| | | From Briefing.com: Weekly Recap - Week ending 05-Dec-14Dow +58.69 at 17958.79, Nasdaq +11.32 at 4780.75, S&P +3.45 at 2075.27
The Dow (+0.3%), Nasdaq (+0.2%), and S&P 500 (+0.2%) ended the Friday session near their flat lines, allowing the benchmark index to register its seventh consecutive weekly advance. The S&P 500 added 0.4% for the week, while the Russell 2000 (+0.8%) outperformed to extend its weekly gain to 0.7%. Also of note, the tech-heavy Nasdaq outperformed slightly today, but still ended the week in the red (-0.2%).
Prior to the open, the Nonfarm Payrolls report revealed the addition of 321,000 jobs in November while the Briefing.com consensus expected a reading of 230,000. Although the data point came in well ahead of estimates, the stock market struggled for direction before following the financial sector (+1.0%) higher. Outside of financials, only the health care sector (+0.8%) was able to add more than 0.3%. As for the broader market, the S&P 500 notched its high just ahead of noon ET and slipped from that level into the close.
The lack of broad strength following a solid jobs report was a reflection of concerns that the Fed may be inclined to hike the fed funds rate sooner than the market expected. These concerns showed up in the Dollar Index (89.34, +0.64) and the Treasury market with the 10-yr note diving to send the benchmark yield higher by seven basis points to 2.31%. At the front of the curve, the 2-yr yield climbed nine basis points to 0.64%.
Conversely, higher Treasury yields contributed to the strength in the financial sector, which is poised to benefit from improved net interest margins of banks. If rates rise at the short end of the Treasury yield curve that would allow banks to charge higher interest on loans while deposit rates would likely remain close to where they are now. Top-weighted sector members rallied across the board with Dow components JPMorgan Chase (JPM 62.70, +1.32) and Goldman Sachs (GS 195.45, +3.50) spiking 2.2% and 1.8%, respectively, while the sector ended the week ahead of the remaining nine groups (+1.8%).
Meanwhile, the remaining cyclical sectors settled closer to their flat lines. Consumer discretionary (+0.3%) and industrials (+0.2%) registered modest gains while energy (-1.2%), materials (-0.1%), and technology (-0.2%) ended in the red.
The industrial sector was underpinned by defense and transport stocks. The PHLX Defense Index rose 0.6% while the Dow Jones Transportation Average gained 0.4%.
Elsewhere, the discretionary sector received support from restaurants, homebuilders, and media names while retailers underperformed after American Eagle Outfitters (AEO 11.91, -1.90), Big Lots (BIG 40.00, -7.95), and Five Below (FIVE 37.61, -5.24) disappointed with their results or guidance. Gap (GPS 40.74, +0.18) bucked the trend, climbing 0.4%, after reporting better than expected same store sales for November, but the SPDR S&P Retail ETF (XRT 92.43, -0.30) shed 0.3%.
Also of note, the top-weighted technology sector spun its wheels throughout the day as large cap components weighed while chipmakers rallied after Freescale Semiconductor (FSL 24.79, +1.36) was upgraded to 'Buy' from 'Hold' at Evercore ISI. Shares of FSL jumped 5.8% while the PHLX Semiconductor Index settled higher by 1.0%.
Chipmakers helped the Nasdaq Composite finish a little ahead of the broader market while biotechnology also chipped in with the iShares Nasdaq Biotechnology ETF (IBB 308.81, +2.61) climbing 0.9%. In turn, the strength helped the health care sector (+0.8%) register a solid gain.
On the downside, the energy sector (-1.2%) was pressured by a 1.8% decline in crude oil ($66.75/bbl) while the rate-sensitive utilities sector (-0.8%) lagged as Treasury yields climbed.
Today's participation was a bit below average with 738 million shares changing hands at the NYSE floor.
