27 Dec 2012 AMC

27 Dec 2012

Market Summary 

Defense Contracts

 Raytheon Co., Tucson, Ariz., is being awarded a $226,806,451 firm-fixed-price, multi-year contract (N00024-13-C-5409) for fiscal 2013, 2014 and 2015 Evolved Seasparrow Missiles production requirements.  This contract includes options which, if exercised, would bring the cumulative value of this contract to $259,881,975.  This contract combines purchases for the Navy (83.47 percent); the Governments of Australia (1.13 percent); Denmark (1.42 percent); Canada (2.87 percent); Germany (2.36 percent); Norway (0.60 percent); Greece (1.37 percent); Netherlands (2.29 percent); Spain (0.04 percent); Turkey (0.84 percent); as part of the NATO Seasparrow Consortium; Japan (0.08 percent); and Thailand (3.53 percent) as Foreign Military Sales.  Work will be performed in Tucson, Ariz. (19 percent); Norway (13 percent); Germany (11 percent); Australia (10 percent); Canada (9 percent); Andover, Mass. (7 percent); The Netherlands (6 percent); San Jose, Calif. (4 percent); Spain (4 percent); Greece (3 percent); Camden, Ark. (3 percent); McKinney, Texas (3 percent); Turkey (2 percent); Beverly, Mass. (1 percent); Minneapolis, Minn. (1 percent); Reston, Va. (1 percent); Cincinnati, Ohio (1 percent); Cheshire, Conn. (1 percent); and Denmark (1 percent) and is expected to be complete by September 2016.  Funding in the amount of $45,200,942 will be obligated at the time of award.  Contract funds in the amount of $139,772 will expire at the end of the current fiscal year.  This contract was not competitively procured in accordance with 10 U.S.C. 2304 (c)(1).  The Naval Sea Systems Command, Washington, D.C., is the contracting activity. 

            

Raytheon Co., Tucson, Ariz., is being awarded a $140,000,000 cost-plus-fixed-fee contract (N00024-13-C-5410) for calendar year 2013 Evolved Seasparrow Missile Design Agent, in-service support, technical engineering support services and Block 2 risk reduction support.  This contract includes options which, if exercised, would bring the cumulative value of this contract to $237,000,000.  This contract combines purchases for Evolved Seasparrow Design Agent Services for the Navy (77 percent); the Governments of Australia (19 percent); Denmark (4 percent); ESSM Block II Risk Reduction Support for the Navy (25 percent); the Governments of Australia (33 percent); Canada (22 percent); Norway (20 percent); In-Service Support and Technical Engineering Support Services for the Navy (32 percent); the Governments of Australia (17 percent); Canada (15 percent); Germany (11 percent); The Netherlands (6 percent); Norway (5 percent); Turkey (5 percent); Denmark (3 percent); Greece (4 percent); and Spain (2 percent).  Work will be performed in Tucson, Ariz. (90.65 percent); Germany (2.55 percent); Norway (2.11 percent); Australia (1.53 percent); The Netherlands (1.36 percent); Canada (.68 percent); Spain (.42 percent); Turkey (.30 percent); Denmark (.28 percent); and Greece (.12 percent) and is expected to be complete by December 2013.  Funding in the total amount of $13,027,010 will be obligated at time of award.  Contract funds will not expire at the end of the current fiscal year.  This contract was not competitively procured in accordance with 10 U.S.C. 2304 (c)(1).  The Naval Sea Systems Command, Washington, D.C., is the contracting activity. 

           

 Raytheon Co., Integrated Defense Systems, Tewksbury, Mass., is being awarded a not-to-exceed $26,628,000 contract modification to previously awarded cost-plus-award-fee letter contract (N00024-05-C-5346) for the development and execution of Phase II CVN 78 dual band radar test and evaluation at the Raytheon Software Development Laboratory and Wallops Island Engineering Test Center, Land-Based Test Site; and Dual Band Radar Software Interface Development for Battle Force Tactical Trainer, Surface Electronic Warfare Improvement Program, and TPX-42 radar.  Work will be performed in Sudbury, Mass. (80 percent), and Tewksbury, Mass. (20 percent), and is expected to be completed by June 2014.  Funding in the amount of $13,322,500 will be obligated at time of award.  Contract funds in the amount of $4,135,000 will expire at the end of this fiscal year.  The Naval Sea Systems Command, Washington, D.C., is the contracting activity.

