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From Briefing.com: Weekly Recap - Week ending 01-Nov-13

Dow +69.80 at 15615.55, Nasdaq +2.34 at 3922.04, S&P +5.10 at 1761.64

The S&P 500 added 0.3% to end the week with a slim advance of 0.1%. Although the broader market ended little changed, small caps were under pressure throughout the session as the Russell 2000 lost 0.4%.

Notably, relative weakness among small caps was a recurring theme throughout the week, causing the Russell to lose 2.0% since Monday.

Outside of the continued underperformance of small caps, the session did not generate too much excitement. The S&P climbed at the open, but slid to lows during the first two hours as the broader market caught down to the Russell's weakness. The S&P was able to battle its way back to the opening high, but could not muster additional gains as energy (-0.3%) and materials (-0.2%) weighed.

The energy sector trailed the broader market throughout the day as Dow component Chevron (CVX 118.01, -1.95) weighed after missing bottom-line estimates by $0.14. Crude oil also pressured the sector, falling 1.8% to $94.61 per barrel.

Elsewhere, materials underperformed as miners displayed broad weakness. The Market Vectors Gold Miners ETF (GDX 24.08, -1.02) tumbled 4.1% while gold futures slid 0.8% to $1313.10 per troy ounce.

On the upside, the relative strength of industrials (+0.8%) and health care (+0.7%) helped the S&P post a modest advance.

Transports paced the gains among industrials as the Dow Jones Transportation Average rallied 1.0%. Meanwhile, the health care sector outperformed with some help from biotechnology. The iShares Nasdaq Biotechnology ETF (IBB 206.06, +0.73) added 0.4%.

Treasuries sold off throughout the session, sending the 10-yr yield higher by six basis points to 2.62%.

Trading volume was a bit above average as just under 810 million shares changed hands on the floor of the New York Stock Exchange.

Although equities endured a relatively quiet session, the same could not be said for the foreign exchange market. The greenback rallied throughout the day, gaining significant strength against the euro and the pound. The Index ended near its high with an advance of 0.7% at 80.72.

The euro was under pressure since yesterday amid rumblings of an ECB rate cut by year-end and continued chatter of negative interest rates. Heavy selling dropped the pair roughly 300 pips off its October highs to 1.3490 against the dollar.

Today's economic data was limited to the October ISM Manufacturing Index, which increased to 56.4 in from 56.2 (Briefing.com consensus 55.0). The common adage throughout the government shutdown was that the manufacturing sector would suffer from lost orders and demand. If the ISM index is an accurate gauge of manufacturing activity in October, then the expected weakness never occurred.

New orders actually strengthened in October. The related index increased to 60.6 in October from 60.5. Meanwhile, order backlogs ended a contraction period and increased to 51.5 from 49.5.

Monday's economic data will be limited to August and September factory orders, which will be released through a single report at 10:00 ET.

Week in Review: S&P 500 Holds Ground While Russell Lags

On Monday, the S&P 500 punctuated an uneventful session with a slim advance of 0.1%. Stocks alternated between gains and losses through the first two hours of action before the S&P climbed to a fresh record high of 1764.99. Final-hour selling cut the S&P's gain in half, but the index still finished ahead of the Dow (unch) and the tech-heavy Nasdaq (-0.1%), which was challenged by its flat line throughout the session. The day featured just a handful of notable reports. Health care components caught the eye of some participants with Biogen (BIIB 243.10, -1.09) reporting solid results and Merck(MRK 45.23, +0.14) beating bottom-line estimates on below-consensus revenue. Although Merck weighed, the broader health care sector (+0.3%) drew strength from the 6.7% gain in Bristol-Myers Squibb (BMY 52.48, -0.04) after the company announced positive clinical trial data.

The S&P 500 registered its fourth consecutive advance on Tuesday, climbing 0.6%. The Dow Jones Industrial Average (+0.7%) outperformed the benchmark index while the Nasdaq (+0.3%) lagged after starting the session in-line with the S&P. The tech-heavy Nasdaq posted a modest advance after the exchange experienced an intraday data dissemination issue that prevented index quotes from being sent out for nearly an hour. However, the issue was isolated to the index while individual components traded normally. One of the components that contributed to the Nasdaq's underperformance was Apple (AAPL 520.03, -2.67). The largest tech stock lost 2.5% after its below-consensus gross margin guidance overshadowed its earnings beat on above-consensus revenue.

