From Briefing.com: 4:20 pm : The S&P 500 spent today's session in a steady decline before settling lower by 1.1%. Notably, small cap stocks extended their recent weakness as indicated by a 1.7% decline in the Russell 2000. Including today's weakness, the small cap index is down more than 3.0% since Monday's open.
However, the small cap index was not the only casualty of today's selling. Growth-oriented sectors pressured the broader market from the open as financials and energy led to the downside.
The financial sector ended as the biggest laggard. Citigroup (C 42.50, -1.61) was the weakest performer among the majors, and the broader SPDR Financial Select Sector ETF (XLF 17.92, -0.30) fell 1.7%.
Elsewhere, the energy sector was pressured by a notable drop in the price of crude oil. The energy component slid 2.9% to $94.41. In response, the SPDR Energy Select Sector ETF (XLE 77.23, -1.47) lost 1.9%.
Commodity-related stocks in the materials space also finished among the biggest decliners. The SPDR Materials Select Sector ETF (XLB 38.14, -0.32) dropped 0.8%, and the sector ETF is down almost 5.0% since March 14.
The continued global growth concerns were also reflected by the price of copper, which fell 1.5% to $3.327 per pound, its lowest level since early August.
While today's selling weighed on all ten sectors, two groups which were key to the first quarter rally, registered wider losses than the broader market.
The Dow Jones Transportation Average finished lower by 1.3% with airlines leading the decline. Delta Air Lines (DAL 14.56, -0.38) and United Continental (UAL 28.66, -0.72) both lost 2.5%.
Today marked the third consecutive session which saw the bellwether complex end with a loss of at least 1.0%. In addition, the 20-stock group ended the day on its 50-day moving average. The index has not closed below this closely-watched indicator since November 21.
Homebuilders also saw outsized losses and the SPDR S&P Homebuilders ETF (XHB 28.52, -0.83) slid 2.8%. Today's selling also caused the homebuilders ETF to end below its 50-day average, and down 5.0% on the week.
Also of note, the recent saber-rattling out of North Korea continued today with reports indicating the North Korean army has received the approval for a nuclear attack on the United States. Although the headline crossed late this afternoon, defense-related stocks outperformed throughout the session. The PHLX Defense Sector Index ended with a loss of just 0.3%.
Today's volume was well above average as more than 810 million shares changed hands on the floor of the New York Stock Exchange.
Reviewing today's final sector performance, financials (-1.7%), energy (-1.6%), consumer staples (-1.1%), and consumer discretionary (-1.0%) ended as the weakest sectors. Meanwhile, utilities (-0.3%), health care (-0.6%), and industrials (-0.7%) outperformed the broader market.
Looking back at today's economic data, the weekly MBA Mortgage Applications fell 4.0% to follow last week's rise of 7.7%.
According to today's ADP National Employment Report, employment in the nonfarm private business sector rose by 158K in March. This was below the increase of 197K expected by the Briefing.com consensus.
The ISM Non-manufacturing index softened in March, falling from 56.0 in February to 54.4. The Briefing.com consensus expected the index to drop to 55.5.
Tomorrow, March Challenger Job Cuts will be reported at 7:30 ET while initial and continuing claims will be announced at 8:30 ET.
In addition, the Bank of Japan and the European Central Bank are both scheduled to announce their latest interest rate decisions.DJ30 -111.66 NASDAQ -36.26 SP500 -16.56 NASDAQ Adv/Vol/Dec 572/1.76 bln/1891 NYSE Adv/Vol/Dec 649/811.4 mln/2358
3:35 pm : Commodities continued to struggle today, despite weakness in the dollar index.
May crude oil extended losses following the weekly inventory data and ultimately ended the day 2.8% lower at $94.49/barrel. Natural gas futures trended lower for most of the day, finishing 1.8% lower at $3.90/MMBtu.
Precious metals sold off this morning, bottoming early on in the afternoon session. June gold fell as low as $1550.70/oz, while May silver fell as low as $26.74/oz. June gold lost $23 to $1553.30/oz and May silver fell $0.45 to $26.80/oz.
Broadcom (BRCM) and SK Telecom (SKM) announce industry's first 5G WiFi Hotspot Router
9:31AM Microvision announces agreement with electronics display company to incorporate PicoP display technology into a display engine (MVIS) 1.64 +0.04 : Co announced a development agreement with a prominent electronics company to incorporate MicroVision's ground breaking PicoP display technology into a display engine that could enable a variety of new products. Under the agreement MicroVision is supporting the OEM's development of a display engine based on patented PicoP display technology and includes $4.6 million in development fees to MicroVision over the next 13 months. The companies have begun commercial negotiations with the expectation that licensing and component supply agreements would constitute the next stage of engagement leading to the OEM's introduction of commercial products. At the request of MicroVision's OEM customer, its name and other details of the contract are being kept confidential.