Market Internals

Leaders and Laggards

Technical Updates

Briefing's Commentaries 

Stock Market Update 16:15 ET Dow -18.28 at 13096.31, Nasdaq -4.25 at 2985.91, S&P -1.74 at 1418.09 :[BRIEFING.COM] The S&P 500 ended the day with minor losses following a volatile session. Equities began the day on a positive note, but comments from Senate Majority Leader Harry Reid caused a quick change in sentiment. Speaking from the Senate floor, Senator Reid said that all signs suggest the country will go over the fiscal cliff. In addition, the senator said the House of Representatives is being run as a "dictatorship" by Speaker Boehner. The comments caused the major averages to fall to their respective lows. However, an afternoon report out of Washington indicated the House of Representatives will reconvene on Sunday, December 30 at 18:30 ET in hopes of approving a budget. In response, the major averages raced off their lows, ending the day little changed after seeing losses of more than 1.0%.  Financial stocks showed the most intraday sensitivity to the headlines, and the sector led the late-morning decline. However, the late-afternoon rally helped the sector recover the bulk of its losses. Among the majors, Bank of America (BAC 11.47, -0.07) shed 0.6% and JPMorgan Chase (JPM 43.63, -0.33) fell 0.8%.  The SPDR Materials Select Sector ETF (XLB 37.29, -0.13) lost 0.4%. Provider of construction materials Headwaters (HW 8.18, -0.31) slipped 3.7% despite being upgraded at Avondale to ‘Market Perform' with a $10 price target.  Elsewhere, steelmakers underperformed. Mechel Steel (MTL 6.72, -0.04) settled lower by 0.6% and United States Steel (X 23.64, -0.62) slid 2.6%. Also of note, AK Steel(AKS 4.38, -0.22) lost 4.8%, and was a notable laggard.  Gold miners saw strength after this morning's developments painted a bullish picture for the yellow metal. Newmont Mining (NEM 45.47, +0.39) and Royal Gold (RGLD 80.10, +1.58) settled higher by 0.9% and 2.0% respectively.  The Dow Jones Transportation Average shed 0.4% and 17 of 20 components declined. Shipping stocks outperformed and Matson (MATX 24.66, +0.07) added 0.3% after signing an agreement to acquire the assets of Reef Shipping in the South Pacific. Meanwhile, peer Kirby (KEX 61.10, +0.20) settled higher by 0.3%.  On the downside, airlines extended their recent weakness. JetBlue Airways (JBLU 5.68, -0.05) and Alaska Air (ALK 43.26, -0.22) declined for a fourth consecutive session and lost 0.9% and 0.5%, respectively.  European markets ended on a mixed note. Germany's DAX added 0.3%, France's CAC settled higher by 0.6%, and the United Kingdom's FTSE finished unchanged.  The United Kingdom's FTSE ended flat, and most stocks saw little change. However, miners outperformed after the Chinese government revealed plans to boost infrastructure spending. Anglo American rose by 2.1% and Eurasian Natural Resources gained 3.7%.  In Germany, financials and carmakers outperformed. Commerzbank gained 1.2% and Deutsche Bank added 0.6%. Among carmakers, BMW advanced 0.8% and Volkswagen finished higher by 0.4%. The two saw strength after Germany's Finance Minister Wolfgang Schaeuble said the country's economy will expand at a "decent" rate next year with exports as the main growth driver.  France's CAC was supported by industrials. Schneider Electric gained 2.3% and Vinci tacked on 1.6%. On the downside, STMicroelectronics lost 1.1%.  Today's economic news was mixed. The latest weekly initial jobless claims count totaled 350,000, which was better than the 375,000 that had been expected by the Briefing.com consensus. The tally was below the revised prior week count of 362,000. As for continuing claims, they fell to 3.206 million from 3.238 million.  The December consumer confidence came in at 65.1, while economists polled by Briefing.com expected a reading of 70.0. This follows the prior month's revised reading of 71.5.  Separately, new home sales in November hit an annualized rate of 377,000, which was up from October's revised rate of 361,000, and worse than the rate of 379,000 that had been broadly expected by the Briefing.com consensus.  Tomorrow, the December Chicago PMI will be reported at 9:45 ET and November pending home sales will be released at 10:00 ET. ..NYSE Adv/Dec 1367/1682. ..NASDAQ Adv/Dec 1066/1401.

