The broader market finished Tuesday action slightly higher. Leading the way, the S&P 500 closed the session up 2.55 points (+0.12%) to 2089.14. The Dow Jones Industrial Average also edged higher, up 19.51 points (+0.11%) to close 17812.19. The Nasdaq Composite rounded out the bunch barely higher on the session, adding only 0.33 points (+0.01%) to 5102.81. Market data today came in the form of Q3 GDP, Consumer Confidence and Case-Shiller 20-City Index. The GDP report showed an upward revision to 2.1% from the advance estimate of 1.5%. The Consumer Confidence reading checked in at 90.4 for November, down from the upwardly revised 99.1 for October. Case-Shiller 20-City Index rose 5.5%, following the previous increase of 5.1%.
In Technology (XLK 43.95, +0.01 +0.02%), the session closed with only slight gains as the broader market action caused the sector to eke out above flat lines. Component Analog Devices (ADI 60.42, +3.62 +6.37%) reported better than expected Q4 results, and ended near the top of the best performers in the sector. Other sectors finished the day XLE +2.14%, XLB +0.83%, IYZ +0.44%, XLV +0.31%, XLP +0.26%, XLU -0.14%, XLI -0.16%, XLY -0.21%, XLF -0.28%.
For its part, the S&P 500 Information Technology (740.09, +0.11 +0.01%) sector edged slightly higher at the close on a day which had most of the trading action in the red. Component HP (HPQ 14.65, +0.42 +2.95%) ended higher on the session ahead of the company's first reported quarter as a separate company.
Other notable news items among sector components:
- Micron's (MU 15.63, +0.31 +2.02%) Scott DeBoer entered into a prearranged trading plan for the sale of up to 111,250 shares of the company's stock beginning in January 2016.
- Xerox (XRX 10.61, -0.14 -1.30%) Carl Icahn disclosed a 7.13% active stake in a 13D filing. Icahn noted he intends to have discussions with management relating to improving operational performance and pursuing strategic alternatives.
- Skyworks (SWKS 79.72, +2.00 +2.57%) terminated its offer to acquire PMC-Sierra (PMCS 11.60, -0.26 -2.19%).
- VeriSign (VRSN 88.54, -1.64 -1.82%) previewed its December presentation at the Credit Suisse Technology, Media and Telecom Conference. The company noted there was a higher volume of gross additions during Q3 in international markets and in particular Asia.
- everBe, a management consulting and cloud services company, has been selected by Unibail-Rodamco to lead its deployment of Workday Human Capital Management and provide subsequent support services. everBe is a Workday (WDAY 82.70, +2.22 +2.76%) Services Partner.
- Fiserv (FISV 95.23, -1.03 -1.07%) announced that National Bonds, the leading sharia'a-compliant savings and investments company in the United Arab Emirates, has selected AML Risk Manager for the effective detection, investigation and resolution of financial crimes and to ensure regulatory compliance.
Elsewhere in the technology space:
- Silicon Labs (SLAB 52.99, +1.61 +3.13%) acquired wireless mesh networking firm Telegesis for $20 million. The company expects the acquisition to be slightly accretive on a non-GAAP basis.
- GSI Technology (GSIT 4.20, +0.05 +1.20%) acquired privately held MikaMonu Group for $5 million in cash.
- Maxim Integrated (MXIM 38.72, +0.26 +0.68%) entered into a supply agreement with Tower Semiconductor (TSEM 15.69, -0.12 -0.76%) to procure minimum quantities of silicon wafers.
- TASER (TASR 19.31, +1.07 +5.87%) secured a bid to outfit 22K London metropolitan police officers with axon body cameras.
- Uni-Pixel (UNXL 0.71, -0.76 -51.65%) priced its offering of 9.6 million units at $0.85 per unit.
- Leidos (LDOS 57.58, +0.65 +1.14%) received a contract with a total ceiling value of $661.8 million by the U.S. Army.
- BCE Inc (BCE 56.49, -1.51 -2.60%) announced a CAD$750 million bought deal offering.
- SunEdison (SUNE 4.12, +1.12 +37.33%) amended its Margin Loan and Letter Agreement, reducing and waiving for a specified time period the market value trigger price of the Class A common stock of TerraForm Power (TERP 8.83, +0.46 +5.50%).
- West Corp (WSTC 25.51, +0.17 +0.67%) reported entering into an incremental $250 million term loan due 2021.
In reaction to quarterly results:
- Tech Data (TECD 68.09, -7.64 -10.09%) reported Q3 EPS and revenues which missed expectations at $1.28 per share and $6.43 billion, respectively. The company also issued downside guidance for Q4 revenues as they see the period ending with $7.05-7.25 billion.
- Brocade (BRCD 9.31, -0.78 -7.73%) reported Q4 EPS and revenues which beat expectations at $0.26 per share and $588.83 million. The company also issued downside guidance for the Q1 period of EPS in the range of $0.23-0.25 per share on revenues of $550-570 million.
- Analog Devices (ADI) reported Q4 EPS and revenues which beat expectations at $1.03 per share and $978.7 million, respectively. The company also guided Q1 EPS and revenues in-line at $0.65-0.73 and $805-855 million, respectively.
- Companies scheduled to report quarterly results tonight/tomorrow morning: VNET, HPE, HPQ, QADA, TIVO, VEEV/DATE
- NMBL was upgraded to Neutral from Underperform at DA Davidson, BOX was upgraded to Buy from Neutral at BofA/Merrill; BLOX was downgraded at Deutsche Bank and Needham, TSYS was downgraded to Market Perform from Outperform at Northland Capital, BRCD was downgraded to Neutral from Overweight at JP Morgan
- Information Technology