From Briefing.com: Weekly Recap - Week ending 03-Jan-14
Dow +28.64 at 16469.99, Nasdaq -11.16 at 4131.91, S&P -0.61 at 1831.37
The major averages wrapped up the week on a mixed note as the Dow Jones Industrial Average added 0.2% while the Nasdaq shed 0.3%. For its part, the S&P 500 ended flat.
Today's mixed finish was an appropriate reflection of a session that featured some mixed signals. On that note, seven of ten sectors ended in the red but market breadth remained positive throughout the trading day. In all likelihood, light volume played a part as some participants were kept away by the winter storm that has encompassed the Northeast. At the end of the day, only 533 million shares changed hands on the NYSE floor.
Stocks began the session on an upbeat note, but the Nasdaq was quick to slip from its early high. The index was pressured by its largest component, Apple (AAPL 540.98, -12.15), which lost 2.2%. Biotechnology also weighed on the Nasdaq as the iShares Nasdaq Biotechnology ETF (IBB 226.03, -1.06) shed 0.5%. The health care sector; however, outperformed with a gain of 0.2%.
The S&P 500 followed in the footsteps of the Nasdaq in the early afternoon, but the indices diverged once again during the final hour when the S&P 500 made an unsuccessful run at its opening high.
Seven sectors posted losses while financials (+0.6%), health care (+0.2%), and industrials (+0.3%) spent the entire session in the green.
Notably, the financial sector was underpinned by large banks as Bank of America (BAC 16.41, +0.31), Citigroup (C 53.40, +1.13), and JPMorgan Chase (JPM 58.66, +0.45) all gained between 0.8% and 2.2%.
Elsewhere, gains in the industrial sector were paced by airlines. Delta Air Lines (DAL 29.23, +1.53) and United Continental (UAL 39.95, +2.22) soared 5.5% and 5.9%, respectively, while the broader Dow Jones Transportation Average added 0.5%.
Switching gears, the commodity market saw a replay of Thursday as oil fell while gold rallied. Crude oil slid 1.6% to $93.96/bbl while gold futures advanced 1.1% to $1238.40/ozt.
Treasuries ended little changed with the 10-yr yield at 2.99%.
On Monday, November Factory Orders and the December ISM Services Index will both be reported at 10:00 ET.
Week in Review: Shaky Start to 2014
Monday's session did not generate much excitement as the S&P 500 ended flat after spending the entire trading day inside of a four-point range. Interestingly, while the S&P 500 was challenged by its flat line throughout the session, the Dow Jones Industrial Average held just above its unchanged level for the duration of the day. The price-weighted Dow saw 19 of its 30 components finish in the green, but shares of Disney (DIS 76.11, -0.16) stood out with a 2.5% gain. The noteworthy strength ensued after Guggenheim upgraded the stock to 'Buy' from 'Neutral.'
On Tuesday, the major averages wrapped up a memorable year with a forgettable final session. The S&P 500 added 0.4%, extending its 2013 price return to 29.6%. Given its banner year, it was appropriate for the index to end 2013 at a fresh all-time high of 1848.35. The Dow Jones Industrial Average soared 26.5% in 2013 and ended at a record high of its own. Although the Dow (+0.4%) and S&P 500 (+0.4%) saw comparable gains on Tuesday, the Nasdaq (+0.5%) fared a bit better. That was the theme throughout the year as the tech-heavy index rallied 38.3%.
Bond and equity markets were closed on Wednesday for New Year's Day.
On Thursday, the S&P 500 exhibited a bit of a hangover in its first session of 2014. The benchmark index fell 0.9% as all ten sectors registered losses. Stocks were pressured from the opening bell as cautious action in Europe weighed on the early sentiment. In all likelihood, the slide caught a number of participants off guard given the understanding that the first few days of a new year are known to have a favorable bias with inflows into IRA accounts, bonus money being put to work, and new money coming off the sidelines. That did not happen today as sellers maintained control throughout the trading day. Energy (-1.3%), industrials (-1.3%), and technology (-1.1%)-slipped behind the broader market at the open and their underperformance weighed for the remainder of the session.
