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From Briefing.com: Weekly Recap - Week ending 28-Jun-13

Dow -114.89 at 14909.6, Nasdaq +1.38 at 3403.25, S&P -6.92 at 1606.28

Stocks concluded their down week on a lower note as the S&P 500 shed 0.4%.

Equities slipped out of the gate amid weakness in Treasuries. The 10-yr note sold off into the cash session open before erasing most of its losses. The benchmark 10-yr yield ended higher by two basis points at 2.493%.

A disappointing Chicago PMI report for June (51.6 actual, 55.5 Briefing.com consensus, 58.7 prior) also contributed to the early weakness, but stocks were able to find support shortly thereafter.

Today's session lows coincided with the release of a better-than-expected final University of Michigan Consumer Sentiment Index (84.1 final, 82.7 consensus, 82.7 preliminary).

Stocks spent the following hour in a steady climb, allowing the S&P to erase its opening losses. However, the early buying interest fizzled out after the benchmark average returned to its flat line, where it held until the closing minutes of the session.

The final five minutes of action saw the index return into the red as the small cap Russell 2000 index underwent its annual rebalancing.

The S&P was anchored to its unchanged level for most of the afternoon as financials and technology weighed. The financial sector ended with a loss of 0.7% while the tech space shed 0.4%.

While the tech sector was able to settle above its lows, not all components were as fortunate. Accenture (ACN 71.96, -8.26) tumbled 10.3% after its earnings beat was overshadowed by below-consensus revenue as well as downside fourth quarter revenue guidance. Separately, BlackBerry (BBRY 10.46, -4.02) plunged 27.8% after the company reported disappointing first quarter earnings and revenue. In addition, BB10 shipments of 2.7 million disappointed as investors expected BlackBerry to ship about 3.5 million units of its latest device.

On the flip side, discretionary shares and utilities ended in positive territory. The discretionary sector received a boost from retailers after Finish Line (FINL 21.86, +0.66) surprised to the upside with its earnings and revenue. Meanwhile, homebuilders kept the discretionary space from logging further gains. Most major builders settled in the red while the iShares Dow Jones US Home Construction ETF (ITB 22.38, -0.37) shed 1.6%.

Also of note, a 0.4% advance in utilities extended the sector's weekly gain to 3.0%, placing it atop this week's leaderboard. Meanwhile, the materials sector was the weakest group of the week, ending with a loss of 1.5%. However, gold miners had a strong showing today as the Market Vectors Gold Miners ETF (GDX 24.49, +1.70) surged 7.5%. On a related note, gold futures gained 1.6% to $1230.70 per ounce while silver futures jumped 5.6% to $19.60 per ounce.

Week in Review: S&P 500 Tests 100-Day Moving Average

On Monday, the stock market began the week on a fitful note as rising interest rates at home and falling equity markets abroad conspired to keep the major averages in negative territory throughout the day. The S&P 500 registered its first close below its 100-day moving average this year. Overseas, the drop in China was attributed to a growing sense of angst that a liquidity crisis and credit crunch are brewing there. The growth concerns weighed heavily on the cyclical sectors throughout the day. Financials (-1.8%) led the losses and were joined by materials (-1.7%), industrials (-1.7%), energy (-1.5%), and technology (-1.4%) as the worst-performing areas.

Equities ended Tuesday's session near their highs, but were unable to erase their Monday losses. The S&P 500 climbed 1.0% as all ten sectors ended with gains. The bulk of the advance occurred in the first 90 minutes of the session amid a global rebound. Interestingly, two rate-sensitive sectors vaulted to the top of this month's leaderboard despite the continued climb in Treasury yields. The telecom services sector rose 2.0%, which turned its month-to-date loss to a gain of 1.0%.

Wednesday began on an upbeat note despite some disappointing economic news. The final first quarter GDP reading was revised down to 1.8% from 2.4%. Typically, revisions to GDP in the third estimate are very minor. The large decline in this report was very unusual and caught all economists by surprise. Most of the downward revision came from consumption in services. In the previous estimate, services spending increased 3.1%. That was revised down to 1.7% growth and contributed 0.6 percentage points less to GDP growth. Stocks received this news in stride as sluggish growth suggests the Federal Reserve is less likely to withdraw its support from the markets. To that end, the Treasury complex received an aggressive bid immediately after the GDP revision crossed the wires. The benchmark 10-yr yield ended lower by seven basis points at 2.542%.

On Thursday, the S&P 500 settled higher by 0.6% as nine sectors posted gains. Equities were off to the races at the sound of the opening bell, aided by the personal income report, which pointed to an increase of 0.5% in May. The Briefing.com consensus expected personal income to rise 0.2%. Stocks received a secondary boost from the pending home sales report as May sales rose 6.7% (1.5% consensus). The S&P notched its high of 1620 shortly after the market digested the latest housing data point. However, the index was unable to rise above that level as the 20- and 50-day moving averages served as resistance at the session high.

