From Briefing.com: 4:15 pm : The S&P 500 jumped 2.2%, turning its October loss into a gain of 0.7%. The Nasdaq outperformed, advancing 2.3%, but the tech-heavy index remains lower by 0.3% for the month.
Equities registered the bulk of their gains at the open amid indications the budget stalemate may be getting a bit closer to a resolution. Participants rushed into equities after House Republicans proposed extending the debt limit by six weeks in order to allow for a broader discussion on spending. Currently, the Republican plan does not call for ending the partial government shutdown, which was met with an initial pushback from the White House. However, subsequent reports from the White House suggested President Obama 'may' consider the short-term proposal.
As a result of today's rally, the S&P managed to regain both its 50- and 100-day moving averages.
All ten sectors registered solid gains with financials (+2.9%) ending in the lead. The sector outperformed for the second consecutive session as JPMorgan Chase (JPM 52.52, +1.77) and Wells Fargo (WFC 41.44, +1.08) settled with respective gains of 3.5% and 2.7%. The two banks are scheduled to report their quarterly results ahead of tomorrow's opening bell.
Elsewhere, the industrial sector advanced 2.7% as defense contractors (PHLX Defense Index +3.1%) and transports (DJ Transportation Average +2.3%) rallied.
Also of note, the Nasdaq outperformed as biotech companies rallied after seeing sharp losses earlier in the week. The iShares Nasdaq Biotechnology ETF (IBB 201.47, +6.97) spiked 3.6%, but is still off 5.2% this week.
The relative strength of biotech helped the health care sector (+2.3%) end ahead of the broader market while the remaining countercyclical groups (consumer staples, telecom services, and utilities) underperformed with gains between 1.4% and 1.9%.
Treasuries ended with slim losses as the benchmark 10-yr yield rose three basis points to 2.69%.
Trading volume was in-line with average as 738 million shares changed hands on the floor of the NYSE.
In today's economic data, weekly initial claims increased to 374,000 from 308,000 with much of the increase being attributed to California paring down their sizable backlogs in applications after computer glitches in September impeded the normal processing of initial claims. That resulted in a temporary drop in initial claims. Those claims were finally filed properly this week, which resulted in a large upward spike in claims.
Tomorrow, the preliminary October Michigan Consumer Sentiment Survey will be released at 9:55 ET.DJ30 +323.09 NASDAQ +82.97 SP500 +36.16 NASDAQ Adv/Vol/Dec 2160/1.83 bln/404 NYSE Adv/Vol/Dec 2605/738.0 mln/431
3:35 pm : Commodities ended the day mixed with WTI crude oil down a few cents and nat gas, RBOB, heating oil and copper all higher. Silver ended flat and gold fell $10.
Crude oil futures rallied today and rose as high as $103.57/barrel. Crude fell back below $103/barrel in the final minutes of floor trading and ended the day three cents lower at $103/barrel.
Natural gas traded in positive territory all session today and closed 2.5% higher at $3.72/MMBtu.
Gold ended the day just over $10/oz lower at $1297/oz and silver ended unchanged. In electronic trade, gold fell to a new LoD and is now $1291.40/oz. Silver is at $21.75/oz.
5:07PM ON Semiconductor amends and increases existing revolving credit facility to $800 mln (ONNN) 7.00 +0.17 : Co announced that it has entered into an amended and restated senior revolving credit facility with a group of lenders. The amended and restated facility, which amends the Company's facility entered into in December of 2011, now enables the company to borrow up to $800 million under revolving loans. The new facility has a five year term that expires in October of 2018. Fees and interest expense under the revolving credit facility can vary based on the company's total leverage ratio. The facility is expected to bear interest at LIBOR or base rate plus an applicable rate that varies based on leverage ratio of the company. If the facility is undrawn, there is a yearly commitment fee of 35 basis points, which can vary as well based on the total leverage ratio. Following entry into the Credit Agreement, the Company is borrowing $120 million of the $800 million available under the new Facility, with funding anticipated to occur on or around October 14, 2013. The Company has not identified any specific use of the drawn proceeds and as such intends to use these funds for general corporate purposes.
Large Cap Gainers
LINTA (24.38 +6.65%): Co announced new QVC Group and Liberty digital commerce trackers, Liberty TripAdvisor Holdings spin, and LINTA buyback results.
NFLX (305.24 +5.83%): Initiated with a Buy at Needham.
IVZ (33.76 +4.98%): Reported preliminary Sept AUM of $745.5 bln, an increase of 3.6% month over month.
Large Cap Losers
CTXS (59 -11.49%): Issued downside guidance; sees EPS of $0.68-0.69 vs. $0.73 estimate; sees Q3 (Sep) revs of $710-712 mln vs. $737.04 mln estimate; target lowered to $75 from $80 at Mizuho; tgt lowered to $70 from $81 at Stifel; removed from Conviction Buy List at JP Morgan.
LTD (57.32 -2.85%): Reported Sep same store sales +1.0% vs +2.1% Retail Metrics consensus; announced proposed $500 mln offering of senior notes due 2023.
STJ (54.57 -1.78%): CardioMEMS device has received mixed reaction from FDA.
Mid Cap Gainers
PVR (26.02 +14.07%): Regency Energy Partners (RGP) to acquire PVR Partners for $5.6 bln; consideration to be received by PVR unitholders is valued at $28.68/unit.
QCOR (58.65 +7.42%): Increased quarterly dividend by 20% from $0.25 per share from $0.30 per share.
SSYS (97.74 +5.35%): Upgraded to Overweight from Neutral at JP Morgan.
Mid Cap Losers
RGP (26 -6.58%): Co to acquire PVR Partners (PVR) for $5.6 bln; expected to be slightly dilutive to 2014 DCF, but is not expected to affect anticipated cash distribution growth in 2014.
BKE (49.03 -5.45%): Reported Sep same store sales -4.5% vs +1.5% Retail Metrics consensus.
DGX (59.27 -3.94%): Sees Q3 EPS and revs below consensus.
Apparently MU's report was so difficult to figure out Briefing.com could not even comment on it! LOL ... RtS
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