29 Apr 2013 AMC

29 Apr 2013 AMC

Market Summary 

Market Internals

Leaders and Laggards

Technical Updates

Briefing's Commentaries 

Stock Market Update

16:10 ET Dow +106.20 at 14818.75, Nasdaq +27.76 at 3307.02, S&P +11.37 at 1593.61 : [BRIEFING.COM] Today proved to be a one-sided affair as equities climbed throughout the session. As a result, the S&P 500 settled higher by 0.7% to notch a fresh record close while the Nasdaq rose 0.9%.  The Nasdaq displayed relative strength from the onset as technology stocks paced today's advance. Major sector components Apple (AAPL 430.12, +12.92), Google(GOOG 819.06, +17.64), and Microsoft (MSFT 32.61, +0.82) all settled with gains of at least 2.5%.  Chipmakers also displayed broad strength as the PHLX Semiconductor Index ended higher by 1.3%.  Although the tech sector was able to register a firm gain, the group was unable to overcome its month-to-date losses as it still holds a loss of 0.3%.  Meanwhile, strength in basic materials producers helped the sector erase its April losses. Steelmakers saw gains across the board and the Market Vectors Steel ETF(SLX 41.96, +0.61) ended higher by 1.5%. Metal prices also provided support as gold rose 1.2% to $1470.70 per troy ounce while copper added 0.7% to $3.211 per pound.  Gains in commodities also helped the energy sector as crude oil rose 1.4% to end at $94.32 per barrel.  Even though three cyclical sectors ended atop today's leaderboard, other growth-oriented groups trailed behind the broader market.  The discretionary sector underperformed as homebuilders and retailers weighed. TheSPDR S&P Retail ETF (XRT 73.02, 0.00) ended flat even as J.C. Penney (JCP 17.19, +0.19) advanced 1.1% as reports indicated two hedge funds bought shares of the retailer. With all ten sectors registering gains, defensively-geared consumer staples and telecom were the weakest performers as both settled higher by 0.3%.  Today's volume was well below average as 598 million shares changed hands on the floor of the New York Stock Exchange.  In the Treasury market, the 10-yr note ended flat with its yield at 1.670% after bouncing around a two point range for the duration of the day.  Looking back on today's economic data, personal income and spending both rose 0.2% in March. The Briefing.com consensus expected income to increase 0.3% and spending to rise 0.1%. The March income and spending data were already incorporated in the first quarter GDP report that was released last Friday. The only new information was that January income growth was revised up to -3.6% from -3.7% and that January spending growth was revised down to 0.3% from 0.4%. The February growth rates were unrevised.  In addition, pending home sales for March rose 1.5%, which was better than the 0.1% increase forecast by the Briefing.com consensus. Today's reading follows last month's decline of 0.4%.  Tomorrow, the first quarter employment cost index will be reported at 8:30 ET while February Case-Shiller 20-city Index and April Chicago PMI will be released at 9:00 ET and 9:45 ET, respectively. The day's economic data will be topped off with the 10:00 ET release of April consumer confidence. On the earnings front, Marathon Petroleum(MPC 82.41, +1.06) and Pfizer (PFE 30.43, +0.34) will report their quarterly results prior to the opening bell. ..NYSE Adv/Dec 2215/791. ..NASDAQ Adv/Dec 1680/789.

After Hours

18:16 ET DTLK +8.3%, HTWR +7.7%, TXRH +6.9%, RVBD -5.7%, IPHS -5.5%, NYMT -2.9% following earnings/guidance :

Today proved to be a one-sided affair as equities climbed throughout the session. As a result, the S&P 500 settled higher by 0.7% to notch a fresh record close while the Nasdaq rose 0.9%. 

Other notable movers on earnings/guidance: DTLK +8.3%, HTWR +7.7%, TXRH +6.9%, ANAD +4.1%, AEIS +2.9%, RGR +1.9%, ESRX +1.8%, PSMI +1.4%, CYH +1.1%, RVBD -5.7%, IPHS -5.5%, NYMT -2.9%, MAS -2.8%, IDTI -1.9%, NEM -1.4%, HIG -1.1%, FMD -0.9%, ARE -0.4%

Today after the close the following companies reported earnings: VECO, HELE, JEC, HTLF, IDTI, IRF, JJSF, NBHC, PCL, CSE, IVAC, QGEN, WAIR, ADVS, AEIS, BIRT, GGP, HIG, LMNX, PPS, CBL, MPWR, PRE, PSMI, SU, THG, ANH, ARE, RVBD, ACGL, CGNX, CRK, MAS, BWLD, DTLK, IPHS, ESRX, ALSN, ANAD, CNL, HLF, KONA, TXRH, UAM, CYH, NEM, SBAC, BBRG, GLF, HTZ, KAMN, KAI, RGR, RJET, SSW, AACC, KWR

Futures are lower after hours: S&P 500 futures are -0.79 from fair value of 1588.89 and Nasdaq100 futures are -1.54 from fair value of 2860.79.

