Equities Sector Coverage: Stocks Close FIrst Down Week of 2012

Sector Recap |

Stocks Close FIrst Down Week of 2012Advanced GDP for Q4 2011 came in at 2.8% slightly below expectations. A build of $56 billion in Business Inventories accounted for 1.945% of this gain. The PCE Price Index came in at 0.7%, below the Fed’s 2.0% target. The Dow Jones Industrial Average traded down Friday morning to day’s low at 12,630.72, down from Thursday’s year to date high at 12,841.95. Strength this week was shy of its May 2nd 2011 high at 12,876.00. The Dow approached 12,700 into the final half hour of trading. The NASDAQ traded down to 2797.24 Friday morning after setting a year to date high at 2834.30 on Thursday, which was below its May 2nd 2011 high at 2887.75. The NASDAQ rebounded above 2820 into the final half hour of trading.

Asian stocks were mixed on Friday with the Nikkei 225 ending their session 8,841 – down 0.09% on the day. The Hang Seng closed at 20,502 – up 0.31% on the day. European stocks were mixed pre-US trading on Friday, but dipped into the red following this morning’s US Q4 GDP data. The FTSE 100 ended their session at 5,733 – down 1.07% on the day; the DAX ended their session at 6,512 – down 0.43% on the day; and the CAC 40 ended their session at 3,319 – down 1.32% on the day.

The yield on the 10-Year US Treasury note rose from 1.930 percent to 1.991 then declined to 1.888 into the final half hour of trading. Gold traded up from $1714.2 the Troy ounce to above $1735.0 into the final half hour of trading. Crude oil traded rebounded from $99.30 per barrel to $100.63 then declined to $99.13. The euro versus the dollar rallied from 1.3080 to above 1.3200 into the final half hour of trading.

Energy

Alliance Resource Partners L.P. (ARLP) beat estimates by 13 cents, while missing revenue by $18M. Complete Production Services, Inc. (CPX) beat estimates by 9 cents on revenue of $626.8M. Sunoco Logistics Partners (SXL) missed estimates by 4 cents, while beating revenue by $800M. Citigroup has new Neutrals on Goodrich Petroleum (GDP) and Quicksilver Resources (KWK). It starts Buys on SandRidge Energy (SD), Whiting Petroleum (WLL), and Cabot Oil & Gas (COG). Targa Resources (TRGP) is an Outperform and $57 price objective at Morgan Keegan. In afternoon trading: Shares of Inergy (NRGY) are down about 22.5%.

Energy Select Sector SPDR (XLE) was trading at $71.48 at 4:00 PM on Friday, down 0.21% on the day – up 3.40% year-to-date. The 2011 change was +1.29%.

Materials

Eastman Chemical (EMN) has agreed to acquire Solutia (SOA) for $4.7B, including debt, with the $27.65 a share deal representing a 42% premium to Solutia's close. Eastman Chemical (EMN) missed estimates by 9 cents and revenue by $80M. Universal Stainless & Alloy Products (USAP) beat estimates by 6 cents, while missing revenue by $13M. OMNOVA Solutions (OMN) beat estimates by 8 cents and revenue by $15M. Amcol International (ACO) reported Q4 EPS of $0.43 (in-line), while missing revenue by $3M. Solutia (SOA) beat estimates by 2 cents and revenue by $20M. Monsanto (MON) is a new Neutral at Macquarie. Anglo Platinum (AGPPY) is picked up at Underperform by Credit Suisse, which has a new Neutral on competitor Impala Platinum (IMPUY). Rio Tinto (RIO) is resumed with an Equal Weight by Barclays. Potash (POT) is lifted to Sector Perform from Underperform at National Bank. Anglo American (AAUKY) is moved to Equal Weight from Overweight at Barclays. Cliffs Natural Resources (CLF) is now Neutral from Outperform at Credit Suisse. Nucor (NUE) is trimmed to Hold from Buy at Deutsche Bank. Steel Dynamics (STLD) is cut to Outperform from Buy at Crédit Agricole. In afternoon trading: Shares of Solutia (SOA) are up about 39.75%.

