From Briefing.com: 4:30 pm : There were few catalysts for trade today, but the S&P 500 staged its strongest performance in two months to snap a six-session losing streak.
Market participants were without any influential economic data today and only a dearth of corporate announcements. Home improvement retailer Lowe's (LOW 25.60, -2.88) reported stronger-than-expected earnings, but issued disappointing guidance, while Yahoo! (YHOO 15.58, +0.16) announced that it will sell half of its stake in Alibaba. JPMorgan Chase (JPM 32.51, -0.98) made it known at an industry conference that the firm has suspended its share repurchase program, but that it intends to maintain its dividend.
As has been the case for several weeks, macro-related topics were given the most attention. Leaders of China conveyed a willingness to consider accommodative policies with regard to stimulating economic growth. With regard to Europe, Group of Eight leaders made known their interest in keeping the eurozone intact.
The euro was down narrowly around the time of the open, but it was able to stage a solid advance against the greenback. By session's end it was up little more than 0.3% so that it traded above $1.28.
Tech stocks lacked leadership in the early going, but the sector eventually pushed out in front of the broad market to provide strong leadership. The sector's 2.8% gain was led by Apple (AAPL 561.28, +30.90), which is the single largest stock by market cap. The weight of AAPL shares and the strength of its gains also helped the Nasdaq outperform its counterparts, such that its gain was more than double that of the Dow.
Telecom and Utilities lagged all session. Telecom settled at the flat line, but Utilities eked out a 0.2% gain. Their lackluster performance comes after they managed to limit losses last week, which marked the worst week for the S&P 500 since November.
Last week's slide left the broad market at its lowest level since January, so naturally many market watchers are wondering if today's big bounce is simply owed to short covering, a bout of bargain hunting, or a combination thereof, especially amid so few catalysts.
Advancing Sectors: Materials +3.0%, Tech +2.8%, Industrials +2.2%, Energy +2.1%, Consumer Discretionary +1.6%, Financials +1.0%, Health Care +0.9%, Consumer Staples +0.4%, Utilities +0.2%
Unchanged: Telecom
Declining Sectors: NoneDJ30 +135.10 NASDAQ +68.42 NQ100 +2.7% R2K +2.3% SP400 +2.3% SP500 +20.77 NASDAQ Adv/Vol/Dec 1957/1.85 bln/582 NYSE Adv/Vol/Dec 2577/798 mln/434
8:32AM Riverbed Technology increases authorized share repurchase by $150 mln to $300 mln (RVBD) 15.42 : "We believe the current share price does not reflect the strength of Riverbed's long-term growth prospects," said Jerry M. Kennelly, Riverbed's president and chief executive officer. "This action underscores our confidence in our business and our continued commitment to maximizing value for our shareholders."
8:30AM O2Micro was issued 20 claims under United States patent number 8,143,857 for its Battery Monitoring System; co was also issued 20 claims under U.S. patent for its Battery Charging invention (OIIM) 4.86 :
Western Digital (WDC) announced that it is transferring its stock exchange listing to NASDAQ Global Select Market from the New York Stock Exchange. WD shares will begin trading on the NASDAQ exchange beginning June 1, 2012, and the ticker symbol will remain WDC.
Western Digital (WDC $35.71 +1.05) announced an increased authorization of $1.5 billion of its common stock under its share repurchase program. The additional repurchase authorization is effective immediately and extends the program by five years, during which time additional shares can be authorized for repurchase. The amount of purchases will depend on market conditions and corporate considerations. Share repurchases will be made on the open market. "The decision to increase WD's stock repurchase program is part of our capital allocation strategy to efficiently deploy cash to shareholders while maintaining strategic flexibility," said John Coyne, chief executive officer of WD. "We believe that Western Digital's stock is a compelling investment based on our ability to create additional value for our customers and shareholders in the growth markets we serve."
Cadence Design Systems (CDNS) announced that Nufront's NS115 chipset integrated the Cadence configurable DDR3/3L/LPDDR2 Memory Controller and Hard PHY IP core in its dual-core ARM Cortex-A9 based mobile applications processor.
Bright House Networks and Cisco (CSCO) announced that they are working together to help enterprises, government, healthcare, and education institutions better handle security defenses in their networks.
Amkor Technology (AMKR) announced that it plans to build a state-of-the-art factory and global research and development center in the Incheon Free Economic Zone, which is located in the greater metropolitan area of Seoul, Korea.
12:44AM Ultra Clean Holdings announces merger agreement with American Integration Technologies (UCTT) 5.32 : Co announces it has signed a merger agreement with American Integration Technologies, also a supplier of critical subsystems to the semiconductor capital equipment, medical, energy, industrial and aerospace industries. UCTT will pay a purchase price of ~$99 mln. The consideration will consist of $74 mln in cash and 4.5 mln shares of UCTT common stock. The consideration is subject to a post-closing balance sheet adjustment. AIT had ~$170 mln in revenue in its last fiscal year ended December 31, 2011.
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