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Jason's Commentaries


Last night was really volatile... all because of the talks that are going on in the white house. At the start of the day, market washed out until the last 2 hours and came back as the White House Representatives are looking to come to a deal on Sunday, ending flat for the day. The market sold off initially due to the fear that US will be going over the fiscal cliff coupled together with a weak new home sales, dragged the housing sector down together. Amongst the laggards are the financials and the materials that led the fall. The fiscal cliff deal will be causing a lot of volatility in the financial sector especially as they will be one affected most. While the defense industry were at their all time high once again, RTN again seals a total contract size of more than $300 million. 

Volumes yesterday were lower than average volumes which is expected, but I think that there were much participation in the market during this xmas season. The bulls fought back during the last 2 hours of the trading period ended the day flat. 

On the Technical side, All the indices were forming a upside crucifix which is pointing to a bullish 28 Dec. On top of that, they are also at a very nice support. Assuming if the data today don't suck, I believe we can end this week with a smaller loss. 

  

Market Call: UP

Date: 28 Dec 2012

26 Dec 2012 AMC

26 Dec 2012

Market Summary 

Market Internals

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Leaders and Laggards

Technical Updates

Briefing's Commentaries 

16:15 ET Dow -24.49 at 13114.59, Nasdaq -22.44 at 2990.16, S&P -6.83 at 1419.83 :[BRIEFING.COM] Stocks began the day on a positive note, but the early sentiment failed to hold. The key averages slipped to their respective lows during the first two hours of trade, and held there for the remainder of the session. As a result, the benchmark index finished lower by 0.5%. 

With only three trading days left in the year, and the budget deadline approaching, elevated volatility in financials can be expected. Today, the SPDR Financial Select Sector ETF (XLF 16.36, 0.00) ended flat, and the majors were mixed. Wells Fargo(WFC 34.33, -0.09) shed 0.3% while Citigroup (C 39.55, +0.17) added 0.4%. Also of note, Bank of America (BAC 11.54, +0.29) outperformed its peers and rose by 2.6%. 

Consumer stocks were among the worst performers. In the discretionary space, retailers saw general weakness and the SPDR S&P Retail ETF (XRT 61.09, -1.08) lost 1.7%. The softness followed a report from MasterCard Advisors SpendingPulse, which pointed to a 0.7% increase in holiday sales as compared to last year. The number was a disappointment as the general consensus expected sales to rise by as much as 4.0%. Instead, the modest uptick represented the slowest growth in four years. Among individual retailers and apparel producers, Coach (COH 54.13, -3.39), Gap (GPS 30.40, -0.97), Urban Outfitters (URBN 38.24, -1.06), and Macy's (M 37.13, -0.39) all lost between 1.0% and 6.0%. 

Consumer staples were broadly lower with only a handful of names able to resist the sector-wide pressure. Medifast (MED 25.50, -3.86) slumped 13.2% after Chief Financial Officer, Edward Powers, notified the company of his intent to resign. The resignation will become effective no later than January 4 and Mr. Powers will pursue other interests. 

On the upside, Inter Parfums (IPAR 19.75, +0.56) rose by 2.9% after the company signed an exclusive license agreement for Alfred Dunhill fragrances. The partnership is set to run for ten years, and Inter Parfums will take over production and distribution of the Alfred Dunhill collection. 

The materials sector was a notable outperformer. Earlier, China's new leadership said urban development will be a key portion of future economic reforms. The news was welcomed by the market, and a rise in anticipated demand for steel pushed major producers higher. Cliffs Natural Resources (CLF 36.05, +0.69) and United States Steel (X 24.26, +0.20) saw respective gains of 2.0% and 0.8%. 

The volatility index, or VIX, gained 8.1%, and the index settled at 19.30. Today's surge followed a steady climb observed over the course of the past week as investors sought downside protection in the event Washington lawmakers do not strike a budget deal in time. Note that VIX is now at levels not seen since late July. 

