From Briefing.com: 4:15 pm : Stocks finished the session on a higher note, but gave up a large portion of their gains in the final half-hour of the session. The major averages showed notable divergence as the Dow led with a gain of 0.6% while Nasdaq lost 0.8%. The tech-heavy index lagged the broader market due to considerable weakness in shares of Apple (AAPL 538.79, -37.05), which fell 6.4% and saw their largest one-day drop in four years. Meanwhile, the S&P 500 held near its session high for the majority of the afternoon before late-day selling trimmed its gain to 0.2%.
Even though Apple lagged significantly, other large cap technology stocks saw narrower losses. Google (GOOG 687.82, -3.21) slipped 0.5% and International Business Machines (IBM 188.65, -0.71) shed 0.4%.
Elsewhere in tech, Pandora Media (P 7.80, -1.65) plunged 17.5% after reporting its earnings. Although the internet radio operator beat on earnings and revenue, the company guided fourth quarter top and bottom lines below consensus. In addition, the company said its November 2012 audience has increased 58% year-over-year.
Nokia (NOK 3.88, +0.44) surged 12.8% after the smartphone maker signed an agreement with China Mobile to sell its Widows-based Lumia 920 device.
Financials led the broader market and the SPDR Financial Select Sector ETF (XLF 15.85, +0.19) advanced 1.2%. Citigroup (C 36.46, +2.17) rallied 6.3% after the company announced plans to reduce expenses and improve efficiency. As part of the plan, Citigroup will dismiss more than 11,000 employees. In addition, the 2012 pre-tax charges are expected to total $1 billion. Looking at other majors, Bank of America (BAC 10.46, +0.63) advanced 5.7% and JPMorgan Chase (JPM 41.20, +0.63) added 1.6%.
Last evening, the Wall Street Journal reflected on the ongoing build-up in car dealer inventories. The article also pointed to large incentives offered by automakers in order to provide relief to inventories and entice new customers. General Motors (GM 25.00, -0.41) has been a notable standout among those offering cash discounts. The company has attempted to jump-start sales by offering between $2,900 and $3,500 in incentives. Automakers and auto parts store operators underperformed today. General Motors shed 1.6% while AutoZone (AZO 360.27, -6.53) and Pep Boys (PBY 9.48, -0.09) lost near 1.5% each.
Homebuilders were broadly weaker and the SPDR S&P Homebuilders ETF (XHB 25.65, -0.64) shed 2.4%. As a result of the industry-wide weakness, major builders lost in excess of 2.0%. PulteGroup (PHM 16.20, -0.89) and Lennar (LEN 36.42, -1.36) saw respective losses of 5.2% and 3.6%. In addition to individual builders, home improvement stocks also underperformed. Whirlpool (WHR 98.62, -1.80) settled lower by 1.8% and Leggett & Platt (LEG 27.17, -0.68) slid 2.4%.
In M&A news, Freeport McMoRan (FCX 32.16, -6.12) slumped 16.0% after the company confirmed it will acquire Plains Exploration & Production (PXP 44.50, +8.45) and McMoRan Exploration (MMR 15.82, +7.36) in transactions totaling $20 billion.
Looking at today's economic data, the weekly MBA Mortgage Index pointed to a 4.5% rise in new mortgage applications during the past week. Today's reading followed prior week's decline of 0.9%.
According to today's ADP National Employment Report, employment in the nonfarm private business sector rose by 118K in November. This was above the 125K increase expected by the Briefing.com consensus.
Productivity data for the third quarter showed an increase of 2.9%, which was better than the 1.9% increase that had been reported in the preliminary reading. It was also better than the 2.7% increase that had been broadly expected. Unit labor costs for the third quarter were revised lower to reflect a 1.9% decrease after they had reportedly slipped 0.1% in the preliminary reading. Economists polled by Briefing.com had expected that unit labor costs would tick down in the revised reading to reflect a decrease of 0.8%.
October factory orders showed an increase of 0.8%, which was better than the Briefing.com consensus of a 0.1% decrease. Today's reading follows last month's 4.8% increase.
The November ISM Services Index was reported at 54.7, which is ahead of the 53.7 forecast by the Briefing.com consensus, and down from October's reading of 54.2.