8:01AM Cisco Systems announces intent to acquire Ubiquisys, a provider of 3G and long-term evolution small cell technology for approx $310 mln in cash and retention-based incentives (CSCO) 21.22 : Co announced its intent to acquire privately held Ubiquisys, headquartered in Swindon, U.K. Ubiquisys is a provider of intelligent 3G and long-term evolution (LTE) small-cell technologies that provide seamless connectivity across mobile heterogeneous networks for service providers. "Cisco is 'doubling down' on its small cell business to accelerate strong momentum and growth in the mobility market," said Kelly Ahuja, senior vice president and general manager, Cisco Mobility Business Group.
Upon the close of the acquisition, the Ubiquisys employees will be integrated into the Cisco Service Provider Mobility Group, reporting to Partho Mishra, vice president and general manager, Service Provider Small Cell Technology Group. Under the terms of the agreement, Cisco will pay approximately $310 million in cash and retention-based incentives to acquire the entire business and operations of Ubiquisys. The acquisition is expected to close in the fourth quarter of Cisco's fiscal year 2013, subject to customary closing conditions.
Cray (CRAY) announced that the Japan Advanced Institute for Science and Technology has put Japan and Asia's first Cray XC30 supercomputer into production.
3:37AM LDK Solar provides update on purchase agreement for LDK Anhui (LDK) 1.04 : Co announces that it continues to work with the relevant governmental agencies on the review and approval of the purchase agreement for LDK Anhui. The purchase agreement was announced on January 2, 2013, with Shanghai Qianjiang Group. According to the terms of the agreement, Qianjiang Group agreed to purchase all shares of LDK Anhui, located in Hefei City, for ~RMB25 mln and release the guarantee LDK Solar provided to LDK Anhui and its subsidiaries within 12 months, as well as compensate LDK Solar for any loss associated with such guarantee, prior to its release.
10:59 am S&P Information Technology Sector trading slightly higher today
The tech sector is trading lower today, but ahead of larger losses in the broader market. Semiconductors are showing some weakness with the SOX trading 0.4% lower. Within the chip index, CREE (-2.3%) is a notable laggard. Among other major indices, the SPY is trading 0.4% lower today, while the QQQ is down 0.1% and the NASDAQ is trading 0.3% lower on the session. Among tech bellwethers, FB (+3.3%) is showing notable strength, this follows an SEC rule that allows public disclose on social media, while VZ (-0.9%) is under pressure. In tech earnings, ATML (-0.9%) modestly raised guidance last night, along with announcing a CFO appointment.
This morning, MSPD (-11.6%) lowered Q2 guidance. In news, ZNGA (+13.4%) announced ZyngaPlusPoker and ZyngaPlusCasino launching for UK players; the co's first real money games. GLUU (+3.3%) is also trading higher on the news. Elsewhere, VZ (-0.9%) disclosed it is a willing purchaser of the 45% stake VOD (-3.8%) holds in VZW, but does not have any intention to merger with or make an offer for VOD. Among rumors, CVLT (-1.0%) takeover speculation was discussed in a Bloomberg M&A story. Also, strength in NIHD (+20.1%) is being attributed to reports that Nextel Peru sale has been finalized. Among notable analyst upgrades this morning in the tech space, FBR upgraded ATML (-0.9%) to Outperform and SWI (+1.5%) upgraded to Equal-Weight at Morgan Stanley. Among downgrades, LLTC (-0.1%) was downgraded to Neutral at Longbow and Stifel downgraded SQI (-4.6%) to Hold. There are no notable names in tech scheduled to report quarterly results today after the close.
Atmel (ATML) raised bottom end of revenue guidance for the first quarter with revenues of $318-328 million from prior guidance of $311-328 million versus the $320.69 million consensus. The company announced that Steve Skaggs, who currently serves as Atmel's Senior Vice President of Corporate Strategy & Development, has also been appointed interim Chief Financial Officer of Atmel, effective immediately.
Needham initiated Exar (EXAR) with a Buy and price target of $13. The firm says, a new CEO was brought on board in early 2012 and he wasted no time in restructuring the cost model while also bringing on board some hand picked executives to lead Exar into growth areas. They say as a result, Exar has returned to profitability, generated positive FCF and already made its first acquisition in three years as it puts its $200 million cash position to good use. Going forward, mgmt will focus its product development efforts on Data Compression & Security, which offers a higher mix than current GM levels and benefits directly from big data and cloud infrastructure builds.
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