The October Case-Shiller 20-city Home Price Index rose by 4.3%, while a 3.9% increase had been expected by the Briefing.com consensus. This follows the prior month's increase of 3.0%. 

Tomorrow, weekly initial and continuing claims will be reported at 8:30 ET. In addition, November new home sales and December consumer confidence will both be reported at 10:00 ET. ..NYSE Adv/Dec 1053/1957. ..NASDAQ Adv/Dec 891/1569.

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Jason's Commentaries

Happy boxing day peeps! Totally did not trade on Xmas eve as I was busy having fun during xmas. And the market went down on Monday which formed a DFDM which i totally did not expect from the bullishness that was coming. I was thinking the Xmas Rally was gonna bring the market up... but sadly it didn't.. The silver lining in this is that the volume sucked.

On Tuesday note, it was flat day and I can hardly call this a down day. Volumes were at 475mil shared traded on NYSE and the internals were all showing it flat... nothing conclusive yesterday. Most institution are already on holiday and they have already priced in for the Xmas or waiting to enter their positions in Jan.

However, Timothy Geithner, the Treasury Secretary just realised a press conference that the US is going to hit the Debt ceiling by NYE. All the bs talk again. Guess the Congress will be forced to pass some legislation on the debt ceiling again, which means further devaluation in the US dollars. I guess the market will be sidelined, awaiting decisions from the Congress on this issue. Especially news on the fiscal cliff. Although many others are considering the Fiscal Cliff to be a non-event, I believe it will definitely gyrate the market in the short term before taking a firm direction.

27 Dec have some heavy data like the Consumer sentiments and the New home sales coming out. I presume the sales is gonna look bad due to the holiday mood in the States. While the consumer sentiments are likely to be flat. 

Market Call: DOWN

Date: 27 Dec 2012

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20 Dec 2012 AMC

20 Dec 2012

Market Summary 

 Defense Contracts

 Lockheed Martin Corp., Orlando, Fla., was awarded a $161,687,115 firm-fixed-price contract. The award will provide for the modification of an existing contract to procure Modernized Day Sensor Assembly Laser Kits and spare parts. Work will be performed in Orlando, with an estimated completion date of Aug. 31, 2016. One bid was solicited with one bid received. The U.S. Army Contracting Command, Redstone Arsenal, Ala., is the contracting activity (W58RGZ-11-C-0120).

Lockheed Martin Corp., Orlando, Fla., was awarded a $96,677,902 firm-fixed-price contract. The award will provide for the modification of an existing contract to procure services in support of the Apache modernized targets acquisition designation sight/pilot’s night vision sensor equipment. Work will be performed in Orlando, with an estimated completion date of Dec. 31, 2015. The bid was solicited through the Internet, with one bid received. The U.S. Army Contracting Command, Redstone Arsenal, Ala., is the contracting activity (W58RGZ-12-C-0009).

Raytheon Space and Airborne Systems, McKinney, Texas, (FA8528-13-C-0031) is being awarded a $150,291,636 firm-fixed-price, cost-plus-fixed-fee and cost-reimbursable-no-fee contract for to procure MQ-1 (Predator) and MQ-9 (Reaper) sensor support and services.  The location of the performance is McKinney, Texas.  Work is expected to be completed by Dec. 31, 2013.  The contracting activity is AFLCMC/WIKBA, Robins Air Force Base, Ga.  

The Boeing Co., St. Louis, Mo., is being awarded a $164,000,000 modification to a previously awarded firm-fixed-price contract (N00019-09-C-0086) to exercise an option for the procurement of 12 Airborne Electronic Attack Group B Kits and four Equivalent Ship-sets of spares for the Royal Australian Air Force.  This contract involves Foreign Military Sales to the Government of Australia (100 percent) under the Foreign Military Sales Program.  Work will be performed in Baltimore, Md. (41.1 percent); St. Louis, Mo. (36.3 percent); Bethpage,  N.Y. (19 percent); and Fort Wayne, Ind. (3.6 percent), and is expected to be completed in March 2015.  Contract funds in the amount of $164,000,000 will be obligated at time of award, none of which will expire at the end of the current fiscal year.  The Naval Air Systems Command, Patuxent River, Md., is the contracting activity. 

