The market review for January 15

Stock trades in the U.S. ended Jan. 14 increased the leading indexes. In the plus key codes brought high-tech companies, which quotations have grown in anticipation of reporting world’s largest manufacturer of chips for PCs Intel Corp., Which has provided its financial results after the end of the trading session. However, confident of growth in the market could not wait, as published by the macroeconomic news for the most part negative.

Securities Intel trade results added to the price of 2,5%. Optimism about the financial results of the company was justified: published after the close of trading accounts has exceeded expectations. Optimism spread to other company’s high-tech sector: Shares in computer technology International Business Machines (IBM) went up by 1,6%, a manufacturer of memory chips, Micron Technology – by 2,6%, and network equipment manufacturer Cisco Systems – by 1,3%.

Macroeconomic data are not inspired optimism bidders. The worst predictions proved to be the volume of retail sales in December 2009., Decreased by 0,3% compared to the previous month – up to 352.99 billion U.S. analysts, however, predicted an increase of 0,4%. Not met the expectations and the data on the number of initial applications for unemployment insurance for the week that ended on Jan. 9 2010. The number of claims increased by 11 thousand – up to 444 thousand while the forecast of 437 thousand prices of imported goods and services in December 2009. not changed compared to the previous month, which coincided with forecasts. Prices of exports rose by 0,6% (forecast – an increase of 0,9%).

At the same time, stocks of manufactured goods, components and semi-finished products to U.S. stores in November 2009. increased by 0,4% compared with October 2009., the Commerce Department said the country (US Department of Commerce). Analysts expected the growth rate of 0,2%. Experts expect that the gradual recovery of amounts of stock in warehouses after the period of massive liquidation in the lack of demand – one of the factors that could contribute to a healthier economy.

As leaders of growth on the basis of trades was a financial company LaBranche & Co., A trading options and futures. Management announced the achievement of the transaction to sell units in New York, the British Barclays Plc., In connection with which quotes the U.S. company shot up 42.1%. Increase quotation and the majority of U.S. banks, including Bank of America Corporation (+1,2%), Citigroup (+0,3%), JPMorgan Chase & Co. (+1%) And Wells Fargo (+1,4%). Representatives of the administration of U.S. President said that the new tax for the banking sector will affect the 50 largest financial institutions in the country with assets of at least $ 50 billion

Against the backdrop of an optimistic forecast of revenues increased by 5,6% quotes hotel chain Marriott International. Equities world’s largest producer of software for business Oracle Corp. prices increased by 2,4% as Morgan Stanley analysts raised their recommendations on them to “above market”.

Dow Jones index rose by 29.78 points (0.28%) – to 10,710.55 points

NASDAQ – at 8.84 points (0.38%) – to 2,316.74 points

S&P – at 2.78 points (0.24%) – up to 1,148.46 points.

Abington Bancorp Inc. (ABBC:US): The Pennsylvania bank holding company said it plans to buy back as many as 1 million shares, or 5 percent of its stock outstanding.

CF Industries Holdings Inc. (CF:US): The fertilizer maker ended its yearlong attempt to take over rival Terra Industries Inc. (TRA:US) and said it sold its stake in the company for a gain. Terra slipped 4.8 percent to $31.10.

FalconStor Software Inc. (FALC:US): The Melville, New York- based maker of data-protection software said it had a loss of at least 2 cents a share in the fourth quarter. Analysts, on average, expected the company to earn 6 cents, according to a Bloomberg survey.

Intel Corp. (INTC:US): The world’s biggest chipmaker predicted higher first-quarter sales than analysts estimated as demand for notebook computers rebounded.

Shuffle Master Inc. (SHFL:US): The maker of casino-chip sorters and card shufflers reported 26 percent more profit in the fourth quarter than the average analyst estimate in a Bloomberg survey.

Key earnings/guidance since yesterday’s close:
-Intel (INTC) beat by a dime in the fourth quarter on better-than-expected revenue of $10.6 bln (First Call consensus $10.2 bln; guidance $9.7-$10.5 bln) and gross margin of 65.0% (consensus 62.2%; guidance 59-65%). The company provided wide ranges for its first quarter and 2010 guidance, as usual, but the midpoints of those ranges were all above expectations. Specifically for the first quarter, it sees revenue of $9.3-$10.1 bln (consensus $9.4 bln) and gross margin of 59-63% (consensus 58.8%). For 2010, it sees gross margin of 58-64% (consensus 59.7%). Shares of INTC rallied as much as 3.4% following the earnings release, but gave up those gains during the conference call, despite what appeared to be positive comments from management. They expect 2010 to be a normal seasonal year off a very good fourth quarter, anticipating a modest recovery of corporate purchases of PCs. Shares are trading unchanged premarket.
-JPMorgan Chase (JPM) beat by $0.13 in the fourth quarter, but missed badly on the top line — $25.2 bln vs. $26.8 bln consensus expectation. Noninterest revenue came in at $10.8 bln, which was up sharply from the extremely weak prior year, but was partially offset by lower MSR risk management results and the absence of a gain from the dissolution of the Chase Paymentech joint venture in Q4 2008. Shares of JPM are nearly 2% lower premarket.

Technical Perspective: While underlying strength was contained and not all the averages were able to confirm the new 52-week intraday highs yesterday, the upside extension/close near the top of the range (several indices did set new 52-week closing highs) and the propensity of the indices to establish new weekly highs (or lows) on Friday are positives. Action has been choppy but generally favorable throughout, with the S&P hovering just under Monday’s 52-week high at 1149.74. A resistance above is in the 1153/1155 area. Intraday support is at 1145 in front of the more important near term zone at 1142/1140.

CALENDARS
Key economic data:
-December CPI m/m (consensus 0.2%; prior 0.4%) and y/y (consensus 2.8%; prior 1.8%) at 8:30ET
-December core CPI, which excludes food and energy, m/m (consensus 0.1%; prior 0.0%) and y/y (consensus 1.8%; prior 1.7%) at 8:30ET
-January Empire Manufacturing at 8:30ET (consensus 12.0; prior 2.6)
-December Industrial Production (consensus 0.6%; prior 0.8%) and Capacity Utilization (consensus 71.8%; prior 71.3%) at 9:15ET
-Preliminary January Michigan Sentiment around 9:55ET (consensus 74.0; prior 72.5)

Federal Reserve/Treasury:
-Richmond President Lacker speaks on his economic outlook at 12:30ET

Key Note/Bond auction results:
-None

Earnings:
-No companies are confirmed to report today after the close

Key industry conferences:
-None

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