From Briefing.com: 4:25PM Advanced Energy reports EPS in-line, misses on revs; guides Q1 EPS above consensus, revs in-line (AEIS) 11.13 -0.13 : Reports Q4 (Dec) earnings of $0.01 per share, in-line with the Capital IQ Consensus Estimate consensus of $0.01; revenues fell 22.8% year/year to $112.5 mln vs the $114.06 mln consensus. Co issues guidance for Q1, sees EPS of ~$0.00 vs. ($0.02) Capital IQ Consensus Estimate; sees Q1 revs of $95-105 mln vs. $97.78 mln Capital IQ Consensus Estimate. "While market conditions remain uncertain in the near-term, our focus is centered on accomplishing the objectives we laid out at our analyst day to realign our cost structure, accelerate revenue growth and effectively utilize our cash. Once implemented, these actions should improve our profitability and deliver exceptional value to our shareholders."
4:07PM Rudolph Tech beats by $0.07, beats on revs ( RTEC) 10.05 -0.07 : Reports Q4 (Dec) earnings of $0.15 per share, $0.07 better than the Capital IQ Consensus Estimate of $0.08; revenues fell 19.3% year/year to $43.6 mln vs the $39 mln consensus.
4:02PM Integrated Device beats by $0.02, reports revs in-line (IDTI) 6.64 +0.08 : Reports Q3 (Dec) earnings of $0.06 per share, $0.02 better than the Capital IQ Consensus Estimate of $0.04; revenues fell 18.6% year/year to $120 mln vs the $120.75 mln consensus. "Despite weaker demand for communications, consumer and PC solutions during the December quarter, we saw improved bookings trends for server-related products. New product introductions and design wins increased during the quarter and we continue to win prestigious awards for innovation. While some customer ramps have been delayed by macroeconomic factors, we remain well positioned for multi-year growth driven by the ongoing rollout of cloud computing, 4G wireless infrastructure and mobility platforms."
4:30 pm : The stock market managed to fight back from an early sell-off, but it still logged its third straight loss.
Early action was decidedly weak as market participants responded to sizable losses abroad and ongoing concerns related to Greece's inability to reach a compromise with its creditors. Greece's struggles come as Europe's leaders gather again to discuss and finalize bailout plans.
Limited in both scope and quality, earnings reports did nothing to improve the mood among morning participants. In a similar vein, news that Pep Boys (PBY 14.93, +2.85) will be bought by Gores Group for $15 per share, which represents a premium of about 24% over the stock's closing price last week, made hardly a ripple in the broad market.
Economic data was limited to a 0.5% increase in personal income and no change in personal spending during December. Economists polled by Briefing.com had expected, on average, that income would increase by 0.4% and that spending would increase by 0.1%. However, core personal consumption expenditures increased by 0.2% during December, just as many had expected.
Amid the negativity of early trade the S&P 500 was quickly dropped for a loss of roughly 1%. That positioned the broad market measure for its poorest performance in more than a month, but support at the 1300 line helped stocks stage a steady rebound. The climb lost momentum as both the Nasdaq and the Dow struggled to extend their advance into positive territory, but stocks still settled well above their session lows.
Financials failed to participate in the stock market's rebound. Instead, the sector suffered a 1.0% loss, which makes it the poorest performing sector of the session. In contrast, tech stocks traded up to a 0.3% gain. Still, that wasn't as impressive as the 0.6% advance booked by telecom stocks after many of them had ended Friday at their weekly lows.
Although most stocks were able to improve their positions by day's end, traditional safe havens like the dollar traded with strength all session. The greenback eased off of its morning high, but still maintained a gain of about 0.5% against a basket of major foreign currencies througout the rest of the day. Meanwhile, buying among Treasuries took the benchmark 10-year Note up enough to trim its yield to a one-month low beneath 1.85%.
Advancing Sectors: Telecom +0.6%, Tech +0.3%
Unchanged: Materials
Declining Sectors: Health Care -0.1%, Consumer Discretionary -0.2%, Industrials -0.4%, Energy -0.4%, Consumer Staples -0.5%, Utilities -0.5%, Financials -1.0%DJ30 -6.74 NASDAQ -4.61 NQ100 +0.1% R2K -0.8% SP400 -0.5% SP500 -3.32 NASDAQ Adv/Vol/Dec 860/1.65/1670 NYSE Adv/Vol/Dec 1103/744 mln/1876
Sanmina-SCI (SANM) today called for redemption on March 1, 2012 of $150.0 mln in aggregate principal amount of its 8.125% Senior Subordinated Notes due 2016 ($400 mln aggregate principal outstanding).
7:02AM Motorola Solutions Board of directors increases stock repurchase program authorization from up to $2.0 bln to up to $3.0 bln (MSI) 45.83 : This increase of up to $1.0 bln is in addition to the up to $2.0 bln announced in July 2011, raising the total authorization to up to $3.0 bln. After stock repurchases of approximately $1.1 bln through Dec. 31, 2011, Motorola Solutions will have up to approximately $1.9 bln for its stock repurchase program in 2012.
Lattice Semiconductor (LSCC) and Weikeng Industrial announced they have signed an expanded distribution agreement. Under the terms of the agreement, Weikeng Technology is authorized to sell Lattice's complete portfolio of innovative low power, low cost FPGA, PLD and programmable power management solutions across southeast Asia and India.
1:38 am S&P Tech Sector Unchanged, Outperforming The S&P 500
The tech sector is trading slightly lower today, outpacing larger losses in the broader market. Semiconductors are showing relative weakness in the tech space, however, with the Philly Semi Index trading 1.7% lower. CRUS (+2.6%) is a standout, while CREE (-5.4%) and NXPI (-5.4%) are notable laggards in the chip index. Among other major indices, the S&P 500 is trading 0.8% lower, while the NASDAQ is trading 0.5% lower and the QQQ is 0.4% lower on the session.
Among tech bellwethers, AAPL (+1.1%) are showing strength, while INTC (-0.6%) is a notable underperformer. It was a quiet morning in tech sector with no notable news or earnings. Among analyst upgrades this morning, PRGS (+2.6%) was upgraded to Outperform at JMP Securities, Argus upgraded MSI (0.0%) to Buy, and MCHX (+1.4%) was upgraded to Outperform at BMO Capital. Among downgrades, MEI (-2.2%) was downgraded to Neutral at Robert W. Baird.
There are no notable names in tech scheduled to report results today after the close. |
