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From Briefing.com: "Build it and they will come," was the theme for today's U.S equities rally as total construction spending in October increased more originally expected, bringing demand back into the markets today on boosted confidence in the U.S economy.

In regards to the global picture, yesterday's weak PMI numbers for China have been followed by sentiment that their central bank will step in to provide additional economic stimulus. This helped cool worries of a global economic slow down, fueled by yesterday's bad news, that sent stocks falling more than they have in over a month.

Preliminary Cyber Monday sales were also released today via Adobe, showing a 16% increase from 2013. Adobe also noted that mobile purchases continue to drive sales, accounting for 19% of total online sales. As this trend continues, sales from the Thanksgiving weekend will increasingly be spread out as stores extend discounts to catch the "always online" consumer.

While an increase in total construction spending is good news for the economy, it doesn't directly affect the technology sector. This explains the sectors less than stellar performance today during a broad market rally. The Technology Select Sector ETF (XLK 42.02) gained only 0.04% vs the S&P 500's 0.64% gain.

The tech sectors top performing industry, Communication Equipment, was lead by Sierra Wireless (SWIR 38.83 +2.43), Alliance Fiber Optic (AFOP 12.73 +0.41), and Black Box Corp (BBOX 23.40 +0.58).

Technology Hardware, Storage & Peripherals was the largest declining industry in the sector, bogged down by Sandisk Corp (SNDK 101.31 -1.55), and Stratasys (SSYS 96.80 -0.52).

Notable Tech stories:

Spansion Inc. (CODE 27.86 +5.01) announced a definitive agreement to merge with Cypress Semiconductor (CY 11.92 +1.49) yesterday after the close. The transactions expected value is approximately $4 billion. The merger is expected to achieve at least $135 million in cost synergies within three years. Additionally, the deal is expected to be accretive to non-GAAP earnings within the first full year after the deal closes (anticipate close in Q1 of 2015).

Following the announcement of the agreement, CODE received mixed analyst actions that included a Buy reiteration at Topeka Capital where they raised their price target to $32. ROTH Capital was also bullish on the merger, reaffirming its buy rating for CODE. On the other side, Wells Fargo downgraded the company to Market Perform from Outperform.

We should also note that there are several law firms who believe that CODE breached their fiduciary duty by not shopping the company aroung before agreeing to be acquired by CY. That didn't deter the stock from reaching new 52 week highs today, but definitely something to keep an eye on moving forward.

Digital Ally (DGLY 18.69 +5.82) was also a top performer in the sector. In the aftermath of the trial in Ferguson, Missouri, President Obama has called for lawmakers to spend $263 million on 50,000 body cameras for law enforcement. For starters, the NYPD has reported that they will begin body camera training soon. To help avoid controversial situations similar to the one in Missouri, we may see more police departments adopt this strategy, though with such advanced technology its hard to imagine what took so long.

Taser International (TASR 23.34 +1.25) is another body camera manufacturer that would benefit from the additional funding.

MOL Global (MOLG 3.65 +1.96) has a rather interesting story behind its monstrous move today (+116%). The e-payment solutions provider for online goods and services in Southeast Asia has had several bad press releases in recent days. These stories include an apparent accounting error at its Vietnam subsidiary where revenues were reported on a gross basis rather than correctly on a net basis. The company's CFO also resigned from the company, and their latest earnings release was delayed. This perfect storm of bad news sent the stock plummeting approximately 80% in only a few days.

Today, MOLG's largest shareholder Vincent Tan made statements supporting the company, mentioning that although recent events are unfortunate, his fundamental stance on the company does not change. Realistically he has a point, accounting errors do happen, and reports conclude that the CFO left on his own terms, without any disagreements with the company. Today's rally can be partially attributed to this announcement, but investors should still be cautious moving forward as short sellers surely took some profits after the sell-off, especially with today's broad market rally creating headwinds for future declines.

4:22 pm OmniVision beats by $0.09, beats on revs; guides Q3 EPS in-line, revs below consensus (OVTI) : Reports Q2 (Oct) earnings of $0.60 per share, excluding non-recurring items, $0.09 better than the Capital IQ Consensus Estimate of $0.51; revenues fell 0.8% year/year to $394 mln vs the $377.55 mln consensus. Co issues mixed guidance for Q3, sees EPS of $0.22-0.38, excluding non-recurring items, vs. $0.33 Capital IQ Consensus Estimate; sees Q3 revs of $275-305 mln vs. $332.36 mln Capital IQ Consensus Estimate.

4:16 pm Microchip raises low end of Q3 guidance; sees Q4 rev growth in the low single digits QoQ (MCHP) : Co raises Q3 EPS to $0.60-0.64 from $0.59-0.64 vs $0.62 Capital IQ Consensus; raises GAAP rev to $512-528 mln from $501-528 mln (non-GAAP to $519-535 mln from $508-535 mln) vs $520.97 mln Capital IQ Consensus.