Wednesday saw the S&P 500 register its first decline in five sessions (-0.5%). Small caps faced additional selling pressure as the Russell 2000 fell 1.4%. Stocks held modest losses into the afternoon, but slid to fresh lows after the Federal Reserve released its latest policy directive, which was little changed from prior statements. Most notably, the directive acknowledged the recent slowdown in the housing sector and noted that fiscal policy is presenting a headwind to growth. In addition, the Committee dropped the reference to "tightening financial conditions" that appeared in the September statement. While the statement did not throw the market any taper-related curveballs, it may have been perceived to be somewhat hawkish as the Committee did not alter its outlook to account for the impact from the partial government shutdown. All ten sectors settled in the red, but their losses were limited to less than 0.8%. Defensive sectors led to the downside, and consumer staples (-0.8%) ended at the bottom of the leaderboard.

On Thursday, the S&P 500 ended with a modest loss of 0.4%, trimming its October gain to 4.5%. Small caps displayed notable weakness during morning trade, but the Russell 2000 ended not far behind the S&P with a loss of 0.5%. Equity indices spent most of the session near their respective flat lines even after more than 250 companies reported their quarterly results since Wednesday's close. Trading volume was subdued until the last 30 minutes of action when a surge in trading activity sent equity indices to lows while pushing the final NYSE volume tally over 900 million shares.
Index Started Week Ended Week Change % Change YTD %
DJIA 15570.28 15615.55 45.27 0.3 19.2
Nasdaq 3943.36 3922.04 -21.32 -0.5 29.9
S&P 500 1759.77 1761.64 1.87 0.1 23.5
Russell 2000 1118.34 1095.67 -22.67 -2.0 29.0

This week's top 20 % gainers

Technology: FLDM (30.87 +29.05%), SHOR (7.62 +22.95%), LSCC (5.37 +22.14%), NQ (12.78 +19.11%), SSNI (19.97 +18.5%), IQNT (11.58 +17.83%)
Services: CECO (5.36 +44.21%), UNTD (12.99 +42.57%), DWA (33.77 +21.59%), NTRI (19.47 +18.91%), BWLD (142.74 +17.73%)
Industrial Goods: TREX (69.58 +30.35%), XYL (33.22 +20.25%)
Healthcare: ZLTQ (12.78 +36.67%), NUVA (31.22 +24.82%), DYAX (8.33 +20.88%), GENT (44.8 +20.08%)
Consumer Goods: DECK (68.56 +18.4%)
Basic Materials: CRR (122.89 +23.41%), ZINC (13.8 +17.69%)

This week's top 20 % losers

Technology: NIHD (3.39 -33.78%), CYOU (28.27 -25.85%), RATE (16.9 -25.78%), QLIK (25.03 -24.37%), TNGO (19.02 -22.95%), KONG (8.19 -20.6%), YGE (6.32 -19.79%)
Services: CETV (2.94 -52.4%), BYD (10.32 -24.19%), AAWW (38.5 -23.99%)
Industrial Goods: MY (2.49 -20.77%)
Healthcare: HWAY (10.43 -41.84%), ARIA (2.58 -34.33%), SNTA (4.27 -33.63%), VOLC (18.95 -20.22%)
Consumer Goods: AVP (18.27 -19.58%)
Basic Materials: RNF (20.09 -29.37%), RTK (1.69 -22.73%), SDR (11.5 -21.34%), XCO (5.56 -19.37%)

3:36PM Earnings Preview for the week of November 4 - 8 (SUMRX) : Of the companies reporting earnings for the week of November 4 - 8 some of the bigger names include:

Monday:
Pre Market - SYY, K, TA, RLGY, SE, GVA, VMC, CME
After Hours - PAA, WFT, MRO, APC, ED, HTZ, UNM, THC, RKT, OMI, NGLS, BGC, KND, TPC, CF, PXD
Tuesday:
Pre Market - CVS, HCA, DTV, EMR, TMUS, LBTYA, FE, DLPH, D, RRD, SRE, ODP, HSIC, TRP, CTSH, CHTR, BDX, MOS, ASH, OMX, EXPD, MPEL, HST, ENR, ZTS, KORS, REGN, ICE, OWW,
After Hours - ETE, ETP, FOXA, SXL, OKE, CHRW, URS, OKS, DVA, AGU, TX, FTR, BLMN, QEP, DOX, FOSL, TSLA, PZZA, JAZZ, MYGN, MELI,
Wednesday:
Pre Market - HUM, MGA, DUK, TWX, HFC, CHK, MMC, DVN, CNP, VOYA, RL, SUSS, POM, TLM, KELYA, TAP, SUSP, HSP, CLH, CG,
After Hours - PRU, MDLZ, TSO, QCOM, CTL, CBS, WFM, TS, RIG, DK, MKL, ANDE, CLR, TEG, AWK, UHAL, BKD, TPX, ATVI, TWTC, NLY,
Thursday:
Pre Market - MT, MFC, BCE, AES, GLP, CNQ, APA, EOG, HNT, CPN, AEE, VC, ROK, HII, WIN, COTY, ATK, LNT, WLK, FWLT, FLO, HSC, ENDP, WEN, SMG
After Hours - DIS, PCLN, ALJ, YRCW, NVDA, RNDY, CFN, GXP, WR, ATLS, GRPN, MNST, MTD, LGP, VVC, BIO, SF, XTEX, KRO, DAR
Friday:
Pre Market - COV, LGF, EGO

Large Cap Gainers
NEE (88.85 +4.84%): Beat quarterly EPS by $0.25 ($1.64 vs $1.39 estimate), revs rose 14.3% yoy to $4.39 bln vs $4.42 bln estimate; reaffirmed FY13 guidance for EPS in upper half of $4.70-5.00 vs $4.95 estimate
VRX (109.48 +3.56%): Beat quarterly EPS by $0.01 ($1.43 vs $1.42 estimate), revs rose 74.4% yoy to $1.54 bln vs $1.67 bln estimate; sees FY13 EPS of $6.11-6.16 (raised from $6.00-6.20) vs $6.14 estimate, revs of $5.7-5.9 bln vs $5.92 bln estimate
CAH (60.54 +3.2%): Continued strength following strong Q3 results; target raised to $65 from $56 at Mizuho; target raised to $66 from $64 at FBR Capital
Large Cap Losers
NSANY (18.45 -8.35%): Reported first half revs rose 14.7% yoy to JPY 5.2154 trillion, co cut profit forecast by 15.5% to 355 bln yen due to "costly recalls"
RBS (10.81 -8.23%): Reported Q3 EPS of GBP 0.04 vs GBP 0.05 estimate, revs of GBP 4.89 bln vs GBP 5.03 bln estimate
ABX (18.13 -6.5%): Announced offering of ~163.5 mln shares at $18.35 per share to raise $3 bln

Mid Cap Gainers

FSLR (59.4 +18.07%): Reported Q3 EPS of $2.28 ex items vs $1.10 estimate, revs rose 50.8% yoy to $1.26 bln vs $1.02 bln estimate; raised FY13 EPS guidance to $4.25-4.40 from $3.75-4.25 vs $3.84 estimate
TRMB (32.88 +15.24%): Beat quarterly EPS by $0.03 ($0.39 vs $0.36 estimate), revs rose 10.2% yoy to $556.5 mln vs $559.07 mln estimate; sees Q4 EPS of $0.35-0.39 vs $0.35 estimate, revs of $560-580 mln vs $564.37 mln estimate
NATI (32.28 +11.12%): Beat quarterly EPS by $0.03 ($0.19 vs $0.16 estimate), revs fell 0.3% yoy to $289.1 mln vs $279.27 mln estimate; sees Q4 EPS of $0.25-0.27 vs $0.27 estimate, revs of $291-321 mln vs $299.87 mln estimate

Mid Cap Losers

CVRR (21.21 -12.85%): Reported Q3 earnings of $0.58 (may not compare to $0.60 estimate), revs fell 18.3% yoy to $1.91 bln vs $1.64 bln single analyst estimate
IPGP (60.03 -9.42%): Missed quarterly EPS by $0.03 ($0.81 vs $0.84 estimate), revs rose 10.1% yoy to $172.7 mln estimate; sees Q4 EPS of $0.68-0.82 vs $0.80 estimate, revs of $155-170 mln vs $166.7 mln estimate
WCG (61.33 -8.02%): Beat quarterly EPS by $0.05 ($1.56 ex items vs $1.51 estimate), revs rose 37.5% yoy to $2.5 bln vs $2.37 bln estimate; lowers FY13 EPS guidance to $4.70-4.80 from $4.70-4.90 vs $4.91 estimate, sees FY13 premium revs of $9.35-9.40 bln

