24 Apr 2013 AMC

24 Apr 2013 AMC

Market Summary 

Market Internals

Leaders and Laggards

Technical Updates

Briefing's Commentaries 

Stock Market Update 16:15 ET Dow -43.16 at 14676.3, Nasdaq +0.32 at 3269.65, S&P +0.01 at 1578.79 :[BRIEFING.COM] The major averages ended today's session on a mixed note. The Dow shed 0.3% while Nasdaq and S&P 500 ended flat.  Defensively-oriented groups were among the leaders of the first-quarter market rally. Today, however, three defensive sectors finished firmly lower after top-line results from major components failed to justify the considerable first-quarter gains.  Consumer staples, telecom, and health care sectors all registered losses of at least 1.7%.  Consumer staples lagged after Procter & Gamble (PG 77.12, -4.82) reported revenue below the Capital IQ consensus estimate. In addition, the company issued cautious fourth quarter earnings and revenue guidance.  Elsewhere, telecoms were pressured by AT&T (T 37.04, -1.96) after the carrier missed on revenue. In addition, Citigroup and Morgan Stanley both downgraded the stock.  The top performing sector of the year, health care, declined steadily throughout the day after Amgen (AMGN 104.93, -7.83), Edwards Lifesciences (EW 64.60, -18.21), and Eli Lilly (LLY 56.05, -2.28) all reported below-consensus revenues.  In addition, Amgen's 6.9% decline weighed on biotech companies as iShares NasdaqBiotech ETF (IBB 169.67, -5.11) settled lower by 2.9%.  The underperformance of biotechnology names kept the Nasdaq near its flat line even as technology stocks displayed relative strength. Apple (AAPL 405.46, -0.67) ended little changed after beating on earnings and revenue. Although the company's results surprised to the upside, its gross margin was reported on the low end of estimates. In addition, Apple lowered its third quarter revenue and gross margin guidance below consensus. Also of note, the company raised its quarterly dividend by 15%. However, the increased capital return program will be funded by taking on debt rather than repatriating its cash, which would be subject to U.S. corporate taxes.  Chipmakers were some of the top performing tech components after Broadcom (BRCM 35.08, +2.11) topped its earnings and revenue estimates. Meanwhile, the broader PHLX Semiconductor Index rose 1.3%.  While the best performing sectors of the first quarter ended firmly lower, three notable Q1 laggards ended in the lead. Energy, industrials, and materials all settled with gains of at least 1.0%.  The economically-sensitive groups were aided by a rebound in commodities. Crude oil ended higher by 2.8% at $91.63 per barrel while copper rose 2.4% to $3.166 per pound, and gold climbed 1.5% to $1429.70 per troy ounce.  Industrials received added support from defense stocks after General Dynamics (GD 71.73, +4.63) beat on earnings. Meanwhile, the broader PHLX Defense Index advanced 1.6%.  Today's volume was right in-line with its 200-day moving average as 706 million shares traded hands on the floor of the New York Stock Exchange.  Durable goods orders continued their streak of sizable up-and-down movements in March. Orders fell 5.7% after increasing a downwardly revised 4.3% (from 5.6%) in February. The Briefing.com consensus expected orders to fall 3.1%.  The wild swings in orders over the last few months have been the result of big moves in aircraft orders. In March, total aircraft orders -- defense and nondefense -- fell 43.5% after increasing 65.0% in February.  Excluding transportation, orders fell 1.4% after dropping a downwardly revised 1.7% (from -0.7%) in February. The consensus expected these orders to remain flat.  The weekly MBA Mortgage Index rose 0.2% to follow last week's increase of 4.8%.  Tomorrow, weekly initial and continuing claims will be reported at 8:30 ET. Among earnings of note, 3M (MMM 107.87, +0.48), Exxon Mobil (XOM 89.43, +0.13), and UPS(UPS 83.50, -0.24) will report their results before the opening bell.  The U.S. Treasury will auction $29 billion in 7-yr notes. ..NYSE Adv/Dec 1971/1017. ..NASDAQ Adv/Dec 1377/1056.

After Hours

17:59 ET AKAM +16.1%, FIO +12.2%, INFN +11.9%, CTXS -12.4%, INTU -9.8% following earnings/guidanc :

The major averages ended today's session on a mixed note. The Dow shed 0.3% while Nasdaq and S&P 500 ended flat. 