Tomorrow morning before the open two economic report is scheduled to be released: 1) Employment Cost Index (Consensus 0.5%), and 2) Case-Shiller 20-city Index (Consensus 8.7%)

Tomorrow before the open the following companies are scheduled to report earnings: OSK, ABFS, AMG, CODE, GK, HRS, HW, KLIC, NEE, PFE, VLO, X, GIB, MPC, MPLX, MTOR, MWV, WEC, AET, CNH, COCO, EPD, FLWS, IVZ, PBI, BEN, LM, AGCO, AUO, BP, LFUS, NYX, SIRI, TECH, UBS, UDR, VSH, CMI, GAS, RTI, GLT, HOT, HPY, XYL, FSTR, AVP, CYNO, DBD, FIS, HCP, HUN, MHP, MLM, RFP, PES, TRI, CRY, MNTA, TRW, FCH, FDP, NI, ROC, SAVE, STFC, CRIS, ESV, GOV, ODP, CBR, DFRG, DORM, HEP, PEG, TFX, DDD, CAS, CIE, ECL, MSO, RBA, THC, DPZ, MGLN, MTG, MCGC, ARCO, AMED, ZTS

Commodities

Treasuries

Next Day In View 

Jason's Commentaries


I was wrong last night. Nasdaq led the market into a rally last night. Fueled by big names like Apple, Google, Microsoft and IBM, each gaining more than 1.5%. Nasdaq Composite broke into a higher high while S&P500 and DJI both stuck at their all time high. Volumes were barely below 600million shares traded but it's a rather bull day than a full-fledged rally. VIX went higher despite the 100 points gain on the Dow, Bonds didn't go anywhere. Towards the closing bell, market decided to take off some of its gains. On top of that, materials decided to rally as well. I believe the market will likely to hold the high until Friday. If the NFP come in lousy. Here comes May =D

Market Call: FLAT to upside

Date: 30 Apr 2013

26 Apr 2013 AMC

26 Apr 2013 AMC

Market Summary 

Market Internals

Leaders and Laggards

Technical Updates

Commentaries 

Stock Market Update

16:20 ET Dow +11.75 at 14712.55, Nasdaq -10.73 at 3279.25, S&P -2.92 at 1582.24 :[BRIEFING.COM] The major averages entered the weekend on a mixed note as the S&P 500 slipped 0.2% while the Dow Jones Industrial Average added 0.1%.  The final session of the week began on a cautious note as downbeat overseas trade and mixed corporate earnings pressured equity futures. In addition, a disappointing first quarter GDP report contributed to the lower open.  According to the advance report, first quarter GDP grew at an annualized rate of 2.5%. That was up from a 0.4% gain in the final quarter of last year, but below the Briefing.com consensus expectation of a 2.8% gain.  A deeper look into the data sets the tone for a likely severe deceleration in trends during the second quarter.  Just about all of the gains in the first quarter came from consumption and inventories, both of which are likely to experience a pullback over the next three months. Furthermore, government spending, which fell 4.1% in the first quarter after declining 7.1% in Q4 2012, is set to fall by a larger amount during the second quarter as the effects of the sequestration become more pronounced.  With below-consensus growth, the growth-sensitive materials sector was the weakest performer of the day as steelmakers weighed. The Market Vectors Steel ETF (SLX 41.35, -0.71) settled lower by 1.7%. Metal prices also saw a decline as gold slipped 0.4% to $1456.60 per troy ounce while silver declined 1.2% to $23.86 per troy ounce. Also of note, copper futures fell 1.8% to $3.180 per pound.  While the sluggish GDP report weighed on producers of basic materials, the materials sector was the only group which slumped more than 1.0%. Meanwhile, the second weakest sector, financials, ended with a loss of just 0.4%.  Although first quarter economic growth missed expectations, the broader market appeared unconcerned as market participants are well aware of the Federal Reserve's commitment to maintain its accommodative monetary policy for as long as conditions warrant continued easing. As such, the disappointing report resulted in a morning dip, which was met with enough afternoon buying interest to bring the S&P back to its flat line. Those levels held until the final 20 minutes when sellers reemerged and pushed the benchmark average back into the red.  As mentioned earlier, quarterly earnings were in focus this morning. The discretionary sector underperformed as retailers displayed some weakness. Amazon.com (AMZN 254.81, -19.89) lost 7.2% after its above-consensus results were overshadowed by disappointing operating income guidance.  In addition, Starbucks (SBUX 60.00, -0.50) shed 0.8% after its revenue fell short of the Capital IQ consensus estimate. Guidance was also a point of concern as the company lowered its third quarter earnings expectations below consensus.  On the upside, the industrial sector outperformed the broader market as Dow components, Boeing (BA 92.85, +1.18) and General Electric (GE 22.21, +0.26) ended with respective gains of 1.3% and 1.2%. Shares of Boeing rallied following reports indicating Japan will allow the 787 Dreamliner to return to service after the jet experienced battery problems in recent months.  Transportation-related stocks also traded ahead of the broader market. The Dow Jones Transportation Average added 0.1% with airlines providing the leadership. Delta Air Lines (DAL 16.81, +0.52) rose 3.2% after the House of Representatives passed a bill to end sequester-related Federal Aviation Administration furloughs.  Today's economic data also included the University of Michigan Consumer Sentiment Index, which was revised up to 76.4 from 72.3 in the final April reading. That is still down from 78.6 in March and the weakest reading since January. The Briefing.com consensus expected the sentiment index would be essentially unchanged at 72.4.  On Monday, March personal income, personal spending, and core PCE prices will all be reported at 8:30 ET while March pending home sales will be announced at 10:00 ET.