Index Started Week Ended Week Change % Change YTD %
DJIA 16478.41 16469.99 -8.42 -0.1 25.7
Nasdaq 4156.59 4131.91 -24.68 -0.6 36.8
S&P 500 1841.40 1831.37 -10.03 -0.5 28.4
Russell 2000 1161.09 1156.05 -5.04 -0.4 36.1
This week's top 20 % gainers
Technology: NQ (15.95 +40.26%), YGE (6.61 +37.12%), CUDA (37.85 +30.47%), SOL (4.07 +22.36%), WUBA (36.71 +21.3%), CMGE (24.71 +19.83%), NMBL (42.96 +19.61%), SWIR (24.93 +17.39%)
Industrial Goods: MY (2.56 +28.43%), JKS (32.54 +16.06%)
Healthcare: ONVO (10.9 +31.28%), GALE (5.09 +27%), SGYP (5.64 +16.32%), INO (2.5 +16.19%)
Consumer Goods: KNDI (13.29 +70.5%), CROX (16.4 +24.36%)
Basic Materials: MCP (6.01 +30.77%), AMRS (4.63 +20.46%), ANV (3.93 +16.42%), RIOM (1.65 +16%)
This week's top 20 % losers
Utilities: EBR (2.52 -8.08%)
Technology: TXTR (30.98 -20.64%), OIBR (1.75 -9.64%), TKC (12.73 -8.66%), IQNT (11.46 -8.5%)
Services: MYGN (21.2 -10.17%), RUTH (13.62 -9.75%), LIOX (5.8 -8.73%)
Industrial Goods: GFA (3.07 -12.42%)
Healthcare: IDIX (6.27 -9.97%), DNDN (3.08 -9.25%), NLNK (22.02 -8.71%), ANIK (34.35 -8.14%)
Financial: NOAH (17.68 -11.42%), GGAL (9.99 -8.93%), LTS (3.07 -8.28%)
Consumer Goods: SHLO (17.49 -9.83%)
Basic Materials: YZC (8.18 -10.35%), PZE (5.46 -10.14%), TPLM (8.14 -10.08%)
4:09PM Closing Market Summary: Stocks End Down Week on Mixed Note (WRAPX) : The major averages wrapped up the week on a mixed note as the Dow Jones Industrial Average added 0.2% while the Nasdaq shed 0.3%. For its part, the S&P 500 ended flat.
Today's mixed finish was an appropriate reflection of a session that featured some mixed signals. On that note, seven of ten sectors ended in the red but market breadth remained positive throughout the trading day. In all likelihood, light volume played a part as some participants were kept away by the winter storm that has encompassed the Northeast. At the end of the day, only 533 million shares changed hands on the NYSE floor.
Stocks began the session on an upbeat note, but the Nasdaq was quick to slip from its early high. The index was pressured by its largest component, Apple (AAPL 540.98, -12.15), which lost 2.2%. Biotechnology also weighed on the Nasdaq as the iShares Nasdaq Biotechnology ETF (IBB 226.03, -1.06) shed 0.5%. The health care sector; however, outperformed with a gain of 0.2%.
The S&P 500 followed in the footsteps of the Nasdaq in the early afternoon, but the indices diverged once again during the final hour when the S&P 500 made an unsuccessful run at its opening high.
Seven sectors posted losses while financials (+0.6%), health care (+0.2%), and industrials (+0.3%) spent the entire session in the green.
Notably, the financial sector was underpinned by large banks as Bank of America (BAC 16.41, +0.31), Citigroup (C 53.40, +1.13), and JPMorgan Chase (JPM 58.66, +0.45) all gained between 0.8% and 2.2%.
Elsewhere, gains in the industrial sector were paced by airlines. Delta Air Lines (DAL 29.23, +1.53) and United Continental (UAL 39.95, +2.22) soared 5.5% and 5.9%, respectively, while the broader Dow Jones Transportation Average added 0.5%.
Switching gears, the commodity market saw a replay of Thursday as oil fell while gold rallied. Crude oil slid 1.6% to $93.96/bbl while gold futures advanced 1.1% to $1238.40/ozt.
Treasuries ended little changed with the 10-yr yield at 2.99%.
On Monday, November Factory Orders and the December ISM Services Index will both be reported at 10:00 ET.
Russell 2000 -0.6% YTD
DJIA -0.6% YTD
S&P 500 -0.9% YTD
Nasdaq -1.1% YTD
Week in Review: Shaky Start to 2014
Monday's session did not generate much excitement as the S&P 500 ended flat after spending the entire trading day inside of a four-point range. Interestingly, while the S&P 500 was challenged by its flat line throughout the session, the Dow Jones Industrial Average held just above its unchanged level for the duration of the day. The price-weighted Dow saw 19 of its 30 components finish in the green, but shares of Disney (DIS 76.11, -0.16) stood out with a 2.5% gain. The noteworthy strength ensued after Guggenheim upgraded the stock to 'Buy' from 'Neutral.'
On Tuesday, the major averages wrapped up a memorable year with a forgettable final session. The S&P 500 added 0.4%, extending its 2013 price return to 29.6%. Given its banner year, it was appropriate for the index to end 2013 at a fresh all-time high of 1848.35. The Dow Jones Industrial Average soared 26.5% in 2013 and ended at a record high of its own. Although the Dow (+0.4%) and S&P 500 (+0.4%) saw comparable gains on Tuesday, the Nasdaq (+0.5%) fared a bit better. That was the theme throughout the year as the tech-heavy index rallied 38.3%.