"We have continued to see an improvement in our bookings and billings since our earnings call on October 30, 2014. We are now even more confident that the small correction that we experienced in the September quarter is behind us, and we currently expect to provide guidance of a low single digit sequential revenue increase for the March 2015 quarter (consensus +2.9%) when we announce our fiscal third quarter of 2015 results in late January,"

4:12 pm Closing Market Summary: Small Caps Pace Broad Rebound (:WRAPX) : The stock market enjoyed a broad rebound on Tuesday after starting the week with a Monday retreat. The S&P 500 settled higher by 0.6% while the Russell 2000 (+1.2%) displayed relative strength. Despite today's outperformance, the small-cap index could only narrow its weekly decline to 0.4% while the S&P 500 reclaimed most of its loss from Monday.

The benchmark index spent the day in a steady advance with M&A news from this morning acting as a supportive factor. In the technology sector (+0.3%), Cypress Semiconductor (CY 11.92, +1.48) agreed to a $4 billion merger of equals with Spansion (CODE 27.86, +5.01) while health care component (+1.1%) Avanir Pharmaceuticals (AVNR 16.92, +1.92) agreed to be acquired by Otsuka Pharmaceuticals for $3.5 billion in cash. Also of note, insurer Aviva (AV 15.64, -0.09) announced its acquisition of Friends Life Group.

Outside of corporate deals, the Tuesday session was very quiet, but somewhat surprisingly, trading volume surpassed recent averages with 795 million shares changing hands at the NYSE.

Nine of ten sectors were able to register gains with energy (+1.3%) ending in the lead for the second day in a row. The sector spent the bulk of the session ahead of other groups even as crude oil fell 3.0% to $66.97/bbl. Dow components Chevron (CVX 114.02, +2.29) and ExxonMobil (XOM 94.19, +1.84) both gained near 2.0% while Royal Dutch Shell (RDS.A 69.30, +1.81) surged 2.7% amid press reports the company may be interested in acquiring BP (BP 40.72, +0.89).

Elsewhere, financials (+1.0%) and industrials (+0.8%) were the only other outperformers among cyclical sectors. The industrial space rallied behind transport stocks with their strength sending the Dow Jones Transportation Average higher by 1.2%.

Meanwhile on the countercyclical side, the health care sector (+1.1%) held a solid gain throughout the session with biotechnology providing support. The iShares Nasdaq Biotechnology ETF (IBB 306.87, +6.25) jumped 2.1% to a fresh record high. As for the remaining defensively-oriented groups, consumer staples (+0.4%) and telecom services (-1.8%) lagged while the utilities sector (+0.7%) ended just ahead of the broader market.

Treasuries finished on their lows with the 10-yr yield up five basis points at 2.29%.

Economic data was limited to the Construction Spending report for October, which increased 1.1% while the Briefing.com consensus expected an increase of 0.5%. The value of construction put in place increased 0.9%, which will be a positive factor in Q4 GDP computations.

Tomorrow, the weekly MBA Mortgage Index will be released at 7:00 ET while the ADP Employment Change report for November will cross the wires at 8:15 ET (Briefing.com consensus 225K). Third quarter Productivity (consensus 2.4%) and Unit Labor Costs data (expected 0.0%) will be reported at 8:30 ET while the November ISM Services report (consensus 57.5) will be released at 10:00 ET. Also of note, the Federal Reserve will release its December Beige Book at 14:00 ET.

Nasdaq Composite +13.9% YTD S&P 500 +11.8% YTD Dow Jones Industrial Average +7.9% YTD Russell 2000 +0.4% YTD

12:29 pm Notable movers of interest (:SCANX) : The following are some of today's most notable movers of interest, categorized by market capitalization (large cap over $10 billion and mid cap between $2-10 billion) and ranked by % change (all stocks over 100K average daily volume).

Large Cap Gainers

BIIB (325.72 +5.6%): Up following positve developments on Alzheimer's drug BIIB037 at Deutsche Bank BIOFEST.
RCL (76.42 +5.71%): S&P announced RCL will replace Bemis Company (BMS) in the S&P 500.
TRIP (74.69 +5.12%): CEO bought 13,785 shares at $72.55 worth ~$1.0 mln.

Large Cap Losers

BRFS (24.8 -3.13%): Downgraded to Neutral from Buy at BofA/Merrill.
WDAY (83.08 -2.27%): Initiated with a Neutral at JP Morgan.
BMO (71.51 -2.19%): Reported Q4 (Oct) earnings of C$1.63 per share, excluding non-recurring items, C$0.05 worse than the Capital IQ Consensus of C$1.68; revenues rose 4.9% year/year to C$4.34 bln vs the C$4.33 bln consensus.

Mid Cap Gainers

AVNR (16.92 +12.81%): To be acquired by Otsuka Pharmaceutical for for $17.00 per share in cash , or ~$3.5 bln.
QUNR (25.69 +4.64%): Reported Q3 (Sep) loss of $0.78 per share, may not be comparable to the Capital IQ Consensus Estimate of ($0.41); revenues rose 107.6% year/year to $81.6 mln vs the $77.16 mln consensus.
NPSP (33.48 +3.94%): Announced that the EMA has validated and initiated its review of the company's marketing authorization application for Natpar for the treatment of Hypoparathyroidism.

