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From Briefing.com: The stock market took a while to find its footing on Tuesday amid some conflicting reports discussing the Greek/troika bailout negotiation stances. It ultimately found its footing, though, rallying sharply from its morning lows.

The Dow Jones Industrial Average increased 0.8%, the S&P 500 jumped 1.1%, and the Nasdaq Composite surged 1.3%.

Naturally, Apple (AAPL 122.02, +2.30, +1.9%) was a key contributor to the broader market's gains along with the semiconductor stocks, which fueled a 3.4% gain for the Philadelphia Semiconductor Index. The S&P 500 information technology sector (+1.6%), led by Apple, outperformed the broader market.

Notable news items regarding sector components included the following:

Apple (AAPL 122.02, +2.30, +1.9%): According to reports, company is working on vehicle development and is competing with Tesla (TSLA 216.29, -1.19, -0.6%) to hire top talent

Computer Sciences (CSC 60.89, -3.95, -6.1%): Reported Q3 (Dec) earnings of $1.18 per share, excluding non-recurring items, which was ahead of expectations. Revenues fell 8.7% year/year to $2.95 bln, which was light of expectations. Company sees FY15 revenues declining in mid-single digits.

Facebook (FB 75.19, +0.75, +1.0%): Company announced that it will make internet available in India along with Reliance Communications through the launch of the Internet.org app and free basic services

First Solar (FSLR 48.61, +2.28, +4.9%): Confirmed that Apple has committed $848 mln for clean energy from First Solar's California Flats Solar Project in Monterey County, California. Apple will receive electricity from 130 megawatts AC of the solar project under a 25-year power purchase agreement, the largest agreement in the industry to provide clean energy to a commercial end user.

IBM (IBM 158.56, +2.81, +1.8%): Confirmed it has entered into a global alliance with Softbank (SFTBY) to bring Watson to Japan. The alliance, which involves training Watson to understand Japanese, represents a major milestone in IBM's efforts to accelerate the adoption of cognitive computing and a powerful example of how SoftBank is transforming Japanese businesses and society. The goal of the collaboration is for SoftBank and IBM to bring new apps and services powered by Watson to market in the region, by establishing a broad local ecosystem of partners, entrepreneurs, and app developers who will apply Watson in new and innovative ways. Separately, IBM confirmed it filed a patent infringement lawsuit against The

Priceline Group (PCLN 1057.62, +24.47, +2.4%) for damages for past infringement and for a reasonable royalty going forward. The lawsuit comes after more than three years of attempts by IBM to resolve its concerns with Priceline over infringement of IBM's patents.

Micron (MU 31.09, +2.74, +9.7%): Disclosed that on February 10, 2015, it and Inotera Memories entered into a supply agreement that amends and restates the existing supply agreement, and a new supply agreement, to take effect as of January 1, 2016. The Supply Agreements provide that, during their respective terms, Inotera will sell to Micron all of the DRAM products manufactured by Inotera. Under the 2015 Supply Agreement, the price for DRAM products sold to Micron is based on a discount from market prices and is determined in a manner generally consistent with the Existing Supply Agreement. The 2015 Supply Agreement will expire on December 31, 2015.

Qualcomm (QCOM 70.26, +3.15, +4.7%): Reached a resolution with China's National Development and Reform Commission regarding its investigation of Qualcomm under China's Anti-Monopoly Law. Qualcomm fined $975 mln but raised the low end of its FY15 guidance, saying it sees EPS of $4.85-5.05 versus prior guidance of $4.75-5.05. Revenue guidance raised to $26.3-28.0 bln from $26-28 bln. Elsewhere in the technology arena:

Netease.com (NTES 114.85, +7.91, +7.4%): Reported Q4 (Dec) earnings of $1.56 per share, which was ahead of analysts' average expectation. Revenues rose 42.5% year/year to $593.7 mln, which was also ahead of estimates. Company said its board of directors has approved a dividend of US$0.39 per ADS for the fourth quarter of 2014, which is expected to be paid on March 6, 2015 to shareholders of record as of the close of business on February 25, 2015.