Economic data included nonfarm payrolls, trade balance, factory orders, and consumer credit:
- Nonfarm payrolls increased by 321,000 in November, up from an upwardly revised 243,000 (from 214,000), while the Briefing.com consensus expected nonfarm payrolls to add 230,000 new jobs
- That was the biggest increase in payrolls since 360,000 jobs were added in January 2012
- Private payrolls increased by 314,000 in November after adding an upwardly revised 236,000 (from 209,000) in October. The consensus expected 228,000 new private jobs
- Obviously, a three-handle jobs gain is impressive, which tells us that there was still a considerable amount of people unemployed who were looking for jobs
- However, those who already had jobs were able to demand a 0.4% increase in average hourly earnings, which suggests that the number of available qualified workers is diminishing, thus forcing employers to pay their workers more money to keep them at their current job
- Gains in hourly earnings and the average workweek led to a 0.9% increase in aggregate wages, which was the largest increase since 2006
- The unemployment rate held at 5.8%, as expected
- The U.S. trade deficit narrowed slightly in October, falling from an upwardly revised $43.60 billion (from $43.00 billion) in September to $43.40 billion while the Briefing.com consensus expected a decline to $42.00 billion
- The goods deficit was virtually unchanged at $62.70 billion while the services surplus increased to $19.20 billion from $19.10 billion
- Factory orders declined 0.7% in October after declining an upwardly revised 0.5% (from -0.6%) while the Briefing.com consensus expected an increase of 0.3%
- The large downside surprise resulted from weaker oil prices, which caused a 6.5% decline in petroleum refinery orders. This led to a 1.5% decline in nondurable goods orders after those orders declined only 0.2% in September
- The Consumer Credit report for October showed an increase of $13.20 billion, which was lower than the Briefing.com consensus estimate of $16.50 billion
Monday's session will be free of economic data.
Week in Review: S&P 500 Posts Seventh Weekly Gain
The major averages began December on a lower note with relative weakness among cyclical sectors keeping the market under pressure throughout the Monday session. The Nasdaq Composite (-1.3%) and Russell 2000 (-1.6%) paced the slide while the S&P 500 settled lower by 0.7% with eight sectors ending in the red. Equities faced selling pressure from the opening bell after the overnight session reminded investors about persistent growth concerns around the globe. In Asia, China's HSBC Manufacturing PMI fell to an eight-month low (50.3; expected 50.5) while Japan's debt rating was lowered to A1 from Aa3 at Moody's. Making matters worse, Germany's Manufacturing PMI slid into contraction (49.5; expected 50.0) while the eurozone Manufacturing PMI narrowly avoided the same fate (50.1; expected 50.4). Accordingly, the concerns about major economies kept cyclical sectors under pressure with five of six growth-sensitive groups ending behind the broader market.
Equities enjoyed a broad rebound on Tuesday after Monday's retreat. The S&P 500 settled higher by 0.6% while the Russell 2000 (+1.2%) displayed relative strength. The benchmark index spent the day in a steady advance with M&A news acting as a supportive factor. In the technology sector (+0.3%), Cypress Semiconductor (CY) agreed to a $4 billion merger of equals with Spansion (CODE) while health care component (+1.1%) Avanir Pharmaceuticals (AVNR) agreed to be acquired by Otsuka Pharmaceuticals for $3.5 billion in cash. Also of note, insurer Aviva (AV) announced its acquisition of Friends Life Group.
The market ended the midweek session on an upbeat note with the Russell 2000 (+1.0%) pacing the advance for the second day in a row. Meanwhile, the S&P 500 posted a more modest gain of 0.4% with seven sectors ending in the green. Cyclical sectors were responsible for the bulk of the advance as all six growth-sensitive groups ended in the green while health care (+0.2%) was the lone gainer on the countercyclical side.
The stock market ended the Thursday session on a modestly lower note ahead of Friday's Nonfarm Payrolls report for November. The S&P 500 shed 0.1% while the Russell 2000 (-0.5%) underperformed. Thursday served as a perfect reminder for how dependent global equity markets have become on central bank stimulus. The first reminder occurred during the Asian session with China's Shanghai Composite soaring 4.3% amid expectations the People's Bank of China will introduce additional stimulus measures. While the advance was impressive, it pales in comparison with an 18.3% surge in the index since November 20. Meanwhile, the second reminder manifested itself through volatility in European and U.S. markets in reaction to the European Central Bank's latest policy statement and subsequent press reports. ECB President Mario Draghi did not call for the start of a sovereign QE program, which had been expected by some. However, a Bloomberg report indicating the ECB will prepare a broad-based QE package for the January meeting helped fuel a rebound.
| Index | Started Week | Ended Week | Change | % Change | YTD % | | DJIA | 17828.24 | 17958.79 | 130.55 | 0.7 | 8.3 | | Nasdaq | 4791.63 | 4780.75 | -10.88 | -0.2 | 14.5 | | S&P 500 | 2067.56 | 2075.37 | 7.81 | 0.4 | 12.3 | | Russell 2000 | 1173.23 | 1182.43 | 9.20 | 0.8 | 1.6 |
While the U.S. economy was able to gain 321,000 jobs in November, crushing average analyst estimates, U.S equities (SPX +0.17%) posted minimal gains, and a lagging Technology Sector was unable to end the week on a positive note (XLK -0.12%).
