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From Briefing.com: Weekly Recap - Week ending 27-Feb-15

Dow -81.72 at 18132.70, Nasdaq -24.36 at 4963.53, S&P -6.24 at 2104.50

The stock market capped a quiet week with a subdued Friday session. However, it is worth noting that the range-bound week followed sharp gains registered earlier this month. The S&P 500 shed 0.3% on Friday to narrow its February gain to 5.5% while the Nasdaq Composite (-0.5%) underperformed today, but climbed 7.1% since the end of January.

Equity indices spent the bulk of the session near their flat lines before a wave of profit-taking during the final 90 minutes sent the indices to fresh session lows. Eight of ten sectors finished the day in the red, but only one sector-utilities (-0.1%)-registered a February loss. The rate-sensitive group fell 7.0% during the month as higher yields made Treasuries more attractive.

The technology sector (-0.5%) finished the day at the bottom of the leaderboard, but still added 7.9% for the month. Similar to the sector, the top-weighted component-Apple (AAPL 128.48, -1.94)-endured some profit taking following a big run in February. Shares of AAPL fell 1.5% today, but still ended the month higher by 9.7%.

Elsewhere, the energy sector lost 0.4% to narrow its February gain to 3.5% even though crude oil settled on its high. The energy component spiked 3.3% to $49.76/bbl, adding nearly 10.0% for the month. WTI crude surged off its afternoon low even after the Baker Hughes rig count registered its 12th consecutive decline (-43) to 1267.

Meanwhile, the remaining cyclical sectors finished closer to their respective flat lines. For instance, the discretionary sector (-0.1%) ended slightly lower with many apparel retailers enjoying gains after Gap (GPS 41.60, +1.23) reported a one-cent beat, announced a $1 billion buyback, and boosted its dividend by 5.0%, which overshadowed below-consensus guidance. Peer J.C. Penney (JCP 8.50, -0.62) headed in the opposite direction, falling 6.8%, after missing earnings estimates.

The countercyclical side looked a bit better today with consumer staples (+0.4%) and telecom services (+0.3%) registering modest gains while the aforementioned utilities sector (-0.1%) and health care (-0.5%) settled in the red.

Consumer staples rallied behind Coca-Cola (KO 43.30, +0.84) and Monster Beverage (MNST 141.12, +16.38) after the latter reported better than expected results. On the flip side, Herbalife (HLF 31.01, -3.81) tumbled 10.9% after its disappointing revenue and cautious guidance overshadowed a bottom-line beat.

Treasuries registered modest gains with the 10-yr yield slipping three basis points to 2.00%. Despite today's advance, the 10-yr note ended February in the red with its yield 32 basis points above where it ended January. For its part, the Dollar Index (95.33, +0.03) eked out a slim gain on Friday and finished the month higher by 0.4%.

Although the final week of February was relatively quiet on the international front, that could change in a hurry. Yesterday evening, Kathimerini reported that Greece is due to pay EUR1.60 billion to the IMF next month, but it is uncertain whether the country will be able to make the payment on time. The IMF is scheduled to receive the first installment in the amount of EUR310 million on Friday, March 6.

Economic data included Q4 GDP, Chicago PMI, Michigan Sentiment Index, and Pending Home Sales:

Fourth quarter GDP was revised down to 2.2% in the second estimate from 2.6% in the advance estimate after increasing 5.0% in Q3
The Briefing.com consensus expected a revision down to 2.1%
Despite the downward revision, the GDP report actually reveals slightly better economic trends in the second estimate. Nearly all of the revision resulted from weaker inventory growth -- $88.40 billion vs. $113.10 billion in the advance release. Excluding inventories, real final sales were revised up to 2.1% from an originally reported 1.8%
The University of Michigan Consumer Sentiment Index was revised up to 95.4 in the final February reading from 93.6 while the Briefing.com consensus expected a revision up to 94.0
Even after the revisions, the Consumer Sentiment Index is still down from 98.1 in January
The Chicago PMI declined to 45.8 in February from 59.4 while the Briefing.com consensus expected a drop to 58.0
This was the first reported contraction in the Chicago region since April 2013 and the largest contraction since the index dropped to 42.7 in July 2009
Readings throughout the report were abysmal, and every index, with the exception of supplier deliveries (58.3 from 54.9), contracted in February
Pending home sales for January rose 1.7% while the Briefing.com consensus expected an increase of 2.4%

On Monday, Personal Income/Spending and Core PCE Prices for January will be reported at 8:30 ET while Construction Spending for January and February ISM Index will be released at 10:00 ET.