  
 Index	   Started Week   Ended Week    Change   % Change   YTD % 
 DJIA	     14799.40	  14909.60	110.20	    0.7	   13.8 
 Nasdaq	      3357.25	   3403.25	46.00	    1.4	   12.7 
 S&P 500	1592.43	   1606.28	13.85	    0.9	   12.6 
 Russell 2000   963.68	    977.48	13.80	    1.4	   15.1

4:24PM This week's biggest % gainers/losers (SCANX) : The following are this week's top 20 percentage gainers and top 20 percentage losers, categorized by sectors (over $300 mln market cap and 100K average daily volume).

This week's top 20 % gainers

Technology: STEC (6.72 +99.11%), KEYN (19.76 +46.91%), AFFX (4.44 +21.49%), CSIQ (10.99 +20.74%), SPRD (26.25 +18.75%), ENPH (7.73 +15.93%), DWRE (42.45 +15.65%)
Services: CRWN (2.47 +32.11%), P (18.4 +21.63%)
Industrial Goods: XONE (61.72 +19.49%), OSIS (64.42 +16.43%)
Healthcare: VHS (20.74 +62.26%), ISIS (26.87 +30.84%), RPTP (9.35 +26.11%), IMMU (5.44 +23.67%), SNTA (4.99 +23.38%), HWAY (17.38 +15.98%)
Financial: HOMB (25.91 +25.45%)
Consumer Goods: WPRT (33.53 +16.19%)
Basic Materials: KIOR (5.71 +46.62%)

This week's top 20 % losers

Technology: DMD (6 -25.49%), EBIX (9.26 -14.36%)
Services: MATX (25 -32.33%), MG (17.58 -18.08%), BKS (15.96 -14.1%), APOL (17.72 -12.42%), PMC (13.86 -12.4%)
Industrial Goods: PGEM (20.09 -14.02%), TREX (47.49 -13.16%)
Healthcare: IDIX (3.61 -32.16%), NLNK (19.72 -12.32%)
Financial: DRE (15.59 -36.65%), NBG (3.45 -32.76%)
Basic Materials: SAND (5.85 -25.46%), WLT (10.4 -19.89%), AVD (23.43 -19.08%), SA (9.43 -15.74%), BVN (14.76 -15.49%), ANV (6.48 -13.15%), GORO (8.71 -12.16%)

9:11AM Suntech Power announces new forbearance agreement with holders of 3% convertible notes (STP) 1.04 : Co announced that it has reached an accord with holders of a majority of the 3% Convertible Senior Notes for a new forbearance agreement that sets forth the next steps in the debt restructuring process. The new forbearance agreement provides further time to implement the restructuring and will expire on August 30, 2013. In particular, the new agreement contemplates an equitization of all major debt claims held by the Bondholders. In addition, the Bondholders will nominate two additional members to the Company's Board of Directors who will provide guidance and assist in the Company's ongoing restructuring efforts.

HP (HPQ) Enterprise Services and its NGEN Alliance Partners, AT&T (T) Government Solutions, IBM Global Business Services Federal, Lockheed Martin (LMT) Services and Northrop Grumman (NOC) Systems announced they have been awarded the U.S. Department of the Navy's Next Generation Enterprise Network contract

Accenture (ACN) reported third quarter earnings of $1.14 per share, excluding non-recurring items, which was better then expected, with revenues rose 0.6% year/year to $7.2 billion which was below expectations. The company issued guidance for Q4 with revenues of $6.7-7.0 billion which was below expectations. For fiscal year 2013 EPS of $4.18-4.22, which was below expectations and compared with its previous guided range of $4.24 to $4.32. The updated ranges for diluted EPS and adjusted EPS reflect the company's revised foreign-exchange assumption for the year, which reduced both ranges by approximately $0.03.

CalAmp (CAMP) reported first quarter earnings of $0.16 per share, excluding non-recurring items, which was better than expected while revenues rose 22.5% year/year to $53.7, which was also better than expected. The company issued guidance for the second quarter with EPS of $0.14-0.18, excluding non-recurring items, which was in line with estimates with revenues of $53-57 million which was in line with expectations. "We're off to a strong start in fiscal 2014." In Q1, Wireless Datacom segment revenue increased 29% YoY driven by continued momentum from Mobile Resource Management (MRM) products and contributions from its Wireless Matrix acquisition that was completed at the beginning of Q1. Wireless Datacom gross margin improved to 39.1% due mainly to higher margin subscription revenue from the Wireless Matrix acquisition. For its Satellite segment, co saw improving margins along with some growth resulting in a meaningful impact to bottom line results.

