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Late Equity Roundup: Utilities and Comm Services Outperform

US STOCKS
  • Stocks continue to post decent gains in late Tuesday trade. Off early session highs follow a wide array of positive Q4 earnings announcements (*) this morning: S&P E-Mini futures are currently up 28.5 points (0.67%) at 4271, Nasdaq up 105.3 points (0.8%) at 13124.74, DJIA up 242.92 points (0.74%) at 33180.24.
  • Indexes trimmed early gains after bank shares come under pressure: PacWest Bancorp* -10.15% after missing Q4 earnings est (-$0.31 EPS vs. $0.06 est), Zion -1.83, US Bancorp -0.86%.
  • Leaders: Utilities and Communication Services sectors continued to outperform, independent power and electricity utilities supporting the former: NextEra Energy* +7.2% ($0.94 EPS vs. $0.89 est), Edison Int +3.57%, AES +3.7. Telecom services shares continued to underpin the Communication Services sector: Verizon* +8.57% ($1.22 EPS vs. $1.18 est), AT&T +3.48%, T-Mobil +2.29%.
  • Laggers: Energy, Health Care and Information Technology sectors underperformed in the second half, oil and gas shares weaker as crude traded lower (WTI -1.66 at 83.83): Haliburton* -2.47% ($0.79 EPS vs. $0.77 est), Schlumberger -2.23%, while Hess Energy trades -2.75% the day after Chevron announced $53B purchase of Hess. Insulin makers weighed on the Health Care sector: Insulet Corp -4.7%, HCA -4.2%, Molina -3.83%. Hardware makers weighed on IT sector: Corning* -0.97% (-$0.45 EPS vs. $0.47 est), Trimble and Zebra Tech -.35%, CDW -0.31%.
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