Tomorrow's economic data will focus on jobs as November Challenger Job Cuts will be reported at 7:30 ET while weekly initial and continuing claims will be announced at 8:30 ET.
In addition, the Bank of England and European Central Bank will both announce rate decisions.DJ30 +82.71 NASDAQ -22.99 SP500 +2.23 NASDAQ Adv/Vol/Dec 1058/1.74 bln/1381 NYSE Adv/Vol/Dec 1573/759.4 mln/1426
3:30 pm : Crude oil extended yesterday's losses as a stronger dollar index put pressure on prices. The energy component dropped from its pit session high of $88.57 per barrel to a session low of $87.46 per barrel despite bullish inventory data that showed a draw of 2.357 mln barrels when a draw of 0.3 mln barrels was anticipated. The dip left crude oil to settle with a 0.7% loss at $87.87 per barrel.
Natural gas, on the other hand, trended higher during its floor session. It lifted off its session low of $3.61 per MMBtu set in morning action and climbed as high as $3.74 per MMBtu. Although it pulled-back slightly as it headed into the close, natural gas booked a 4.5% gain as it settled at $3.72 per MMBtu.
Gold began today's pit trade in positive territory but fell into the red shortly after equity markets opened. The yellow metal slid off its session high of $1702.70 per ounce and brushed a session low of $1686.00 per ounce. It then inched higher in late morning action and erased most of the loss as it settled 0.1% lower at $1694.10 per ounce. Silver pulled-back from its session high of $33.07 per ounce and dipped as low as $32.58 per ounce. However, it regained momentum as it climbed back into positive territory and closed 0.3% higher at $32.94 per ounce.DJ30 +115.17 NASDAQ -12.42 SP500 +6.43 NASDAQ Adv/Vol/Dec 1145/1476.7 mln/1293 NYSE Adv/Vol/Dec 1653/525 mln/1352
4:32PM Celestica announces appointment of new CFO (CLS) 7.62 +0.21 : Co announced that Darren Myers has been appointed Executive Vice President and Chief Financial Officer. Mr. Myers is succeeding Paul Nicoletti, who will be leaving the company effective December 28 to pursue other interests. Mr. Myers has over ten years of experience with Celestica and has held numerous financial roles of increasing responsibility. Most recently, he was Senior Vice President and Corporate Controller with responsibilities including external reporting, corporate tax, investor relations and all corporate finance and treasury-related matters.
4:07PM Emulex announces intent to acquire Endace in a cash offer for 500 pence per share; reaffirms Q2 guidance (ELX) 7.02 +0.01 : Co expects to provide more detailed pro-forma guidance upon the closing of the acquisition. Co also affirmed guidance for its second fiscal quarter ending December 30, 2012 that was previously issued and detailed in a press release on October 25, 2012.
4:07PM Sigma Designs misses by $0.10, beats on revs (SIGM) 5.64 -0.16 : Reports Q3 (Oct) loss of $0.27 per share, excluding non-recurring items, $0.10 worse than the Capital IQ Consensus Estimate of ($0.17); revenues rose 61.0% year/year to $63.9 mln vs the $62.64 mln consensus.
4:06PM Broadcom raises revs guidance; narrowed toward the higher end of the range, or ~$2.00 to $2.10 billion vs $2.05 bln Capital IQ Consensus Estconsensus, up from $1.95-2.10 bln (BRCM) 32.34 -0.11 : The following estimates are based on the current business outlook:
Net Revenue: Narrowed toward the higher end of the range, or ~$2.00 to $2.10 billion, due to slightly better-than-expected revenue in our Mobile & Wireless business.
Product Gross Margin (GAAP and Non-GAAP): Improved guidance for Q4'12 to up slightly from Q3'12.
R&D Plus SG&A Expenses (GAAP and Non-GAAP): Improved guidance for Q4'12 to down ~$5-15 million from Q3'12, due to lower-than-expected headcount costs primarily driven by reduced incentive compensation, as well as tighter management of expenses and services.
4:02PM Finisar beats by $0.01, reports revs in-line; guides Q3 EPS in-line, revs in-line (FNSR) 13.35 -0.24 : Reports Q2 (Oct) earnings of $0.15 per share, $0.01 better than the Capital IQ Consensus Estimate of $0.14; revenues fell 3.9% year/year to $232 mln vs the $231.83 mln consensus. Co issues in-line guidance for Q3, sees EPS of $0.14-0.18, excluding non-recurring items, vs. $0.17 Capital IQ Consensus Estimate; sees Q3 revs of $230-245 mln vs. $239.70 mln Capital IQ Consensus Estimate.