Mid Cap Losers

MFRM (63.75 -8.43%): Reported EPS in-line, beat on revs; reaffirmed FY15 EPS guidance; raised comps guidance.
THO (55.75 -3.6%): Reported Q1 (Oct) earnings of $0.73 per share, $0.08 worse than the Capital IQ Consensus Estimate of $0.81; revenues rose 15.3% year/year to $922 mln vs the $903.87 mln consensus; sales of both towable and motorized RVs posted double-digit growth.
UPL (18.88 -3.32%): Downgraded to Sell at Global Hunter.

12:21 pm Stocks/ETFs that traded to new 52 week highs/lows this session - New lows (207) outpacing new highs (115) (:SCANX) : Stocks that traded to 52 week highs: AAC, ABC, ABT, ADM, ADP, AET, AIRT, ALXN, AMAG, AMGN, ANIP, ARDX, ARE, AVNR, AXTA, BBK, BCR, BERY, BMRN, BSD, BSF, BTF, BXP, CAF, CELG, CMN, CODE, COST, COV, CRMT, CSCD, CSCO, CTLT, CY, DEPO, DIS, DRI, EIX, ENR, ESRX, EVN, EW, EXAM, FAF, FCAU, FDP, FDX, FFNW, FICO, FOX, FOXA, FUR, GTIM, HA, HAWK, HAWKB, HCT, HDRAU, HQH, HRB, HRC, IBCA, IFN, IIF, INGR, IRS, KMX, LEAF, LFC, LLY, LQ, LSBK, MCRL, MCY, MDT, MRH, MTSI, NEWM, NKTR, NPT, NVRO, OGS, OMC, PCG, PCQ, PETM, PG, PHM, PNW, POR, PPG, PTSI, PUK, QVCA, RCL, RDI, RVP, SCOR, SCYX, SFS, SONC, SRT, STX, SYK, SYMC, TASR, TCX, TM, TRK, UNH, USAK, VAC, XEL, Y, ZNH

Stocks that traded to 52 week lows: AAOI, ABIO, ACUR, ALSK, ALXA, ANF, AOI, APDN, AREX, ARWR, ASPN, ASPS, ATLS, AVAL, BALT, BANX, BBG, BGH, BOOM, BRSS, BSPM, BXE, CACH, CAK, CALL, CASH, CCU, CEO, CFD, CGIX, CH, CHKR, CLB, CLNE, CNCO, CNSI, COHR, CREG, CRT, CRVP, CTHR, CXO, DAKP, DATE, DCTH, DHRM, DHY, DKL, DNOW, DRD, DRQ, DSX, DWSN, DXPE, E, EC, ECR, ECT, ELON, ENVI, EOX, EPE, EROC, ESEA, EYES, FCX, FES, FET, FMD, FOR, FTK, FWLT, FXEN, GER, GGB, GLRI, GMZ, GNBC, GSI, GSV, GTE, GTLS, HDY, HIIQ, HIX, HNR, ICA, ICL, IKGH, ISH, IVAN, JGH, JMEI, JOEZ, KEG, KGJI, KOP, LBIX, LEI, LEU, LOOK, LOXO, LPTN, LXFR, MBT, MCP, MDR, MDU, MEP, MFRI, MORE, MPO, MRC, MTBC, MTRX, MXF, NCQ, NDRO, NEOT, NKA, NOA, NOG, NPD, NR, NSPH, NSPR, NTLS, NTP, NVFY, OCLS, OPB, OXGN, PACD, PBT, PED, PGH, PGN, PHMD, PLG, PLPC, PQ, PRAN, PRKR, PRSS, PSTI, PWRD, QEPM, QIWI, QKLS, RCON, REN, RGDX, RGSE, RNE, RNO, ROSE, ROYL, ROYT, RTK, RVLT, RYAM, SALT, SB, SBLK, SBR, SCL, SDR, SFY, SKIS, SM, SPP, SRF, SSE, SSNI, STAA, STN, SWSH, SXC, TAS, TC, TCAP, TGA, TGE, TLM, TMST, TOPS, TPLM, TRF, TRUP, TRXC, TS, TTI, ULTR, UNT, UQM, USAP, VET, VIEW, VJET, VLCCF, VNOM, VSLR, WG, WPRT, WSTL, XOOM, ZU

ETFs that traded to 52 week highs: IYH, UUP, XLV

ETFs that traded to 52 week lows: AFK, FXA, FXY, RSX, SGG, UGA
7:01 am Corning confirmed that it has reached a definitive agreement with Samsung Electronics (SSNLF) to acquire its fiber optics business (GLW) :

Co has reached a definitive agreement with Samsung Electronics Co., Ltd. to acquire its fiber optics business. The terms of the agreement were not released. The acquisition is expected to be completed by the end of the first quarter of 2015.Corning will integrate Samsung's fiber optic business, with manufacturing facilities in Gumi, South Korea, as well as in Hainan, China, into the Corning Optical Communications business segment upon closing of the acquisition.