Read the full article at StockTradingToGo.com
Read the full article at StockTradingToGo.com
The market is operating under the same rules it has been under for a long time now - it is all about the Federal Reserve. This is now becoming very much like Groundhog Day - sell off on any hint of tapering of quantitative easing, rally on any sign it is pushed off. Today the Federal Reserve released minutes from its meeting a few weeks ago and as they have done periodically they dropped some hints of tapering at some point and the algorithms sold off the market and away we go. The S&P 500 fell 0.36% and the NASDAQ 0.26%.
Federal Reserve officials may start winding down their stimulus program -- a process Wall Street has dubbed "tapering" -- for reasons other than an improving job market. "Participants also considered scenarios under which it might, at some stage, be appropriate to begin to wind down the [bond-buying] program before an unambiguous further improvement in the outlook was apparent," minutes from the last Fed meeting in October said. For now, most Fed officials still believe the bond-buying program has more help to offer the economy. They also believe the job market will continue improving and "warrant trimming the pace of purchases in coming months."
There was one key economic report today as well; retail sales. Retail sales excluding automobiles, gasoline and building materials increased 0.5 percent last month after advancing 0.3 percent in September, the Commerce Department said. Overall retail sales rose 0.4 percent after being flat in September. This report was the latest sign that a 16 day government shutdown last month had a limited impact on the economy. Core retail sales last month were bolstered by sturdy gains in receipts at clothing, furniture, electronics and sporting goods shops, among others. Sales at electronics and appliance stores rose by the most since April, suggesting a residual boost from the introduction of Apple's new iPhone the previous month.
Here are the longer term charts for the indexes; as noted early this week Monday was a bearish outside reversal day similar to one we saw the previous week. The one the previous week was completely reversed within 2 session. This time around the bearish reversal has had 2 days of follow though. Again, in quantitative markets some of these things have less impact as measuring sticks so we'll see in a week or two if these 2 bearish signals within a week actually mean something this time around. The NASDAQ is back in the middle of this channel it has been riding all year, while the S&P 500 is still above the key trend line marked in purple.
Predictably as we have seen every time taper is whispered, 10 year yields shot up. We shall see if this lasts.
Gold was hit, also similar to other times taper was put on the table.
The NYSE McClellan Oscillator briefly went positive during last week's spike at the end of the week, but has now faded back to negative.
While we mentioned 3D printing stock, 3D Systems (DDD) yesterday, it is worth noting it again today - it has fallen $15 in two sessions and with all that has only fallen to its 20 day moving average; that shows you how extended it was late last week.
Stratasys (SSYS) as its worst today had lost almost $30 in as much time, and bounced off its 50 day moving average.
We mentioned that the exchanges themselves were showing relative strength yesterday - today saw a continuation move in quite a few stocks related with markets. CBOE Holdings (CBOE) and Intercontinental Exchange Group (ICE) were 2 positive names.
Original post: STTG Market Recap November 20, 2013
Stratasys has entered into a credit agreement with Bank of America for a five year revolving credit facility of up to $250 million. The company has the right to request increases in the facility of up to an aggregate of $75 million, subject to the agreement of the lenders and certain other conditions.
Stratasys Ltd. (NASDAQ: SSYS) today announced the Company has entered into a credit agreement with Bank of America, N.A. for a five year revolving credit facility in an aggregate principal amount of up to $250 million. The Company has the right to request increases in the facility of up to an aggregate of $75 million, subject to the agreement of the lenders and certain other conditions.
The credit facility provides added capacity and flexibility for the company’s ongoing expansion and acquisition initiatives.
“We believe our new credit facility, combined with the successful equity offering we completed in September, provides the company with sufficient resources to fund expansion and growth initiatives. Our industry continues to develop at a rapid pace, and we believe we are now better positioned to capitalize on emerging opportunities,” said Erez Simha, chief financial officer & chief operating officer (Israel) of Stratasys.
Bank of America, N.A. is the Administrative Agent and Swing Line Lender, and Citibank, N.A. and HSBC Bank USA, National Association, are Co-Syndication Agents and Silicon Valley Bank is Documentation Agent.
