From Briefing.com: 4:10 pm : Equities were little changed during today's session. With no economic data to digest, investors expressed caution after Italy's Prime Minister Mario Monti announced plans to submit his resignation upon the successful approval of the country's budget. However, afternoon reports from the Financial Times indicated Italy's centrist parties are urging Mr. Monti to run on their ticket in next year's election. Domestically, trade was confined to a narrow range and volume was well below-average. As a result, the S&P 500 finished flat.
The technology sector outperformed the broader market despite relative weakness in Apple (AAPL 529.82, -3.42). The largest tech component was down near 2.0% during the opening minutes, but reclaimed a portion of its losses and settled lower by 0.6%.
Seagate (STX 28.91, +0.57) and Western Digital (WDC 38.45, +0.85) saw respective gains of 2.0% and 2.3%. The two hard drive makers were on the rise once again after both gained more than 10.0% last week.
Computer assembler Hewlett-Packard (HPQ 14.16, +0.35) rose by 2.6% following earlier rumors which suggested activist investor Carl Icahn was building a stake in the company.
In M&A news, Intermec (IN 9.82, +1.84) surged 23.1% after being acquired by Honeywell (HON 61.86, -0.11) for $10 per share. The transaction price represents a 27.7% premium to Intermec's Friday closing price.
Consumer discretionary stocks underperformed the broader market despite the strength in shares of McDonald's (MCD 89.41, +0.93). The fast food giant gained 1.1% after reporting a 2.4% increase in global comparable store sales.
Elsewhere in the discretionary space, Priceline (PCLN 625.96, -33.14) slid 5.0% after Deutsche Bank downgraded the stock to ‘Hold' from ‘Buy.' Peer Expedia (EXPE 57.71, -2.17) shed 3.6% after the company announced a special dividend of $0.52 per share.
Gap (GPS 30.89, -0.92) lost 2.9% after Wedbush observed increased promotional activity at Old Navy. An increase in the number of promotions run by the company was viewed as a warning regarding the company's sales. The cautious sentiment was reflected in shares of other apparel retailers as Aeropostale (ARO 13.40, -0.36), Under Armour (UA 50.13, -2.03), and Urban Outfitters (URBN 37.00, -0.37) all lost between 1.0% and 4.0%.
On the upside, Abercrombie & Fitch (ANF 47.31, +0.92) advanced 2.0% after Robert W. Baird upgraded the stock to ‘Outperform' from ‘Neutral.'
The Dow Jones Transportation Average settled higher by 1.1% and all 20 components advanced. Trucking stocks saw relative strength as CH Robinson (CHRW 61.94, +1.34) finished higher by 2.2%. Meanwhile, Con-way (CNW 28.22, +0.64) added 2.3%.
Elsewhere, package delivery services advanced as the group is expected to benefit from increased package volumes during the holiday season. Expeditors International of Washington (EXPD 38.22, +0.64), FedEx (FDX 90.53, +1.17), and UPS (UPS 73.68, +0.51) all gained between 0.7% and 2.5%. Last week, FedEx said it expects a record 19 million packages to move through its network today.
Tomorrow's economic data will be limited to the October trade balance and wholesale inventories. The two data points are scheduled to be released at 8:30 ET and 10:00 ET, respectively.
The U.S. Treasury will auction off $32 billion in 3-yr notes.DJ30 +14.75 NASDAQ +8.92 SP500 +0.48 NASDAQ Adv/Vol/Dec 1417/1.48 bln/1052 NYSE Adv/Vol/Dec 1666/592.8 mln/1345
3:30 pm : Crude oil retreated from its session high of $86.65 per barrel set at the floor open and sold-off into negative territory as it headed into the close. The energy component brushed a session low of $85.33 per barrel moments before settling with a 0.3% loss at $85.59 per barrel.
Natural gas extended last week's losses as investors reacted to forecasts of mild weather for December that could curb demand. It plunged as low as $3.41 per MMBtu in late morning pit action and closed at $3.46 per MMBtu, or 2.5% lower.
