Equities Sector Coverage: Stocks Rebound as May Starts Off in Green

Sector Recap  |

Construction Spending in March was weaker than expected with a rise of just 0.1%. The ISM manufacturing index was stronger than expected in April at 54.8. The Dow Jones Industrial Average traded down to 13,174.65 then rebounded to 13,338.66 taking out the March 16th high at 13,289.08. The NASDAQ’s traded down to 3041.62 then rebounded to 3085.40 staying below it’s March 27th high at 3134.17.

Asian stocks were mixed on Tuesday. The Nikkei 225 ended their session at 9,351 – down 1.78% on the day. The Hang Seng was closed at 21,094. European exchanges were mixed on Tuesday. The FTSE 100 ended their session at 5,812 – up 1.30% on the day. The DAX was closed at 6,761. The CAC 40 was closed at 3,213. The yield on the 10-Year US Treasury ended the day at 1.952 below its 50-day and 200-day simple moving averages at 2.078 and 2.077.

Gold declined from $1672.3 the Troy ounce to $1657.5 still below the 50-day and 200-day simple moving averages at $1676.2 and $1698.1. Crude oil traded between $104.39 per barrel and $106.43 versus its 50-day simple moving average at $105.21. The euro versus the dollar traded down from 1.3282 to 1.3208 versus its 50-day simple moving average at 1.3210.

Energy

BP's (BP) reported that their clean replacement cost profit fell 12.8% in Q1 to $4.8B but revenue climbed 9.4% to $96.7 billion, as a drop in production following asset sales resulting from the Gulf oil spill offset higher oil prices. Delta Air Lines (DAL) has confirmed it will purchase the Trainer refinery in Philadelphia from ConocoPhillips (COP) saying that by doing so the airline will cut its fuel expenses by $300 million a year. SunCoke Energy (SXC) missed Q1 EPS estimates by two cents but reported better than expected revenue. Valero (VLO) beat estimates by 3 cents and revenue by $9B. Cobalt International Energy (CIE) beat estimates by a penny. Talisman Energy (TLM) missed estimates by 3 cents with revenue in-line with estimates. Comstock Resources (CRK) missed estimates by 3 cents and revenue by $5M. Forest Oil (FST) missed estimates by 9 cents and revenue by $29M. Anadarko Petroleum (APC) beat estimates by 9 cents with revenue in-line with estimates. Cameron International (CAM) is lifted to Overweight from Neutral at HSBC Securities.

Big Movers – Forest Oil (FST) -11%, Chesapeake Energy (CHK) +7.5%.

Dow components – Chevron (CVX) +2%, Exxon Mobil (XOM) +1.3%.

Energy Select Sector SPDR (XLE) was trading at $72.54 at 3:30 PM on Tuesday, up 1.83% on the day – up 4.94% year-to-date.

Materials

P.H. Glatfelter (GLT) beat Q1 EPS estimates by four points but missed on the revenue line. Westlake Chemical (WLK) beat Q1 EPS estimates by a nickel and reported better than expected revenue. Huntsman (HUN) reported Q1 EPS of $0.74 (versus consensus of $0.39), while beating revenue by $90M. Kraton Performance Polymers (KRA) reported Q1 EPS of $0.50 (versus consensus of $0.64), while beating revenue by $64M.
Big Mover – Huntsman (HUN) +10%.
Dow components – Alcoa (AA) +2%, DuPont (DD) +0.7%.
The Materials Select Sector SPDR (XLB) was trading at $36.99 at 3:30 PM on Tuesday, up 0.87% on the day – up 10.40% year-to-date.

Industrials

Delta Air Lines (DAL) has confirmed it will purchase the Trainer refinery in Philadelphia from ConocoPhillips (COP) saying that by doing so the airline will cut its fuel expenses by $300 million a year. Spirit Airlines (SAVE) reported in-line Q1 EPS and in-line revenue. Emerson (EMR) reported weaker than expected earnings due to weakness in Europe, China and Brazil. Emerson Electric (EMR) missed estimates by 6 cents and revenue by $80M. Masco (MAS) beat estimates by 11 cents and revenue by $70M. Genco Shipping (GNK) missed estimates by 17 cents and revenue by $9M.
Big Movers – Avid Budget (CAR) +20%, General Cable (BGC) +10.75%, Genesee & Wyoming (GWR) +10.25%, A123 Systems (AONE) +10%.
Dow components – Boeing Co (BA) +1.2%, Caterpillar (CAT) flat, General Electric (GE) +1.7%, 3M Company (MMM) +0.6%, United Technologies (UTX) +0.3%.
The Industrial Select Sector SPDR (XLI) was trading at $37.18 at 3:30 PM on Tuesday, up 0.43% on the day – up 10.13% year-to-date.