Cautionary Statement Regarding Forward-Looking Statements
Certain information included or incorporated by reference in this press may be deemed to be “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are often characterized by the use of forward-looking terminology such as “may,” “will,” “expect,” “anticipate,” “estimate,” “continue,” “believe,” “should,” “intend,” “project” or other similar words, but are not the only way these statements are identified. These forward-looking statements may include, but are not limited to, statements relating to the company’s objectives, plans and strategies, statements that contain projections of results of operations or of financial condition (including, with respect to the MakerBot acquisition) and all statements (other than statements of historical facts) that address activities, events or developments that the company intends, expects, projects, believes or anticipates will or may occur in the future. Forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties. The company has based these forward-looking statements on assumptions and assessments made by its management in light of their experience and their perception of historical trends, current conditions, expected future developments and other factors they believe to be appropriate. Important factors that could cause actual results, developments and business decisions to differ materially from those anticipated in these forward-looking statements include, among other things: the company’s ability to efficiently and successfully integrate the operations of Stratasys, Inc. and Objet Ltd. after their merger as well as the ability to complete the MakerBot acquisition and to successfully put in place and execute an effective post-merger integration plan; the overall global economic environment; the impact of competition and new technologies; general market, political and economic conditions in the countries in which the company operates; projected capital expenditures and liquidity; changes in the company’s strategy; government regulations and approvals; changes in customers’ budgeting priorities; litigation and regulatory proceedings; and those factors referred to under “Risk Factors”, “Information on the Company”, “Operating and Financial Review and Prospects”, and generally in the company’s annual report on Form 20-F for the year ended December 31, 2012 filed with the U.S. Securities and Exchange Commission and in other reports that the Company has filed with the SEC. Readers are urged to carefully review and consider the various disclosures made in the company’s SEC reports, which are designed to advise interested parties of the risks and factors that may affect its business, financial condition, results of operations and prospects. Any forward-looking statements in this press release are made as of the date hereof, and the company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
This release is available on the Stratasys web site at www.stratasys.com
Stratasys Ltd. (Nasdaq: SSYS) is the corporate entity formed in 2012 by the merger of 3D printing companies Stratasys Inc. and Objet Ltd., based in Minneapolis, Minn. and Rehovot, Israel. Stratasys manufactures 3D printers and materials for prototyping and production. The company’s patented FDM® and PolyJet® processes produce prototypes and manufactured goods directly from 3D CAD files or other 3D content. Systems include affordable desktop 3D printers for idea development, a range of systems for prototyping, and large production systems for direct digital manufacturing. Since June 2012, the company’s range of over 130 3D printing materials has been the widest in the industry and includes more than 120 proprietary inkjet-based photopolymer materials and 10 proprietary FDM-based thermoplastic materials. Stratasys also manufactures Solidscape 3D Printers and operates the RedEye On Demand digital-manufacturing service. The company has more than 1100 employees, holds more than 500 granted or pending additive manufacturing patents globally, and has received more than 20 awards for its technology and leadership.
Shane Glenn, Vice President of Investor Relations
Source: Stratasys Ltd.
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Stocks had mild gains in a very quiet session Monday, following 2 days of wicked volatility late last week. Volume was low as this was Veteran's Day and the bond market was closed. The S&P 500 gained 0.07% and the NASDAQ 0.14%. News flow will generally be light this year but some focus will be on Janet Yellen's confirmation hearings in the Senate - although it can be assumed after the normal political song and dance she will be approved for the post.
Both the indexes are in ok condition as last Thursday's "bearish outside day" on the S&P 500 seems to have been a false alarm...
Volatility continues to get sucked out of the market...
It would be better to see the NYSE McClellan Oscillator be above 0 to indicate improving breadth but we've seen rallies this year without that...
One area that was very hot today were the 3D printing stocks which have had an on and off again relationship with the momentum crowd. Lately it has been on.
Major oil service company Transocean gained after the offshore rig contractor said it came to an agreement with Carl Icahn to pay a dividend and cut the number of board seats.
Amazon.com (AMZN) popped after announced it would now be able to deliver packages on Sundays.
Original post: STTG Market Recap November 11, 2013