Newport (NEWP 20.35, +0.81, +4.2%): Reported Q4 (Dec) earnings of $0.38 per share, which was ahead of analysts' average expectation. Revenues rose 2.9% year/year to $158.7 mln, also ahead of estimates. For Q1, sees EPS of $0.27-0.34 and revenues of $147-154 mln, both of which are in-line with estimates.

Qualys (QLYS 46.94, +6.09, +14.9%): Reported Q4 (Dec) earnings of $0.15 per share, excluding non-recurring items, which was above expectations. Revenues rose 25.9% year/year to $36.57 mln, also ahead of estimates. For Q1, sees EPS of $0.10-0.12, excluding non-recurring items, and revenues of $37.6-38.1 mln, both of which exceeded analysts' average expectations. For FY15, sees EPS of $0.50-0.55, excluding non-recurring items, and revenues of $167.3-169.3 mln, which is ahead of estimates.

Taiwan Semi (TSM 23.86, +1.19, +5.3%): Announced that its revenues for January 2015 were ~NT$87.12 billion on a consolidated basis, +25.3% from December 2014 and +69.4% over January 2014. Company's Board of Directors also adopted a proposal recommending distribution of a NT$4.5 cash dividend per common share

US government announced it is creating a new agency: Cyber Threat Intelligence Integration Center (CTIIC). Stocks that advanced on the announcement included the likes of Qualys (QLYS 46.94, +6.09, +14.09), CyberArk Software (CYBR 40.90, +4.81, +13.3%), Palo Alto Networks (PANW 128.43, +3.40, +2.7%), FireEye (FEYE 36.52, +0.98, +2.8%), and Fortinet (FTNT 32.24, +0.75, +2.4%).
Yelp (YELP 44.66, +2.49, +5.9%): Acquired online food ordering service Eat24 in a transaction valued at ~$134 mln. Eat24 provides ~20,000 restaurants in over 1,500 cities nationwide with the ability to offer online delivery and takeout services. The transaction is valued at ~ $134 mln, consisting of ~1.4 mln shares of Yelp Class A common stock and $75 mln cash, less certain transaction expenses and subject to customary working capital adjustments. Yelp said it sees Q1 (Mar) revenues of $118.5-120.5 mln, which was ahead of analysts' average expectation; Adjusted EBITDA is still expected to be in the range of $19-21 mln. For FY15 (Dec) sees revenues of $574 -579 mln, which is also ahead of estimates

Analyst Action:

Qualcomm (QCOM 70.26, +3.15, +4.7%): upgraded to Sector Outperform from Sector Perform at Scotia Capital

Qualys (QLYS 46.94, +6.09, +14.9%): target raised to $49 from $42 at Imperial Capital; Outperform... RBC Capital Markets maintaining Sector Perform rating but raising price target to $40 from $36... BMO Capital maintains Market Perform rating and increases price target to $45 from $374:15 pm : The major averages snapped their two-day losing streak with a Tuesday rally that allowed the S&P 500 (+1.1%) to settle at its best level of the year. The benchmark index finished ahead of the Dow (+0.8%) and Russell 2000 (+0.6%), but behind the Nasdaq Composite (+1.3%).

Market participants were greeted this morning with Greece-related headlines, which should have been expected considering the EU finance ministers meeting will take place tomorrow. The rumor mill was active from the early morning, starting with a Bloomberg report indicating the European Commission will propose a six-month extension for Greece. The report cited unnamed sources and was met with a swift denial from the European Commission spokeswoman, who said there is no formal proposal on the table at this time, but talks are "intensive." German Finance Minister Wolfgang Schaeuble also offered a denial, simply calling the report "wrong."

Lost in the whirlwind was the fact that the Bloomberg report took place not long after Greek Defense Minister Panos Kammenos entertained the possibility of looking for financial support elsewhere, naming the United States, Russia, and China as potential options.

The stock market rallied happily following the initial report and held its ground through the subsequent denials. The S&P 500 spent the bulk of the early afternoon in a narrow range, but powered to a fresh high ahead of the close. It is worth noting that market breadth did not turn positive until the final 90 minutes, meaning the number of advancers equaled that of decliners even as the market sported a solid gain at midday.