Bond and equity markets were closed on Wednesday for New Year's Day.
On Thursday, the S&P 500 exhibited a bit of a hangover in its first session of 2014. The benchmark index fell 0.9% as all ten sectors registered losses. Stocks were pressured from the opening bell as cautious action in Europe weighed on the early sentiment. In all likelihood, the slide caught a number of participants off guard given the understanding that the first few days of a new year are known to have a favorable bias with inflows into IRA accounts, bonus money being put to work, and new money coming off the sidelines. That did not happen today as sellers maintained control throughout the trading day. Energy (-1.3%), industrials (-1.3%), and technology (-1.1%)-slipped behind the broader market at the open and their underperformance weighed for the remainder of the session.
3:55PM Events and conferences of interest for next week : Events and conferences of interest for next week, Jan 6th-10th, are listed below. For a complete list of next week's events, please see the events calendar.
Monday
JP Morgan Tech Forum at CES 2014
Scheduled to appear: ADI, ARMH, AVGO, CY, HPQ, INTC, NVDA, ONNN, MRVL, TXN, XLNX, MSFT
Citi 2014 Internet, Media and Telecommunications Conference
Scheduled to appear: S, VZ, P, T, CCOI, MDCA, HSNI, DLR, MDP, ADT, INAP, CMCSA, CTL, USM, TDS, CVC, ELNK, TIVO, INXN, TRLA, WIN, TMUS, SIRI, DTV, TWER, EGHT, ASCMA
Janet Yellen Confirmation Hearing
Tuesday
International CES 2014
Scheduled to appear: TIVO, SPB, PLT, SI, SATS, CEVA, VC, ACTS, MVIS, SIMG, QUIK, PXLW, IDTI, CDNS, IRF, OPLK, TXN, AMBA, ASTI, DLPH, COBR, ARMH, MRVL, SYNA, INVN, IKAN, UEIC, ARRS, SNCR, QCOM, INTC, INTC, NXPI, INTC
Goldman Sachs Global Energy Conference 2014
Scheduled to appear: MPC, OII, ALDW, ALJ, ESV, FTI, CXO, KOG, ERA, FST, CHK, CA:VET, CNQ, SWN
Connections Summit
Scheduled to appear: SPRT
Wednesday
China Trade Data (out overnight)
Eurozone Retail Sales (out overnight)
FOMC Minutes at 14:00
Thursday
Boe Rate Decision at 7:00
ECB Rate Decision at 7:45 followed by Mario Draghi Press Conference at 8:30
Credit Suisse Asia Technology and Taiwan Corporate Days
Scheduled to appear: SMI
Friday
China New Loan Data (out overnight)
UK Industrial Production (out overnight)
3:32PM Earnings Preview for the week of January 6 - 10 (SUMRX) : Of the companies reporting earnings for the week of January 6 - 10 some of the bigger names include:
Monday:
Pre Market - CVGW
After Hours - SHLM, SONC
Tuesday:
Pre Market - CMC, IHS
After Hours - MU, APOL, TISI, TCS
Wednesday:
Pre Market - MON, STZ, RPM, MSM, SCHN, GBX, UNF, AZZ
After Hours - BBRY, GPN, HELE, RT, VOXX, TXI, MG, WDFC
Thursday:
Pre Market - SVU, FDO, AYI
After Hours - AXP, AA, SNX, PSMT, PRGS, ANGO, EOPN
Friday:
Pre Market - INFY
12:28PM BlackBerry files lawsuit against Typo Products; charges Typo has infringed its Keyboard Patents (BBRY) 7.53 -0.12 :
Co announced that it has filed a lawsuit against Typo Products. Typo announced the Typo Keyboard would be available for pre-order this month. The complaint against Typo alleges patent infringement and that Typo has copied BlackBerry's keyboard with its AAPL iPhone keyboard case designed to slip on to iPhone devices.
The Typo Keyboard violates BlackBerry's intellectual property rights, and BlackBerry will protect those rights from blatant copying and infringement. This lawsuit has been filed in the Northern District of California.