Top performing industry group in the sector & its notable movers:
Semiconductors & Semiconductor Equipment:
Freescale Semiconductor (FSL 24.79 +1.36): The semiconductor company rose 5.8% following an upgrade to Buy from Hold at Evercore ISI,Ambarella Inc (AMBA 54.69 -0.94) The semiconductor company and GoPro (GPRO 72.18 +0.20) supplier fell 1.7%, although it reported better than expected earnings results and guided fourth quarter revenues ahead of average analyst estimates after the close yesterday. Following those results, the company received mixed analyst actions, with some noting that the strong performance is already priced in to the stock. Others noted that AMBA's high performance video processors are a key driver of the company's performance, and that it may see interest in a broader set of markets in the coming years.Micron Technology (MU 36.49 +0.42): No company specific news was released today, but at the Credit Suisse Asia Tech conference MU's CEO was reportedly upbeat on DRAM pricing, noting that MU expects tight supply to continue into 2015.Worst performing industry group & its notable movers:
Internet Software & Services:
Google (GOOG 525.26 -12.05) (GOOGL 528.08 -14.50): Google was downgraded today to Neutral from Buy at Bank of America/Merrill Lynch.Alibaba (BABA 107.90 -1.27): No newsBaidu Inc (BIDU 232.72 +1.91): No newsIn other Technology news, Facebook (FB 76.36 +1.12) gained 1.5% today following news that MKM Partners initiated the stock with a Buy rating, setting a $105 price target. MKM Partners mentioned that FB should be a core holding for growth investors, and that FB has grown to a $10 billion run-rate faster than any internet company besides Google (GOOG). In addition, MKM noted that FB's monetization is still growing rapidly, with revenue per user growing 40% worldwide.
Cisco (CSCO 27.50 -0.27) in its blog confirmed reports that it filed two lawsuits against Arista Networks (ANET 68.24 -5.29) for patent and copyright infringement. For more information, here's a link to Cisco's blog
Yahoo (YHOO 50.99 +0.58) was upgraded to Buy from Neutral at Bank of America/Merrill Lynch
OpenText (OTEX 59.49 +1.21) announced a definitive agreement to acquire Actuate Corp (BIRT 6.56 +3.06) The deal is valued at approximately $330 million and expected to close in the third quarter of 2015.
Zillow (Z 118.73 +3.57) reported it had 74.3 million monthly unique users in November, a decrease of 9% from Oct, but a 41% increase year over year.
Here's how other bellwethers in the industry performed today: Apple Inc. (AAPL 115.00 -0.49), Microsoft (MSFT 48.42 -0.42), Twitter (TWTR 38.49 -0.30), Sandisk (SNDK 104.47 +1.83), Hewlett Packard (HPQ 39.55 +0.48), International Business Machines (IBM 163.27 -0.78) 5:07 pm This week's biggest % gainers/losers (:SCANX) : The following are this week's top 20 percentage gainers and top 20 percentage losers, categorized by sectors (over $300 mln market cap and 100K average daily volume).
This week's top 20 % gainers
Healthcare:IMUC (0.85 +42.43%),NVRO (35.86 +32.86%),IDRA (4.04 +29.9%),SQNM (3.77 +25.67%),ALDR (20.09 +23.1%),AEZS (0.64 +23.08%),ARRY (4.93 +22.33%)
Industrials:ENPH (12.86 +22.36%)Information Technology:BIRT (6.56 +82.08%),ISNS (4 +55.64%),DGLY (19.83 +48.43%),CODE (30.13 +28.93%),SIMG (6.9 +24.77%),CARB (14.38 +23.01%),CY (13.02 +22.78%)
Financials:NOAH (23.84 +23.33%)Energy:KWK (0.4 +32.52%)
Consumer Staples:PME (1.67 +39.17%),RCPI (0.21 +36.08%)
Telecommunication Services:ALSK (1.94 +51.56%)
This week's top 20 % losers
Healthcare:IBIO (0.71 -33.02%),AMDA (0.58 -31.76%),KIN (6.75 -29.83%)
Materials:WLT (1.73 -45.6%),GMO (0.4 -28.74%)
Consumer Discretionary:DLIA (0.02 -84.05%),CBK (4.6 -36.46%),CACH (0.19 -29.38%),ARO (2.46 -29.31%),JOEZ (0.43 -28.97%)
Information Technology:MOLG (2.8 -31.54%)
Energy:BPZ (0.31 -48.33%),LEI (0.13 -44.7%),GDP (3.71 -38.68%),BAS (6.1 -31.69%),MILL (1.63 -29.74%),NOG (6.11 -29.69%),CHKR (6.13 -28.22%),FXEN (1.87 -28.08%)
Telecommunication Services:NTLS (4.22 -49.76%)
3:43 pm Events of interest for next week : Events and conferences of interest for next week, Dec 8th-12th are listed below. For a complete list of next week's events, please see the events calendar.
