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Late Equity Roundup: Oracle -14% Weighs on IT Sector

US STOCKS
  • Stocks are extending session lows in late trade, DJIA shares outperforming with the index near steady. Currently, S&P E-Mini futures are down 27.75 points (-0.61%) at 4512, Nasdaq down 143.7 points (-1%) at 13775.37, DJIA down 22.75 points (-0.07%) at 34642.39.
  • Laggers: Information Technology, Communication Services and Consumer Discretionary sectors underperformed. Software and services shares weighed on IT while chip makers managed to keep their heads above water. Oracle down more than -14% now following a slight miss in first-quarter revenue estimates, Adobe -4.05%, Autodesk -3%. On the flipside, chip stocks managed some gains: Qualcomm +1.85%, SolarEdge +1.75%, both Intel and Micron +1.6%.
  • Media and entertainment names weighed on Communication Services: META -1.85%, Netflix -1.35% while Warner Brothers lost -1.25%. Autos weighed on Consumer Discretionary, namely Tesla scaling back from Monday's rally, -2.25%. On the flipside, Ford gained +2.62%, GM +3%, Borg Warner +3.5%.
  • Leaders: Bouncing back from Monday lows, Energy and Financials sectors outperformed. Oil and Gas names were buoyed by a strong rally in crude early Tuesday (WTI +1.62 at 88.91), leading gainers included: Occidental Petroleum +4.05%, Marathon +3.2%, Halliburton +3.0%.
  • Meanwhile, Banks and Insurance names helped Financials outperform Industrials: Zion Bancorp +6.65%, PNC +5.5%, KeyCorp +5.3%, Wells Fargo +3.5% (on the flipside, Northern Trust -6.05% after Barclays conference presentation, Wells Fargo lowered price target to $90 from $100).
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