Other notable movers on earnings/guidance: AKAM +16.1%, FIO +12.2%, INFN +11.9%, ASGN +10.3%, JAH +9.3%, AVG +7.8%, ANGI +6.9%, BYI +6.5%, CAKE +4.9%, CLF +4.5%, NOW +4.2%, ISSC +4.2%, WDC +4.0%, XLNX +1.3%, CTXS -12.4%, INTU -9.8%, MLNX -9.3%, ZNGA -8.9%, EQIX -7.6%, QCOM -6.9%, RIMG -5.4%, VAR -4.9%, TSCO -4.3%, BVSN -1.9%, TEX -1.8%, AFL -1.3%, FLS -0.5%, 

Today after the close the following companies reported earnings: XLNX, CMRE, FFIV, HRC, LOGI, LRCX, LSI, MLNX, PMTC, RJF, SUSQ, SYK, SYMM, TCBI, TER, VAR, WDC, COHR, OTEX, CCI, GGG, NEU, FFBC, RYL, ALGT, BRKL, CDNS, CMO, CTXS, CVTI, DRE, FICO, FIO, ISIL, KEX, KNX, MKSI, NOW, QCOM, TSCO, BYI, SIGI, SYA, AFL, HMN, INFN, ZNGA, AIZ, AKAM, ARRS, BDN, EFX, ORLY, PDH, SRCL, TBI, TQNT, TYL, AHL, LPS, MRH, PACR, CLF, SCI, ANGI, AWH, CAP, DAVE, EQIX, STMP, TAL, ASGN, GRT, JAH, TILE, BAS, OIS, TEX, ARII, CAKE, CLW, CROX, WCN, WIRE, AVG, CLGX, COG, FLS, IPCM, ITMN, AEGN, TWI, CHDN, CSGP, MTSN, STNR, WLL, XNPT

Futures are mixed after hours: S&P 500 futures are +0.36 from fair value of 1573.74 and Nasdaq100 futures are -3.46 from fair value of 2827.46.

Tomorrow morning before the open two economic report is scheduled to be released: 1) Initial Claims (Consensus 355k) and 2) Continuing Claims (Consensus 3060k).

Tomorrow before the open the following companies are scheduled to report earnings: NTCT, PH, ABC, ALK, AME, AVT, BC, BMY, CCMP, CELG, CLP, CSH, DLX, EQT, ESI, GMT, KMT, LUV, MDP, MMM, NMM, ORI, RTN, RYN, STEL, SWK, UAL, UCBI, BIIB, BSX, HOG, HZO, JBLU, RDWR, UBSI, COP, LLL, WRLD, AZN, BLL, BMS, CAM, CL, CNX, CRR, CRS, D, DEST, DNKN, DOW, DST, HHS, HP, HSY, LANC, LSTR, MJN, MO, OXY, PHM, POT, TWC, UPS, ZMH, BCO, LEA, UFS, XOM, BHE, RCL, DO, SXC, CFX, LPLA, BG, CCE, CLI, GPK, KKR, MNI, NBL, NYT, ODFL, PTEN, RTIX, SIAL, TSRA, BLC, ETR, IVC, NLSN, HERO, LVLT, ASPS, PRLB, ALXN, BWA, CAB, CNMD, ECOL, NCI, NWE, O, PDS, STC, TMS, WBC, ICLR, YNDX, IDCC, PVR, VTNC, CMS, DAN, FAF, IMAX, JAKK, LBY, LINE, LTM, RS, SCG, SUI, SWY, TASR, VAC, VCI, VDSI, GGS, EME, GTI, PCS, RRD, TRS, UTHR, CRI, AIXG, GTLS, LKQ, MTRN, NAFC, SFE, SNMX

Commodities

Treasuries

Next Day In View 

Jason's Commentaries


Spent half of my day buying a new computer as my computer decided to die on me last night. RIP my AMD com. It served me great for the past 3 years. 

 Was right for last night's call. It was mixed for Wednesday after all the earnings. However, We've more earnings coming on Thursday. Looking at the internals, we have approx 700 shares traded last night in NYSE and the UVOL outpaced the DVOL. Staples and healthcare were the only laggard last night which can be deemed as bullish as well. However, we gotta monitor the defensive sectors a little more deciding on the course of action. On the technical updates, we're likely to be sideway bounded after the hanging man. We're gonna have a volatile Thursday again.

Market Call: Flat to upside

Date: 24 Apr 2013