Week in Review: S&P 500 Locked in Sideways Action

The major averages began the week on a sleepy note with the S&P 500 ending flat after spending the day in a seven-point range while the Nasdaq (+0.1%) finished a little ahead of the benchmark index. Participants stuck to the sidelines ahead of Tuesday's semiannual testimony on monetary policy. Six of ten sectors registered losses with all six cyclical sectors ending in the red. Most notably, the energy sector (-0.4%) slumped to the bottom of the leaderboard at the start, exerting pressure on the market throughout the day. The group lagged as crude oil fell 2.5% to $49.56/bbl. The energy component saw a brief afternoon spike into the $50.00/bbl area after Nigeria's oil minister said the sharp slide in crude prices could lead to an emergency OPEC meeting. WTI crude returned to its afternoon low after OPEC refuted the report, announcing no plans for an emergency meeting at this time.

Equity indices endured another quiet session on Tuesday before a late afternoon rally sent the S&P 500 (+0.3%) to a new record high. The price-weighted Dow (+0.5%) outperformed while the Nasdaq Composite (+0.1%) and Russell 2000 (+0.1%) struggled to keep up. Trading volume was well below average with fewer than 700 million shares changing hands at the NYSE floor. The key indices spent the bulk of the day near their flat lines, seeing little reaction to Fed Chair Janet Yellen's testimony on monetary policy before the Senate Banking Committee. Chair Yellen reiterated the Fed's intent to remain patient before raising rates, due to weak wage growth and low inflation. In addition, Ms. Yellen indicated the Fed will change its forward guidance prior to hiking rates, and that change to the outlook will clear the way for a potential hike in any particular meeting that follows. Although the testimony had little impact on equities, Treasuries spiked with the 10-yr yield sliding eight basis points to 1.98% as bond traders showed little concern for a rate hike in the near term.

The stock market ended the midweek session on a flat note after spending the trading day in a narrow range. The S&P 500 shed 0.1% while the Nasdaq (-0.02%) registered its first loss since February 9. Once again, the session featured below-average activity with only 687 million shares changing hands at the NYSE floor. Equities faced some selling pressure at the start with the top-weighted technology sector (-0.7%) responsible for the early weakness. Specifically, Hewlett-Packard (HPQ) pressured the sector after reporting uninspiring results for the quarter. The former Dow component plunged 9.9% after its one-cent beat was overshadowed by a 4.7% year-over-year decline in revenue and below-consensus guidance. Despite the opening weakness, the market was able to reclaim its early loss by midday, but renewed selling in the tech sector sent equity indices to fresh lows during the afternoon. The largest stock by weight-Apple (AAPL )-fell 2.6% to lead the afternoon pullback.

The market endured another range-bound session on Thursday with the S&P 500 shedding 0.1% after respecting a seven-point range. The Dow (-0.1%) and S&P 500 began the day under pressure due to noteworthy weakness in the energy sector (-1.8%). Meanwhile, most other cyclical groups also began in the red while technology (+0.7%) outperformed throughout the day and kept the Nasdaq (+0.4%) in the green. The top-weighted technology sector received support from some of its largest components by weight like Apple (AAPL), Google (GOOGL), and Facebook (FB). The three names gained between 1.1% and 2.2% with Apple climbing into the green after announcing a press event on March 9 where the company is expected to launch its wristwatch.

Index Started Week Ended Week Change % Change YTD %
DJIA 18140.44 18132.70 -7.74 -0.0 1.7
Nasdaq 4955.97 4963.53 7.56 0.2 4.8
S&P 500 2110.30 2104.50 -5.80 -0.3 2.2
Russell 2000 1231.79 1233.37 1.58 0.1 2.4

U.S equities capped a strong February with losses on the last day of the month, as the S&P 500 (-0.3%), Nasdaq (-0.5%), Russell 2000 (-0.5%), and Dow Jones Industrial Average (-0.5%) all finished in the red on Friday. However, having gained roughly 5% in the month of February, some profit-taking at month-end shouldn't come as a surprise.

The S&P 500 Information Technology Sector (-0.53%) closed in the red on Friday, much like the rest of the market, with no sector posting gains on the day. Notable outperformers in the sector included: Autodesk (ADSK 64.24, +3.23, +5.3%), Hewlett Packard (HPQ 34.84, +0.83, +2.4%), and Sandisk (SNDK 79.93, +1.88, +2.4%). On the other hand, companies like Apple (AAPL 128.48, -1.94, -1.5%), Facebook (FB 78.97, -1.44, -1.8%), and Cisco (CSCO 29.52, -0.39, -1.3%) weighed on the sector, ultimately leading it lower to end the day.