Hewlett-Packard (HPQ) is being awarded a $321,689,010 indefinite-delivery/indefinite-quantity, firm-fixed-price, fixed-price award fee contract for the Next Generation Enterprise Network (NGEN). The single contract award was based on the HPES Combined Enterprise Services and Transport Services proposal. This contract includes four, one-year options which, if exercised, would bring the evaluated contract cumulative value to $3,454,735,513. Work will be performed at nearly 2,500 Navy and Marine Corps locations worldwide, from major bases to single-user sites, and work is expected to be completed in June 2014. If the options are exercised, the work will continue through June 2018.

Blackberry (BBRY) reported first quarter loss of $0.13 per share, which was below expectations, while revenues rose 9.4% year/year to $3.07 bln, which also missed estimates. Venezuela foreign currency restrictions impact reported GAAP earnings and adjusted earnings by approximately $0.10 per share; "excluding such impact, adjusted earnings in-line with previously provided outlook of approaching breakeven financial results." The company anticipates Q2 operating loss, which was below expectations. "The smartphone market remains highly competitive, making it difficult to estimate units, revenue and levels of profitability. Throughout the remainder of fiscal 2014, the Company will invest in BlackBerry 10 smartphone launches, and the roll out of BlackBerry Enterprise Service 10, to continue to establish the new BlackBerry 10 platform in the marketplace. The Company will also invest resources to evolve BlackBerry Messenger into a leading cross platform mobile social messaging application, and launch other revenue initiatives associated with new services and emerging mobile computing opportunities. Based on the competitive market dynamics and these investments, the company anticipates it will generate an operating loss in the second quarter. The company will also continue to implement the cost savings and process-improving initiatives it started last year, in order to drive greater efficiency throughout the company, and redirect capital from these savings to areas of investment that will drive future revenue growth."

10:27 am Consumer Sentiment Rebounds In Final June Reading
The University of Michigan Consumer Sentiment Index was revised up to 84.1 in the final reading for June from 82.7 in the preliminary reading. That is just below the 81.4 reading in May. The Briefing.com consensus expected the index to remain at 82.7. The recent volatility in the equity markets and higher gasoline prices have not affected consumer sentiment. Instead, consumers focused on the gains in payrolls/employment when viewing the economy.

The Current Conditions Index was revised up to 93.8 in the final reading from 92.1 in the preliminary report. That is down from 98.0 in May. The Expectations Index was revised up from 76.7 to 77.8 in the final reading, which was the strongest reading since October 2012. Overall, consumer sentiment has little impact on consumption. Stronger income growth, not improving sentiment, drives spending behaviors.

07:44 am MolyCorp shares soar 12% following completion of SEC investigation
SEC informed MolyCorp (MCP $6.27 +0.66) that it has completed its investigation of the accuracy of the Molycorp's public disclosures, and it is not recommending that any enforcement action be taken against the Company. The SEC initiated its investigation of Molycorp in August 2012.

07:42 am Nke shares fall 2% despite better than expected EPS
Nike (NKE $61.27 -1.05) reported fourth quarter earnings of $0.76 per share, which was better than expected, while revenues rose 7.4% year/year to $6.70 billion which was in line with estimates. Fourth quarter diluted EPS from continuing operations grew faster than revenue, up 27 percent, mainly as a result of gross margin expansion, a lower effective tax rate and a lower average share count. Ex-FX, NIKE Brand revenues rose 8% with growth across each product type and in every geography except Western Europe and Greater China.

For the fourth quarter, NIKE Brand revenues were higher in Running, Basketball, Men's Training, and Women's Training, offsetting slight declines in Sportswear, Action Sports and Football (Soccer), which reflects comparisons to strong sales in advance of the European Football Championships in 2012. Revenues for Other Businesses grew 10%, including a 1 point reduction from changes in currency exchange rates, as revenues increased for each business during the quarter. Gross margin increased 110 basis points to 43.9%. Gross margin benefited from pricing actions, easing materials costs and favorable comparisons to last year, when gross margin was reduced by higher investments in the Company's digital business and an unanticipated customs assessment in the Emerging Markets geography. The positive impact of these factors was partially offset by higher labor costs, unfavorable changes in FX and higher discounts, particularly in Greater China as the co continues to work with its retailers to optimize marketplace inventory.