The Materials Select Sector SPDR (XLB) was trading at $37.18 at 4:00 PM on Friday, up 0.13% on the day – up 10.99% year-to-date. The 2011 change was -12.78%.

Industrials

3M's (MMM) board is split over whether to extend the contract of CEO George Buckley, which expires in a month when he turns 65, or let COO Inge Thulin take over. Buckley "loves his job," but some directors fear Thulin will quit if the CEO is asked to stay. Honeywell (HON) beat estimates by a penny, while missing revenue by $60M. Graham (GHM) missed estimates by 18 cents with revenue in-line with estimates. Smith (A.O.) (AOS) beat estimates by 4 cents and revenue by $15M. Arkansas Best (ABFS) reported Q4 EPS of $0.05 (versus estimate of $0.25), while missing revenue by $8.4M. Timken Company (TKR) beat estimates by 4 cents and revenue by $30M. Ryanair (RYAAY) Holdings is lifted to Buy from Hold at Société Générale. Siemens AG (SI) gets downgraded to Hold from Buy at Argus. In afternoon trading: Shares of Arkansas Best (ABFS) are down about 16.25%.

The Industrial Select Sector SPDR (XLI) was trading at $36.46 at 4:00 PM on Friday, down slightly on the day – up 8.03% year-to-date. The 2011 change was -3.21%.

Consumer Discretionary

Starbucks' (SBUX) FQ1 EPS climbed 10% to $0.50 and revenue 16% to $3.4B, with earnings beating analyst expectations as the company benefited from growth at its Americas stronghold and smaller Asian operations, and a strong start for sales of products for Green Mountain's (GMCR) Keurig machines. Honda (HMC) President Takanobu Ito has predicted that the automaker's FY 2013 business results will rebound to levels achieved before the Lehman collapse as volume surpasses 4M vehicles for the first time. Ford (F) missed estimates by 5 cents, while beating revenue by $3.3B. D.R. Horton (DHI) beat estimates by 4 cents, while missing revenue by $11.25M. Ryland (RYL) beat estimates by a penny, while missing revenue by $11M. Newell Rubbermaid (NWL) beat estimates by 2 cents with revenue in-line with estimates. Starbucks (SBUX) beat estimates by a penny and revenue by $0.15B. WMS Industries (WMS) missed estimates by 3 cents and revenue by $8M. DeVry (DV) missed estimates by 8 cents and revenue by $11M. Delphi Automotive (DLPH) beat estimates by 54 cents with revenue in-line with estimates. Robert Half International (RHI) missed estimates by a penny and revenue by $13M. Best Buy (BBY) gets begun with an Outperform at Credit Suisse. J.C. Penney (JCP) is upgraded to Overweight from Neutral at Piper Jaffray, is downgraded to Underperform from Market Perform by BMO Capital. McDonald’s (MCD) gets downgraded to Market Perform from Outperform by Sanford Bernstein. Wendy’s (WEN) is now Neutral from Buy at UBS. Boyd Gaming (BYD) gets cut to Underperform from Neutral at Sterne Agee. In afternoon trading: Shares of WMS Industries (WMS) are up about 14.5%.

The Consumer Discretionary Select Sector SPDR (XLY) was trading at $41.45 at 4:00 PM on Friday, down slightly on the day – up 6.23% year-to-date. The 2011 change was +4.30%.



Consumer Staples

Starbucks' (SBUX) FQ1 EPS climbed 10% to $0.50 and revenue 16% to $3.4B, with earnings beating analyst expectations as the company benefited from growth at its Americas stronghold and smaller Asian operations, and a strong start for sales of products for Green Mountain's (GMCR) Keurig machines. Altria (MO) beat estimates by a penny and revenue by $1.9B. Procter & Gamble (PG) beat estimates by 2 cents, while missing revenue by $100M. In afternoon trading: Shares of Green Mountain Coffee Roasters (GMCR) are up about 6.75%. Heavily Traded Stocks: Shares of Altria Group (MO) are down about 1.7%. Shares of Procter & Gamble (PG) are down about 0.9%. Shares of Star Scientific (CIGX) are down about 7.1%.

The Consumer Staples Select Sector SPDR (XLP) was trading at $32.22 at 4:00 PM on Friday, down 0.68% on the day – down 0.83% year-to-date. The 2011 change was +10.85%.

