7 May 2013 AMC

7 May 2013 AMC

Market Summary 

 

Market Internals

Leaders and Laggards

Technical Updates

Briefing's Commentaries 

Stock Market Update 16:15 ET Dow +87.31 at 15056.2, Nasdaq +3.66 at 3396.63, S&P +8.46 at 1625.96 :[BRIEFING.COM] Equities settled with modest gains as the S&P 500 rose 0.5% to close at a new all-time high while the Dow notched its first close above 15,000. Similar to yesterday, earnings shaped the early price action in the absence of notable economic data. The energy sector charged out of the gate as EOG Resources (EOG 135.69, +9.65) displayed notable strength after beating on revenue. The growth-sensitive sector ended with a solid gain even as crude oil ended lower by 0.7% at $95.47. Most other cyclical sectors finished ahead of the broader market and the Dow Jones Transportation Average outperformed as well. The bellwether complex advanced 1.6% to a fresh record high as 18 of 20 components settled in the black. Interestingly, the technology space began the day in-line with the broader market before late morning weakness in large components caused the sector to slip into the red. Apple (AAPL 458.66, -2.05), Cisco (CSCO 20.38, -0.43), and Microsoft (MSFT 33.31, -0.44) all lost between 0.5% and 2.1%. The technology sector also pressured the Nasdaq, which was unable to climb above its morning highs. Today's underperformance of the Nasdaq was notable as the index had led stocks higher for more than two weeks. Entering today, the index gained 7.1% since April 19 while the S&P 500 added 4.9% over that time. Also contributing to the Nasdaq weakness was biotechnology, which lagged afterPerrigo (PRGO 116.29, -2.55) missed on earnings and revenue. The broaderiShares Nasdaq Biotechnology ETF (IBB 174.52, -1.43) ended lower by 0.8%. The underperformance of biotech names weighed on the health care sector, which settled with a gain of 0.3%. Meanwhile, other defensive sectors outperformed the broader market and the telecom space ended in the lead. In the Treasury market, the 10-yr note sold off steadily throughout the day with its yield climbing two basis points to 1.783%. Even though today's session ended on a positive note, the CBOE Volatility Index (VIX 12.91, +0.25) climbed suggesting a certain measure of downside protection was in demand. Today's volume was below average as 636 million shares changed hands on the floor of the New York Stock Exchange. Consumer credit increased by $8.0 billion in March. That was down from an upwardly revised $18.6 billion (from $18.1 billion) in February. The Briefing.com consensus expected consumer credit to increase by $16.3 billion. That was the first time since September 2012 that consumer credit did not increase by at least $10.0 billion. Tomorrow, the weekly MBA Mortgage Index will be reported at 7:00 ET. ..NYSE Adv/Dec 2307/747. ..NASDAQ Adv/Dec 1541/930.

After Hours 17:15 ET WBMD +12.9%, ARAY +12.5%, EA +8.6%, OCLR -15.4%, VCLK -13.4% following earnings/guidance : Equities settled with modest gains as the S&P 500 rose 0.5% to close at a new all-time high while the Dow notched its first close above 15,000. Other notable movers on earnings/guidance: WBMD +12.9%, ARAY +12.5%, EA +8.6%, WFM +7.2%, OAS +5.5%, ACTS +5.0%, DVA +4.6%, TWO +4.1%, MODN +3.4%, NVTL +3.4%, EGAN +3.2%, LOPE +2.8%, JAZZ +2.7%, ONXX +2.2%, JCP +2.1%, MITK +2%, MAKO +1.8%, MCK +1.5%, CODI +1.1%, Z +1.1%, BIO +1.1%, SYMC +1.1%, OCLR -15.4%, VCLK -13.4%, RBCN -13.1%, SYNC -11.3%, CA -5.7%, SGMS -5.3%, FRGI -5.0%, CHRW -4.2%, WMB -3.5%, ISIS -3.2%, BIOL -2.2%, CLMS -2%, SCMP -1.3%, RLOC -1.3%, MNTG -1.3%, CHSP -1%, DGI -0.8%, PZZA -0.7%, DIS -0.2%, PRI -0.1% Today after the close the following companies reported earnings: CA, SYMC, BMC, PLT, EA, REG, SRDX, ESIO, MCK, MITK, OCLR, CLMS, CHRW, DIS, MYGN, POWL, ANDE, ARAY, MRO, TWO, ESE, PRI, SLH, ASEI, OHI, AXLL, DEI, ONE, RLOC, SGEN, ARTC, KGC, KS, MDLZ, TRIP, VCLK, WFM, Z, DVA, CLDT, DGIT, DMD, FNGN, LOPE, IAG, RBCN, SYNC, WMB, WPZ, EXEL, NVTL, ONXX, WBMD, ARB, OAS, URS, AWK, BIO, DGI, ENPH, GA, GPOR, JAZZ, LYV, MAKO, PZZA, WTI, BWC, CDXS , ORA, ARC, SD, QUAD, MCEP, CODI, FURX, BIOL, KERX, SGMS, GCA, CCRN, FTEK, MODN Futures are mixed after hours: S&P 500 futures are -0.23 from fair value of 1621.43 and Nasdaq100 futures are  +0.31 from fair value of 2947.44. Tomorrow morning before the open one economic report is scheduled to be released: MBA Mortgage Index Tomorrow before the open the following companies are scheduled to report earnings: WEN, KELYA, CSTE, MPEL, CTSH, AOL, SPAR, EZCH, LIOX, NICE, SKYW, ALE, ENB, LSE, FUN, SODA, GEO, THI, CWH, VVUS, HII, INXN, LAMR, STWD, SUSS, DTEGY, LMCA, TTI, VITC, MFB, NAVB, POZN, FSYS, KRO, ATRS, ARQL

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Jason's Commentaries

Market went higher again! This time round... a 87 points on the Dow! Seems that the bulls got pretty good stamina... Now that the Dow is moving in a parabolic fashion... the breakdown is going to be magnificent... so i'm just gonna wait till the breakdown.... Market was still half bullish yesterday, slightly out of my expectation,  staples and industrials led the market last night. Internals were decent. Nothing much exciting... Now the earnings season is going to be over soon... I'll be going through the earnings results after my exams on 22 May... Stay tune! 

Market Call: FLAT to upside

Date: 8 May 2013