Commodities

Treasuries

Weekly Analysis
Week 38



Technical Updates
























Briefing's Commentaries

On Monday, the S&P 500 settled higher by 0.5% despite enduring some intraday weakness while the Dow added 0.1%, and the tech-heavy Nasdaq gained 0.9%. Technology stocks led from the start with Microsoft (MSFT 31.79, -0.15) providing considerable support after ValueAct announced a $2 billion stake in the software company. Other tech shares also displayed strength as Apple (AAPL 417.20, +8.82) climbed 2.1%. Although most large tech names ended with gains, IBM (IBM 194.31, +0.36) shed 1.1% to follow Friday's earnings-driven 8.3% drop. 

Tuesday's session ended with strong gains as the S&P 500 climbed 1.0%. Financials and technology led the advance with bank stocks outperforming notably. The SPDR Financial Select Sector ETF (XLF 18.56, -0.08) settled higher by 1.8% after Discover Financial Services (DFS 43.92, -0.36) and Dow component Travelers (TRV 85.15, -0.12) reported better-than-expected earnings. 

The major averages ended Wednesday's session on a mixed note as the Dow shed 0.3% while Nasdaq and S&P 500 ended flat. Consumer staples lagged after Procter & Gamble (PG 77.10, +0.52) reported revenue below the Capital IQ consensus estimate. In addition, the company issued cautious fourth quarter earnings and revenue guidance. The top performing sector of the year, health care, declined steadily throughout the day afterAmgen (AMGN 108.38, -0.28), Edwards Lifesciences (EW 64.17, -1.22), and Eli Lilly(LLY 56.46, +0.03) all reported below-consensus revenues. 

Thursday saw equities settle with modest gains. The S&P 500 climbed 0.4% as materials outperformed throughout the session. Miners were among top sector components as precious metals rallied. Gold futures advanced 2.8% to $1462.80 per troy ounce while silver futures spiked 6.2% to $24.25 per troy ounce. Also of note, copper rose 2.8% to $3.247 per pound. ..NYSE Adv/Dec 1211/1750. ..NASDAQ Adv/Dec 933/1510.

Next Week In View


Jason's Commentaries

On the weekly perspective, it seems that we're had a slightly bullish and very volatile week with many big companies announcing earnings. It seems that the earnings of those companies are keeping the market up. However, here's some summary of the Dow components that has announced their earnings.

Negative reaction to earnings
IBM
BAC
GE
MMM
PG
T
UNH
UTX
 XOM


Positive reaction to earnings
AXP
BA
CAT
CVX
DD
INTC
JNJ
KO
MSFT
VZ

Mixed Reactions
AA
JPM
MCD
TRV

Here it seems that quite a few Dow components are having negative reactions and it's definitely not a bull sign. We have a few more companies to announce their earnings. Despite that, we're coming to an end of April and we might have a sell in may coming.Amongst the main sectors, the financials and utilities are moving up together, while the other sectors are getting sideways. Maybe a sideways trend for a while more before the market get knocks off from its high?