Notable news items from the sector included the following:

LM Ericsson (ERIC 12.93, +0.04, +0.3%): Filed two complaints with the ITC and seven complaints in a United States District Court against Apple (AAPL 128.48, -1.94, -1.5%) asserting 41 patents covering many aspects of Apple's iPhones and iPads. The patents include standard essential patents related to the 2G and 4G/LTE standards as well as other patents that are critical to features and functionality of Apple devices such as the design of semiconductor components, user interface software, location services and applications, as well as the iOS operating system. Ericsson seeks exclusion orders in the ITC proceedings and damages. ERIC notes that Apple's global license agreement for Ericsson's mobile technology expired last month, and Apple has declined to take a new license offered on FRAND terms.

Exelis (XLS 24.20, -0.08, -0.3%): Reported Q4 (Dec) earnings of $0.47 per share, $0.02 better than estimates. Revenues for the quarter rose 1.2% year/year to $933 million, which fell below estimates. Results from continuing operations reflect the September spin-off of the former Mission Systems business into Vectrus, an independent, publicly traded company. Exelis shareholders at the time of the spin-off received one share of Vectrus common stock for every 18 shares of Exelis common stock held on the spin-off record date. During the quarter, the company secured $3.3 billion in orders in 2014, earning significant new business within its four Strategic Growth Platforms, and continuing steady orders in our more mature business areas.

Visa (V 271.31, -2.44, -0.9%): Announced a definitive agreement to acquire TrialPay, a private company that operates an offers platform connecting merchants with consumers through targeted promotions. The transaction is expected to close in the third quarter of 2015. Financial terms of the deal were not disclosed.
Elsewhere in the technology space:

Cvent (CVT 28.95, -0.35, -1.2%): Reported Q4 (Dec) earnings of $0.03 per share, excluding non-recurring items, $0.01 better estimates. The company also reported that revenues rose 28.0% year/year to $39.3 million vs the $38.9 million consensus. Additionally, CVT issued in-line guidance for Q1, noting sees EPS of $0.00-0.01, and Q1 revenues of $39.7-40.1 million.

TubeMogul (TUBE 13.82, -4.12, -23%) Reported a Q4 (Dec) loss of $0.14 per share, $0.02 better estimates, on revenues that rose 64.1% year/year to $36.1 million. TUBE issued downside guidance for Q1, noting it sees Q1 revenues of $28-30 million. TUBE also mentioned that it expects Q1 gross profit in the range of $20 million to $22 million.

Nimble Storage (NMBL 25.26, -2.16, -7.9%): Reported a Q4 (Jan) loss of $0.13 per share, excluding non-recurring items, $0.01 better consensus. Revenues for the quarter rose 63.8% year/year to $68.3 million vs the $66.53 million consensus. In its earnings transcript, the company stated, "During the fourth quarter, we generated positive free cash flow for the first time in our history and remain on track to achieve profitability on a non-GAAP basis by the end of FY16."

Cyber-Ark Software (CYBR 59.27, -3.19, -5.1%): Filed for $200 million common stock offering by selling shareholder. All of the shares will be offered by the company's shareholders meaning CYBR will not receive any proceeds from the sale of these shares.

Lenovo (LNVGY 30.58, +0.09, +0.3%): announced its response actions to Superfish software discovery. Lenovo stated in its announcement, "We have worked with partners to create tools and update antivirus programs to eliminate Superfish software. And an automatic removal tool is available on Lenovo.com. No ThinkPads, desktops, tablets, smartphones nor any enterprise server or storage product was impacted. Additionally, we will offer Lenovo PC users affected by this issue a free 6-month subscription to McAfee (INTC 33.25, -0.40, -1.2%) LiveSafe service (or a 6-month extension for existing subscribers).Analyst Action:

EPAM Systems (EPAM 61.68, +0.32, +0.5%): upgraded to Neutral from Sell at Monness Crespi & Hardt price target raised to $72 from $59 at Susquehanna; Positive

Mobileye N.V. (MBLY 35.48, -0.31, -0.9%): upgraded to Market Perform from Outperform at Raymond James downgraded to Neutral from Buy at Dougherty & Co.

