvell-Osram two-color LED downlight reference design. Co will showcase LED lighting solutions with complete reference designs and control software for building residential and commercial lighting products at LIGHTFAIR International 2012, May 9 - 11, 2012.
Ballard Power Systems (BLDP) and Anglo American Platinum are working in partnership on a number of early-stage stationary and motive power applications of clean, zero-emission fuel cells in the South African market. Research In Motion (RIMM) released a new smartphone for socially-connected.
HP (HPQ) announced powerful business products packed with energy-efficiency, security and performance features designed to meet customer needs across industries such as healthcare, retail, and media and entertainment.
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