From Briefing.com: 4:30 pm : An improved tone abroad brought buyers back into the fold today. Support was unwavering.
News that a German court rejected a lawsuit to prevent Germany from participating in European Union bailouts helped several of Europe's bourses rally between 3% and 4% after they had suffered a series of steep losses that left them deep in bear market territory. The notion that Germany, Europe's most robust and diverse economy, is still at the lending table also triggered support for the euro, which worked its way to $1.410 for a 0.7% gain against the greenback.
Renewed confidence in Europe compelled domestic participants to switch on the risk trade after they had sent the stock market lower in three straight sessions for a cumulative loss of more than 4%. The S&P 500 bounced back by staging a steady advance to settle at its session high with a gain of almost 3%. Small-caps and mid-caps staged more stronger performances.
Financials collectively spiked almost 5%. They were the best performing sector this session, but only after they had underperformed in each of the past three trading days, during which time the sector surrendered about 8% of its market value.
Bank of America (BAC 7.48, +0.49) was a top performer in the sector after it announced plans to streamline its management and create a co-chief operating officer role.
Yahoo! (YHOO 13.61, +0.70) also announced changes to its management. The company's CFO will take over the role of CEO. That announcement, along with broad market support, made YHOO one of the better performing names of the day.
Fellow Nasdaq component NVIDIA (NVDA 14.25, +1.07) staged an even more impressive move. The stock's move toward its monthly high came in the wake of a pleasing revenue forecast for fiscal 2013.
Advancing Sectors: Financials +4.8%, Energy +3.7%, Industrials +3.1%, Tech +2.7%, Materials +2.7%, Consumer Discretionary +2.6%, Health Care +2.4%, Consumer Staples +1.6%, Telecom +1.2%, Utilities +1.0%
Declining Sectors: (None)DJ30 +275.56 NASDAQ +75.11 NQ100 +2.6% R2K +4.2% SP400 +3.8% SP500 +33.38 NASDAQ Adv/Vol/Dec 2207/1.78 bln/391 NYSE Adv/Vol/Dec 2738/954 mln/315
4:31PM Rambus' Cryptography Research announces Trident Microsystems (TRID) selects Cryptography Research for Pay TV Security (RMBS) 11.36 +0.42 : Cryptography Research announced that Trident Microsystems (TRID) has integrated CRI's CryptoFirewall security technology into Trident's new TSC100 family of STB System on Chip (SoCs). The advanced security measures provide a hardware foundation for conditional access and rights management systems in set top boxes using the Trident TSC100 family of STB SoCs.
7:31AM Integrated Device: Qualcomm (QCOM) to acquire HQV and FRC video processing assets from IDTI; terms not disclosed (IDTI) 5.40 : Integrated Device Technology (IDTI) and Qualcomm (QCOM) announce the signing of a definitive agreement to transfer the design team of IDT's Hollywood Quality Video and Frame Rate Conversion Video Processing product lines and certain related assets to Qualcomm. In addition, under the terms of the agreement, both companies will explore opportunities to include IDT's broad portfolio of mixed-signal products into Qualcomm reference designs. The all-cash transaction has received appropriate corporate approvals and is anticipated to close in the coming weeks. Financial details ere not disclosed.
Mattson Technology (MTSN) announced that it has received multiple follow-on orders for its SUPREMA photoresist strip systems from major customers fabs in Asia, Europe and the US.
Yingli Green Energy Holding (YGE) and Amtech Systems (ASYS) announced the achievements of a three-party research collaboration on the N-type Metal Wrap Through PV cell and module technology. This joint project was an extension of Project PANDA, which was kicked off in 2009. As of the date of this press release, a cell efficiency of 19.7% and a module efficiency of 17.6% have been achieved in the laboratory.
Seagate (STX) announced it is shipping a new 4TB GoFlex Desk external hard drive.
09:15 am Sunpower upgraded to Buy at Wunderlich; tgt $16: . Wunderlich upgrades SPWRA to Buy from Hold and sets target price at $16. Firm notes shares are down nearly 50% from their 52-week high and at somewhat less than the tender offer from Total SA, which was completed in June. At current levels, firm thinks investors should be willing to look through 2011 into 2012, which they believe will be a better year for the solar industry in total and SunPower in particular. Additionally, they note co is down just 2.7% year to date, so it doesn't make a good tax loss generator, with many other stocks being more efficient. Their price target of $16 is a straight DCF, which, coincidently, is about level with book value.
11:00 am Technology Sector Trading Higher Today Ahead of Broader Market (YHOO)
The tech sector is trading higher today, inline with gains the broader market. Semiconductors are showing relative strength in the tech space with the Philly Semi Index trading 3.1% lower. Among chips in the index, NXPI (+8.8%) is a notable leader. Among other major indices, the S&P 500 is trading 1.6% higher, while the NASDAQ is trading 1.7% higher. The QQQ, meanwhile, is trading 1.3% higher. Among tech bellwethers, ORCL (+2.0%) is an outperformer after lagging yesterday.
In earnings last night, PAY (+3.4%) posted a beat and guided higher. Elsewhere, ALTR (-0.2%) revised guidance lower, NVDA (+6.7%) guided higher.
In news, YHOO (+3.2%) appointed Timothy Morse interim Chief Executive Officer, effective immediately, replacing Carol Bartz, who has been removed by the Board from her role as CEO. Also, SAP (+2.5%) announced it will acquire 3-D visualization software maker Right Hemisphere and there are reports of a GOOG (+1.4%) China license renewal.
In rumors, we are hearing YHOO (+3.2%) takeover chatter. Also, there is IBM (+0.9%) for STEC (+3.8%) and, separately, CSCO (+1.3%) for APKT (+4.9%) takeover chatter making the rounds.
Among notable analyst upgrades this morning, SAPE (+4.2%) was upgraded to Outperform at BMO Capital, Dougherty upgraded SSYS (+13.9%) to Buy, and TXN (+3.0%) was upgraded to Average at Caris. In downgrades, Wunderlich downgraded VDSI (-9.2%) to Hold.
There are no notable names in tech set to report results today after the close. |