Gold advanced for a third consecutive session ahead of the upcoming Federal Reserve meeting and on news that Italian Prime Minister Mario Monti is prepared to resign once the country passes its budget. The yellow metal slightly pulled-back from its session high of $1718.80 per ounce set it early morning pit action but held steady as it traded in a consolidative fashion just below that level for the remainder of the session. It eventually settled 0.5% higher at $1714.20 per ounce. Silver also traded higher and touched a session high of $33.49 per ounce moments after floor trade opened. It ultimately booked a 0.7% gain as it closed at $33.37 per ounce.DJ30 +30.26 NASDAQ +8.22 SP500 +1.12 NASDAQ Adv/Vol/Dec 1302/1.19 bln/1177 NYSE Adv/Vol/Dec 1584/374.9 mln/1410
4:31PM Texas Instruments --Follow up- EPS includes $0.21 in previously announced wireless restructuring charges and is not comparable to the Capital IQ consensus of $0.33 (TXN) :
9:05AM Intersil CEO/Pres resigns; James Diller appointed Interim President & CEO; Donald Macleod named Chairman (ISIL) 7.56 : Co announces that its Board has appointed Board member James Diller as interim President and Chief Executive Officer following the resignation of Dave Bell as President and Chief Executive Officer and a Director of the co, effective immediately. Diller has been a member of the Company's Board of Directors since May 2002. The Board has formed a search committee chaired by Board member Donald Macleod to consider candidates for the permanent President and Chief Executive Officer role. The Board will engage a leading executive search firm to assist with the process. Co also announced that Donald Macleod has been named Chairman, effective immediately. Gary Gist, the Company's former Chairman, has stepped down from that position and will remain a member of the Board.
Mellanox Technologies (MLNX) announced that Teradata (TDC) has chosen its InfiniBand interconnect solution to accelerate the Teradata Aster Big Analytics Appliance. Co also announced the promotion of Roni Ashuri to senior vice president of engineering and Marc Sultzbaugh to senior vice president of worldwide sales.
O2Micro International (OIIM) was issued 16 claims under a U.S. patent for its Current Sensing circuits and methods.
8:03AM Coherent Board of Directors approves $1.00 per share special dividend (COHR) 47.05 : The special dividend is payable on December 27, 2012 to stockholders of record on December 19, 2012.
Mattson Technology (MTSN) has received a follow-on order for multiple paradigmE etch systems from a CMOS image sensor manufacturer.
Juniper Networks (JNPR) announced that Klarna, a Swedish e-commerce company that provides payment services for online storefronts, has built its new data center based on the Juniper Networks QFabric architecture.
Suntech Power (STP) has announced that it will supply approximately 100 megawatts of solar panels for two projects that are being developed, built and operated by a consortium led by Mainstream Renewable Power in South Africa. The projects, which are being developed at two separate sites in the Northern Cape of South Africa, will be designed and constructed by Siemens and will be operational by mid-2014.
2:14AM STMicroelectronics announces new strategic plan (STM) 6.48 : Co announces its new strategic plan. The plan is the outcome of a strategic review started more than a year ago, as the company saw major changes in the dynamics of the wireless market.
New strategy
The company's new strategy is based on two product-segment organizations: Sense & Power and Automotive Products; and Embedded Processing Solutions.
ST will build on its leading position in Sense & Power, which includes MEMS and sensors, power discrete and advanced analog products, and in Automotive Products, from powertrain to safety, and from body to infotainment.
In Embedded Processing Solutions the company will focus on the core of the electronics systems rather than on wireless broadband access. The Embedded Processing Solutions segment includes microcontrollers, imaging products, digital consumer products, application processors and digital ASICs.
In line with the new financial model, the company expects both product segments to be profitable and to generate cash. In particular, Embedded Processing Solutions will turn to profitability leveraging on a stronger product and technology focus, expanded customer base and manufacturing synergies between microcontrollers and digital products.
ST will address an estimated $140 billion market* in 2013 and has significant potential to grow and gain market share.