Nine of ten sectors registered gains with yesterday's laggards leading the way. To that effect, three of four countercyclical sectors finished ahead of the broader market with health care (+1.6%) and utilities (+2.1%) ending in the lead.

The health care space received support from biotechnology, evidenced by a 1.6% gain in the iShares Nasdaq Biotechnology ETF (IBB 318.26, +4.85). The high-beta biotech group gave a boost to the Nasdaq, and the tech-heavy index received another measure of support from chipmaker names. Qualcomm (QCOM 70.26, +3.15) raised its guidance after settling an anti-trust investigation in China for $975 million while Micron (MU 31.09, +2.74) announced an amendment to one of its supply agreements. The two names posted respective gains of 4.7% and 9.7% while the PHLX Semiconductor Index spiked 3.4%. As for the technology sector, the top-weighted group advanced 1.6%.

Elsewhere among cyclical sectors, the consumer discretionary space (+1.2%) settled ahead of the market while the other four groups underperformed.

Notably, the industrial sector (+0.6%) could not keep up with the market even as transport stocks displayed strength (Dow Jones Transportation Average +0.9%). Machinery stocks kept the sector among the laggards following cooler-than-expected inflation data from China. Dow component Caterpillar (CAT 83.90, -0.77) lost 0.9% while Joy Global (JOY 43.84, -0.94) fell 2.1%.

On the downside, the energy sector (-0.2%) spent the day in negative territory, but erased the bulk of its loss ahead of the close. The sector had to contend with a 5.5% plunge in crude oil ($50.06/bbl) while Halliburton (HAL 42.60, -0.91) lost 2.1% after Houston Business Journal reported the company will reduce its workforce by 6.5%-8.0%.

Treasuries spent some time on either side of their flat lines before locking in slim losses with the 10-yr yield higher by a basis point at 1.99%.

Participation was below average for the second consecutive day with roughly 770 million shares changing hands at the NYSE floor.

Economic data was limited to Wholesale Inventories and JOLTS:


Wholesale inventories increased 0.1% in December following an unrevised 0.8% increase in November while the Briefing.com consensus expected an increase of 0.2%
The BEA estimated that wholesale inventories increased 0.6% in the advance Q4 2014 GDP report, which will likely result in negative revisions for fourth quarter GDP
Durable goods inventories increased 0.2% in December after increasing 0.9% in November
Petroleum inventories declined 6.2%, causing a 0.1% downtick in nondurable goods inventories
The Job Openings and Labor Turnover Survey showed that openings increased to 5.028 million from 4.847 million in December

Tomorrow, the weekly MBA Mortgage Index will be released at 7:00 ET while the Treasury Deficit for January (Briefing.com consensus $19.00 billion) will be reported at 14:00 ET.

Nasdaq Composite +1.1% YTD
S&P 500 +0.5% YTD
Dow Jones Industrial Average +0.3% YTD
Russell 2000 UNCH YTD

DJ30 +139.55 NASDAQ +61.63 SP500 +21.85 NASDAQ Adv/Vol/Dec 1903/1.64 bln/1109 NYSE Adv/Vol/Dec 1749/768.7 mln/1335 3:40 pm :

WTI crude oil futures sold off today following three consecutive days of gains
One catalyst weighing on crude today was the IEA Oil Market Report, which had some bearish commentary
Ultimately, Mar crude oil closed the day $2.93 lower at $50.06/barrel
Mar nat gas gained $0.08 to $2.68/MMBtu
Precious metals lost steam today, but showed only modest losses
Apr gold fell $9.50 to $1232.10/oz, while Mar silver lost $0.21 to $16.86/oz
Mar copper lost $0.04 to $2.54/lb

4:30 pm Rambus announces it has developed an R+ DDR4/3 PHY on the Samsung (SSNLF) 28nm LPP process (RMBS) : Through the collaboration with Samsung, Rambus has achieved a robust, production-ready R+ DDR4/3 PHY on the power-performance optimized 28nm Low Power Plus process.

