From Briefing.com: 4:20 pm : The S&P 500 added 0.2% as eight of ten sectors posted gains. The session kicked off on a lower note, but still managed to finish in positive territory despite an afternoon stumble.
Prior to the open, investors received the news that second quarter GDP was revised up to 2.5% from 1.7%. The Briefing.com consensus expected the reading to be revised to 2.1%. Real final sales were revised up to 1.9% from 1.3%.
Overall, the upward revision to GDP growth does not suggest that the underlying currents of weak growth are ending. Almost the entire upward revision came from a stronger-than-originally reported trade deficit, which is likely to reverse in the third quarter. That means the increase in GDP pulled potential growth from the third quarter into the second and was not the result of a strengthening economic situation.
Following the report, equity futures and Treasuries fell to their lows while the Dollar Index jumped to its high in a reaction consistent with increased tapering expectations. As the session dragged on, stocks displayed intraday strength, but slipped into the close while Treasuries erased their losses. The benchmark 10-yr yield slipped three basis points to 2.75%. For its part, the Dollar Index held its gains throughout the session, ending near 82.00.
Telecom services finished in the lead as the sector advanced 1.2%. Verizon (VZ 47.82, +1.26) provided considerable support after reports indicated the company has resumed talks with Vodafone (VOD 31.80, +2.39) about acquiring Vodafone's 45.0% stake in Verizon Wireless.
Technology also displayed notable strength as top-weighted components like Google (GOOG 855.43, +6.88) and Microsoft (MSFT 33.55, +0.53) climbed 0.8% and 1.6%, respectively. High-beta chipmakers also rallied as the PHLX Semiconductor Index rose 1.2%.
The outperformance of technology combined with strength among biotechnology companies helped the Nasdaq (+0.8%) finish well-ahead of the broader market. Today's advance helped the tech-heavy index trim its August loss to 0.2%.
Equities slipped during the final hour of action amid comments from St. Louis Fed President Jeffrey Lacker who said, "Conditions for tapering QE have been met." Technical factors may have also played a part in the afternoon retreat as the S&P was pressured back below its 100-day moving average, where it settled.
On the downside, energy (-1.1%) and utilities (-0.5%) were the only two decliners. Weighing on energy shares was crude oil, which tumbled 1.9% to $107.98 per barrel. Meanwhile, high-yielding utilities were unable to catch a bid even as traders moved back into Treasuries. With tomorrow being the final session of the month, the utilities space is poised to finish August behind the remaining nine sectors with a loss of 5.6%.
Participation remained light with trading volume rivaling that of Monday as less than 550 million shares changed hands on the floor of the New York Stock Exchange.
Looking back at today's remaining data, the initial claims level fell to 331,000 for the week ending August 24 from an upwardly revised 337,000 (from 336,000) for the week ending August 17. The Briefing.com consensus expected the initial claims level to drop to 330,000.
It seems that the initial claims level has stabilized at roughly 330,000 following a volatile July when seasonal adjustment biases made it difficult to examine layoff trends. This level signifies a sizable reduction from where claims were at the beginning of the summer and suggests a solid improvement in labor conditions.
Tomorrow, July personal income, personal spending, and core PCE prices will all be reported at 8:30 ET. The August Chicago PMI report will cross the wires at 9:45 ET and the final reading of the August Michigan Consumer Sentiment Survey will be released at 9:55 ET.DJ30 +16.44 NASDAQ +26.95 SP500 +3.21 NASDAQ Adv/Vol/Dec 1801/1.29 bln/711 NYSE Adv/Vol/Dec 1940/547.2 mln/1064
3:30 pm :
A stronger dollar index following better-than-anticipated GDP data and initial claims confirming a strengthening labor market put pressure on crude oil and precious metals
Precious metals traded in negative territory during all of today's floor trade. Dec gold dipped to a session low of $1402.10 per ounce and eventually settled with a 0.4% loss at $1412.60 per ounce. Dec silver pulled back from its session high of $24.49 per ounce and settled 1.3% lower at $24.13 per ounce
Oct crude oil declined for the first time in six sessions. It brushed a session high of $11.07 per barrel in late afternoon pit trade but sold off sharply to a session low of $108.40 per barrel moments before the close. It settled at $108.47 per barrel, booking a 1.5% loss
Natural gas fell from its session high of $3.65 per MMBtu into negative territory following inventory data that showed a build of 67 bcf when a smaller build of 62-63 bcf was anticipated. Despite dropping to a session low of $3.51 per MMBtu, it recovered back into the black and booked a 1.1% gain as it closed at $3.62 per MMBtu.
4:26PM OmniVision - Earnings Mover (OVTI) 18.41 +0.43 : Stock drops about 2.2 pts to $16.20 following earnings/guidance.
4:21PM OmniVision beats by $0.12, reports revs in-line; guides Q2 EPS in-line, revs in-line (OVTI) 18.41 +0.43 : Reports Q1 (Jul) earnings of $0.55 per share, excluding non-recurring items, $0.12 better than the Capital IQ Consensus Estimate of $0.43; revenues rose 44.8% year/year to $373.7 mln vs the $376.39 mln consensus.
Co issues in-line guidance for Q2, sees EPS of $0.36-0.53, excluding non-recurring items, vs. $0.50 Capital IQ Consensus Estimate; sees Q2 revs of $375-410 vs. $407.30 mln Capital IQ Consensus Estimate.
4:08PM Flextronics announces expiration of exchange offers for its 4.625% notes due 2020 and 5.000% notes due 2023 (FLEX) 9.03 +0.13 : The Exchange Offers expired at 11:59 p.m., New York City time, on August 28, 2013. 100% of aggregate principal amount of both series of notes were tendered and not validly withdrawn.
9:48AM Methode Electronics (+40%) surges to 12 year high after beat and raise (MEI) 24.69 +7.06 :
Ciena (CIEN) and Retelit Spa announced the deployment of Ciena's converged packet optical solutions to modernize Retelit's network and improve efficiency, latency and scalability.
Cabot Microelectronics (CCMP) announced that its Novus A7100 Aluminum CMP slurry products have been adopted by several leading edge customers to help enable 28/20 nanometer High-K Metal Gate integration schemes used for advanced logic devices.
09:02 am JA Solar's full year guidance of 1.7-1.9 GW remains unchanged
JA Solar (JASO) reported a Q2 loss of $0.58 per share, just slightly beating expectations. Revenues fell 9.2% year/year to $258.1 mln, also beating expectations.
Q2 Metrics:
Shipments were 463.7 MW, consisting of 253.9 MW of modules and module tolling, and 209.8 MW of cells and cell tolling, above the high end of the Company's previous guidance of 430 MW and an increase of 4.7% from the first quarter of 2013
Gross margin was 8.1%, compared to gross margin of 6.0% in the first quarter of 2013
Business Outlook
For the third quarter of 2013, the co expects total cell and module shipments to be between 450-470 MW
The company's full year guidance of 1.7-1.9 GW remains unchanged
08:56 am Monolithic Power target raised to $34 at Stifel: . Stifel raises their MPWR tgt to $34 from $32 after meeting with mgmt that were upbeat and focused on the co's continuing effort to transform itself from a consumer-centric business to a diversified analog mixed signal semiconductor supplier serving horizontal segments within the auto, communications and industrial end markets. From the discussions, it is apparent to us that MPS continues to experience solid momentum while penetrating new markets, even as it stabilizes its consumer business in 2013. Furthermore, they believe mgmt is very focused on building a successful brand by delivering disruptive solutions across all of its target markets.
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