Monday
KeyBanc Capital Markets 2014 Engineering, Construction and Utilities Conference Scheduled to appear: STRL, MTRX, GLDD, TKPPY, HIL UBS 42nd Annual Global Media and Communications ConferenceScheduled to appear: TV, VIP, SBGI, LGF, EROS, EVC, FUN, CBB, OUT, RENT, FTR, TIVO, TWC, MDCA, VIA, GHC, NFLX, NTLS, CMCSA, GOGO, LIN, MDP, CHTR, CTL, HSNI, T, STRZA, TRCO, QVCA, WWE, DISCA, MNI, DTV, TWX, WIN, AWAY, SNI, HMHC, CBS, FOXA, LVLT, SFXE, CNSL, TRMR, CCOI, SSP
Roadshow with EarthLink Holdings Corporation in San Francisco Scheduled to appear: ELNK
Tuesday Wells Fargo 13th Annual Energy Symposium CapitalOne 9th Annual Southcoast Energy Conference Goldman Sachs U.S. Financial Services Conference
Wednesday Oppenheimer 25th Annual Healthcare Conference Scheduled to appear: NWE, NWN, TPLM, APL, MPLX, SMLP, NTI, HASI, RRMS, SEMG, TCP, WMB, ACMP, WPZ, BBEP, WES, WGP, ARLP, AHGP, BCEI, OAS, FE, DUK, WEC, JONE, MRD, LRE, MUR, SLCA, BHI, HERO
3rd Annual Midtown CAP Summit Scheduled to appear: ACLS, CSCD, UCTT, UTEK, IVAC, NANO, BRKS, AEHR, ESIO, MTSN, COHU Bernstein Consumer Summit - Scheduled to appear: NDLS
Thursday Societe Generale Premium Review 2014
Scheduled to appear: NVS Tuesday Morning (TUES) Field Trip Citi Hong Kong and China Corporate Day - Scheduled to appear: HOLI
Friday Nu Skin Enterprises (NUS) Analyst Day
3:31 pm Earnings Preview for the week of December 8 - 12 (:SUMRX) : Of the companies reporting earnings for the week of December 8 - 12 some of the bigger names include:
Monday: Pre Market - TPLM, MTNAfter Hours - ABM, PBY, DMND, HRB, PLAB, MCC
Tuesday: Pre Market - HDS, AZO, PTRY, UTIW, BURL, SAIC, JW.A, CONNAfter Hours - HELI, NCS, KFY, KKD, ALOG, HQY
Wednesday: Pre Market - COST, TOL, HOV, TITN, FGP, LE, LAYN, CMN, VRA, FRANAfter Hours - CASY, MW, RH, OXM, WTSL, AVNW, CMTL, IRET, SIGM, AVNR, SURG, PPHM
Thursday: Pre Market - CIEN, LULU, MEI, MNRAfter Hours - ADBE, ESL, NDSN, ZQK, DDC
3:04 pm Energy price action (:COMDX) :
Crude oil fell $0.87 to $66.75/barrelNatural gas rose 15 cents to $3.80/MMBtuRBOB Gasoline fell 3 cents to $1.77/gallonHeating oil fell 1 cent to $2.11/gallon
1:03 pm Emcore announces that shareholders approved the sale of substantially all of the assets primarily related to or used in EMCORE's Space Photovoltaics business to SolAero Technologies Corp ( EMKR) : The Space Transaction is expected to close on or about December 10, 2014, subject to the satisfaction or waiver of the remaining conditions to closing.
12:51 pm Notable movers of interest (:SCANX) : The following are some of today's most notable movers of interest, categorized by market capitalization (large cap over $10 billion and mid cap between $2-10 billion) and ranked by % change (all stocks over 100K average daily volume).