Health Care

Amgen (AMGN) missed estimates by a penny, while beating revenue by $60M. IDEXX Laboratories (IDXX) beat estimates by 4 cents and revenue by $3.2M. ImmunoGen (IMGN) beat estimates by 5 cents and revenue by $2.2B. Omnicell (OMCL) beat estimates by 3 cents with revenue in-line with estimates. ResMed (RMD) beat estimates by 4 cents on revenue of $332.7M. Cepheid (CPHD) beat estimates by a penny and revenue by $7M. The company sets 2012 revenue guidance at $333M-$347M, and sees EPS falling in a range of $0.55 to $0.60. Medicis (MRX) is a Hold at Cantor Fitzgerald. Celgene (CELG) is taken to Hold from Buy at Argus. Covance (CVD) is cut to Neutral from Buy at Citigroup. Uroplasty (UPI) is moved to Market Perform from Outperform at JMP Securities. In afternoon trading: Shares of Cepheid (CPHD) are up about 23.25%. Shares of StemCells (STEM) are up about 15.5%.

The Health Care Select Sector SPDR (XLV) was trading at $35.82 at 4:00 PM on Friday, up slightly on the day – up 3.26% year-to-date. The 2011 change was +10.32%.

Financials

California has turned down a reported $15B offer from five lenders over problematic mortgage practices, as the proposals did not contain "transparency, real relief for distressed homeowners and strong enforcement mechanisms." The lenders involved are Bank of America (BAC), JPMorgan (JPM), Citigroup (C), Wells Fargo (WFC) and Ally Financial. BNP Paribas (BNOBF) is reportedly attempting to sell up to $11B of loans to oil and gas companies as it looks to bulk up its capital buffers. BNP has received interest from Wells Fargo (WFC) and other U.S. banks, and has been getting offers with a discount of under 5%. T. Rowe Price Group (TROW) beat estimates by 3 cents on revenue of $647.5M. Green Dot (GDOT) reported Q4 EPS of $0.40 (in-line), while missing revenue by $4M. Legg Mason (LM) missed estimates by 9 cents, while beating revenue by $166.6M. SVB Financial Group (SIVB) beat estimates by 3 cents. Federated Investors (FII) missed estimates by 3 cents and revenue by $9M. Chubb (CB) reported Q4 EPS of $1.60 (in-line), while beating revenue by $80M, and sees 2012 EPS of $5.30-$5.70 (versus $5.96). Allstate (ALL) is initiated with an Outperform at brokerage William Blair, which assigns an Underperform on peer Progressive (PGR). U.S. Bancorp (USB) gets a Neutral-from-Underweight increase at Atlantic Equities. BNP Paribas (BNOBF) is downgraded to Neutral at JP Morgan, which reduces its recommendation in rival Crédit Agricole (CRARY) to Underweight. Morgan Stanley (MS) is moved to Underweight from Neutral at Atlantic Equities. Equity One (EQY) is now Sell from Neutral at Citigroup, which lowers Kimco Realty (KIM) downgraded to Neutral from Buy. Healthcare Realty (HR) is downgraded to Neutral from Outperform with a $22 target at Robert Baird. Hartford Financial (HIG) is now Neutral from Overweight at JPMorgan.

The Financial Select Sector SPDR (XLF) was trading at $14.13 at 4:00 PM on Friday, up 0.36% on the day – up 8.69% year-to-date. The 2011 change was -18.50%; the weakest performing sector for the year.

Information Technology

Samsung Electronics' (SSNLF) Q4 net profit rose 17% to KRW4T ($3.57B) as record smartphone sales relieved some of the pressure from the firm's other businesses, which have been hit by plunging demand globally. Synaptics (SYNA) beat estimates by 6 cents with revenue in-line with estimates. TeleNav (TNAV) beat estimates by 13 cents and revenue by $1.8M. VISTAPRINT (VPRT) beat estimates by 19 cents, while missing revenue by $2.8M. QLogic (QLGC) beat estimates by 2 cents and revenue by $2.5M. Riverbed Technology (RVBD) beat estimates by a penny and revenue by $3.2M. Motorola Mobility (MMI) beat estimates by 14 cents with revenue in-line with estimates. Juniper Networks (JNPR) reported Q4 EPS of $0.28 (in-line), while missing revenue by $10M, and expects Q1 revenue of $960M-$990M (below $1.1B consensus) and EPS of $0.11-$0.14 (below $0.26 consensus). Tessera Technologies (TSRA) beat estimates by 3 cents on revenue of $56.7M. Informatica (INFA) missed estimates by 6 cents with revenue in-line with estimates. The company guides for Q1 revenue of $187M-$197M ($195.4M consensus) and EPS of $0.31-$0.34 ($0.33 consensus), and widens its 2012 EPS guidance range to $1.54-$1.64 ($1.57-$1.64 prior). Lattice Semiconductor (LSCC) missed estimates by a penny with revenue in-line with estimates. Emulex (ELX) beat estimates by 2 cents with revenue in-line with estimates. However, the Street is pleased with FQ3 guidance for revenue of $121M-$125M and EPS of $0.17-$0.19 (largely above a consensus of $121M and $0.17). InvenSense (INVN) beat estimates by 2 cents and revenue by $3M. Maxim Integrated Products (MXIM) beat estimates by 2 cents, while missing revenue by $5M. Celestica (CLS) beat estimates by 7 cents, while missing revenue by $30M. Rambus (RMBS) missed estimates by 29 cents, while beating revenue by $1.4M. KLA-Tencor (KLAC) beat estimates by 6 cents and revenue by $12.55M. Cirrus Logic (CRUS) reported Q4 EPS of $0.43 (in-line) and revenue of $122.4M (in-line). Verisign (VRSN) missed estimates by a penny on revenue of $203.6M. LM Ericsson (ERIC) is lifted to Buy from Hold at The Royal Bank of Scotland. Logitech International (LOGI) gets lifted to Neutral from Sell at Citigroup. Synaptics (SYNA) is hoisted to Buy from Hold with a $41 price target at Needham. Juniper Networks (JNPR) is moved to Market Perform from Outperform at Morgan Keegan with a lower price target of $20. Synaptics (SYNA) is now Neutral from Buy at Sterne Agee. Travelzoo (TZOO) is taken to Hold from Buy at The Benchmark Company with a new target of $30. In afternoon trading: Shares of Emulex (ELX) are up about 15%. Shares of Informatica (INFA) are up about 14.25%.

The Technology Select Sector SPDR (XLK) was trading at $26.90 at 4:00 PM on Friday, unchanged on the day – up 5.70% year-to-date. The 2011 change was +1.03%.

Telecommunication Services

AT&T (T) is a new Neutral at Credit Suisse. Deutsche Telekom (DTEGY) gets taken to Underperform from Neutral at Macquarie. In afternoon trading: Shares of TerreStar (TSTRQ) are up about 25%. Shares of Towerstream (TWER) are up about 13.5%. Shares of Cogent Communications Group (CCOI) are up about 7%. Shares of Frontier Communications (FTR) are down about 6%. Shares of AT&T (T) are down about 0.7%, while shares of Sprint Nextel (S) and shares of Verizon (VZ) are both relatively unchanged.

The NASDAQ Telecommunications Index (IXTC) was trading at $210.18 at 4:00 PM on Friday, down 0.96% on the day – up 6.73% year-to-date. The 2011 change was -12.62%.

Utilities

Dominion Resources (D) missed estimates by 6 cents. NextEra Energy (NEE) beat estimates by a penny and revenue by $110M. American Electric Power Company (AEP) reported Q4 EPS of $0.40 (in-line) and revenue of $3.4B (in-line). American Electric Power (AEP) is reduced to Hold from Buy by Deutsche Bank. In afternoon trading: Heavily Traded Stocks: Shares of Duke Energy (DUK) are down about 1.3%. Shares of Exelon (EXC) are down about 1.6%. Shares of American Electric Power (AEP) are down about 3.1%.

The Utilities Select Sector SPDR (XLU) was trading at $34.73 at 4:00 PM on Friday, down 1.22% on the day – down 3.47% year-to-date. The 2011 change was +14.81%; the strongest performing sector for the year.

