Market Summary
It was totally a roller coaster ride yesterday... As i've mentioned in my previous DMA, such volatility is kinda expect in the first week of the month. Especially the market has not idea where to go. The only thing that will gyrate the market like no ones business is news and the speeches from the Congress..
Wednesday to Friday will be the days to decide where will we end for this Xmas.. Stay tune..
Defense Contracts
General Dynamics Bath Iron Works, Bath, Maine, is being awarded $70,491,916 modification under a previously awarded contract (N00024-12-C-4311) to exercise option year 1 for DDG 51 and FFG 7 class integrated planning yard services. Bath Iron Works will provide expert design, planning and material support services for both maintenance and modernization. Contract funds in the amount of $678,931 will be obligated at time of award. Work will be performed in Bath, Maine, and is expected to complete by December 2013. Contract funds in the amount of $678,931 will expire at the end of the current fiscal year. The Naval Sea Systems Command, Washington, D.C., is the contracting activity.
Market Internals
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Leaders and Laggards
Technical Updates
Commentaries
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| Stock Market Update |
16:10 ET Dow -13.82 at 12951.78, Nasdaq -5.51 at 2996.69, S&P -2.41 at 1407.05 :[BRIEFING.COM] Today's session was confined to a narrow range as the S&P 500 opened near its flat line, and spent the entire day within points of the unchanged level. At midday, Bloomberg TV aired an interview with President Obama, but his remarks were in-line with recent statements. The market did not receive notable economic data and sentiment-driving headlines were limited as well. As such, the benchmark index ended the choppy day with a loss of 0.2%.
Technology stocks underperformed the broader market and the SPDR Technology Select Sector ETF (XLK 29.04, -0.05) slipped 0.2%. Apple (AAPL 575.84, -10.34) weighed on the sector and settled lower by 1.8%.
Even though tech stocks were generally weak, semiconductor manufacturers outperformed. The PHLX Semiconductor Index gained 0.7% and bellwether Intel (INTC 19.92, +0.38) advanced 2.0%.
Elsewhere, Netflix (NFLX 82.32, +6.32) surged 8.3% after the company announced a multi-year premium pay-TV window agreement with Walt Disney (DIS 49.30, +0.01). Besides lifting Netflix to session highs, the announcement had a negative impact onCoinstar (CSTR 47.37, +0.39) and Liberty Media (LMCA 105.56, -5.49). The two names fell to their respective lows as investors considered the possibility of increased competition. Coinstar is the operator of Redbox video rental kiosks. The stock was able to shake-off the intraday weakness, and close higher by 0.8%. Meanwhile, Liberty Media, which holds a stake in Starz and Encore, recovered a portion of its losses and ended lower by 4.9%.
The consumer discretionary sector lagged as weak guidance from Darden Restaurants(DRI 47.40, -5.02) weighed on restaurant operators. Darden slumped 9.6% after issuing downside earnings guidance for the second quarter. In addition, the company lowered its full-year earnings and revenue guidance as well. Following the update, Bank of America/Merrill Lynch and Cowen both downgraded the stock. Among other restaurant operators, Buffalo Wild Wings (BWLD 72.30, -0.96), Cheesecake Factory (CAKE 32.80, -1.26), and Brinker (EAT 29.45, -0.41) all fell between 1.3% and 3.7%. Note that Brinker also lowered its second quarter guidance on October 24.
Select Chinese stocks were weaker after the Securities and Exchange Commission announced charges against the Chinese affiliates of Big 4 accounting firms. The charges raise concern over the quality of financial statements of U.S.-listed Chinese stocks. Casino operators Asia Entertainment (AERL 3.00, -0.37) and Melco Crown Entertainment (MPEL 14.18, -1.18) saw respective losses of 11.0% and 7.7% as investors were reluctant to buy Chinese ADRs.
The Dow Jones Transportation Average added 0.3%. As most components registered gains, trucking stocks underperformed. The group has encountered a soft patch recently, and the weakness continued today. JB Hunt (JBHT 58.13, -0.55) and Landstar (LSTR 49.25, -0.60) both slid near 1.0%.
The market will receive a full slate of economic news tomorrow. The weekly MBA Mortgage Index and the November ADP Employment Change will be released at 7:00 ET and 8:15 ET, respectively. In addition, revised third quarter productivity and unit labor costs will be reported at 8:30 ET. Lastly, October factory orders and November ISM Services will hit the wires at 10:00 ET. ..NYSE Adv/Dec 1444/1544. ..NASDAQ Adv/Dec 1169/1295. | | | |
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After Hours
18:10 ET AVAV +12.0%, SEAC +5.7%, MFRM -22.5%, MIND -20.5%, P -18.9% following earnings/guidance :
Today's session was confined to a narrow range as the S&P 500 opened near its flat line, and spent the entire day within points of the unchanged level. At midday, Bloomberg TV aired an interview with President Obama, but his remarks were in-line with recent statements. The market did not receive notable economic data and sentiment-driving headlines were limited as well. As such, the benchmark index ended the choppy day with a loss of 0.2%.
Today after the close the following companies are scheduled to report earnings: AVAV, ASYS, ENVI, MFRM, MIND, NCS, OXM, P, PLAB, POWL, SEAC, BLIN, VTSS
Futures are after lower hours: S&P 500 futures are -2.99 from fair value of 1405.49 and Nasdaq100 futures are -7.53 from fair value of 2666.28.
Tomorrow morning before the open four economic report is scheduled to be released: 1) MBA Mortgage Index, 2) ADP Employment Change (Consensus 125k), 3) Productivity-Rev. (Consensus 2.7%), and 4) Unit Labor Costs -Rev (Consensus -0.8%).
Tomorrow before the open the following companies are scheduled to report earnings: BF.B, FRAN, GIII, TTC
Commodities
Data on next Trading Session
Looking at the internals, the day was totally flat with the bulls and bears of equal strength.. While the Utilities is the biggest loser with a -0.51%, then consumer discretionary... The industrials is the main sector that is holding the market up. Nonethless, the market is very indecisive right now whether to go bull or bear through the year end period.
With the volatility that might come along due to the Congress's discussion on Fiscal Cliff, we're gonna be watching that pretty closely... Other than that, I think the year should end up higher with a Santa Claus rally...
The main mover of the day should be the ADP report. If it suck, very likely we're going to see a day day..
As I'm writing the DMA, ADP report did suck... and I think the market will be sideways to the downside today..
Market Call:FLAT to downside(less than 1% loss)
Date: 4 Dec 2012
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