Infoblox (BLOX 22.25, +2.02, +9.5%): upgraded to Buy from Neutral at Citigroup target raised to $25 from $17.50 at UBS; Neutral target raised to $26 from $23 at Deutsche Bank; Buy target raised to $29 from $23 at JMP Securities; Market Outperform target raised to $28 from $23 at Piper Jaffray; Overweight

Synnex Corp (SNX 76.25, -2.06, -2.8%) downgraded to Hold from Buy at Stifel

Mavenir Systems (MVNR 14.57, -0.92, -5.9%): downgraded to Equal-Weight from Overweight at Morgan Stanley target raised to $18 from $15 at Imperial Capital; Outperform

Splunk (SPLK 67.25, -2.32, -3.3%): target raised to $82 from $73 at UBS; Buy price target raised to $71 from $64 at Barclays; Equal Weight target raised to $82 from $75 at Stifel; Buy target raised to $75 from $69 at BMO Capital; Market Perform target raised to $90 from $83 at FBR Capital; Outperform

ON Semiconductor (ONNN 12.75, -0.11, -0.9%): target raised to $16 from $14 at Deutsche Bank; Buy target raised to $15 from $13 at Susquehanna; Positive target raised to $16 from $12.50 at FBR Capital; Outperform

Aruba Networks (ARUN 24.81, +2.20, +9.7%): target raised to $28 from $22 at Barclays; Overweight target raised to $27 from $19 at Imperial Capital; Outperform target raised to $26 from $25 at Needham; Buy target raised to $25 from $20 at Oppenheimer; Outperform target raised to $23 from $21 at RBC Capital; Outperform

Autodesk (ADSK 64.24, +3.23, +5.3%): target raised to $73 from $70 at Canaccord Genuity; Buy target raised to $75 from $70 at RBC Capital; Outperform

5:24 pm This week's biggest % gainers/losers (:SCANX) : The following are this week's top 20 percentage gainers and top 20 percentage losers, categorized by sectors (over $300 mln market cap and 100K average daily volume).

This week's top 20 % gainers

Healthcare:EYES (16.17 +84.8%),PTCT (71.33 +29.24%),PCYC (215.93 +21.61%),TSRO (53.33 +20.66%),QURE (23.24 +20.6%),CLDX (25.54 +20.41%),

Industrials:PGTI (10.17 +20.64%)

Consumer Discretionary:SFXE (4.76 +34.84%),CHGG (8.12 +26.09%),RGR (51.96 +21.8%),FLWS (12.48 +20.93%)

Information Technology:BNFT (32.56 +48.34%),ARUN (24.81 +34.65%),ELX (7.95 +24.02%),FSLR (59.75 +21.88%),VHC (7.55 +20.41%)

Financials:TREE (53.04 +20.99%)

Energy:CLNE (6.01 +22.15%)

Consumer Staples:COT (9.68 +21.15%)

Utilities: UIL (50.55 +19.7%)

This week's top 20 % losers

Healthcare:VTAE (11.62 -18.17%),SPPI (6.23 -16.49%)

Materials:KOP (16.12 -17.8%)

Industrials:EGL (36.1 -25.38%),GLDD (6.1 -17.79%)

Consumer Discretionary:WBAI (9.23 -41.06%),WTW (11.33 -40.49%),LL (51.86 -23.62%)

Information Technology:ENOC (13.49 -24.47%),DAKT (10.23 -19.32%),CYBR (59.27 -15.75%)

Financials:WAC (16.67 -20.16%),NBG (1.57 -19.9%)

Energy:SD (1.77 -23.71%),ROSE (17.73 -23.05%),CWEI (49.06 -22.83%),CHK (16.68 -17.83%),ESV (24.47 -17.78%),BBG (10.04 -16.05%)

Telecommunication Services:IQNT (14.75 -17.78%)

4:07 pm Riverbed Technology and Project Homestake Merger Corp. announce pricing of $525 mln offering of 8.875% senior notes due 2023 (RVBD) : Co and Project Homestake Merger Corp. ("the Issuer"), controlled by affiliates of Thoma Bravo, announced that the Issuer has priced an offering of $525,000,000 in aggregate principal amount of 8.875% senior notes due 2023. The Notes were priced at 100% of par.

The net proceeds from the offering of the Notes, together with other financing sources, will be used to fund the acquisition (the "Acquisition") of Riverbed by affiliates of Thoma Bravo and Teachers' Private Capital, the private investor department of Ontario Teachers' Pension Plan ("OTPP"), and to pay certain related fees, commissions and expenses. Riverbed will assume all of the obligations of the Issuer under the Notes upon the consummation of the Acquisition.