Turning back from the weekly view to Friday's close. While we're having a flat Friday and it seems to me that the market is likely to go down on Monday. Market is having a volume of 625million shares traded on the NYSE and it's definitely more bearish than bullish on Friday. VIX came down slightly though. Most sectors were flat except for Utilities and Materials. Materials lagged more than 1% while the Utilities managed to rack up some gains which managed to keep the market afloat. While we're having an earnings craze, we're definitely going to go through more volatility next week, with the employment reports coming out. 

Market Call: DOWN

Date: 29 Apr 2013

25 Apr 2013 AMC

25 Apr 2013 AMC

Market Summary 

Market Internals

Leaders and Laggards

Technical Updates

Briefing's Commentaries 

Stock Market Update 16:10 ET Dow +24.50 at 14700.8, Nasdaq +20.33 at 3289.98, S&P +6.37 at 1585.16 :[BRIEFING.COM] Equities settled with modest gains as the S&P 500 climbed 0.4% while the Dow added 0.2%.  The S&P was cruising near its highs before a late afternoon headline from German Handelsblatt cited a confidential Bundesbank opinion paper, which strongly opposed the European Central Bank's implementation of Outright Monetary Transactions.  Until the news hit, quarterly earnings were in focus after more than 250 companies covered by Briefing.com reported their results between yesterday's closing bell and today's open.  The Dow underperformed the broader market as two of its largest components weighed.3M (MMM 104.88, -2.99) lost 2.8% after missing on earnings and revenue. In addition,Exxon Mobil (XOM 88.07, -1.36) shed 1.5% after the company posted a 12.3% year-over-year revenue decline.  The materials sector was a strong performer throughout the day as the SPDR Materials Select Sector ETF (XLB 39.46, +0.43) settled higher by 1.1%. Better-than-expected earnings from Cliffs Natural Resources (CLF 20.95, +2.73) supported other steelmakers as the Market Vectors Steel ETF (SLX 42.06, +0.55) settled higher by 1.3%.  In addition, miners also showed relative strength as precious metals rallied. Gold futures advanced 2.8% to $1462.80 per troy ounce while silver futures spiked 6.2% to $24.25 per troy ounce. Also of note, copper rose 2.8% to $3.247 per pound.  While the materials sector was the clear leader throughout the day, other cyclical groups outperformed as well.  Discretionary stocks were supported by retailers and homebuilders. The SPDR S&P Retail ETF (XRT 73.31, +1.17) added 1.6% while the SPDR S&P Homebuilders ETF(XHB 30.40, +0.42) rose 1.4% on better-than-expected earnings from Ryland Group(RYL 44.94, +3.24) and PulteGroup (PHM 20.79, +1.10). While both builders surpassed bottom-line expectations, revenues proved to be more of a mixed bag as Ryland was able to beat estimates while PulteGroup's top-line fell short of analyst expectations.  Technology stocks showed intraday strength, but the sector sold off into the close as cautious earnings and revenue guidance from Qualcomm (QCOM 62.44, -3.56) weighed. With most growth-oriented groups contributing to today's advance, defensively-geared sectors lagged behind the broader market. However, the telecom space bucked the trend after reports indicated Verizon Communications (VZ 53.22, +1.42) may be preparing a $100 billion bid to gain full control of Vodafone's (VOD 30.43, +0.84) stake in Verizon Wireless. However, speculation regarding Verizon's attempt to gain full control of Verizon Wireless has circulated before.  Today's economic news was limited to weekly claims data. The initial claims level fell to 339,000 for the week ending April 20 from an upwardly revised 355,000 (from 352,000) for the week ending April 13. The Briefing.com consensus expected the initial claims level to drop to 351,000.  After several weeks of volatility following seasonal adjustment problems associated with the Easter holiday period, the initial claims level has again returned to its previous trend. The Department of Labor announced that the period of large swings in the weekly claims level is ending.  Tomorrow, first-quarter advance GDP will be reported at 8:30 ET while the final April Michigan Sentiment Survey will be released at 9:55 ET. ..NYSE Adv/Dec 1950/1044. ..NASDAQ Adv/Dec 1538/913.