Consumer Discretionary

P.F.Chang's China Bistro (PFCB) missed estimates by a penny and revenue by $2M. Office Depot (ODP) reported Q1 EPS of $0.05 (in-line) and revenue of $2.87B (in-line). Sirius XM Radio (SIRI) beat estimates by a penny and revenue by $2M. The company’s subscriber base rose to an all-time high of 22.3M subscribers. Domino's Pizza (DPZ) missed estimates by 3 cents and revenue by $19M. Texas Roadhouse (TXRH) beat estimates by 2 cents and revenue by $1M. Shutterfly (SFLY) beat estimates by 4 cents and revenue by $6.8M. The company expects Q2 revenue of $90M-$92M and 2012 revenue of $576M-$586M, above Street estimates of $88.4M and $556.3M. Denny's (DENN) beat estimates by a penny, while missing revenue by $1M. WMS Industries (WMS) missed estimates by 2 cents and revenue by $14M. Standard Pacific (SPF) reported Q1 EPS of $0.02 (versus consensus of $0.03), while beating revenue by $7M. Abercrombie & Fitch (ANF) is added to Top Picks Live list at Citigroup and boosted to Buy from Neutral at UBS. American Eagle (AEO) is upgraded to Outperform from Neutral with Wedbush. Texas Roadhouse (TXRH) is moved to Outperform from Market Perform at Raymond James. WMS Industries (WMS) is upgraded to Outperform from Neutral at Credit Suisse. Expedia (EXPE) is downgraded to Underweight from Equal Weight by Barclays.
Big Movers – P.F. Chang’s (PFCB) +29.75%, Sears Holdings (SHLD) +17%, Central European Media Enterprises (CETV) +11%, Exceed Co (EDS) -17%.
Dow Components – Disney (DIS) +2.1%, Home Depot +1.4%, McDonalds (MCD) flat.
The Consumer Discretionary Select Sector SPDR (XLY) was trading at $46.01 at 3:30 PM on Tuesday, up 0.86% on the day – up 17.86% year-to-date.

Consumer Staples

Fresh Del Monte Produce (FDP) beat estimates by 26 cents, while missing revenue by $59M. Avon (AVP) missed estimates by 18 cents with revenue in-line with estimates. Corn Products International (CPO) beat estimates by 4 cents with revenue in-line with estimates. Archer Daniels Midland (ADM) beat estimates by 18 cents, while missing revenue by $400M. Herbalife (HLF) beat estimates by 7 cents, while missing revenue by $29M. The company raised FY12 EPS guidance to a range of $3.58 to $3.74. Costco (COST) is downgraded to Hold from Buy at Deutsche Bank.
Big Movers – Imperial Sugar (IPSU) +57.5%, Herbalife (HLF) -21.5%.
Dow components – Kraft (KFT) flat, Coca Cola (KO) +0.7%, Procter & Gamble (PG) flat, Wal-Mart (WMT) +0.5%.
The Consumer Staples Select Sector SPDR (XLP) was trading at $34.31 at 3:30 PM on Tuesday, up 0.38% on the day – up 5.60% year-to-date.