11:53AM ATMI confirms review of strategic alternatives (shares halted) (ATMI) 28.26 +0.92 : Co confirmed in response to media reports that it is exploring strategic alternatives for the co and has retained Barclays Capital as its financial advisor. There can be no assurance that the exploration of strategic alternatives will result in the consummation of any transaction. The co does not intend to comment further regarding this matter.

8:05AM IPG Photonics misses by $0.03, reports revs in-line; guides Q4 EPS in-line, revs in-line (IPGP) 66.27 : Reports Q3 (Sep) earnings of $0.81 per share, $0.03 worse than the Capital IQ Consensus Estimate of $0.84; revenues rose 10.1% year/year to $172.2 mln vs the $172.7 mln consensus. Co issues in-line guidance for Q4, sees EPS of $0.68-0.82 vs. $0.80 Capital IQ Consensus Estimate; sees Q4 revs of $155-170 mln vs. $166.7 mln Capital IQ Consensus Estimate.
"We saw particularly strong demand for high-power lasers within materials processing. Gross margins of 53.9% were within our target range. EPS was flat with the year ago quarter and reflects the peak of our current investment cycle expanding manufacturing capacity, R&D and sales and marketing, which we believe will drive future revenue and earnings growth."

7:02AM Canadian Solar announces 100MW module supply agreement with Three Gorges New Energy in China (CSIQ) 23.00 : Co announced that it has been awarded a module supply agreement to provide China Three Gorges New Energy with photovoltaic modules totaling 100MW for a solar power project located in Guazhou County, in the Gansu Province of China. Canadian Solar will supply its high efficiency 60 cell CS6P250P and CS6P-255P modules with power output of 250Wp and 255Wp for the project. Module delivery has already commenced and is expected to be completed in Dec 2013.

1:40AM Western Digital prices secondary offering of 10,869,566 shares of common stock by selling share holder Hitachi at $67.00 per share (WDC) 69.64 :

07:49 am First Solar shares rise 7% following beat on earnings
First Solar (FSLR $53.96 +3.65) reported third quarter earnings of $2.28 per share, excluding non-recurring items, which is higher than expected, while revenues rose 50.8% year/year to $1.26 billion which is higher than expected. The sequential increase in net sales is primarily attributable to higher systems business project revenues, which included initial revenue recognition of Desert Sunlight and the sale of the ABW projects in Canada. Compared to the third quarter of 2012, the increase in net sales was also attributable to the Desert Sunlight and ABW projects and higher sales volume to third-party module-only customers in the third quarter of 2013, partially offset by initial revenue recognition for Topaz, achieved in the third quarter of 2012. Excluding the impact of the asset impairment charge, Non-GAAP net income per fully diluted share was $2.28.

The sequential increase in Non-GAAP earnings is primarily attributable to the initial revenue recognition of Desert Sunlight, the sale of the ABW projects, and higher sales volumes to third-party module-only customers in the third quarter compared to the second quarter. The year over year increase in earnings was primarily due to higher systems business project revenue, higher manufacturing utilization and higher module sales to third-party customers in the third quarter of 2013 compared to the third quarter of 2012.The Company's Net Cash grew to approximately $1.3 billion, an increase of approximately $274 million from the second quarter of 2013. Cash flows from operations were $375 million in the third quarter, compared to $222 million for the second quarter of 2013. The company issued guidance for the fiscal year for 2013 with raised EPS to $4.25-4.50 from $3.75-4.25 which is above expectations.

The company lowered revenue expectations $3.4-3.6 billion compared to prior $3.6 to 3.8 billion which is below expectations. Gross Margin guidance was raised to 24-26% from 22-23%. Operating Expense remains at $390-410 million. Operating cash flow lowered to $700-900 million from $800-1000 million. CapEx lowered to $300-350 million from $350-400 million.