From Briefing.com: 4:30 pm : Despite choppy trade, stocks scored strong gains today. The effort made for the market's first back-to-back advance of the month.
Caution related to precarious fiscal and financial conditions in Europe initially kept stocks in check this morning, but before long bank stocks and other financial issues began to bounce, providing an impetus for the broad market to make its way higher. Although the move encountered challenges from sellers, stocks showed resilience by staging a gradual climb to close near session highs. Stocks were helped by headlines that suggested BRIC countries are in talks to purchase eurozone debt.
For the second straight session the Nasdaq outperformed its counterparts. Its strength came as semiconductor stocks extended their prior session climb, taking the Philadelphia Semiconductor Index 2% higher to its best level in one month.
Industrial stocks were the best performers in the broad market. As a group, they climbed 1.9%. Energy stocks and consumer staples stocks lagged all session. The two sectors settled with gains of 0.3% and 0.2%, respectively. Best Buy (BBY 23.35, -1.61) was one of the poorest individual names following disappointing quarterly earnings results, which caused many analysts to reconsider the retailer's business structure. DJ30 +44.73 NASDAQ +37.06 NQ100 1.3% R2K 1.8% SP400 1.5% SP500 +10.60 NASDAQ Adv/Vol/Dec 1932/1.93 bln/609 NYSE Adv/Vol/Dec 2337/1.07 bln/687
4:30PM Ultratech achieves ISO 9001 and 14001 certification for singapore operations and recertification for U.S. facility (UTEK) 19.28 +0.48 :
4:01PM Dell Authorizes additional $5 bln for stock repurchase; an addition to the $2.16 bln remaining from prior authorizations (DELL) 14.90 +0.71 :
1:02PM Intel and Google (GOOG) announced that they will work to enable and optimize future versions of Android for Intel's family of low power Atom processors (INTC) 20.61 +0.33 :
Motorola Mobility (MMI) recently announced it will be acquired by Google (GOOG) has made an investment in Ooyala, a provider of online video management, analytics, personalization and monetization technology and services.
Vitesse Semiconductor (VTSS) announced that Aliathon will license Vitesse's patented portfolio of 40G and 100G hard decision enhanced Forward Error Correction cores for its FPGA and ASSP solutions aimed at emerging Optical Transport Network applications.
WPG Americas anounced it has entered into a non-exclusive distribution agreement with Marvell (MRVL). Under the terms of the agreement, WPG Americas will distribute Marvell's Solid State Lighting products throughout the Americas.
Finisar Corporation (FNSR) introduced the latest member of its ROADM product portfolio, a 1x20 high port count WSS with Flexgrid technology.
Intersil (ISIL $11.02 +0.37) expects its third quarter revenue to range from $184 million to $188 million, versus previous guidance of $205 million to $213 million and the $208.97 million Capital IQ consensus. "Demand during the third quarter has been weaker than expected in all of our end markets. We believe this is the result of broad-based economic weakness, along with some excess inventory consumption. However, we now see signs that inventory is stabilizing, with bookings likely recovering to consumption rates during the remainder of the third quarter."
Diodes (DIOD $17.95 -0.30) reaffirmed guidance for the third quarter with revenues of $160-170 million versus the $164.97 million Capital IQ consensus. The Company is lowering its gross margin guidance to 29 percent plus or minus 1.5 percent, compared to previous guidance of 32 percent plus or minus 1.5 percent. Gross margin is being impacted by weak market conditions resulting in unfavorable pricing and the need to shift the product mix to maintain full loadings at the Company's manufacturing operations. |
