From Briefing.com: 4:10 pm : Stocks ended the day mixed as the Dow advanced 0.6% and the Nasdaq fell 0.8%. The broad-based S&P 500 finished little changed with a loss of 0.1%. Equities opened on session highs following the strong retail sales data, but fell to their lows shortly after the business inventories and NAHB Housing Market Index data. The major indices then climb higher over the remainder of the session which forced the mixed close. European fears were back on the minds of traders as Spanish CDS hit a record high and the Spanish 10-yr yield rose to 6.111%.
Shares of Citigroup (C 34.04, +0.63) rallied 1.9% despite the company missing on both the top and bottom lines. The banking giant announced earnings per share of $0.95 on revenues of $19.41 billion as both numbers missed their consensus estimates by fairly wide margins. The Capital IQ Consensus estimate was calling for earnings of $1.00 per share on revenues of $19.94 billion. Credit Value Adjustment/Debt Valuation Adjustment was a negative $1.3 billion during the first quarter, resulting from the tightening of the company’s spreads, compared to -$256 million in the prior year.
European financials erased cut early losses despite the Spanish jitters. Banco Santander (STD 6.43, +0.03), Barclays (BCS 13.56, -0.04), and Deutsche Bank (DB 44.40, +0.10) closed mixed during U.S. trade.
Shares of homebuilders ended higher following this morning’s disappointing NAHB Housing Market Index number with the SPDR S&P Homebuilders ETF (XHB 20.80, +0.07) up 0.3%.
Endocyte (ECYT 7.62, +3.82) gained 100.5% after Merck (MRK 37.95, +0.17) announced it purchased the rights to Vintafolide, the company’s experimental cancer drug for as much as $1 billion. The drug is currently being evaluated in a Phase III clinical trial for platinum-resistant ovarian cancer and a phase II trial for non-small cell lung cancer.
Mobile phone ringtone maker Vringo (VRNG 3.97, +0.93) rose 30.6% following a disclosure filed by Mark Cuban which indicates he owns a 7.4% stake in the company.
Technology giants Apple (AAPL 580.13, -25.10) and Google (GOOG 606.07, -18.53) saw under notable selling pressure with both Nasdaq heavyweights losing in excess of 3.0%.
YPF Sociedad Anonima (YPF 19.50, -2.45) was under heavy selling pressure on reports the Argentine government will attempt to take a stake of as much as 50.01% in the company. The government says the takeover would be in “public interest.” There had been reports circulating early in 2012 suggesting a move like this may occur at some point in the future.
The dollar index finished lower near 79.55 after pushing above the 80.00 level in early trade. Driving the dollar weakness was strength in the euro (+0.5%) and the yen (+0.6%). Treasuries ended with small gains as light buying in the 10-yr dropped its yield 2.4 basis points to 1.974%.
Tomorrow morning, results from the following big names are scheduled to be released: Coca-Cola Co. (KO 72.44, +0.50), Goldman Sachs Group Inc. (GS 117.73, +2.64), Johnson & Johnson (JNJ 63.98, +0.44), Omnicom Group (OMC 49.19, +0.46), Northern Trust (NTRS 46.16, +0.46), State Street (STT 43.68, +0.49), TD Ameritrade (AMTD 18.78, -0.08) and U.S. Bancorp (USB 31.16, +0.26).
Tuesday will see housing starts and building permits at 8:30 am ET, as well as industrial production and capacity utilization at 9:15 am ET. DJ30 +71.82 NASDAQ -22.93 SP500 -0.69 NASDAQ Adv/Vol/Dec 1320/1.53 bln/1184 NYSE Adv/Vol/Dec 1728/735.6 mln/1305
4:15PM ON Semiconductor announces retirement of its zero coupon convertible senior subordinated notes due 2024 (ONNN) 8.29 -0.19 : Co announced the retirement of $96.2 mlnin aggregate principal amount of its remaining outstanding Zero Coupon Convertible Senior Subordinated Notes due 2024, Series B.
8:34AM Emcore awarded solar panel manufacturing contract by Ball Aerospace & Technologies (BLL) (EMKR) 42.28 : Co announced that it has been awarded a contract by Ball Aerospace & Technologies Corporation (BATC) to design, manufacture, test and deliver solar panels for a new spacecraft. The period of performance for this program is about 2 years, with a total contract value of nearly $6 million.
TriQuint Semiconductor (TQNT) has signed a Cooperative Research and Development Agreement with the U.S. Army Research Laboratory to explore and fabricate new high-frequency and mixed signal integrated circuits based on TriQuint gallium nitride technology.
7:39AM Nokia comments on Moody's dowgrade of credit rating: financial position remains 'strong', with gross cash balances of EUR 9.8 bln and a net cash position of EUR 4.9 bln (NOK) 4.02 : Co notes today's announcement from Moody's, reaffirming its investment grade credit rating. Earlier today Moody's downgraded Nokia's long-term credit rating to Baa3 and maintained the negative outlook on the rating. Moody's stated that its investment grade rating is backed by Nokia's strong liquidity position and capital structure. Co stated in a press release, "Nokia's financial position remains strong. As of March 31 2012, Nokia had gross cash balances of EUR 9.8 bln, and a net cash position of EUR 4.9 bln. Cash conservation remains a priority for Nokia in the current transition. We are making progress with our previously announced targets to reduce non-IFRS operating expenses by more than EUR 1 billion in Devices & Services, and to reduce non-IFRS operating expenses and production overheads by EUR 1 billion in Nokia Siemens Networks."
Micrel (MCRL) has received a 98% performance rating in a report covering the fourth quarter of 2011 for the services and materials supplied to a leading global MEMS designer and manufacturer.
ARM (ARMH) announced the availability of a significantly expanded lineup of ARM Processor Optimization Pack solutions for TSMC (TSM) 40nm and 28nm process technologies targeting a range of ARM Cortex processors.
RF Monolithics (RFMI $1.72 +0.00) announced that Murata Electronics North America, its full subsidiary has signed a definitive agreement to acquire RF Monolithics in an all cash transaction. Targeted to close in the third calendar quarter of 2012, the deal will pay the holders of RFM common shares $1.78 per share.
Chipmos Technology (IMOS $14.27 -0.14) issued downside guidance for the first quarter with revenues of $148.6 million versus the $152.70 million consensus.
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