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure, please go to: http://www.equities.com/disclaimer

Companies

Symbol Name Price Change % Volume
MMM 3M Company 200.67 1.13 0.57 1,410,295 Trade
GHM Graham Corporation 21.63 0.12 0.56 19,807 Trade
COG Cabot Oil & Gas Corporation 22.96 0.11 0.48 4,364,517 Trade
FII Federated Investors Inc. 26.87 0.35 1.32 1,004,310 Trade
RHI Robert Half International Inc. 45.90 -0.24 -0.52 475,959 Trade
FTR Frontier Communications Corporation 1.33 -0.03 -2.21 15,484,287 Trade
LSCC Lattice Semiconductor Corporation 7.00 0.02 0.29 233,017 Trade
HR Healthcare Realty Trust Incorporated 33.09 -0.47 -1.40 510,072 Trade
PG Procter & Gamble Company (The) 87.25 0.39 0.45 4,303,718 Trade
RIO Rio Tinto Plc 40.98 -0.41 -0.99 2,034,984 Trade
CPHD CEPHEID n/a n/a n/a 0 Trade
TKR Timken Company (The) 46.10 0.70 1.54 989,866 Trade
RMBS Rambus Inc. 11.94 -0.19 -1.57 639,558 Trade
BRY:CA Bri-Chem Corp. 0.64 0.00 0.00 7,000
RYAAY Ryanair Holdings plc American Depositary Shares ea 106.22 0.97 0.92 163,497 Trade
D Dominion Resources Inc. 81.03 0.06 0.07 2,080,678 Trade
BYD Boyd Gaming Corporation 25.19 0.13 0.52 591,202 Trade
MO Altria Group Inc. 74.41 0.27 0.36 5,678,703 Trade
KIM Kimco Realty Corporation 18.03 -0.33 -1.80 2,754,556 Trade
TNAV Telenav Inc. 8.30 0.20 2.47 65,394 Trade
HMC Honda Motor Company Ltd. 27.63 -0.02 -0.07 576,673 Trade
WLL Whiting Petroleum Corporation 7.97 0.05 0.63 15,906,825 Trade
C Citigroup Inc. 62.07 0.12 0.19 10,848,959 Trade
S Sprint Corporation 8.40 0.07 0.84 6,651,408 Trade
POT Potash Corporation of Saskatchewan Inc. 16.61 0.11 0.67 3,417,167 Trade
TRGP Targa Resources Inc. 47.34 -1.13 -2.33 9,959,846 Trade
USAP Universal Stainless & Alloy Products Inc. 18.06 0.06 0.33 30,983 Trade
INVN InvenSense Inc. n/a n/a n/a 0 Trade
WMS Advanced Drainage Systems Inc. 20.65 -0.35 -1.67 560,898 Trade
CCOI Cogent Communications Holdings Inc. 39.30 -0.85 -2.12 514,819 Trade
JPM JP Morgan Chase 85.36 0.01 0.01 8,091,208 Trade
HON Honeywell International Inc. 133.25 -0.50 -0.37 2,691,472 Trade
TROW T. Rowe Price Group Inc. 69.70 0.04 0.06 1,370,488 Trade
LOGI Logitech International S.A. 36.92 -0.04 -0.11 699,752 Trade
ERIC Ericsson 6.99 -0.06 -0.85 6,022,070 Trade
CB D/B/A Chubb Limited New 142.24 -0.52 -0.36 980,432 Trade
NWL Newell Brands Inc. 53.19 0.14 0.26 2,140,299 Trade
LM Legg Mason Inc. 37.30 -0.13 -0.35 1,264,476 Trade
TZOO Travelzoo Inc. 10.75 0.30 2.87 95,142 Trade
VZ Verizon Communications Inc. 45.32 0.01 0.02 5,932,981 Trade
GDOT Green Dot 36.37 0.03 0.08 138,140 Trade
GMCR Keurig Green Mountain Inc n/a n/a n/a 0 Trade
DLPH Delphi Automotive plc 87.50 0.87 1.00 1,003,596 Trade
VRSN VeriSign Inc. 90.14 -0.53 -0.58 824,217 Trade
