From Briefing.com: 4:20 pm : In similar fashion to yesterday's session, the major averages finished mixed, with the underperforming Nasdaq again attracting the bulk of buying interest amid another rotation into more growth-oriented names.
For a second straight session, the S&P 500 eclipsed its all-time closing high of 1527.46 intraday, but it again failed to sustain its momentum to finish there.
With the S&P 500 closing at new seven-year highs a day earlier, coupled with several indices near record levels, it wasn't surprising to see the market looking tired Tuesday. After all, there was little in the way of market-moving news for the bulls to keep buying efforts intact.
On a positive note, investors sifted through some more deal making. Kirk Kerkorian's Tracinda Corp. disclosed it wants to buy MGM Mirage's (MGM 79.98 +17.03) Bellagio and CityCenter properties. However, that news did little to help anything other than casino stocks.
Another day with nothing scheduled on the economic calendar also left investors struggling to find catalysts to keep a bid in equities. Treasury Secretary Paulson said the housing slump is "largely contained" and that its correction is mostly "behind us." However, Richmond Fed President Lacker said in a CNBC interview that it's not clear that housing demand "has hit bottom" and that the "inventory overhang" will continue to be a "drag."
As evidenced by the Nasdaq's outperformance, Technology turned in the day's best performance; but it was among only three sectors in positive territory and it only closed up 0.2%. Energy was the day's biggest laggard as a downturn in oil prices prompted some widespread profit taking in the best performing sector of late.
At their lows, oil prices erased Monday's entire 2.1% advance, in sympathy with a nearly 4% sell-off in gas futures, before eventually settling down 2.0% just below $65/bbl. Crude for July delivery, which is now the front-month contract following the expiration of the June contract, fell 2.0% to $65.51/bbl. Nonetheless, falling crude futures seem to do little investors psyche if prices at the pump remain at record levels. BTK +0.6% DJ30 -2.93 DJTA -0.1% DJUA -0.4% NASDAQ +9.23 NQ100 +0.3% R2K +0.7% SOX +0.4% SP400 +0.2% SP500 -0.98 XOI -0.6% NASDAQ Dec/Adv/Vol 1137/1923/1.97 bln NYSE Dec/Adv/Vol 1497/1761/1.38 bln
4:46PM Advanced Analogic Tech announced ITC judge rules in favor of AnalogicTech in patent infringement case (AATI) 8.01 +0.01 : Co announced that it has prevailed in a case before the United States International Trade Commission (ITC) that was initiated by Linear Technology (LLTC). On May 22, 2007, Administrative Law Judge Sidney Harris of the ITC issued his Initial Determination, finding all asserted claims of LLTC's U.S. Patent Nos. 6,411,531 and 6,580,258 were either non-infringed or invalid. Based on this finding, Judge Harris ruled that none of AATI's charge pump or switching regulator products should be subject to an exclusion order under Section 337 of the Tariff Act.
4:03PM HEI Inc. reappoints Mark Thomas CEO/CFO and elected to Board of Directors (HEII) 1.25 -0.15 : Co announces that the Board of Directors has reappointed Mark Thomas as the Company's Chief Executive Officer and Chief Financial Officer. The reappointment is effective immediately.Thomas was also elected by the Board as a Class I Board member to fill a vacancy in the Board of Directors. The Company previously reported that Thomas would resign as the Company's Chief Executive Officer and Chief Financial Officer effective May 31, 2007.
3:59PM Market View: Mixed performance as leadership rotates (TECHX) : While the large cap Dow and S&P 500 traded in a choppy range throughout to form inside days, (well almost, Dow did inch less than 1 point above yesterday's high before pausing-- Dow down 2 in a row for first time since March 28), the small-Cap Russell 2000 and Nasdaq Comp posted modest gains to set a new all time/multi-year, respectively. Overall the session lacked a driver (data/catalyst) to propel the market higher in the wake of the recent upside extension with the one clear dynamic being the continued rotation of the previous two sessions into the small-cap and Nasdaq indices. Sector strength has been noted in Casino +5.3%, Home Construction +3.6%, Airline +2.7%, REITs +1.2% and Disk Drive +1.1%. Groups on the defensive have been led by Gold/Silver -1.7%, Oil Service HOLDRs -1.7%, Steel -1.6%, Commodity Index -1%, Railroad -1%, Coal -1%.
3:18PM Qualcomm responds to inaccurate report of settlement with Broadcom (QCOM) 46.09 -0.05 : Co stated that "a report issued today regarding a settlement agreement between QUALCOMM and Broadcom (BRCM) is untrue."
9:01AM Bell Micro completes investigation of historical stock option practices; obtains reporting date extensions and waivers on credit facilities (BELM) 6.48 : Co announces announces the special committee has completed its independent investigation and has reached a conclusion that available evidence does not adequately support the co's use of some stock option grant dates, for financial accounting purposes. As a result, different measurement dates should be used to compute compensation expense for the affected grants than those that were actually used in preparing the co's financial statements. However, the co notes that: 1) The special committee did not conclude that there was intentional misconduct or fraud associated with granting and processing of stock options during the review period (Jan 1, 1996 - Dec 31, 2006); 2) The Board of Directors of Bell Microproducts, including the members of the special committee, reiterated its commitment to and support for the co's current mgmt. The special committee findings are currently being reviewed by the co, and are subject to review by the co's independent auditor. The co has not determined the amount of noncash charges for compensation expense and related cash and non-cash tax adjustments that will be recorded. Bell Microproducts has received waivers until Sept 30, 2007 under the co's credit agreements with Wachovia Capital Finance Corporation, Wachovia Bank, National Association and the Teachers' Retirement Systems of Alabama, with respect to the delivery of certain quarterly information and documentation to its lenders.
8:48AM Intel confirms new independent semiconductor co with STMicroelectronics and Francisco Partners (INTC) 22.63 :
8:42AM STMicroelectronics: Intel, STMicroelectronics and Francisco Partners establish a 'new leader' in flash memory (STM) 19.88 : STMicroelectronics (STM), Intel (INTC) and Francisco Partners announce they have entered into a definitive agreement to create a new independent semiconductor co from the key assets of businesses which last year generated approximately $3.6 bln in combined annual rev. The new co's strategic focus will be on supplying flash memory solutions for a variety of consumer and industrial devices, including cellular phones, MP3 players, digital cameras, computers and other high-tech equipment. Under the terms of the agreement, STM will sell its flash memory assets, including its NAND joint venture interest and other NOR resources, to the new co while INTC will sell its N.O.R assets and resources. In exchange, INTC will receive a 45.1% equity ownership stake and a $432 mln cash payment at close. STM will receive a 48.6% equity ownership stake and a $468 mln cash payment at close.
8:00AM ASM Intl NV: Chuck del Prado appointed new Chief Executive Officer of ASM International N.V. effective March 1, 2008 (ASMI) 25.78 : The Boards of ASM Intl announced today that Chuck del Prado has been appointed CEO of ASM Intl, effective March 1, 2008. He will succeed Arthur del Prado, who has served as ASM Intl's CEO since he founded the co in 1968. Following his retirement, Arthur del Prado will continue to serve as senior advisor to ASMI on strategy and industry issues.
3:17AM Cisco announces agreement to acquire BroadWare Technologies (CSCO) 26.40 : Co announces a definitive agreement to acquire privately-held BroadWare Technologies, a provider of IP-based video surveillance software. BroadWare's software enables web-based monitoring, management, recording and storage of audio and video that can be accessed anywhere by authorized users. The terms of the deal weren't disclosed.
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