Large Cap Gainers
NOC (147.9 +5.76%): Announces new $3 bln share repurchase authorization; upgraded to Outperform from Mkt Perform at Bernstein, added to Conviction Buy List at Goldman; tgt increased to $165 from $163
.UAL (63.16 +2.28%): New all time high amid continued momentum in airline stocks as oil falls; Barron's was also out positive (XAL arca airline index hit new all time high today; AAL).
KEY (13.87 +2.82%): Vague chatter out this morning that the company could be a target for activist investors.
Large Cap Losers
APA (61.59 -2.62%): Downgraded to Underperform from Neutral at BofA/Merrill.
HCP (44.21 -2.98%): Weakness in REITs as investors make the case that the strong jobs report out this morning could encourage the Federal Reserve to raise the Fed funds rate earlier than expected (VTR & HCN also lower).
BNS (57.94 -2.51%): Reported Q4 (Oct) earnings of CC$1.32 per share, excluding non-recurring items, CC$0.06 worse than the Capital IQ Consensus Estimate of CC$1.38; revenues rose 6.5% year/year to CC$5.85 bln vs the CC$5.87 bln consensus.
Mid Cap Gainers
STRZA (29.38 +5.84%): Upgraded to Outperform from Neutral at Macquarie, upgraded to Buy from Hold at National Alliance Securities.FSL (24.6 +4.99%): Upgraded to Buy from Hold at Evercore ISI.GIL (54.76 +3.42%): Upgraded to Strong Buy from Outperform at Raymond James; Defended at Stifel, DA Davidson, RBC, others.
Mid Cap Losers
BIG (41.19 -14.11%): Missed Q3 consensus estimates by $0.01, missed on revs; raised top end of Q4 EPS in-line.FIVE (36.81 -14.1%): Reported Q3 EPS in-line, revs in-line; guided Q4 EPS below consensus, revs below consensus.AEO (11.84 -14.26%): Reported Q3 EPS in-line, revs in-line; guided Q4 EPS below consensus, sees comps down mid single-digits.
11:47 am Stocks/ETFs that traded to new 52 week highs/lows this session - New highs (296) outpacing new lows (225) (:SCANX) : Stocks that traded to 52 week highs: AAL, AAP, AAVL, ABBV, ABG, ABMD, ACCO, ACE, ADI, AEL, AET, AFG, AFH, AFMD, AGN, AIRT, ALGT, ALKS, ALL, AMAG, AMP, AMTD, ANAC, ANCX, AON, APD, APH, ARE, ASFI, ASH, ASML, AVGO, AVNR, AVX, AXS, BC, BCR, BERY, BFAM, BFR, BFY, BHB, BIB, BK, BLK, BOOT, BRK.A, BRK.B, BSD, BSF, BSQR, C, CAF, CAVM, CB, CBRL, CFG, CHEV, CHH, CHRW, CHSP, CI, CLC, CLDT, CME, CMN, CMPR, CMRX, CMTL, CODE, CORE, CSCD, CSS, CY, DAL, DAX, DD, DDC, DFT, DGRW, DIS, DLTR, DPG, DXCM, EA, EAT, ECHO, EEQ, EQIX, ERIE, ESPR, ESRX, EWBC, EXAS, EXPE, FAF, FBMS, FCAU, FCNCA, FFIV, FFNW, FGEN, FICO, FII, FOLD, FOX, FTCS, FTNT, FV, GGG, GHC, GIII, GNTX, GPC, GPI, GS, GSIG, GTIM, GTS, HA, HAIN, HBAN, HBNK, HCC, HDS, HIG, HIW, HLT, HMN, HNI, HPQ, HQL, HUM, HW, IBCA, IBKR, IBN, IBP, IDTI, IEC, INTC, IPG, ISIG, ITW, JAZZ, JBSS, JCOM, JFC, JGBB, JPM, KR, KTWO, KWR, LB, LE, LG, LII, LNBB, LNDC, LOW, LPSB, LWAY, LYV, MA, MAC, MACK, MANH, MARA, MAS, MBFI, MCRL, MHFI, MHK, MKTX, MLI, MMC, MNK, MRK, MS, MTB, MTN, MTSI, MUS, MWA, MYCC, NATH, NCLH, NDAQ, NEWM, NOAH, NOC, NPF, NQM, NSAM, NTGR, NUVA, NVEE, NVRO, NWL, OGS, OLP, OMC, ONNN, OPLK, ORAN, OSUR, OVAS, PACW, PDCO, PEB, PEI, PEOP, PFPT, PMCS, PNC, PPG, PRE, PRI, PSCT, PSEM, PTSI, QQQX, QTEC, QTM, RAI, RAX, RBS, RDN, RDWR, RFMD, RHP, RJF, RMD, RPM, RSTI, SAIA, SAPE, SAVE, SBUX, SCI, SCMP, SEIC, SEMI, SERV, SNV, SPB, SPNC, SPR, SQBK, SRT, SSNC, ST, STBA, STI, STK, STMP, STT, SUSQ, SWFT, SWI, SWIR, SWKS, TASR, THG, THI, TM, TQNT, TRV, TSEM, TTPH, TTWO, UAL, UIHC, ULTA, USAK, USB, UVE, V, VAC, VEC, VONV, VOYA, VR, WAL, WDC, WFC, WGL, WRB, WSBF, WSO, WTM, WYN, XL, XRAY, XRX, ZMH
Stocks that traded to 52 week lows: ABCO, ACFN, ACP, ACUR, AG, AKO.A, AMDA, AMFW, AOI, APA, AR, AREX, ARP, ATU, ATW, AVEO, AVH, AXAS, BANX, BAS, BBEP, BBL, BBLU, BCEI, BGH, BHP, BIND, BIS, BONT, BTE, CACH, CBK, CBT, CCU, CCXI, CELP, CEQP, CFD, CIR, CJES, CLB, CLNE, CLR, CNV, CPG, CRZO, CVE, CZZ, DAKP, DCTH, DHY, DLIA, DNR, DRD, DRYS, DWSN, E, EAC, EBR.B, EC, ECA, ECR, ECT, EDD, EDF, EDI, EFC, EGY, ELON, ENRJ, EPAX, EPE, ERF, ESCR, ESV, EXD, EYES, FAM, FAX, FCO, FET, FMSA, FULL, GALT, GASS, GBSN, GDP, GEL, GGB, GGN, GHI, GLMD, GLRI, GMO, GOMO, HDY, HELI, HIO, HIX, HK, HOS, HP, HYF, KOF, LALT, LAND, LEI, LEU, LPI, MARPS, MBT, MCC, MCEP, MCP, MDU, MELA, MIXT, MORE, MPO, MRC, MRD, MTL, NBR, NCQ, NDRO, NE, NEFF, NEOT, NKA, NOA, NOG, NRP, NWPX, OAS, OHAI, ORIG, PACD, PBR, PBR.A, PDS, PED, PER, PERI, PGH, PGN, PICO, PKD, PSCE, PTEN, PVA, QIWI, QRHC, QTWW, RDC, RENN, RES, REXX, RGSE, RIG, RNO, ROIA, ROIAK, ROSE, ROYL, ROYT, RRC, RSH, RVLT, RYAM, SAEX, SBSA, SDRL, SDT, SHOS, SID, SIM, SKIS, SM, SMT, SR, SRF, SSE, SSL, STN, STO, STXS, SVVC, SWN, SWSH, SXE, TAC, TAHO, TAOM, TAS, TAT, TC, TCK, THRX, TLM, TNH, TPLM, TRCH, TRF, TRX, TS, UNT, UPL, UQM, USAT, VALE, VALE.P, VIEW, VIP, VJET, VLTC, VNOM, VTIP, WGA, WLL, WPX, WRES, WTI, XNET, YNDX, ZU
ETFs that traded to 52 week highs: DIA, IAI, IBB, IHF, IYF, IYG, IYH, KIE, OEF, PPA, SMH, SOXX, UUP, UYG, XLF, XLV
ETFs that traded to 52 week lows: AFK, BNO, BWX, CSJ, DBC, DJP, EWM, FXA, FXB, FXC, FXE, FXF, FXY, GSG, OIH, OIL, REMX, RSX, UGA, UHN, USCI, USO, VXX, XES, XOP
8:32 am Solar Power announced that it has entered into an agreement to acquire from Shotmeyer Solar 100% of its membership interest in Beaver Run Solar Farm ( SOPW) : Co announced it has entered into an agreement to acquire from Shotmeyer Solar 100% of its membership interest in Beaver Run Solar Farm ("BRSF"). BRSF has obtained certain approvals for development of a 9.9 megawatt DC solar project site in Lafayette, New Jersey. As part of the agreement, SPOW has also executed a long-term ground lease with Shotmeyer Solar for the land dedicated for the solar project. The transaction is expected to close prior to year-end 2014.
Construction on the project is anticipated to begin in the 1Q15 with completion and grid connection anticipated by approximately the 4Q15. It is anticipated that once completed, the solar project will be owned and operated by SPOW. |
|