SXL Sunoco Logistics Partners LP representing limited n/a n/a n/a 0
BAC Bank of America Corporation 23.24 -0.01 -0.04 50,294,442 Trade
SYNA Synaptics Incorporated 55.19 -0.81 -1.45 360,616 Trade
IDXX IDEXX Laboratories Inc. 167.56 0.16 0.10 383,605 Trade
CRUS Cirrus Logic Inc. 66.43 0.59 0.90 698,793 Trade
USB U.S. Bancorp 51.44 -0.33 -0.64 6,712,208 Trade
EMN Eastman Chemical Company 79.91 0.24 0.30 831,669 Trade
SIVB SVB Financial Group 176.50 -2.51 -1.40 548,298 Trade
MCD McDonald\'s Corporation 149.86 0.08 0.05 3,257,898 Trade
DHI D.R. Horton Inc. 33.11 -0.11 -0.33 2,342,769 Trade
JNPR Juniper Networks Inc. 29.32 -0.12 -0.41 2,904,277 Trade
OMCL Omnicell Inc. 41.10 -0.35 -0.84 120,125 Trade
SBUX Starbucks Corporation 63.30 0.40 0.64 6,094,730 Trade
AMGN Amgen Inc. 155.01 -0.42 -0.27 2,727,280 Trade
NEE NextEra Energy Inc. 140.71 0.01 0.01 1,107,508 Trade
WEN Wendys International Inc. 16.32 -0.25 -1.51 2,620,438 Trade
HIG Hartford Financial Services Group Inc. (The) 49.23 -0.49 -0.99 2,737,286 Trade
MXIM Maxim Integrated Products Inc. 47.70 -0.04 -0.08 1,966,343 Trade
TSRA Tessera Technologies Inc. n/a n/a n/a n/a
ALL Allstate Corporation (The) 86.50 0.22 0.25 1,083,530 Trade
MON Monsanto Company 116.78 0.25 0.21 963,151 Trade
F Ford Motor Company 10.93 0.07 0.64 28,125,456 Trade
IMGN ImmunoGen Inc. 4.72 -0.35 -6.90 2,413,289 Trade
WFC Wells Fargo & Company 52.41 -0.37 -0.70 14,241,800 Trade
CLS Celestica Inc. 13.78 -0.05 -0.36 192,185 Trade
STEM StemCells Inc. n/a n/a n/a n/a
KLAC KLA-Tencor Corporation 104.74 -0.11 -0.10 566,490 Trade
CELG Celgene Corporation 116.78 0.04 0.03 2,556,704 Trade
RMD ResMed Inc. 70.07 0.02 0.03 238,324 Trade
AOS A.O. Smith Corporation 54.07 -0.43 -0.79 578,434 Trade
CLF Cliffs Natural Resources Inc 6.14 -0.10 -1.60 12,326,761 Trade
SD SandRidge Energy 19.97 0.33 1.68 168,616 Trade
OMN OMNOVA Solutions Inc. 8.60 0.00 0.00 100,801 Trade
PGR Progressive Corporation (The) 42.30 0.03 0.07 2,430,894 Trade
EXC Exelon Corporation 35.82 -0.21 -0.58 5,699,892 Trade
EQY Equity One Inc. n/a n/a n/a 0 Trade
T AT&T Inc. 38.12 -0.11 -0.29 13,725,760 Trade
DV DeVry Education Group Inc. n/a n/a n/a n/a
DUK Duke Energy Corporation (Holding Company) 85.07 -0.07 -0.08 2,023,992 Trade
QLGC QLogic Corporation n/a n/a n/a 0 Trade
NUE Nucor Corporation 58.15 -0.22 -0.38 1,451,327 Trade
JCP J.C. Penney Company Inc. Holding Company 4.71 0.05 1.07 11,283,630 Trade
MMI Marcus & Millichap Inc. 24.41 -0.06 -0.25 105,584 Trade
TWER Towerstream Corporation 0.18 0.01 5.42 251,688
AEP American Electric Power Company 70.87 0.07 0.10 3,464,774 Trade
ARLP Alliance Resource Partners L.P. 21.55 -0.05 -0.23 133,957 Trade
STLD Steel Dynamics Inc. 33.71 -0.73 -2.12 3,402,177 Trade

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