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 229.36 -0.06 -0.03 1,741,844 Trade
GHM Graham Corporation 18.86 0.02 0.11 19,844 Trade
COG Cabot Oil & Gas Corporation 29.39 0.65 2.26 5,599,626 Trade
FII Federated Investors Inc. 30.92 0.07 0.23 731,975 Trade
RHI Robert Half International Inc. 54.90 0.00 0.00 1,202,832 Trade
FTR Frontier Communications Corporation 6.96 0.30 4.50 3,448,269 Trade
LSCC Lattice Semiconductor Corporation 6.28 0.07 1.13 535,844 Trade
HR Healthcare Realty Trust Incorporated 32.34 -0.09 -0.28 981,717 Trade
PG Procter & Gamble Company (The) 88.43 -0.82 -0.92 5,941,753 Trade
RIO Rio Tinto Plc 47.59 -0.04 -0.08 1,933,084 Trade
CPHD CEPHEID n/a n/a n/a 0 Trade
TKR Timken Company (The) 46.00 0.05 0.11 501,844 Trade
RMBS Rambus Inc. 14.78 0.06 0.41 1,479,127 Trade
BRY:CA Bri-Chem Corp. 0.63 0.02 3.28 32,500
RYAAY Ryanair Holdings plc American Depositary Shares ea 118.88 1.45 1.23 405,677 Trade
D Dominion Resources Inc. 81.32 -0.64 -0.78 1,705,386 Trade
BYD Boyd Gaming Corporation 29.99 0.29 0.98 1,439,584 Trade
MO Altria Group Inc. 66.42 0.54 0.82 6,926,815 Trade
KIM Kimco Realty Corporation 19.35 0.05 0.26 4,279,155 Trade
TNAV Telenav Inc. 4.90 -0.05 -1.01 49,049 Trade
HMC Honda Motor Company Ltd. 32.62 0.02 0.06 647,100 Trade
WLL Whiting Petroleum Corporation 23.02 0.75 3.37 5,831,132 Trade
C Citigroup Inc. 71.33 -0.34 -0.47 11,812,986 Trade
S Sprint Corporation 6.23 -0.02 -0.32 8,537,971 Trade
POT Potash Corporation of Saskatchewan Inc. 19.09 0.04 0.21 3,592,222 Trade
TRGP Targa Resources Inc. 42.04 0.14 0.33 999,041 Trade
USAP Universal Stainless & Alloy Products Inc. 20.54 0.37 1.83 7,025 Trade
INVN InvenSense Inc. n/a n/a n/a 0 Trade
WMS Advanced Drainage Systems Inc. 22.25 0.45 2.06 279,092 Trade
CCOI Cogent Communications Holdings Inc. 46.95 0.55 1.19 206,791 Trade
JPM JP Morgan Chase 98.14 -0.33 -0.34 9,017,866 Trade
HON Honeywell International Inc. 146.49 -0.39 -0.27 1,637,380 Trade
TROW T. Rowe Price Group Inc. 95.98 0.45 0.47 839,804 Trade
LOGI Logitech International S.A. 35.66 0.46 1.31 365,405 Trade
ERIC Ericsson 6.07 -0.02 -0.33 1,973,805 Trade
CB D/B/A Chubb Limited New 148.63 -0.23 -0.15 966,673 Trade
NWL Newell Brands Inc. 28.56 0.38 1.35 5,645,489 Trade
LM Legg Mason Inc. 37.82 -0.13 -0.34 972,329 Trade
TZOO Travelzoo Inc. 6.20 0.18 3.06 17,226 Trade
VZ Verizon Communications Inc. 45.42 0.65 1.45 18,933,241 Trade
GDOT Green Dot 61.97 0.11 0.18 752,924 Trade
GMCR Keurig Green Mountain Inc n/a n/a n/a 0 Trade
DLPH Delphi Automotive plc 98.70 -0.54 -0.54 1,540,262 Trade
VRSN VeriSign Inc. 113.75 0.78 0.69 2,331,851 Trade
SXL Sunoco Logistics Partners LP representing limited n/a n/a n/a 0
