Stock Market Update

[BRIEFING.COM] The S&P 500 (-0.6%), Nasdaq Composite (-1.3%), and DJIA (-0.1%) remain in a familiar range as the market enters the final half hour of the session.

Fabrinet (FN 477.02, -121.56, -20.31%) is a notable post-earnings laggard despite beating expectations in its Q4 (Jun) report last night. Adjusted EPS of $4.10 came in nicely above expectations, while revenue growth continued to accelerate, rising 44.6% year-over-year to $1.32 billion. Fabrinet also guided Q1 nicely above expectations, with EPS of $4.10-4.25 and revenue of $1.375-1.425 billion. Overall, the underlying demand environment appears to remain quite strong despite the negative stock reaction. The company also reorganized its revenue reporting into Data Center, Communications Infrastructure, and Automotive, Industrial, and Other to better reflect the end markets it serves.

Fabrinet itself is not an S&P 500 component, but related optical and electronic manufacturing names such as Lumentum (LITE 872.75, -96.15, -9.92%) , Coherent (COHR 309.50, -41.72, -11.88%) , and Teradyne (TER 399.85, -43.29, -9.77%) are among the worst-performing S&P 500 components today.