From Briefing.com: 4:30 pm : The stock market fell to June lows by logging its worst single-session percentage loss in one month. Most of the losses were registered in the first leg of trading, leaving stocks to spend the rest of the session moving sideways.
Sellers pushed against stocks in concerted fashion. In turn, 95% of the companies in the S&P 500 finished with a loss.
The selling effort was most intense against materials stocks, which dropped 3.5%. Commodities and basic materials stocks were pressured by an increase in the U.S. dollar, which came after a Russian official made supportive comments regarding the dollar's role as a reserve currency.
With the Dollar Index jumping 1.2% gold and silver fell to monthly lows. Gold dropped 1.4% to $927.30 per ounce, while silver shed 5.7% to settle at $14.03 per ounce in pit trading. Steel stocks sank 4.8% and diversified metals and mining stocks dropped 5.8%.
Industrial stocks also saw steep losses. The sector dropped 3.1%. 3M (MMM 59.31, -1.69) was a primary laggard and also weighed on the Dow. Microsoft (MSFT 23.42, +0.09) and American Express (AXP 25.23, +0.07) were the only two components in the blue chip index to log gains. The advance by American Express came after the company posted some better-than-expected monthly metrics.
Health care facilities stocks (+3.6%) and health care tech stocks (+1.9%) were able to garner some of the little support that was left in the market. Their advance came as health care suppliers (-2.7%) and health care equipment stocks (-2.9%) sank amid reports that President Obama is looking to cut $313 billion in new health costs.
Amid the steep and broad-based losses seen among stocks, Treasuries were able to find support, which continues to pull back Treasury yields from 2009 highs. The benchmark Note was recently quoted 18 ticks higher, which resulted in a yield of 3.72%.
Net long-term Treasury international capital (TIC) flows for April totaled $11.2 billion, which is far less than the $57.5 billion that was expected, and down from the $55.4 billion tally for March.
Overseas markets also showed weakness Monday as the major indices throughout Europe and Asia logged sizable losses following a weekend meeting of eight global economic powers, from which officials are looking at ways to unwind recent fiscal stimuli. U.S. Treasury Secretary Geithner stated that it is too early to withdraw stimulus, though.DJ30 -187.13 NASDAQ -42.42 SP500 -22.49 NASDAQ Adv/Vol/Dec 552/2.19 bln/2127 NYSE Adv/Vol/Dec 457/1.15 bln/2595
5:15PM Veeco Instruments announces Chief Financial Officer to retire (VECO) 7.96 +0.11 :
4:16PM Integrated Device: Tundra Semiconductor Corporation approved the previously announced arrangement for Integrated Device Technology to acquire all of the issued and outstanding shares of Tundra (IDTI) 6.26 -0.22 :
9:35AM Photronics enters new credit facility and repays foreign loan (PLAB) 3.86 -0.03 : Co announces it has entered into a new credit facility in the amount of $27.2 mln with its current lenders. Under the terms of the new credit facility, Photronics has repaid a foreign loan of an equal amount and aligned the maturity date of the new loan to its existing revolving credit line. In addition, $9.1 mln of the new credit facility will be due for repayment by January 31, 2010 and the remaining balance will be due by January 31, 2011
8:31AM O2Micro issues upside guidance for Q2 (Jun), sees Q2 revs of $34 mln vs. $28.48 mln First Call consensus (OIIM) : Co said that the strength in the second quarter of 2009 was attributable to resilient demand in the LCD TV market, the continued ramp of new products, and growth in the Chinese market, in addition to other contributors. Co stated, "We are seeing follow through from many of the same factors that contributed to our upside surprise in the first quarter. These factors are validating our long-term investments in China and new products, as well as helping us to overcome challenging business conditions."
Broadcom (BRCM) announced that its integrated BCM3549 digital TV system-on-a-chip solution has been selected by LG Electronics for its new 'Broadband HDTVs'...
7:05AM Tessera Tech: ITC extends initial determination in Tessera DRAM ITC action (TSRA) 25.79 : Co announces that the Administrative Law Judge in the U.S. International Trade Commission (action brought by Tessera against certain DRAM manufacturers has extended the deadline for issuing the Initial Determination in the action from July 17, 2009 to Aug. 28, 2009, due to his request for certain supplemental briefings from the parties involved in the DRAM ITC Action. The requested supplemental briefing will address only the effect, if any, of the ITC's Final Determination finding infringement of Tessera's patents in Investigation No. 337-TA-605 (Wireless ITC action) on the infringement analysis in the DRAM ITC Action. The date for issuance of the Final Determination in the DRAM ITC Action has been extended from Nov. 17, 2009 to Dec. 29, 2009. |