Health Care

Teleflex (TFX) beat Q1 EPS estimates by four cents on better that expected revenue. Techne (TECH) beat FQ3 EPS estimates by a penny with a beat on the revenue line. Rigel Pharmaceuticals (RIGL) beat Q1 EPS estimates by a penny with better than expected revenue. Pfizer (PFE) beat estimates by a penny with revenue in-line with estimates. The company expects FY revenue of $58B-$60B versus estimates of $62.1B. Endo Pharmaceuticals (ENDP) beat estimates by a penny, while missing revenue by $9M. Biogen Idec (BIIB) missed estimates by 9 cents and revenue by $20M. Bruker BioSciences (BRKR) beat estimates by 2 cents and revenue by $17M. ViroPharma (VPHM) reported Q1 EPS of $0.37 (versus consensus of $0.42), while missing revenue by $14M. PAREXEL International (PRXL) beat estimates by 2 cents and revenue by $6M. NuVasive (NUVA) beat estimates by 2 cents and revenue by $8M. McKesson (MCK) beat estimates by 5 cents and revenue by $1.4B. Molina Healthcare (MOH) beat estimates by a penny, while missing revenue by $60M. AstraZeneca (AZN) is lifted to Neutral from Underperform at Bank of America-Merrill Lynch. Community Health (CYH) is upgraded to Neutral from Sell at Goldman Sachs. NuVasive (NUVA) is upgraded to Outperform from Perform at Robert W. Baird. Accretive Health (AH) is cut to Neutral from Buy at UBS. Gen-Probe (GPRO) is downgraded to Market Perform from Outperform at Raymond James. Hologic (HOLX) is now Neutral from Outperform at Macquarie. McKesson (MCK) is lowered to Market Perform from Outperform at Raymond James.
Big Movers – NuVasive (NUVA) +23%, InterMune (ITMN) +11%, Savient Pharmaceuticals (SVNT) -21.5%.
Dow Components – Johnson & Johnson (JNJ) +0.2%, Merck (MRK) +0.25%, Pfizer (PFE) +0.25%.
The Health Care Select Sector SPDR (XLV) was trading at $37.69 at 3:30 PM on Tuesday, up 0.45% on the day – up 8.65% year-to-date.

Financials

Bank of America (BAC) plans to cut 2,000 positions at its investment banking, commercial banking and non-U.S. wealth-management businesses. Marsh & McLennan (MMC) beat estimates by a penny with revenue in-line with estimates. Legg Mason (LM) best estimates by 8 cents and revenue by $3M. Extra Space Storage (EXR) reported Q1 EPS of $0.33 (in-line), while beating revenue by $10M. CBL & Associates Properties (CBL) beat estimates by 2 cents and revenue by $5M. CapitalSource (CSE) is upgraded to Buy from Neutral at Sterne Agee, whose target price is $7.50. Diamondrock Hospitality (DRH) is upgraded to Perform from Underperform at FBR Capital. Travelers (TRV) is upgraded by Sanford Bernstein. Duke Realty (DRE) is downgraded to Neutral from Buy at Citigroup.
Big Movers – Radian Group (RDN) -10.5%, FelCor Lodging Trust (FCH) +9%, Lloyds Banking Group (LYG) +8.5%.
Dow Components – American Express (AXP) +1.4%, Bank of America (BAC) +3.6%, JP Morgan Chase (JPM) +2.9%, Travelers (TRV) +0.5%.
The Financial Select Sector SPDR (XLF) was trading at $15.635 at 3:30 PM on Tuesday, up 1.33% on the day – up 20.23% year-to-date.

Information Technology

Allot Communications (ALLT) beat estimates by 4 cents and revenue by $3M. Harris (HRS) beat estimates by 5 cents with revenue in-line with estimates. Sourcefire (FIRE) beat estimates by 3 cents and revenue by $5M. The company is guiding for Q2 revenue of $46.5M-$48.5M and EPS of $0.12-$0.14, compared with a consensus of $46.5M and $0.13. PLX Technology (PLXT) missed estimates by 6 cents and revenue by $1.4M. Advanced Energy Industries (AEIS) beat estimates by 6 cents and revenue by $5.8M. Servicesource International (SREV) beat estimates by a penny and revenue by $2M. Veeco Instruments (VECO) beat estimates by 26 cents and revenue by $14M. The company is guiding for Q2 revenue of $120M-$145M and EPS of $0.29-$0.48, compared with a consensus of $128.2M and just $0.23. PMC-Sierra (PMCS) beat estimates by a penny, while missing revenue by $1.6M. SunPower (SPWR) is boosted to Buy from Neutral at Citigroup, where Yingli Green Energy (YGE) is now Buy from Sell. Qualcomm (QCOM) is moved to Outperform from Neutral at Macquarie. Macquarie takes Texas Instruments (TXN), Altera (ALTR), and Xilinx (XLNX) to Neutral from Outperform.
Big Movers – IPG Photonics (IPGP) +14.25%, Advanced Energy Industries (AEIS) +13.75%, Sourcefire (FIRE) +12.75%, Veeco Instruments (VECO) +12.25%, Suntech Power (STP) +10.75%, ServiceSource (SREV) -15.25%, Integrated Device Technology (IDTI) -10.5%.
Dow Components – Cisco Systems (CSCO) -0.25%, Hewlett-Packard (HPQ) +2.4%, IBM (IBM) +0.75%, Intel Corp (INTC) +2.1%, Microsoft (MSFT) +0.5%.
The Technology Select Sector SPDR (XLK) was trading at $29.99 at 3:30 PM on Tuesday, up 0.57% on the day – up 17.84% year-to-date.