3:34 pm Earnings Preview for the week of March 2 - 6 (:SUMRX) : Of the companies reporting earnings for the week of March 2 - 6 some of the bigger names include:

Monday:
Pre Market - CORE, ENDP, SSE, JKS, PMC, VGR, BID, EMES, GTI, FSS, OMG, SSYS, ANFI, LXU, ECYT, ICPT

After Hours - CZR, MYL, NBR, MDR, CMLS, STKL, PRAA, CODI, PANW, CKEC, SLXP, SN, NTRI, HALO, XON, ARNA

Tuesday:
Pre Market - JD, BBY, BNS, NAV, DKS, AZO, TPH, PRIM, SSI, KATE, BBEP, ACW, AVOL

After Hours - SPTN, ASNA, ABM, TNET, BOBE, EGL, CDI, REGI, CECO, MPO, SWHC, IVO, VEEV, AVAV, AMBA, ZLTQ, BV, GERN, AMRN

Wednesday:

Pre Market - PETM, ANF, BF.B, TOUR, TSL, HYH, W, SOL, AMED, SSP, IBP

After Hours - ERJ, TSE, RNDY, DAR, GEF, HRB, OEC, PEIX, MYRG, WTI, CCRN, PPO, SMTC, SQNM, ALIM

Thursday:

Pre Market - COST, KR, CNQ, CSIQ, JOY, CIEN, BTE, ARES, BRLI, MEI, CVGW, AMRC, GTN, NAVB

After Hours - ALJ, ALDW, THO, ESL, COO, ZQK, DMND, WX, YY, CKP, EBS, PGRE, ATSG, SKUL, DMD, VMEM

Friday: Pre Market - SPLS, FL, TRCO, VTG, NWHM1:33 pm Stocks/ETFs that traded to new 52 week highs/lows this session - New highs (188) outpacing new lows (52) (:SCANX) : Stocks that traded to 52 week highs: AB, ABT, ACAD, ADBE, ADSK, AFAM, AKRX, AMAG, AMC, AMED, AMG, AMOT, AMPH, AMSG, AMWD, AON, ARMH, ARUN, ASH, AVG, AVID, AZO, BBC, BBP, BCV, BFAM, BKD, BLMN, BLOX, BLPH, BOBE, BSFT, BSQR, BSX, BT, BURL, BX, CBPX, CBRL, CCK, CEMP, CHE, CHEV, CHTR, CI, CMN, COWN, CRI, CRL, CTSH, CVS, DDS, DM, DOX, DRI, DXGE, EL, EOS, EPAM, ESE, EXLS, FCB, FICO, FIX, FLWS, FMS, FNRG, FONE, FORM, FRC, FSS, FV, G, GLOB, GMK, GPN, GRX, GTT, HAE, HAIN, HBI, HBOS, HDB, HOLX, HTLF, HWAY, HZNP, ICLR, IG, IGT, INAP, INT, INTL, IRCP, ISLE, JCOM, JOUT, JTP, KAI, KSS, LARK, LBRDK, LBY, LFC, LHCG, LLNW, LULU, MHK, MJN, MLR, MMSI, MNRO, MNST, MO, MODN, MOH, MSCC, NEOG, NEWT, NRF, NRZ, NSAM, NSP, NTWK, NYCB, OMAM, OMCL, ONCE, ONEQ, ONFC, PFNX, PLAY, PMCS, PNFP, PRFZ, PSCH, PSCI, PSEM, PSF, PSO, PTCT, PUK, QLIK, QQEW, QQXT, QSR, RHP, RIOM, ROP, ROST, SAIC, SBAC, SCMP, SEIC, SEMI, SERV, SHLM, SJM, SLGN, SMTC, SNE, STZ, TCON, THOR, TREE, TSO, TSRO, TSS, TTGT, TXN, TY, TYL, ULTA, UNFI, USCR, UVE, VGR, VLRS, VTWG, WBA, WCG, WCIC, WMS, WPPGY, WYN, XENT, ZAGG, ZIOP

Stocks that traded to 52 week lows: ASRV, ATNM, AXPW, AXU, BOSC, CACQ, CAS, CIB, CNP, CROX, CRVP, CUZ, CVSL, DFRG, DNOW, DRL, EAC, EGAN, EGI, FENG, FIVE, GOL, HERO, HLX, ISH, JASN, JONE, KOP, LAS, LL, MAMS, MCF, MNI, NBY, OGE, PRAA, QIHU, QUIK, ROYL, SEED, SGM, SPDC, SPRO, TCPI, TDW, TST, UG, VBFC, WK, WTW, ZINC, ZSAN