Large Cap Gainers
TSU (27.19 +7.34%): Telefonica (TEF) considering joint offer to take over TSU and breakup the local wireless unit of Telecom Italia (TI) also known as TIM Brasil
DAL (28.88 +4.24%): Reported December consolidated passenger unit revenue (PRASM) rose 10.0% year/year driven by continuing strong demand and benefits from the timing of the Thanksgiving holiday
INFY (56.9 +2.46%): Upgraded to Overweight from Neutral at HSBC Securities
Large Cap Losers
S (9.95 -4.28%): Downgraded to Sell from Hold at Stifel on valuation and skepticism of M&A prospects
TMUS (32.33 -3.11%): AT&T (T) confirmed it will offer T-mobile customers up to $450 per line to switch to AT&T service
GM (39.72 -2.99%): Reported December sales declined 6.3% year/year
Mid Cap Gainers
QUNR (29.55 +9.28%): Reported it achieved a single-day record for air ticket bookings, with more than 60k over the New Year holiday
RAD (5.43 +7.74%): December same store sales increased 2.9% year/year, ahead of estimates
FNSR (23.9 +2.75%): Upgraded to Strong Buy from Outperform at Raymond James
Mid Cap Losers
IOC (45.95 -6.22%): Weakness in select oil and gas refining and marketing companies: DK, FANG also lower
HLF (75.89 -4.93%): Federal Trade Commission announced a new initiative against "deceptive claims made by national marketers of fad weight loss products"; GNC, NUS also lower
UFS (90.99 -2.99%): Downgraded to Underperform from Buy at BofA/Merrill
Pixelworks (PXLW) announced that its PA168 MotionEngine video display processor has been selected to power Skyworth's Ultra HD 4Kx2K Dual Core Android 3D Smart TVs.
STMicroelectronics (STM) announced the industry's most complete hardware and software platform for the digital multimedia home. The complete product offering includes all the ingredients required for the US cable market from high-speed broadband access to Ultra HD multi-screen video processing and seamless home connectivity over wired and wireless networks.
Corning (GLW) announced the manufacturing readiness of a novel 3D glass-forming technology to shape Corning Gorilla Glass. Corning is targeting commercialization of finished 3D-shaped Gorilla Glass parts in 2014 and is working with G-Tech Optoelectronics to establish a vertically integrated operation in Taiwan.
Marvell (MRVL) announced that China Mobile (CHL) launched its self-branded 4G LTE mobile hotspot powered by Marvell's ARMADA Mobile PXA1802 multimode 4G LTE platform
FNSR +2.8% (upgraded to Strong Buy from Outperform at Raymond James)
SWIR -2.1% (downgraded to Equal Weight from Overweight at boutique firm), MU -1.7% (downgraded to Sector Perform at RBC Capital Mkts; tgt $19 )
7:05AM Tessera Tech announces appointment of Robert J. Andersen as the co's executive vice president and CFO effective as of Jan. 2, 2014 (TSRA) 19.73 : John Allen, who had served as the Company's acting CFO since June 2013, returned to his prior position as the Company's senior vice president and corporate controller. Andersen most recently served from June 2011 to July 2013 as the CFO and executive vice president of G2 Holdings d/b/a Components Direct, a privately held provider of cloud-based product life cycle solutions, which was acquired by Avnet (AVT) in April 2013.
FireEye (FEYE) announced that it has acquired privately-held Mandiant, which is a provider of advanced endpoint security products and security incident response management products. The acquisition was approved by the shareholders of Mandiant and the boards of directors of both companies. Under the terms of the merger agreement, FireEye will issue an aggregate of 21.5 million shares and options to purchase shares of FireEye stock and pay approximately $106.5 million of net cash in the transaction to the former Mandiant security holders. In addition, FireEye granted certain performance-based retention equity incentives. The company issued guidance for the fourth quarter with revenues of $55 to $57 million which is above expectations, compared with previous guidance of $52 to $54 million. Total fourth quarter billings are expected to be in the range of $95 to $100 million, compared with previous guidance of $82 to $86 million. The company issued guidance for fiscal year 2014 with revenues of $400 to $410 million compared with the previous expected range of $240 to $250 million. Total billings for 2014 are now expected to be within the range of $540 to $560 million, compared with the previous expected range of $350 to $370 million. The company expects to release final fourth quarter and full year 2013 results after the market close on February 11, 2014.
Leidos (LDOS) awarded a prime contract by the California Army and Air National Guard to provide architectural and engineering services for planning and facilities. The multiple-award indefinite-delivery/indefinite quantity contract has a one-year base period of performance, four one-year options, and a total contract value of $80 million for all awardees, if all options are exercised. Work will be performed primarily in California.
Synaptics (SYNA) announced, as required by the notice provisions of the Indenture related to its 0.75% Convertible Senior Subordinated Notes due 2024, that the Notes are convertible during the first calendar quarter of 2014. As of December 31, 2013, the sale price of Synaptics' common stock exceeded the conversion trigger price per share as set forth in the Indenture for at least 20 trading days in a period of 30 consecutive trading days ending on the last trading day of such calendar quarter. Based on this condition, the Indenture provides that the Notes are convertible during the subsequent calendar quarter, which commences on January 1, 2014.
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