Telecommunication Services

SBA Communications (SBAC) missed estimates by 2 cents with revenue in-line with estimates. Leap Wireless (LEAP) is lowered to Sector Perform from Outperform at RBC Capital.
Dow components – AT&T (T) +1%, Verizon (VZ) +0.9%.
The NASDAQ Telecommunications Index (IXTC) was trading at $211.42 at 3:30 PM on Tuesday, relatively unchanged on the day – up 7.36% year-to-date.

Utilities

NiSource (NI) beat estimates by 4 cents, while missing revenue by $400M. MDU Resources (MDU) missed estimates by 2 cents on revenue of $35.6M.
Dominion Resources (D) +0.6%, Edison International (EIX) +1%, First Energy (FE) +1.25%, PG&E Corp (PCG) flat, Southern Company (SO) +0.6%.
The Utilities Select Sector SPDR (XLU) was trading at $35.875 at 3:30 PM on Tuesday, up 0.60% on the day – down 0.29% year-to-date.

STOCKS: BP, DAL, COP, SXC, VLO, CIE, TLM, CRK, FST, APC, CAM, CHK, CVX, XOM, GLT, WLK, HUN, KRA, AA, DD, SAVE, EMR, MAS, GNK, CAR, BGC, GWR, AONE, BA, CAT, GE, MMM, UTX, PFCB, ODP, SIRI, DPZ, TXRH, SFLY, DENN, WMS, SPF, ANF, AEO, EXPE, SHLD, CETV, EDS, DIS, MCD, FDP, AVP, CPO, ADM, HLF, COST, IPSU, KFT, KO, PG, WMT, TFX, TECH, RIGL, PFE, ENDP, BIIB, BRKR, VPHM, PRXL, NUVA, MCK, MOH, AZN, CYH, AH, GPRO, HOLX, ITMN, SVNT, JNJ, MRK, PFE, BAC, MMC, LM, EXR, CBL, CSE, DRH, TRV, DRE, RDN, FCH, LYG, AXP, JPM, TRV, ALLT, HRS, FIRE, PLXT, AEIS, SREV, VECO, PMCS, SPWR, YGE, QCOM, TXN, XLNX, IPGP, STP, SREV, IDTI, CSCO, HPQ, IBM, INTC, MSFT, SBAC, LEAP, T, VZ, NI, MDU, D, EIX, FE, PCG, SO