ETFs that traded to 52 week highs: FXI, IGN, IWM, IYK, PFF, PSK, RTH, UUP, UWM, XLK, XRT

ETFs that traded to 52 week lows: FXE, JO, SGG

12:50 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

MNST (141.07 +13.09%): Reported Q4 (Dec) earnings of $0.72 per share, $0.14 better than the Capital IQ Consensus Estimate of $0.58; revenues rose 12.0% year/year to $605.57 mln vs the $585.02 mln consensus; Price target raised at Stifel, JP Morgan, BMO Capital, others.
ROST (105.5 +6.51%): Beat Q4 consensus EPS estimates by $0.08, beat on revs; guided Q1 EPS below consensus; guided FY16 EPS below consensus, announced $1.4 bln stock repurchase program; Price target raised at FBR Capital.
ADSK (64.75 +6.13%): Beat Q4 consensus EPS estimates by $0.01, beat on revs; guided Q1 EPS below consensus, revs above consensus; guided FY16 EPS below consensus, revs in-line; Price target raised at Canaccord Genuity and RBC Capital Mkts.

Large Cap Losers

RBS (11.31 -4.44%): Downgraded to Sell at Societe Generale.
CXO (110.48 -2.2%): Priced its upsized public offering of 6 mln shares of common stock for total gross proceeds of ~$650 mln.
BAC (15.8 -1.5%): Downgraded to Neutral from Buy at UBS.

Mid Cap Gainers

DGI (32.67 +14.83%): Beat Q4 consensus EPS estimates by $0.11, beat on revs; guided FY15 revs in-line; Price target raised to $39 at Chardan Capital Mkts, buy rating maintained.
HZNP (20.54 +7.71%): Beat Q4 consensus EPS estimates by $0.06, beat on revs; raised FY15 rev and EBITDA guidance.
ARCP (9.93 +7.58%): Announced that it expects to file its restated financial statements and provide a business update on March 2, 2015.

Mid Cap Losers

KBR (15.72 -12.13%): Reported Q4 (Dec) net loss of $8.57 per share, may not be comparable to the Capital IQ Consensus Estimate of $0.20; revenues fell 17.6% year/year to $1.4 bln vs the $1.63 bln consensus; Guided FY15 EPS in-line.
HLF (31.65 -9.1%): Beat Q4 consensus EPS estimates by $0.19, missed on revs; guided Q1 below consensus, lowered FY15 below consensus.
IM (24.79 -8.96%): Reported Q4 EPS in-line, beat on revs; guided Q1 EPS below consensus; Price target lowered at Brean Capital

9:48 am JDS Uniphase: Sandell comments on proposed CCOP spin-off of JDSU; believes proposed governance structure of CCOP business does not conform with best practices (JDSU) : Sandell comments that:

"The entire Board of Directors of JDSU bears full responsibility for the proposed governance of Lumentum. Furthermore, the Board has chosen to blatantly ignore our February 2 open letter to the Directors highlighting the need for CCOP to conform with best governance practices. We believe the entrenching mechanisms proposed at Lumentum clearly signify that the Board has been disingenuous as regards to its purported willingness to enhance shareholder value and we intend to hold the entire Board accountable for these actions."

8:50 am MoSys priced its underwritten public offering of 12.5 mln shares of its common stock at a price of $1.60 per share (MOSY) : After the underwriting discount and estimated offering expenses payable by the company, the company expects to receive net proceeds of ~$18.5 mln, assuming no exercise of the overallotment option.

4:40 am LM Ericsson has filed two complaints with the ITC and seven complaints in a United States District Court against Apple (AAPL) asserting 41 patents covering many aspects of Apple's iPhones and iPads (ERIC) : The patents includestandard essential patents related to the 2G and 4G/LTE standards as well asother patents that are critical to features and functionality of Apple devicessuch as the design of semiconductor components, user interface software,location services and applications, as well as the iOS operating system.Ericsson seeks exclusion orders in the ITC proceedings and damages

The co notes that Apple's global license agreement for Ericsson's mobile technology expired lastmonth, and Apple has declined to take a new license offered on FRAND terms. "Ericsson made several attempts to find a fair solution, including an offer forboth parties to be bound by a decision on fair licensing terms by a UnitedStates federal court. Apple has refused all attempts, so Ericsson has filedthese infringement complaints to defend the industry's long-standing principleof technology sharing."