After Hours

17:55 ET SYNA +18.3%, LOGM +16.2%, CSTR +7.2%, PKI -13.9%, BIDU -8.2%, AMZN -3.4% following earnings/guidance :

Equities settled with modest gains as the S&P 500 climbed 0.4% while the Dow added 0.2%. 

Other notable movers on earnings/guidance: SYNA +18.3%, LOGM +16.2%, QLIK +13.6%, AMKR +10.1%, FSL +8.3%, INFA +7.8%, CSTR +7.2%, THRX +5.1%, WOOF +2.8%, IGT +2.6%, RSG +2.3%, NTGR +2.2%, N +2.2%, MDCA +2.1%, PKI -13.9%, ECHO -8.3%, BIDU -8.2%, MCRS -6.5%, ABAX -5.8%, KLAC -5.0%, EXPE -4.9%, EXPE -4.9%, HXM -4.3%, CPSI -4.1%, DECK -4.0%, CAMP -3.8%, AMZN -3.4%, CRUS -3.4%, AAN -3.2%, PRGN -2.8%, SBUX -2.7%, HBHC -2.4%, ALTR -2.1%, TEU -1.9%, VPRT -1.1%

Today after the close the following companies reported earnings: CAMP, IGT, TUES, ALTR, CGI, CRUS, DGII, FII, HBHC, IBKC, INDB, INFA, KLAC, MCRS, MSCC, MXIM, RMD, SBCF, SBUX, SCSC, SIVB, SYNA, VRSN, OLN, AMZN, DLB, FSL, WBSN, AMCC, ELY, SWKS, ABAX, CB, CPSI, CTCT, EMN, MCRL, MTX, N, NATI, PFG, PKI, PMCS, RGA, TLAB, TNAV, VPRT, VR, WYNN, AXS, BIDU, BSAC, LEG, SIMO, CALX, CERN, EXPE, CBG, CINF, SPSC, AAN, ATR, COLM, CSTR, ECHO, IMI, MOH, OFG, RSG, SSD, CLWR, NTGR, THRX, AEM, AMKR, IM, TCO, WRE, EHTH, GFIG, KEG, LOGM, NR, QLIK, WOOF, BJRI, CLUB, HLS, FR, HURN, KBR, BLDR, BMRN, CENX, FPO, HITT, INAP, MMSI, GB, RRC, SPN, DECK, DRC, MCRI, UHS, RSYS, GERN

Futures are higher after hours: S&P 500 futures are +1.32 from fair value of 1580.28 and Nasdaq100 futures are +0.01 from fair value of 2842.24.

Tomorrow morning before the open two economic report is scheduled to be released: 1) GDP-Adv. (Consensus 2.8%), and 2) Chain Deflator-Adv. (Consensus 1.6%).

Tomorrow before the open the following companies are scheduled to report earnings: WY, ACO, COV, IMGN, MOG.A, AHGP, ARLP, DHI, TYC, SAIA, ALV, AON, BPO, CVX, LYB, NOV, PFS, WETF, SPG, FLIR, LAZ, MPW, OFC, GT, TRP, ACCO, FSRV, ITRI, AIMC, FET, GNC, AEP, BKW, DLR, LPNT, VFC, VTR, DTE, B, GDI, HMSY, ABBV

Commodities

Treasuries

Next Day In View 

Jason's Commentaries


Last night was definitely a very volatile night. The market started the day with a bullish bias all the way till 2pm until the market started tanking, wiping most of the gains out. It seems that the bullish momentum was coming off from the market. Volumes were strong at 746million shares traded on the NYSE. With the bulls still outpacing the bears. There were 2 major components of the Dow lagging the whole market. Firstly, Exxon Mobil and 3M, 2 of the heavier weighted stocks on the Dow performed badly. Verizon were being boosted by rumors that it is looking to increase its stakes in Vodafone and on top of that, the homebuilders were looking good, beating top and bottom line. I suppose the market was volatile solely due to earnings last night. While on the Technicals, we're having some sort of topping pattern after S&P almost touching it's all time high again before selling off at 2pm ET. Treasuries were bullish and we can see a major movement in the treasury market on the 5,10 and 30y bonds. 

As for the last Friday of the month, I reckon that we're likely to go flat to the downside. With the GDP numbers coming out lesser than expected, 2.5 vs 3.1% expected. And on top of that, last night, Amazon and Starbucks reported lackluster earnings, dragging down the market in the after hours.  

Market Call: Flat to Downside (>0.5% change)

Date: 26 Apr 2013