    Raytheon Co., Integrated Defense Systems, Portsmouth, R.I., is being awarded a $158,571,809 firm-fixed-price contract for the procurement of 48 MH-60R Full Rate Production Airborne Low Frequency Sonar (ALFS) systems (24 Lot X and 24 Lot XI), including associated program management support.  Work will be performed in Brest, France (59 percent); Portsmouth, R.I. (37 percent), and Johnstown, Pa. (4 percent), and is expected to be completed in April 2017.  This contract was not competitively procured pursuant to 10 U.S.C 2304 (c)(1).  Contract funds in the amount of $158,571,809 are being obligated at time of award, $39,642,952 of which will expire at the end of the current fiscal year.  The Naval Air Systems Command, Patuxent River, Md., is the contracting activity (N00019-13-C-0012).

 The Boeing Co., Wichita, Kan., is being awarded a $145,000,000 firm-fixed-price contract for the procurement of two C-40A Clipper aircraft for the U.S. Navy.  Work will be performed in Renton, Wash.  (92.7 percent), Seattle, Wash. (4.9 percent), San Antonio, Texas (1.7 percent), Oklahoma City, Okla. (0.7 percent) and is expected to be completed in March 2015.  Contract funds in the amount of $145,000,000 will be obligated on this award, $72,500,000 of which will expire at the end of the current fiscal year.   This contract was not competitively procured pursuant to FAR 6.302-1.   The Naval Air Systems Command, Patuxent River, Md., is the contracting activity (N00019-13-C0026). 

         The Boeing Co., St. Louis, Mo., is being awarded a $101,862,000 modification to a previously awarded firm-fixed-price contract (N00019-09-C-0086) to exercise an option for the procurement of 12 EA-18G Lot 37 Full Rate Production (FRP) Airborne Electronic Attack (AEA) Kits.  Work will be performed in Baltimore, Md. (41.1 percent); St. Louis, Mo. (36.3 percent); Bethpage, N.Y. (19 percent); and Fort Wayne, Ind. (3.6 percent), and is expected to be completed in February 2015.  Contract funds in the amount of $101,862,000 are being obligated at time of award, none of which will expire at the end of the current fiscal year.  The Naval Air Systems Command, Patuxent River, Md., is the contracting activity.

