22 Apr 2013 AMC

22 Apr 2013 AMC

Market Summary 

Market Internals

Leaders and Laggards

Technical Updates

Briefing's Commentaries 

Stock Market Update 16:10 ET Dow +19.66 at 14567.17, Nasdaq +27.50 at 3233.55, S&P +7.25 at 1562.5 :[BRIEFING.COM] The S&P 500 ended 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 30.83, +1.06) providing considerable support after ValueAct announced a $2 billion stake in the software company. Other tech shares also displayed strength as Apple (AAPL 398.67, +8.14) climbed 2.1%.  Although most large tech names ended with gains, IBM (IBM 187.83, -2.17) shed 1.1% to follow Friday's earnings-driven 8.3% drop. Interestingly, General Electric (GE 21.35, -0.40) and McDonald's (MCD 99.32, -0.60) remained under pressure after the two also provided disappointing earnings on Friday.  The underperformance of those names weighed on the Dow, which spent the bulk of today's session in negative territory.  Two of the weakest sectors of the month, energy and materials, ended atop today's leaderboard. The energy space gained 1.0% as better-than-expected earnings from Halliburton (HAL 39.29, +2.08) and a 1.1% rise in crude oil provided support the sector.  Elsewhere, the materials space settled higher as gold miners shook off their recent weakness. The Market Vectors Gold Miners ETF (GDX 28.97, +0.38) gained 1.3% as gold futures rose 2.1% to $1425.20.  While precious metals were able to rebound from last week's selloff, copper remained under pressure. The red metal shed 0.6% as global growth concerns stayed on the minds of investors.  The ongoing growth concerns were echoed by Caterpillar's (CAT 82.71, +2.28) quarterly report, which missed on the earnings and revenue. In addition, the machinery producer lowered its full-year earnings and revenue guidance below consensus. Although Caterpillar ended higher, the industrial sector settled with a loss of 0.1%.  The utilities sector was the only other group which settled with a loss as the SPDR Utilities Select Sector ETF (XLU 40.68, -0.05) ended lower by 0.1%.  Today's volume was below average as just over 620 million shares changed hands on the floor of the New York Stock Exchange.  Reviewing the day's economic data, existing home sales fell 0.6% from a downwardly revised 4.95 million (from 4.98 million) in February to 4.92 million in March. The Briefing.com consensus expected existing home sales to increase to 5.01 million.  Inventories managed to eke out a small gain, rising 1.6% to 1.93 million. That represents a 4.7-month supply at the current sales rate, which is down from a 6.2-month supply a year ago. According to the National Association of Realtors, an ideal inventory level is around a 6-month supply.  Tomorrow, February FHFA Housing Price Index and March new home sales will be reported at 9:00 ET and 10:00 ET, respectively. Among earnings of note, Delta Air Lines (DAL 15.14, -0.12) and Johnson Controls (JCI 33.15, +0.51) will report their quarterly results ahead of the opening bell.  The U.S. Treasury will auction off $35 billion in 2-yr notes. ..NYSE Adv/Dec 1739/1260. ..NASDAQ Adv/Dec 1275/1175.

After Hours

17:54 ET NFLX +24.3%, VECO +8.6%, ILMN +5.2%, BEAT -11.2%, RCII -6.7%, VLTR -4.6% following earnings/guidance :

The S&P 500 ended higher by 0.5% despite enduring some intraday weakness while the Dow added 0.1%, and the tech-heavy Nasdaq gained 0.9%. 

Other notable movers on earnings/guidance: NFLX +24.3%, VECO +8.6%, ILMN +5.2%, SWFT +4.6%, XOOM +4.1%, TXN +0.8%, PKG +0.2%, BEAT -11.2%, RCII -6.7%, VLTR -4.6%, ICUI -0.6%, AMP -0.3%, ACE -0.3%, RCI -0.1%, ZION -0.1%

Today after the close the following companies reported earnings: VECO, PKG, TXN, VLTR, BXS, HXL, NFLX, SWFT, WIBC, BBCN, CR, ELS, ILMN, PLXT, RCII, SANM, ZION, ACE, MBFI, AMP, NXPI, STM, ICUI, IEX, RCI, USTR, CTGX, UCTT, PEI, HSTM, XOOM

Futures are mixed after hours: S&P 500 futures are +0.49 from fair value of 1557.41 and Nasdaq100 futures are -1.55 from fair value of 2803.80.

Tomorrow morning before the open one economic report is scheduled to be released: 1) FHFA Housing Price Index.

Tomorrow before the open the following companies are scheduled to report earnings: DFS, FRX, IRWD, JCI, CLS, DAL, DD, EAT, FMER, IIVI, RF, SBNY, SNV, TRV, TWIN, WAT, APD, COH, LCC, MOLX, UTX, AOS, JNS, LMT, XRX, AKS, AXE, CIT, GNTX, IDXX, ITW, LXK, PCH, PII, PNR, STBA, WDR, DHX, FCF, ST, ENTG, PCAR, R, IR, GCI, ACI, ARMH, CNC, LRY, PMT, CPLA, RAI, ECA, ORB, LECO, SAH, ASTE, RSH

Commodities

Treasuries

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Jason's Commentaries


Kinda expected of this movement last night. The day start bearish and subsequently reversed to close higher by 1030am ET. Internals were all showing mixed signals with a moderate volume traded in the NYSE. Energy and the Materials were the main leaders last night with Haliburton beating its earnings and rose a $2.50. While Caterpillar, despite missing it's earnings and revenues, rose $3 last night, which provided strength in the market. And today, we'll have a number of notable earnings coming and it's going to be really really volatile. With Apple affecting the Techs, Reynolds affecting the discretionary, Lockheed Martin and United Technologies affecting the industries, we're gonna see a very messy day. On top of that, we have new home sales coming out at 10am. To make things worse, China missed it's HSBC PMI. On the Technical update, we're likely to see a down day today as all 3 indices found resistance at the 20MA and we're on the 3rd candle reversal. Let's go bear =D

Here's the link to China's PMI news. 
http://www.cnbc.com/id/100662646 

Market Call: DOWN

Date: 23 Apr 2013