8:32AM NetApp announces offering of senior notes (NTAP) 32.05 : Co announced that it intends to offer, subject to market and other conditions, senior unsecured notes under an effective shelf registration statement on file with the Securities and Exchange Commission. The offering and the final terms of the senior notes, including principal amount, interest rate and maturity will depend on market and other conditions at the time of pricing.
NetApp intends to use the net proceeds from this offering for general corporate purposes, which may include repayment of certain indebtedness, capital expenditures, possible stock repurchases, working capital and potential acquisitions and strategic transactions. J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC are acting as joint book-running managers.
Atmel (ATML) and UL announced that Atmel has achieved certification for the UL 60730-1, a standard for automatic electrical controls for household and similar use, for the AT42QT1244/5 and AT42QT1481 capacitive touch controllers.
SunPower (SPWR) announced that it will supply Toshiba with its new world-record efficiency solar panel beginning in December, extending Toshiba's solar efficiency leadership in the Japanese residential market.
HP (HPQ) extends its business tablet portfolio with the announcement of its next-generation convertible tablet, the HP EliteBook Revolve -- a touch-enabled notebook that pivots to let users share their work and folds to go mobile as a tablet.
1:42AM Nokia partners with China Mobile (CHL) to launch the Lumia 920T, the first TD-SCDMA Windows phone (NOK) 3.44 : Nokia and China Mobile (CHL) announced the Lumia 920T, the first TD-SCDMA Windows Phone in China. The Lumia 920T will be available for order by the end of the year. It will retail at RMB4599 without contract and come in four colours; black, white, yellow and red.
1:05AM Intel prices $6.0 bln of Senior Notes offering (INTC) 19.97 : Of these notes, $3.0 bln will mature on Dec. 15, 2017 and will bear interest at an annual rate of 1.35%, $1.5 bln will mature on Dec. 15, 2022 and will bear interest at an annual rate of 2.70%, $750 mln will mature on Dec. 15, 2032 and will bear interest at an annual rate of 4.0%, and $750 mln will mature on Dec. 15, 2042 and will bear interest at an annual rate of 4.25%. Co intends to use the net proceeds from the offering for general corporate purposes and to repurchase shares of its common stock under the co's existing share repurchase authorization.
Photronics (PLAB) reported fourth quarter earnings of $0.07 per share, excluding non-recurring items, $0.03 better than the Capital IQ consensus of $0.04, while revenues fell 14.7% year/year to $104.2 mln vs the $102.62 million consensus.
11:34 am S&P Information Technology sector trading lower by 1.3%
The tech sector is trading lower today, trailing narrower losses in the broader market. Semiconductors are trading ahead of the rest of the tech space with the SOX trading only 0.8% lower. Within the chip index, ALTR (-3.9%) and SPRD (-3.9%) are showing weakness, while STM (+2.9%) is a notable standout. Among other major indices, the SPY is trading 0.3% lower today, while the QQQ is down 1.2% and the NASDAQ is trading 0.9% lower on the session. Among tech bellwethers, AAPL (-3.9%) is under notable pressure, while CSCO (+0.7%) is bucking the trend.
In tech earnings last night, P (-17.4%) posted a quarterly beat, but issued downside guidance. Also, ALTR (-3.6%) and TIBX (-22.2%) guided below consensus. TYPE (+0.5%), on the other hand, raised guidance. In news, FB (+0.4%) will become a component of the NASDAQ-100 Index. CGNX (+0.3%) and IDCC (+1.0%) were the latest to announce a special dividend. Also, COR Clearing is raising margin requirements on AAPL (-3.9%), according to reports.
In notable analyst upgrades this morning in the tech space, PAY (+4.4%) was upgraded to Buy at UBS. Among downgrades, ADTN (-4.9%) was downgraded to Sell at Citigroup, NVDA (-2.4%) was downgraded to Perform at Oppenheimer, and INTC (-0.9%) was downgraded to Underperform at Raymond James. SAI (+0.8%) and SNPS (-0.9%) are two notable names in tech scheduled to report quarterly results today after the close.
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