2:09AM MIPS Tech and Imagination agree to revised merger terms providing for $80 mln purchase price (MIPS) 7.52 : MIPS Technologies announces that it entered into an amendment to the agreement with Imagination Technologies Group previously announced on November 5, 2012. The amendment provides for an increased purchase price of $80 mln and the removal of the conditions to closing requiring the approval of the Committee on Foreign Investment in the United States and that MIPS is not a real property holding corporation. As a result of the amendment, the net proceeds to each holder of MIPS common stock following the consummation of the patent sale and recapitalization as previously announced, has increased to ~$7.64 per share in cash. The amendment followed the submission of a definitive proposal from CEVA (CEVA) to acquire MIPS for $75 mln, as previously announced, stating that it had completed its confirmatory due diligence and had received unanimous board approval, and the delivery of a notice by MIPS to Imagination Technologies that the MIPS board of directors had determined the proposal from CEVA to be a "Superior Proposal."
2:05AM STMicroelectronics and Ericsson start negotiations on ownership of ST-Ericsson (STM) 6.48 : Ericsson (ERIC) announces that it will continue to work together with STMicroelectronics (STM) to find a suitable strategic solution for the two companies Joint Venture ST-Ericsson. STMicroelectronics has announced its intention to exit as a shareholder in ST-Ericsson. ST-Ericsson announced its strategic plan in April 2012 and is in the middle of executing on company transformation aiming at lowering its break-even point and introducing new technologies. Ericsson continues to believe that the modem technology, which it originally contributed to the Joint Venture, has a strategic value for the wireless industry. For Ericsson, a key priority in this process is a successful market introduction of the new LTE modems that it is certain will be very competitive and needed in the market. During the process Ericsson will not speculate on the possible outcomes, timelines, and future ownership structures of ST-Ericsson.
2:01AM Cohu to acquire Ismeca (COHU) 9.15 : Co announces that it has agreed to acquire Ismeca Semiconductor Holding from Schweiter Technologies AG for $54.5 mln, plus acquired cash, to be funded out of Cohu's existing cash reserves. The transaction is expected to be completed during Cohu's first fiscal quarter of 2013. Ismeca, with headquarters in La Chaux-de-Fonds, Switzerland and major operations in Malacca, Malaysia and Suzhou, China, designs, manufactures and sells turret-based test handling and back-end finishing equipment for ICs, LEDs and discrete components. Ismeca's unaudited sales for the twelve months ended June 2012 were ~$84 mln.
Needham initiated MicroChip (MCHP) with a Buy and price target of $37. The firm's positive stance is based on the following: Strong play off a likely cyclical rebound in semis. By studying MCHP's stock price vs. the Philadelphia Semiconductor Index (SOX) over the last three years, they found some interesting patterns: while MCHP tends to underperform the SOX during a significant rally, the stock has actually outperformed the SOX when the index declines by an average of 400bps, representing a relatively safe haven for investors. They recommend investors own MCHP as the semiconductor industry should enter a mild cyclical rebound starting in C2H13. They believe MCHP's recent acquisition of Standard Microsystems (SMSC) will prove to be another jewel in its crown.
10:18 am S&P Information Technology Index
The tech sector is trading higher today, ahead of gains in the broader market. Semiconductors are showing relative strength as well with the SOX trading 0.7% higher. Within the chip index, MU (+3.3%) and STM (+3.3%) are notable standouts. Among other major indices, the SPY is trading 0.1% higher today, while the QQQ and theNASDAQ are trading 0.4% higher on the session.
Among tech bellwethers, FB (-1.9%) is once again showing notable weakness.
In news, IN (+22.7%) announced it will be acquired by HON (-0.4%) for $10/share in cash.
There are no notable tech earnings this morning.
Among rumors, we are hearing chatter that Icahn may file a significant stake in HPQ (+4.1%) making the rounds.
In notable analyst upgrades this morning in the tech space, CMTL (+5.8%) was upgraded to Overweight at JPMorgan, PLXS (+7.3%) and STM (+3.3%) were upgraded at BofA/Merrill and Wunderlich upgraded CNQR (+5.2%) to Buy.
There are no notable downgrades in the sector.
There are no notable names in tech scheduled to report quarterly results today after the close.
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