9 May 2013 AMC

9 May 2013 AMC

Market Summary 

Market Internals

Leaders and Laggards

Technical Updates

Briefing's Commentaries 

Stock Market Update 16:10 ET Dow -22.50 at 15082.62, Nasdaq -4.10 at 3409.17, S&P -6.02 at 1626.67 :[BRIEFING.COM] The S&P 500 ended lower by 0.4%, snapping its streak of five consecutive gains. After opening in the red, the major averages were able to shake off their early weakness before a wave of afternoon selling sent them to fresh lows. The decline occurred amid speculation that a well-known reporter, who is considered to be a Fed-insider, may be hinting at changes to the Federal Reserve's quantitative easing program. However, any change in policy would likely take an extended period of time to transpire with Chairman Bernanke first testing the waters with some "verbal" cues before any change in the policy would be made. Defensively-oriented sectors finished among the laggards as the utilities space continued its recent weakness. The SPDR Utilities Select Sector ETF (XLU 39.74, -0.61) lost 1.5%. Since Monday, the sector has lost more than 4.0%. The health care space was the only outperformer among defensive groups thanks to the relative strength of biotechnology. The iShares Nasdaq Biotechnology ETF (IBB 174.89, +0.11) ended higher by 0.1% and contributed to the relative strength of the Nasdaq. The consumer discretionary sector also settled with a gain as homebuilders advanced. The SPDR S&P Homebuilders ETF (XHB 31.47, +0.07) rose 0.2%. In addition, discount retailers like Fred's (FRED 15.22, +0.17) and TJX Companies(TJX 50.69, +0.29) ended with gains after reporting better-than-expected same store sales. Industrial shares displayed some intraday strength in defense stocks following a bottom-line beat from Precision Castparts (PCP 206.68, +14.66). The PHLX Defense Index settled higher by 0.3%. Although defense stocks kept the industrial sector from logging further losses, the Dow Jones Transportation Average displayed weakness throughout the day. The bellwether complex lost 1.1% as 19 components ended lower. The CBOE Volatility Index (VIX 13.17, +0.51) settled higher after spending the entire day in positive territory, suggesting downside protection was in demand throughout the session. In the foreign exchange market, the Japanese yen fell below 100 per the dollar for the first time since April 2009. Reviewing today's economic data, the initial claims level fell from an upwardly revised 327,000 (from 324,000) for the week ending April 27 to 323,000 for the week ending May 4. The Briefing.com consensus expected the initial claims level to increase to 336,000. Today's reading puts claims at their lowest level since January 2008. Typically, a sub-350,000 initial claims level would imply that payrolls would grow by at least 200,000. However, with uncertain demand, it is not guaranteed that firms will add to their workforce. Also of note, wholesale inventories increased 0.4% in March after declining 0.3% in February. The Briefing.com consensus expected wholesale inventories to increase 0.3%. Tomorrow's economic news will be limited to the April Treasury budget, which is set to be reported at 14:00 ET. Among earnings of note, ArcelorMittal (MT 12.76, +0.01) will report its quarterly results before the opening bell. ..NYSE Adv/Dec 1071/1932. ..NASDAQ Adv/Dec 966/1484.

After Hours

17:56 ET ACET +13.2%, UNIS +10.8%, UBNT +10.2%, WAGE -21.1%, GALE -12.1% following earnings/guidance :

The S&P 500 ended lower by 0.4%, snapping its streak of five consecutive gains.

Other notable movers on earnings/guidance: ACET +13.2%, UNIS +10.8%, UBNT +10.2%, EAC +9.3%, MCP +7.2%, GPS +6.9%, WIFI +6.7%, DAR +6.4%, ALIM +5.3%, SQNM +5%, ECPG +4.4%, ZGNX +4.2%, MNKD +2.3%, PDLI +2%, NPTN +1.5%, NVDA +1.1%, BFAM +0.7%, BBOX +0.7%, VRNG +0.7%, RNDY +0.7%, BEBE +0.4%, CPE +0.4%, PSA +0.2%, CFN +0.2%, MBI +0.2%, RICK +0.1%, WAGE -21.1%, GALE -12.1%, SMTX -11%, ONTY -9.8%, AL -8.4%, AFFY -8.3%, MDRX -6.1%, WAVX -6.1%, BCEI -5.7%, INTX -4.4%, JOBS -4%, CALL -3.9%, AIRM -3.6%, PCLN -3.3%, FTK -2.9%, PANL -2.6%, PBYI -1.5%, MDVN -1.1%, AMRN -0.9%, SGYP -0.8%, BRKS -0.7%, AGO -0.6%, AUQ -0.4%, BID -0.3%

Today after the close the following companies reported earnings: BBOX, BEBE, BRKS, NGVC, ABCO, SREV, ASYS, UBNT, UEPS, RICK, DIOD, ECPG, INWK, NVDA, TNGO, LLNW, MDRX, WAGE, ET, PSA, WIFI, SF, PCLN, AGO, DAR, MBI, PANL, AIRM, AL, APEI, BID, GXP, MDVN, NNI, OPTR, PCMI, RNDY, SLXP, PDLI, CCIX, SQNM, XOXO, BPZ, KTOS, FTK, ANAC, CPE, EGY, FXEN, MCP, BCEI, ZGNX, ALIM, AUQ

Futures are higher after hours: S&P 500 futures are +1.23 from fair value of 1623.37 and Nasdaq100 futures are +5.19 from fair value of 2957.81.

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: MT, TRLG, BECN, SIRO, VTG, WCRX, HL, AWR, DRH, EVEP, LMIA, PGNX, STRL

Commodities

Treasuries

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Jason's Commentaries

Was right for last night's call, market was flat to the downside. Market opened with a bearish tone and went up during the mid day, subsequently lost its gain before the closing bell. Volumes were at 670m shares traded, a pretty normal day. Utilities sunk 1.5% while there only 2 leaders gaining less than 0.5% each. The other sectors remained largely unchanged. As there are not much news except the UK bank rate, US was not very much affected. Perhaps the market is looking for some reasons to cash out on their profits. I reckon after this dark cloud cover on the S&P 500, there might be some small correction. For today, Fed Chairman Ben Bernanke will be talking at 930am ET, which means we are going to have a volatile start. I believe the day will likely end flat again, with some slight losses, assuming Ben Bernanke don't talk rubbish. 

Market Call: FLAT to downside

Date: 10 May 2013