3:54 pm First Solar confirms that Apple (AAPL) has committed $848 mln for clean energy from First Solar's California Flats Solar Project in Monterey County, Calif (FSLR) : Apple (AAPL) will receive electricity from 130 megawatts AC of the solar project under a 25-year power purchase agreement, the largest agreement in the industry to provide clean energy to a commercial end user.

The 2,900-acre California Flats Solar Project occupies 3 percent of a property owned by Hearst Corporation in Cholame, Calif. Construction is expected to begin in mid-2015, and to be completed by the end of 2016.

12:43 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
HOT (75.89 +6.54%): Beat Q4 consensus EPS estimates by $0.21, missed on revs; Board approved $750 mln increase to share repurchase authorization; provided guidance for Q1 and FY15 adjusted EBITDA; announced plans to spin-off its vacation ownership business, Starwood Vacation Ownership.
MU (30.23 +6.63%): Co disclosed that it entered into a new supply agreement with Inotera Memories which will allow Micron to buy DRAM products at a discount.
NTES (111.79 +4.53%): Reported Q4 (Dec) earnings of $1.56 per share, $0.03 better than the two analyst estimate of $1.53; revenues rose 42.5% year/year to $593.7 mln vs the $522.07 mln consensus.

Large Cap Losers

KKR (23.73 -5%): Reported Q4 (Dec) economic net income of $0.05 per share, excluding non-recurring items, $0.39 worse than the Capital IQ Consensus of $0.44; revenues fell 5.3% year/year to $212.9 mln vs the $256.3 mln consensus.
HCP (42.47 -2.68%): Beat Q4 consensus EPS estimates by $0.02, beat on revs; guided FY15 FFO in-line; raised quarterly dividend 3.7%; Downgraded to Underperform from Neutral at Mizuho; tgt lowered to $37.
TAP (74.01 -3.05%): Missed Q4 consensus EPS estimates by $0.14, reported beat on revs, announced new $1 bln share repurchase program, raised dividend by 11%; made cautious comments during conference call regarding its 2015 expected operating margins.

Mid Cap Gainers

SEE (45.38 +10.87%): Beat Q4 consensus EPS estimates by $0.12, reported revs in-line; guided FY15 EPS above consensus, revs below consensus.
MLM (130.59 +9.59%): Reported Q4 (Dec) earnings of $0.94 per share, $0.08 better than the Capital IQ Consensus Estimate of $0.86; revenues rose 57.1% year/year to $856.3 mln vs the $844.43 mln consensus.
WYN (87.81 +8.39%): Beat Q4 consensus EPS estimates by $0.06, reported revs in-line; raised FY15 guidance, in-line; raised dividend 20%; sees Q1 EPS $0.91-0.94 vs $0.85 Capital IQ Consensus.

Mid Cap Losers

CSC (60.18 -7.19%): Reported Q3 (Dec) earnings of $1.18 per share, excluding non-recurring items, $0.06 better than the Capital IQ Consensus Estimate of $1.12; revenues fell 8.7% year/year to $2.95 bln vs the $3.18 bln consensus; reaffirmed FY15 EPS guidance.
MCY (52.83 -6.83%): Downgraded to Underperform from Mkt Perform at Keefe Bruyette.
RIG (19.17 -6.21%): Downgraded to Underperform from Neutral at Credit Suisse.

7:06 am Entegris misses by $0.01, beats on revs; guides Q1 EPS below consensus, revs in-line (ENTG) : Reports Q4 (Dec) earnings of $0.17 per share, excluding non-recurring items, $0.01 worse than the Capital IQ Consensus Estimate of $0.18; revenues rose 45.8% year/year to $271.6 mln vs the $267.3 mln consensus.

Co issues guidance for Q1, sees EPS of $0.15-0.18, excluding non-recurring items, vs. $0.19 Capital IQ Consensus Estimate; sees Q1 revs of $260-270 mln vs. $266.34 mln Capital IQ Consensus Estimate.

"The integration with ATMI is proceeding ahead of our original schedule, and we expect to have the vast majority of the cost synergies in place as we exit the second quarter of 2015. The combination with ATMI is allowing us to create new, high-value yield-enhancing solutions to address a wide array of applications for a broad set of customers."