11 Feb 2013 AMC

11 Feb 2013

Market Summary 

Market Internals

Leaders and Laggards

Technical Updates

Briefing's Commentaries 

Stock Market Update 16:10 ET Dow -21.73 at 13971.24, Nasdaq -1.87 at 3192.00, S&P -0.92 at 1517.01 :[BRIEFING.COM] The S&P 500 ended today's quiet session with a slim loss of 0.1%. Equities started the day amid mixed European trade where Italian and Spanish stocks trailed behind the remainder of the region. The relative weakness came amid continued political turmoil.  In Italy, markets showed caution as Silvio Berlusconi speculated his party may be closing in on the lead ahead of the February 24/25 general elections.  Meanwhile, Spanish equities underperformed as Prime Minister Mariano Rajoy continued facing increased scrutiny following allegations of having accepted secret payments from his party's slush fund. A weekend poll indicated almost 80% of all respondents have found Mr. Rajoy's explanations to be insufficient.  As Italian and Spanish markets underperformed, their respective yields climbed higher. The Spanish 10-yr added six basis points to 5.43% while Italy's 10-yr yield rose seven basis points to 4.62%.  While the two sovereign yields climbed higher, U.S. interest rates were little changed. The 10-yr yield eased fractionally to 1.946%.  Like Treasury yields, U.S. equities saw little change during today's session. With no earnings or economic data of note, stocks drifted sideways throughout the day. Below average volume contributed to the uneventful trade as some traders were absent due to the aftermath of snowstorm Nemo.  On the downside, the energy sector underperformed, and the SPDR Energy Select Sector ETF (XLE 78.19, -0.39) slipped 0.5%. Energy stocks spent the session near their lows despite an intraday spike in the price of crude oil. The energy component jumped to near $97.00 after comments from the president of Germany's Bundesbank resulted in dollar weakness, thus helping the dollar-denominated crude. The greenback lost ground to the euro after Mr. Weidmann said there is "no indication euro is seriously overvalued."  While energy stocks were unable to lift off their lows, the defensively-oriented utilities spent the day in a steady climb. The SPDR Utilities Select Sector ETF (XLU 36.78, +0.09) added 0.3% amid relative strength from electricity producers. Exelon (EXC 31.42, +0.34) settled higher by 1.1%.  Though utilities registered modest gains, the financial sector was the top performer. The space hovered near its highs thanks to relative strength of major components. Citigroup(C 43.15, +0.47), Wells Fargo (WFC 35.26, +0.38), and U.S. Bank (USB 34.09, +0.44) all gained in excess of 1.0%. Prior to the open, Wells Fargo and U.S. Bank were upgraded to ‘Buy' at Stifel Nicolaus.  In sector news, Nasdaq (NDAQ 30.38, +0.91) rose 3.1% after reports indicated the exchange has held preliminary talks with Carlyle Group regarding a possible deal to go private. However, negotiations have stalled over a purchase price.  Looking at the S&P 500 breakdown, financials (+0.4%), utilities (+0.2%), and technology (+0.1%) saw relative strength. Meanwhile, energy (-0.6%), consumer discretionary (-0.3%), and materials (-0.2%) lagged.  Tomorrow's economic data will be limited to the January Treasury budget. This report will be released at 14:00 ET. Among notable earnings, Avon Products (AVP 17.28, +0.43) and Coca-Cola (KO 38.61, -0.16) will report their quarterly results ahead of the open.  The U.S. Treasury will auction off $32 billion in 3-yr notes. ..NYSE Adv/Dec 1345/1641. ..NASDAQ Adv/Dec 1203/1254.

After Hours

17:57 ET CPST +13.7%, RXN +13.3%, UNIS -7.9%, DVOX -5.9% following earnings/guidance :

The S&P 500 ended today's quiet session with a slim loss of 0.1%. Equities started the day amid mixed European trade where Italian and Spanish stocks trailed behind the remainder of the region. The relative weakness came amid continued political turmoil.

Other notable after hours movers on earnings: CPST +13.7%, RXN +13.3%, CUTR +9.1%, MAS +6.8%, NCLH +3.9%, BKD +3.5%, LGF +1.3%, RICK +1.1%, ASEI +0.3%, UNIS -7.9%, DVOX -5.9%, DNB -5.6%, CSPI -4.9%, AMSC -4.8%, TWTC -2.7%, ACGL -1.0%, CNO -1.0%, FULL -0.6%, MNKD -0.4%, CHH -0.4%

Today after the close the following companies reported earnings: FWRD, NLSN, CHH, DNB, AFG, CGNX, CRK, MAS, OMI, BNNY, ACGL, BKD, MNKD, PKY, ASEI, CUTR, OTTR, QLYS, SKH, TWTC, AMSC, LGF, RICK, NCLH

Futures are lower after hours: S&P 500 futures are -0.30 from fair value of 1513.40 and Nasdaq100 futures are -0.61 from fair value of 2772.11.

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: KO, OMC, CPLA, CYNO, RAI, AB, LVLT, DBD, HERO, GT, OHI, HCP, SPAR, TRP, KVHI, AVP, SPR, HUN, MHP, RFP, FIS, ZBRA, AMRI, FOSL, MLM, MMC, RHP, TGH, VPG, ELOS, LNCE, VNDA, KORS, VAL

Commodities

Treasuries

Next Day In View 




Jason's Commentaries

Happy Chinese New Year to all!!! While on the third day of CNY and the second day of my 25 year old adult... 

Was expecting the market to go flat to the downside for monday and it came through. Chinese and Singapore market are closed in observance of the Chinese New year. We're looking at a very flat Tuesday to come as well... There are not much market moving factor today however, Obama and Draghi will be speaking respectively. It's going to be flat and volatile... Unless Draghi decides to stun everyone with some special news to tank the market. 

While looking at the internals, the volume were pathetic, lacking of participation in the market. The internals were all showing divergence all the way... while the sectors were all performing in a haphazard manner, treasuries were showing little movements... what a disappointing day to trade... 

On the side note, Crude oil rallied yesterday, with a $2 gain and it's still looking bull...  

Market Call: FLAT to downside

Date: 12 Jan 2013