Market Internals

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Leaders and Laggards

Technical Updates

Briefing's Commentaries 

Stock Market Update 16:20 ET Dow +59.75 at 13311.72, Nasdaq +6.02 at 3050.38, S&P +7.88 at 1443.69 :[BRIEFING.COM] The major averages finished higher despite showing indecision in the early part of the session. The fiscal cliff remained the focal point, and investors showed optimism in Washington's ability to get a deal done. Lawmakers from both sides of the aisle continued to exchange jabs, and Speaker Boehner said the President and the Democrats have not done enough to avoid falling off the cliff. Mr. Boehner touted the proposal he put forth, which is expected to face a House of Representatives vote tonight around 19:30 ET. The S&P 500 gained 0.6% ahead of this evening's vote.  The financial sector was the top performing space in the S&P 500 and the SPDR Financial Select Sector ETF (XLF 16.70, +0.23) settled higher by 1.4%. Of the majors,Bank of America (BAC 11.52, +0.33) gained 3.0%, and was the top advancer.  NYSE Euronext (NYX 32.25, +8.20) surged 34.1% after agreeing to be acquired byIntercontinentalExchange (ICE 130.10, +1.79) for $33 per share. The transaction price represents a 37.2% premium to NYSE Euronext's Wednesday close.  On the downside, Discover Financial (DFS 38.41, -1.36) slid 3.4% following mixed earnings. During the fourth quarter, the company earned $1.07, which was $0.04 below the Capital IQ consensus estimate. However, Discover's revenue of $2.00 billion exceeded expectations.  Technology stocks lagged the broader market and Apple (AAPL 521.73, -4.57) lost 0.9%.  Among notable tech earnings, technology consultant Accenture (ACN 69.02, -1.38) slid 2.0% after reporting its quarterly results. While the company beat on earnings, its revenue reflected a slowdown in corporate spending.  On the upside, Jabil Circuit (JBL 19.95, +1.38) surged 7.4% after beating on earnings and revenue. In addition, Jabil issued downside second quarter earnings guidance while revenue is expected to be in-line with analyst estimate.  The health care space was the weakest performer, and a handful of names moved on news. Allscripts Healthcare (MDRX 9.14, -1.54) sank 14.4% after the company concluded the review of its strategic alternatives, and decided against a sale. In addition, Allscripts named Paul Black as its Chief Executive Officer. Mr. Black will replace Glen Tullman, who will resign. Also of note, Lee Shapiro will step down from his current function of president.  Elsewhere, Merck (MRK 42.15, -1.50) shed 3.4% after its trial for TREDAPTIVE yielded disappointing results.  On the upside, The Medicines Company (MDCO 23.71, +1.42) surged 6.4% following the announcement of positive trial results for oritavancin in the treatment of acute bacterial skin and skin structure infections.  The November existing home sales report saw its annualized rate increase to 5.04 million units. An improvement in the sales of existing homes suggests new homes may face an increase in demand as well. Homebuilders responded generally well to the news. MDC Holdings (MDC 36.87, +1.24) advanced 3.5% and DR Horton (DHI 20.10, +0.15) rose by 0.8%.  Elsewhere, KB Homes (KBH 15.60, -1.06) slid 6.4% despite beating on earnings and revenue. During the fourth quarter, the homebuilder earned $0.10, which was $0.04 better than the Capital IQ consensus estimate. Meanwhile, its revenue of $578.2 million also exceeded expectations.  The latest weekly initial jobless claims count totaled 361,000, which was worse than the 345,000 that had been expected by the Briefing.com consensus. The tally was above the revised prior week count of 344,000. As for continuing claims, they rose to 3.225 million from 3.213 million.  The third estimate of third quarter GDP showed growth of 3.1%, which was better than the 2.7% that had been expected by the Briefing.com consensus. However, the third quarter GDP Deflator was left unrevised at 2.7%.  The November Housing Price Index from the FHFA increased by 0.5%, which follows a 0.2% increase observed during the prior month.  The Philadelphia Fed Survey ticked up to +8.1 for December. This comes after November's reading of -10.7. Economists polled by Briefing.com had expected that the Survey would improve to a reading of -1.3.  Also of note, leading indicators for October decreased by 0.2%, which followed the prior month's increase of 0.2%.  European markets ended today's session on a mixed note. The United Kingdom's FTSE shed 0.1% while France's CAC and Germany's DAX both added 0.1%.  In the United Kingdom, Carnival (CCL 36.99, -2.07) was the weakest performer. The cruise-line operator lost 6.1% after reporting disappointing earnings. On the upside, media company ITV gained 3.1%.  In France, financials AXA and Credit Agricole led the index with respective gains of 1.1% and 1.3%. Software company Cap Gemini was the weakest index component, and lost 2.7% following disappointing earnings from Accenture.  German stocks eked out slim gains and drug makers led the way. Bayer and Merck both added near 1.0%. Meanwhile, ThyssenKrupp was the weakest performer. The steelmaker lost 2.1% after railroad Deutsche Bahn filed a lawsuit which named ThyssenKrupp as one of the defendants.  Tomorrow, November personal income, personal spending, core PCE prices, durable orders, and durable orders ex-transportation will all be reported at 8:30 ET. Lastly, the final December Michigan Sentiment Survey will be released at 9:55 ET. Note that quadruple witching will take place tomorrow. ..NYSE Adv/Dec 2066/962. ..NASDAQ Adv/Dec 1502/961.

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Jason's Commentaries

WE SURVIVED THE DOOMSDAY! 
The proof that you are reading my DMA means that you're still alive! Another 60 points gain on the DOW... Santa Claus has came to the town! We're not far away from the the 13400 resistance but ahead of the long weekend ahead, I reckon we're likely to rally like no one's business. 

  Despite a lousy unemployment claims, the market showed strength to make a gain of 60 points. On the internals, the bulls overran the bears.The Financials made a huge gain yesterday and lifted the market. BFA gained a good 3% while the other financials lead. The only laggard was Tech again, being dragged down by AAPL by a 0.9% loss.

I'm expecting today to be a bullish day and not wanting to mess around with Santa and the durable goods order isn't gonna move the market much today anyway.
 

 MERRY XMAS IN ADVANCE PEEPS! 

Market Call:UP

Date: 21 Dec 2012