BAC Bank of America Corporation 26.62 -0.14 -0.52 48,420,719 Trade
SYNA Synaptics Incorporated 38.21 0.57 1.51 923,196 Trade
IDXX IDEXX Laboratories Inc. 154.88 0.80 0.52 512,765 Trade
CRUS Cirrus Logic Inc. 55.77 0.51 0.92 568,857 Trade
USB U.S. Bancorp 51.88 0.07 0.14 3,297,592 Trade
EMN Eastman Chemical Company 89.74 -0.41 -0.45 1,591,298 Trade
SIVB SVB Financial Group 215.22 0.99 0.46 263,274 Trade
MCD McDonald\'s Corporation 166.72 -1.37 -0.82 2,221,422 Trade
DHI D.R. Horton Inc. 48.13 0.61 1.28 3,078,630 Trade
JNPR Juniper Networks Inc. 26.30 0.11 0.42 4,505,621 Trade
OMCL Omnicell Inc. 48.25 0.30 0.63 294,052 Trade
SBUX Starbucks Corporation 56.93 -0.31 -0.54 6,311,519 Trade
AMGN Amgen Inc. 170.00 -0.77 -0.45 2,039,739 Trade
NEE NextEra Energy Inc. 156.04 -1.25 -0.79 1,077,979 Trade
WEN Wendys International Inc. 14.08 -0.10 -0.71 2,906,684 Trade
HIG Hartford Financial Services Group Inc. (The) 56.14 0.13 0.23 1,443,313 Trade
MXIM Maxim Integrated Products Inc. 53.51 -0.03 -0.06 1,171,414 Trade
TSRA Tessera Technologies Inc. n/a n/a n/a n/a
ALL Allstate Corporation (The) 100.17 0.60 0.60 2,879,997 Trade
MON Monsanto Company 118.33 -0.27 -0.23 1,156,759 Trade
F Ford Motor Company 12.01 -0.03 -0.25 31,117,727 Trade
IMGN ImmunoGen Inc. 6.15 0.00 0.00 3,176,400 Trade
WFC Wells Fargo & Company 54.15 -0.45 -0.82 15,814,821 Trade
CLS Celestica Inc. 10.74 0.11 1.03 881,878 Trade
STEM StemCells Inc. n/a n/a n/a n/a
KLAC KLA-Tencor Corporation 101.65 -3.12 -2.98 1,693,609 Trade
CELG Celgene Corporation 104.10 0.75 0.73 5,972,508 Trade
RMD ResMed Inc. 84.63 -0.35 -0.41 459,413 Trade
AOS A.O. Smith Corporation 58.89 -0.14 -0.24 577,872 Trade
CLF Cliffs Natural Resources Inc 6.13 0.11 1.83 6,663,391 Trade
SD SandRidge Energy 16.57 0.32 1.97 1,930,090 Trade
OMN OMNOVA Solutions Inc. 10.60 0.10 0.95 67,863 Trade
PGR Progressive Corporation (The) 51.55 -0.02 -0.04 2,240,670 Trade
EXC Exelon Corporation 41.26 0.02 0.05 4,821,277 Trade
EQY Equity One Inc. n/a n/a n/a 0 Trade
T AT&T Inc. 34.51 -0.01 -0.03 36,967,216 Trade
DV DeVry Education Group Inc. n/a n/a n/a 0
DUK Duke Energy Corporation (Holding Company) 88.52 -0.69 -0.77 2,652,701 Trade
QLGC QLogic Corporation n/a n/a n/a 0 Trade
NUE Nucor Corporation 54.80 0.01 0.02 1,405,760 Trade
JCP J.C. Penney Company Inc. Holding Company 3.29 0.13 4.11 12,720,677 Trade
MMI Marcus & Millichap Inc. 30.49 -0.01 -0.03 611,244 Trade
TWER Towerstream Corporation 4.60 0.15 3.46 1,065
AEP American Electric Power Company 76.38 -0.38 -0.50 1,720,924 Trade
ARLP Alliance Resource Partners L.P. 18.85 0.05 0.27 130,262 Trade
STLD Steel Dynamics Inc. 36.85 -0.10 -0.27 1,116,158 Trade

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