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Quick Look Market Closing Price:
At the close:
- Dow -0.26% to 16415. S&P +0.28% to 1843. Nasdaq +0.67% to 4225.
- Treasurys: 30-year -0.14%. 10-yr -0.12%. 5-yr -0.14%.
- Commodities: Crude +0.67% to $Crude Oil. Gold -0.85% to $Gold.
- Currencies: Euro +0.05% vs. dollar. Yen +0.18%. Pound -0.2
Market recap:
Stocks end mixed, but
Dow hobbled by earnings
Stocks finished mixed, with the S&P snapping a two-day
losing streak and the Nasdaq rising to its highest close since Sept. 2000, but
the Dow was knocked by a raft of disappointing earnings results.
The Dow's outsized loss was traced to combined declines of IBM,
J&J and Goldman Sachs, which accounted for about half of the Dow’s drop;
Travelers, Wal-Mart, Caterpillar, GE and Verizon also weighed on the index.
Materials shares were among the leading gainers among
S&P sector groups, boosted by Alcoa as J.P. Morgan upgraded its shares and
Dow Chemical as Dan Loeb's Third Point took a $1.3B stake in the company.
Treasurys were little changed, with the yield on the 10-year
note ticking up to 2.83%.
After Hours News:
CFFN
Capitol Federal Financial, Inc. declares $0.075 dividend
Capitol Federal Financial (CFFN)
declares $0.075/share quarterly dividend.
Forward yield 2.45%
Payable Feb. 21; for shareholders of record Feb. 7; ex-div
Feb. 5.
XLNX
Xilinx -3.6% AH on FQ3 report; $100M in 28nm sales, strength
in Asia
Xilinx (XLNX) shares are
off 3.6% AH following the company's FQ3 report, which delivered a $13.6M
top-line miss.
Management guides for FQ4 revenue of $598.7M-$622.2M (+2%-6%
sequentially) vs. analyst expectations ranging from $610M-$632M (average of
$621.1M). Opex in FQ4 is seen at $226M.
Revenue from 28nm products hit $100M during the quarter,
driven by sales of Kintex-7 and the Zynq-7000 family (which more than doubled
sequentially).
Expansion in Asia-Pacific led the way, contributing 40% of
revenue in FQ3 (up from 34% in FQ3 FY2013).
PR, Conference call at 5pm ET
WTFC
Wintrust Financial beats by $0.01
Wintrust Financial (WTFC):
Q4 EPS of $0.70 beats by $0.01. (PR)
BAS
Basic Energy well positioned for upturn in U.S.
onshore capex, Imperial says
Basic Energy Services (BAS)
is initiated with an Outperform rating and $20 price target at Imperial
Capital, which says BAS is well positioned
for an upturn in U.S.
onshore spending given its diverse service portfolio and attractive geographic
footprint.
BAS has an established
presence in several attractive basins, which should enable it to benefit from
an expected rebound in oilfield service demand in 2014, the firm says.
BAS assets are
particularly well positioned in oily basins such as the Permian and Eagle Ford,
which should enable it capitalize on any increase in capex tied to greater
E&P activity in these areas, the firm adds.
SWC
Stillwater Mining sees 2014 production of 515K-530K oz.
Stillwater Mining (SWC)
says its 2014 strategic objectives will be centered on focusing on producing
quality ounces from its core Montana
mines, minimizing investments in non-core assets while maintaining their
long-term optionality, and reducing expenses.
SWC expects 2014 mined
palladium and platinum production of 515K-530K oz., $165M-$175M in total
capital expenditures, and total cash cost per mined oz. of $550-$600.
Q4 production totaled 141.1K oz., up 6.5% Y/Y, and total
production for FY 2013 was 523.9K oz., beating internal guidance and up 2% Y/Y.
ANCX
Access National Corporation EPS of $0.31
Access National Corporation (ANCX):
Q4 EPS of $0.31. (PR)
NUAN
Nuance ups FQ1 guidance, shares +7.5% AH
Nuance (NUAN) now expects
to report FQ1 (Dec. quarter) revenue of $487M-$491M and EPS of $0.23-$0.24.
That's above prior guidance of $477M-$487M and $0.18-$0.21, and a consensus of
$482.5M and $0.20. (PR)
Nuance also announces it has hired former Symantec sales EVP
Bill Robbins to be its new sales chief.
FQ1 results arrive on Feb. 10. Nuance's shares were battered
after the company provided disappointing FQ1 and FY14 guidance in November.
FULT
Fulton Financial beats by $0.02
Fulton Financial
(FULT): Q4 EPS of $0.22 beats by $0.02. (PR)
AMD
Advanced Micro Devices, Inc. EPS in-line, beats on revenue
Advanced Micro Devices, Inc. (AMD):
Q4 EPS of $0.06 in-line.
Revenue of $1.59B (+37.1% Y/Y) beats by $50M.
Shares -5.1%.
Press Release
TXN
Texas Instruments Inc. misses by $0.01, beats on revenue
Texas Instruments Inc. (TXN):
Q4 EPS of $0.49 misses by $0.01.
Revenue of $3.03B (+1.7% Y/Y) beats by $40M.
Shares -1.9%.
Press Release
ANCX
Access National Corporation declares $0.11 dividend
Access National Corporation (ANCX)
declares $0.11/share quarterly dividend.
Forward yield 2.83%
Payable Feb. 25; for shareholders of record Feb. 6; ex-div
Feb. 4.
Additionally, the board declares special dividend of
$0.70/share, payable along with quarterly dividend.
CBU
Community Bank System, Inc. EPS of $0.42
Community Bank System, Inc. (CBU):
Q4 EPS of $0.42. (PR)
IBM
Buybacks give IBM a big
EPS lift; hardware sales continue plunging
IBM has established 2014
EPS guidance of $18, slightly above a $17.97 consensus.
Revenue continues to be pressured be nosediving
hardware/chip sales, which declined 26% Y/Y in Q4 after dropping 17% in Q3 and
12% in Q2. Mainframes -37%, Power servers (UNIX-driven) -31%, x86 servers
(reportedly on the block again) -16%, storage -13%, chips -33%. The numbers
suggest share loss to H-P, Dell, TSMC, and others.
Global Technology Services revenue -4%, same as Q3 and Q2.
Global Business Services +1%. Services backlog is at $143B, +1% Q/Q and +2%
Y/Y. Software +3% vs. +1%, global financing flat vs. +6%.
$5.8B was spent on buybacks, up from $1.9B in Q3 and
providing a big lift to EPS. Gross margin, which has been steadily rising in
recent years, rose 30 bps Y/Y to 52.6%.
Asia-Pac sales, pressured by NSA fallout, were soft again,
declining 12% Y/Y; they dropped 15% in Q3. Americas
fell 3%, and EMEA was up 1%. Sales to "growth markets" declined 5%
after falling 9% in Q3.
IBM -2.2% AH. CC at 4:30PM ET.
Q4 results, PR
XLNX
Xilinx, Inc. beats by $0.01, misses on revenue
Xilinx, Inc. (XLNX): Q3
EPS of $0.55 beats by $0.01.
Revenue of $587M (+15.1% Y/Y) misses by $13.61M.
Shares -4.8%.
KERX
Keryx Biopharmaceuticals to sell $90M in shares in public
offering
Keryx Biopharmaceuticals (KERX)
will sell $90M in shares (15% overallotment) in a public offering.
The company intends to use proceeds to fund inventory
build-up and commercial activities relating to Zerenex, development of Zerenex
in pre-dialysis, and other corporate purposes.
KERX -3% AH
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