From Briefing.com: 4:30 pm : A retreat by the euro to a near two-year low caused stocks to surrender gains, but the major equity averages were able to find support and tick higher into afternoon trade.
The major equity averages were bid up more than 1% this morning as momentum built amid speculation that plans for new spending in China were a sign of the country’s plans for further stimulus. Comments that political leaders in Greece want to remain in the euro were also treated as a positive, although the news failed to provide the euro with a bid.
What was a narrow loss for the euro in the early going grew to something more sizable by midsession. The currency’s drop to $1.250, its lowest level in almost two years, came shortly after analysts at Egan Jones announced they had downgraded the debt rating of Spain. Concerns over macro conditions and the health of banking conditions in Spain had already weighed on Spain’s IBEX before the announcement – it ended the day down more than 2%, while many of the other major bourses of the region staged solid gains.
The euro’s retreat prompted market participants to pare their positions in stocks, forcing all three major equity averages to hand over about half of their gains before stabilizing. The broad market became range bound for the next few hours, but managed to gradually reclaim gains into the close. The euro was also able to lift off of its session low into the close.
Materials stocks were the strongest performers throughout the session. The sector settled the session with a 1.7% gain. It was up about 2% at its best level of the day. Steel stocks were among the sector's strongest performers.
Energy stocks were also strong in the early going, but the sector had a harder time of retracing its pullback. In turn, Energy settled with a gain of 1.3%. Meanwhile, crude oil settled with a 0.1% loss at $90.75 per barrel after it had been up more than 1% at its pit session high of $92.25 per barrel in morning action.
Tech, the largest sector by market weight, provided steady broad market support. The sector also settled shy of its session high, but still booked a 1.4% gain. The highly influential Financial sector finished with a similar gain.
There wasn’t a single sector that suffered a loss, but defensive-oriented Utilities slipped into negative territory on a few occasions. Despite that, the sector managed to muster a 0.4% gain. Fellow defensive issues also lagged.
Economic data were largely inconsequential today. Although, many were surprised to see the Consumer Confidence Index for May fall to 64.9 from a downwardly revised 68.7 in the prior reading since just last week the University of Michigan had posted the strongest Consumer Sentiment Survey in four years.
The economic calendar will remain light ahead of the second reading on first quarter GDP on Thursday and the official monthly payrolls report on Friday.
Advancing Sectors: Health Care +0.4%, Utilities +0.4%, Consumer Staples +0.6%, Telecom +0.8%, Industrials +1.2%, Energy +1.3%, Consumer Discretionary +1.3%, Financials +1.4%, Tech +1.4%, Materials +1.7%
Declining Sectors: None
Dow +1.0%, S&P 500 +1.1%, Nasdaq +1.2%, Nasdaq 100 +1.3%, S&P 400 +1.3%, Russell 2000 +1.4%DJ30 +125.86 NASDAQ +33.46 NQ100 +1.3% R2K +1.4% SP400 +1.3% SP500 +14.60 NASDAQ Adv/Vol/Dec 1755/1.64 bln/757 NYSE Adv/Vol/Dec 2391/708 mln/640
4:37PM Research In Motion extends losses, falls as much as 15.4% to $9.50; now at $9.71 (RIMM) 11.23 +0.23 :
4:36PM Research In Motion resumes 11% lower at $10.00 following business update, co sees Q1 operating loss, hires JP Morgan and RBC to assist co in reviewing performance; see 16:23 comment (RIMM) 11.23 +0.23 :
4:08PM FormFactor raises Q2 rev guidance above consensus (FORM) 5.76 +0.11 : Co issues upside guidance for Q2 (Jun), sees Q2 (Jun) revs of $50-54 mln vs. $44.93 mln Capital IQ Consensus Estimate, higher than the company's previous revenue guidance of $43 to $47 million. Customer demand across the DRAM and Flash memory segments are the main drivers for the increase to the company's expected revenue results. "Industry conditions in Q2 are more favorable than we anticipated and our improved lead times are enabling us to meet customer requests to accelerate certain product deliveries," said Tom St. Dennis, CEO. "While we are encouraged by the marketplace momentum for our Matrix architecture memory solutions, our outlook for the second half of the year is tempered by concerns about softness in the personal computer markets and the potential impact of macroeconomic forces."
4:06PM Nanometrics announces $20 mln share repurchase program (NANO) 14.90 +0.17 : This $20 mln program is effective immediately and will be funded using the company's available cash.
4:01PM Vishay to offer $150 mln of convertible senior debentures (VSH) 10.39 +0.44 : Co announces its intention to commence an offering, subject to market conditions and other factors, of $150 million principal amount of convertible senior debentures. The debentures would be due in 2042 and are to be offered and sold only to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended. The interest rate, conversion rate and the other terms will be determined by negotiations between Vishay and the initial purchasers of the debentures. Vishay intends to use the net proceeds from this offering, together with cash on hand, to repurchase
O2Micro International (OIIM) was issued 6 claims under U.S. patent for its Battery Management System with Energy Balance invention.
Sanmina-SCI (SANM) announced that its Defense and Aerospace Division has received NSA Type 1 certification from the National Security Agency for the Integrated Secure Wireless Intercommunications System.
HP (HPQ) has amicably resolved patent litigation with Brazil-based Multilaser Industrial Ltda. relating to HP's integrated printhead inkjet cartridges. As part of the settlement, Multilaser acknowledges that HP's patents are valid and were infringed upon.
Flextronics (FLEX) has filed its 2012 financial statements on Form 10-K with the SEC. As a result of recent events impacting the finances and liquidity of one of the co's customers in the concentrated solar photovoltaic market, the co has recognized a $32.0 mln charge for the write-down of inventory and provisions for doubtful accounts.
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