As of the end of the quarter, worldwide futures orders for NIKE Brand athletic footwear and apparel, scheduled for delivery from June through November 2013 totaled $12.1 billion, 8% higher than orders reported for the same period last year; futures were +6% last quarter. During Q4, NIKE, Inc. repurchased a total of 4.2 million shares for ~$242 million. For the fiscal year, the co repurchased a total of 33.5 million shares for ~ $1.7 billion. The company sees first quarter revenue growth in mid to high single digits, with EPS 'well above' low double digit growth. The company sees fiscal year 2014 revenue growth at upper end of high single digits, and EPS growth in low double digits. Q1 gross margin is expected to be flat. Revenues for the first half of 2014 are expected to decline year over year.

07:40 am CalAmp shares fall 2% following better than expected earnings
CalAmp (CAMP $14.70 +0.32) reported first quarter earnings of $0.16 per share, excluding non-recurring items, which was better than expected while revenues rose 22.5% year/year to $53.7, which was also better than expected. The company issued guidance for the second quarter with EPS of $0.14-0.18, excluding non-recurring items, which was in line with estimates with revenues of $53-57 million which was in line with expectations. "We're off to a strong start in fiscal 2014." In Q1, Wireless Datacom segment revenue increased 29% YoY driven by continued momentum from Mobile Resource Management (MRM) products and contributions from its Wireless Matrix acquisition that was completed at the beginning of Q1. Wireless Datacom gross margin improved to 39.1% due mainly to higher margin subscription revenue from the Wireless Matrix acquisition. For its Satellite segment, co saw improving margins along with some growth resulting in a meaningful impact to bottom line results.

07:39 am Accenture shares fall 8% following miss on revenues and disappointing guidance
Accenture (ACN $73.65 -6.57) reported third quarter earnings of $1.14 per share, excluding non-recurring items, which was better then expected, with revenues rose 0.6% year/year to $7.2 billion which was below expectations. The company issued guidance for Q4 with revenues of $6.7-7.0 billion which was below expectations. For fiscal year 2013 EPS of $4.18-4.22, which was below expectations and compared with its previous guided range of $4.24 to $4.32. The updated ranges for diluted EPS and adjusted EPS reflect the company's revised foreign-exchange assumption for the year, which reduced both ranges by approximately $0.03.

07:37 am Blackberry shares plunge 17% following Q1 loss
Blackberry (BBRY $12.01 -2.49) reported first quarter loss of $0.13 per share, which was below expectations, while revenues rose 9.4% year/year to $3.07 bln, which also missed estimates. Venezuela foreign currency restrictions impact reported GAAP earnings and adjusted earnings by approximately $0.10 per share; "excluding such impact, adjusted earnings in-line with previously provided outlook of approaching breakeven financial results."

The company anticipates Q2 operating loss, which was below expectations. "The smartphone market remains highly competitive, making it difficult to estimate units, revenue and levels of profitability. Throughout the remainder of fiscal 2014, the Company will invest in BlackBerry 10 smartphone launches, and the roll out of BlackBerry Enterprise Service 10, to continue to establish the new BlackBerry 10 platform in the marketplace. The Company will also invest resources to evolve BlackBerry Messenger into a leading cross platform mobile social massaging application, and launch other revenue initiatives associated with new services and emerging mobile computing opportunities. Based on the competitive market dynamics and these investments, the company anticipates it will generate an operating loss in the second quarter. The company will also continue to implement the cost savings and process-improving initiatives it started last year, in order to drive greater efficiency throughout the company, and redirect capital from these savings to areas of investment that will drive future revenue growth."

02:38 am Blackberry among the handful of companies set to report earnings before the open on Friday (BBRY)

Look for the following companies to report before the open:

BBRY, SJR, FINL, AZZ

02:36 am Nike shares slide after hours following earnings (NKE)
After Hours Gainers:

Companies trading higher in after hours in reaction to earnings: CAMP +1.7%

Companies trading higher in after hours in reaction to news: MCP +8.7% (SEC informed MCP that it has completed its investigation of the accuracy of the Molycorp's public disclosures, and it is not recommending that any enforcement action be taken against the Company), PFE +1.1% (Board authorized new $10 bln share repurchase program), AAMRQ +1.0% (disclosed it entered into a Credit and Guarantee Agreement; provides for $1.05 bln term loan facility and a $1 bln revolving credit facility), FINL +0.5% (announced that Steven Schneider, currently President and COO, will transition to the role of executive vice president of strategic initiatives)

After Hours Losers:

Companies trading lower in after hours in reaction to earnings: ACN -7.0%, NKE -2.6%, VNO -0.2%

Companies trading lower in after hours in reaction to news: CDTI -3.7% (announces underwritten public offering of common stock and warrants, size not disclosed), SPR -2.9% (received contract to supply aircraft structures for four 'operational evaluation' CH-53K heavy life helicopters), UAL -0.8% (co and the Transport Workers Union reach tentative agreement; co estimates that Q2 consolidated system available seat miles to decrease 2.1% yoy)