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 199.81 2.35 1.19 1,918,966 Trade
WLK Westlake Chemical Corporation 67.36 1.05 1.58 945,130 Trade
KRA Kraton Corporation 23.71 0.32 1.37 260,708 Trade
MCK McKesson Corporation 123.33 1.18 0.97 1,402,535 Trade
PG Procter & Gamble Company (The) 94.03 0.12 0.13 9,644,033 Trade
GE General Electric Company 6.71 -0.05 -0.74 105,819,951 Trade
DRH Diamondrock Hospitality Company 9.77 0.04 0.41 3,703,467 Trade
NI NiSource Inc 27.19 -0.31 -1.13 2,547,794 Trade
CVX Chevron Corporation 115.62 0.15 0.13 7,891,398 Trade
SO Southern Company (The) 47.01 -0.55 -1.16 5,418,933 Trade
PCG Pacific Gas & Electric Co. 26.39 0.33 1.27 6,293,482 Trade
GPRO GoPro Inc. 4.90 -0.01 -0.20 2,891,790 Trade
JNJ Johnson & Johnson 147.10 0.60 0.41 8,869,173 Trade
WMT Walmart Inc. 93.11 -0.74 -0.79 9,639,226 Trade
AA Alcoa Corporation 29.24 0.81 2.85 3,116,759 Trade
HLF Herbalife Nutrition Ltd. 57.97 0.81 1.42 1,082,336 Trade
INTC Intel Corporation 47.83 0.45 0.95 31,305,045 Trade
IBM International Business Machines Corporation 121.16 0.27 0.22 3,560,790 Trade
SFLY Shutterfly Inc. 44.82 0.13 0.29 1,151,766 Trade
VLO Valero Energy Corporation 73.64 0.37 0.50 4,088,986 Trade
D Dominion Energy Inc. 75.26 -0.99 -1.30 5,076,252 Trade
RIGL Rigel Pharmaceuticals Inc. 2.85 0.09 3.26 1,278,460 Trade
TRV The Travelers Companies Inc. 122.01 1.04 0.86 1,703,245 Trade
MDU MDU Resources Group Inc. 26.19 0.38 1.48 1,495,166 Trade
PNP:CA Pinetree Capital Ltd. 1.31 0.00 0.00 92
EXPE Expedia Group Inc. 121.10 2.75 2.32 1,400,988 Trade
CBL CBL & Associates Properties Inc. 2.50 -0.03 -1.19 2,296,928 Trade
XLNX Xilinx Inc. 90.54 2.41 2.73 2,398,506 Trade
DAL Delta Air Lines Inc. 56.27 0.38 0.68 6,175,872 Trade
DPZ Domino's Pizza Inc 249.13 -2.32 -0.92 640,362 Trade
EIX Edison International 59.54 0.65 1.10 1,812,973 Trade
RDN Radian Group Inc. 16.85 0.17 1.02 1,296,883 Trade
WMS Advanced Drainage Systems Inc. 25.05 0.15 0.60 156,172 Trade
ALLT Allot Communications Ltd. 6.70 0.03 0.45 170,708 Trade
AEIS Advanced Energy Industries Inc. 42.11 0.94 2.28 307,002 Trade
JPM JP Morgan Chase & Co. 101.02 0.65 0.65 22,621,487 Trade
AXP American Express Company 107.48 2.08 1.97 4,183,755 Trade
FDP Fresh Del Monte Produce Inc. 33.09 0.71 2.19 173,018 Trade
UTX United Technologies Corporation 119.66 0.73 0.61 3,087,354 Trade
AVP Avon Products Inc. 1.88 0.00 0.00 4,026,657 Trade
TXN Texas Instruments Incorporated 95.81 1.27 1.34 4,945,215 Trade
HOLX Hologic Inc. 42.88 0.44 1.04 1,427,658 Trade
IPGP IPG Photonics Corporation 122.30 0.59 0.48 419,820 Trade
SREV ServiceSource International Inc. 1.19 0.01 0.85 827,310 Trade
TECH Bio-Techne Corp 161.98 4.45 2.82 200,801 Trade
BRKR Bruker Corporation 31.65 0.31 0.99 1,184,308 Trade
CSCO Cisco Systems Inc. 47.42 0.33 0.70 23,157,159 Trade
CAM Cameron International Corp n/a n/a n/a 0 Trade
COP ConocoPhillips 65.27 -0.17 -0.26 5,544,926 Trade
DIS The Walt Disney Company 112.21 0.24 0.21 7,723,872 Trade
LM Legg Mason Inc. 26.52 0.17 0.65 823,095 Trade
