24 Jan 2013 AMC

24 Jan 2013

Market Summary 

Market Internals

Leaders and Laggards

Technical Updates

Briefing's Commentaries 

Stock Market Update 16:25 ET Dow +46.00 at 13825.33, Nasdaq -23.29 at 3130.38, S&P +0.01 at 1494.82 :[BRIEFING.COM] The major averages ended today's session near their opening levels. The Dow was an exception as the blue chip index finished higher by 0.3%. The 30-stock average outperformed as 19 components registered gains.  The Nasdaq trailed the broader market for the duration of the day after a disappointing earnings report from Apple (AAPL 450.50, -63.50) sent the stock lower by 12.4%. While the largest tech stock suffered its biggest percentage drop in more than four years, its suppliers held up relatively well. Cirrus Logic (CRUS 26.71, -3.24) was an exception, sinking 10.8% ahead of its earnings report scheduled for this evening.  As Apple earnings weighed on tech shares, the remainder of the market traded with a generally positive bias. Netflix (NFLX 146.86, +43.60) was a notable standout as the stock soared 42.2% after its fourth quarter results handily beat the Capital IQ earnings and revenue estimate. In addition, the video streaming service guided first quarter top and bottom line above consensus.  Even less-than-stellar results were welcomed by investors today as F5 Networks (FFIV 103.22, +4.41) gained 4.5% despite reporting in-line revenue and a bottom line miss. The results were topped off with upside second quarter earnings guidance, which contributed to the buying interest. Peer Cisco Systems (CSCO 21.02, +0.40) added 1.9%.  As the market resisted the selling pressure stemming from poor Apple earnings, the Dow Jones Transportation Average ended the session with a gain of 1.7%. The bellwether complex, which has soared over 10% since January 1, saw all-around strength, but trucking stocks outperformed. JB Hunt (JBHT 67.57, +4.11) surged 6.5% after its fourth quarter earnings beat on the bottom line. Meanwhile, peers Con-way (CNW 33.00, +1.88) and CH Robinson (CHRW 67.21, +1.46) settled with respective gains of 6.0% and 2.2%.  Looking at the S&P 500 sector breakdown, technology was the biggest laggard (-2.0%), followed by telecoms (-0.3%) and materials (+0.2%). On the upside, discretionary (+0.7%) and health care (+0.7%) stocks saw relative strength.  The CBOE Volatility Index (VIX 12.76, +0.30) advanced 2.4% after being up as much as 8.2% intraday. However, the so-called "fear gauge" remains near its 5-year low.  Crude oil added 0.8% to settle at $96.00 despite a larger-than-expected inventory build.  The market received just two economic reports this morning. The latest weekly initial claims count totaled 330,000, which was lower than the 355,000 that had been expected by the Briefing.com consensus. The tally was below the revised prior week count of 335,000. As for continuing claims, they fell to 3.157 million from 3.228 million.  Elsewhere, leading indicators for December increased by 0.5%, in-line with the Briefing.com consensus forecast. Today's figure followed the prior month's unchanged reading.  Tomorrow's economic data will be limited to December new home sales. This report will be released at 10:00 ET. Among notable earnings, Honeywell (HON 68.24, -0.03) andProcter & Gamble (PG 70.42, -0.27) are scheduled to report prior to the opening bell. ..NYSE Adv/Dec 1680/1316. ..NASDAQ Adv/Dec 1374/1100.

After Hours

18:44 ET TPX +13.4%, SYNA +12.1%, SBUX +2.6%, SCSS -18.4%, FLEX -6.3%, MSFT -1.5% following earnings/guidance :

The major averages ended today's session near their opening levels. The Dow was an exception as the blue chip index finished higher by 0.3%. The 30-stock average outperformed as 19 components registered gains.

Other notable after hours movers on earnings: TPX +13.4%, SYNA +12.1%, INFA +8.0%, ACTS +4.8%, RMD +3.4%, SBUX +2.6%, SCSS -18.4%, FLEX -6.3%, EGHT -4.3%, CPHD -4.2%, MSFT -1.5%

Today after the close the following companies reported earnings: SCSS, CPHD, CYN, EFII, ETFC, FLEX, INDB, LSCC, MSFT, RMBS, WAL, IBKC, JNPR, TPX, EGHT, T, DLLR, FII, HBHC, INFA, KLAC, MCRS, MXIM, QLGC, RMD, SBCF, SCSC, SIVB, SYNA, VRSN, COHR, CRUS, OTEX, DGII, SBUX, CVD, ED, MSCC

Futures are lower after hours: S&P 500 futures are -1.08 from fair value of 1489.68 and Nasdaq100 futures are -1.48 from fair value of 2717.23.

Tomorrow morning before the open no economic reports are scheduled to be released.

Tomorrow before the open the following companies are scheduled to report earnings: HAL, HON, KMB, PB, CMCO, PG, ACO, IMGN, OSK, WY, MOG.A, COV

Commodities

Treasuries

Next Day In View 




Jason's Commentaries

Oh well.... Was expecting the market to dragged down by Apple's earnings, and indeed it came true... However Nasdaq's drag on other main indices were not that significant after all... VIX spiked to a 6% in intraday and gave back its gain and ended slightly up. While the internals are showing mixed signals. With the earning season going at full steam, we're likely to face more volatility. Another Tech giant, MSFT, reportedly lost 1.5% during the pre-market session after its earnings. Seems that the Nasdaq will likely to be the drag again for another day. 

While on the technical note, the market is still very bullish and showing a lot of strength... Now I'm regretted shorting the market too early. While on the Treasuries, We're seeing some increase in the treasuries across the board, and that kind of confirm the bullishness of the market right now. 
 

Market Call: FLAT to upside

Date: 25 Jan 2013