COST Costco Wholesale Corporation 227.80 1.30 0.57 2,891,394 Trade
VZ Verizon Communications Inc. 57.25 -1.60 -2.72 18,892,182 Trade
MMC Marsh & McLennan Companies Inc. 83.95 0.47 0.56 2,074,362 Trade
ODP Office Depot Inc. 2.94 0.00 0.00 6,020,193 Trade
SHLD SHLDQ Sears Holdings Corporation n/a n/a n/a n/a
BAC Bank of America Corporation 24.52 -0.06 -0.24 87,191,846 Trade
GNK Genco Shipping & Trading Limited New (Marshall Islands) 8.21 0.02 0.24 268,954 Trade
TFX Teleflex Incorporated 258.52 3.17 1.24 220,281 Trade
MCD McDonald's Corporation 183.48 -0.11 -0.06 3,024,671 Trade
PMCS PMC-Sierra Inc. n/a n/a n/a 0 Trade
YGE Yingli Green Energy Holding Company Limited ADR n/a n/a n/a n/a
CYH Community Health Systems Inc. 4.59 0.08 1.77 963,556 Trade
APC Anadarko Petroleum Corporation 52.56 0.92 1.78 5,919,370 Trade
SPWR SunPower Corporation 6.41 0.11 1.75 1,024,757 Trade
SXC SunCoke Energy Inc. 8.96 0.16 1.82 375,389 Trade
DRE Duke Realty Corporation 27.65 -0.79 -2.78 2,125,490 Trade
EMR Emerson Electric Company 61.08 -1.20 -1.93 7,496,961 Trade
ADM Archer-Daniels-Midland Company 45.19 0.64 1.44 6,002,183 Trade
LYG Lloyds Banking Group Plc American Depositary Shares 2.60 0.07 2.77 32,136,368 Trade
HRS Harris Corporation 147.02 2.04 1.41 1,414,439 Trade
DENN Denny's Corporation 16.70 0.24 1.46 174,983 Trade
VECO Veeco Instruments Inc. 7.85 0.25 3.29 369,650 Trade
HUN Huntsman Corporation 19.14 0.15 0.79 2,940,941 Trade
SIRI Sirius XM Holdings Inc. 6.32 0.06 0.96 27,750,492 Trade
MAS Masco Corporation 29.62 0.29 0.99 2,880,881 Trade
CRK Comstock Resources Inc. 6.84 -0.43 -5.91 473,986 Trade
XOM Exxon Mobil Corporation 76.02 -0.66 -0.86 14,559,839 Trade
PFE Pfizer Inc. 44.16 0.15 0.34 19,147,119 Trade
GLT Glatfelter 11.31 0.40 3.67 240,735 Trade
BIIB Biogen Inc. 322.61 2.82 0.88 1,401,458 Trade
HPQ HP Inc. 22.55 0.16 0.72 10,202,035 Trade
AZN Astrazeneca PLC 38.91 0.25 0.65 4,978,167 Trade
BA The Boeing Company 326.69 4.66 1.45 3,424,818 Trade
GWR Genesee & Wyoming Inc. Class A 80.85 1.43 1.80 519,696 Trade
ENDP Endo International plc 11.22 0.01 0.09 3,322,973 Trade
IDTI Integrated Device Technology Inc. 47.92 0.05 0.10 1,548,427 Trade
EXR Extra Space Storage Inc 96.44 -1.01 -1.04 1,452,682 Trade
MRK Merck & Company Inc. (new) 78.01 0.90 1.17 10,705,908 Trade
ANF Abercrombie & Fitch Company 19.22 0.14 0.73 1,751,599 Trade
CETV Central European Media Enterprises Ltd. 3.22 0.05 1.58 246,414 Trade
BP BP p.l.c. 39.05 -0.03 -0.08 5,487,495 Trade
FE FirstEnergy Corp. 39.23 -0.38 -0.96 12,897,502 Trade
SBAC SBA Communications Corporation 168.97 -2.32 -1.35 739,281 Trade
KO Coca-Cola Company (The) 49.22 -0.32 -0.65 12,316,944 Trade
T AT&T Inc.
CAT Caterpillar Inc.
AEO American Eagle Outfitters Inc.
NUVA NuVasive Inc.
MOH Molina Healthcare Inc
QCOM QUALCOMM Incorporated
CAR Avis Budget Group Inc.
SPF null
MSFT Microsoft Corporation
CHK Chesapeake Energy Corporation
CIE Cobalt International Energy Inc. COBALT INTERNATIO
TXRH Texas Roadhouse Inc.

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