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From Briefing.com: Monday marked another record-setting session for the S&P 500, but this time it had company. The Dow Jones Industrial Average also established a new record closing high. Not surprisingly, Apple (AAPL 130.19, +1.42, +1.1%) had an influential hand in the record finishes for both.

Apple's outperformance came on the back of assertions from Carl Icahn that Apple should increase its share buyback activity and that the company's stock is worth $240 per share. That view lit a spark under Apple; and when it jumped noticeably around 11:00 a.m. ET, the rest of the market followed suit.

From that point on, the S&P 500 grinded its way higher in a low-volume affair that was led ultimately by the health care (+0.6%), financial (+0.6%), and information technology (+0.4%) sectors.

The semiconductor group was a standout area on Monday as it got a boost from the news that Altera (ALTR 46.93, +2.51, +5.7%) and Intel (INTC 33.40, +0.41, +1.2%) are engaged again in merger discussions.

Notable news items from sector components included the following:
Accenture (ACN 97.46, +0.44, +0.5%): To acquire Javelin Group, a UK-based retail strategy consulting and digital transformation services provider; terms not disclosed

Altera (ALTR 46.93, +2.51, +5.7%): The New York Post reported that talks have resumed between Altera and Intel (INTC 33.40, +0.41, +1.2%). On a related note, David Faber of CNBC indicated his sources said there were principal-to-principal talks between Intel and Altera last week.

Apple (AAPL 130.19, +1.42, +1.1%): According to Bloomberg, the U.S. Appeals Court upheld a $548 million judgment against Samsung Electronics for patent infringement; however, it was also ruled that Apple isn't eligible for perpetual coverage under U.S. trademark law, which could potentially lop off about $382 million from the original $930 million judgment. Separately, Carl Icahn sent a letter to CEO Tim Cook, pushing for a larger share buyback, and suggesting his firm's work points to Apple's stock being worth $240 per share.

Facebook (FB 80.88, +0.46, +0.6%): The Information reported, citing three people briefed on the plans, that Facebook is talking to game developers and may potentially introduce games into its Messenger app store.

Google (GOOG 532.30, -1.55, -0.3%): According to The Wall Street Journal, which cited people familiar with the matter, Google will soon launch buy buttons on its search-results pages, raising its profile as an online marketplace.

Xerox (XRX 11.48, +0.11, +1.0%): Acquired Healthy Communities Institute; terms not disclosed. Healthy Communities Institute is a Berkeley, Calif.-based company with a cloud platform that puts socioeconomic and community health information at the fingertips of hospitals, public health agencies and community coalitions.
Elsewhere in the technology space:
Alibaba (BABA 87.11, -1.35, -1.5%): The USA Today reported that Kering, a luxury product maker whose brands include Gucci and Yves Saint Laurent, has filed lawsuit against Alibaba for aiding the sale of counterfeit goods. Separately, in response to inaccurate news reports that Silver Lake has sold approximately half of its shares in Alibaba, Silver Lake confirmed that its fund continues to own over 85% of its original stake in the company and has not distributed any Alibaba shares from the fund to its limited partners.

Cree (CREE 31.48, +1.74, +5.8%): Company announced that Cree's wholly owned Power and RF subsidiary has submitted a draft registration statement on a confidential basis to the U.S. SEC for a potential initial public offering of the subsidiary's Class A common stock. The initial public offering is expected to commence after the Securities and Exchange Commission completes its review process, subject to market and other conditions. The Power and RF subsidiary is raising capital to invest directly in the business to support targeted future growth.

FireEye (FEYE 41.57, +0.20, +0.5%): Announced a strategic alliance with ACE Group, a global property and casualty insurer. The relationship brings together technical insight from FireEye, with ACE's Loss Mitigation Services program, a multi-tier offering that helps organizations understand and mitigate their cyber security risk. Company also announced a collaboration with Marsh, a wholly owned subsidiary of Marsh & McLennan (MMC), to offer its clients Marsh Cyber OASIS.

Nokia (NOK 6.96, +0.06, +0.9%): Bloomberg reports, citing people with knowledge of the matter, that several parties could potentially make a bid for the company's maps business. The article notes the unit could sell for as much as $4 billion based on insight from three anonymous people who spoke to Bloomberg.

Analyst Action:

Citrix Systems (CTXS 65.92, +0.31, +0.5%): downgraded to Neutral from Buy at Goldman Sachs

Take-Two (TTWO 24.20, -0.49, -2.0%): target lowered to $31.29 from $34.99 at The Benchmark Company

YELP (YELP 46.56, -0.33, -0.7%): downgraded to Neutral from Overweight at Piper Jaffray

4:32 pm Photronics beats by $0.01, reports revs in-line (PLAB) : Reports Q2 (Apr) earnings of $0.12 per share, excluding $0.02 per share benefit, relating to the reduction of a portion of a tax net operating loss valuation allowance for a foreign subsidiary that was no longer required, $0.01 better than the Capital IQ Consensus Estimate of $0.11; revenues rose 21.4% year/year to $127.3 mln vs the $126.9 mln consensus.

4:12 pm Agilent misses by $0.01, misses on revs; guides JulQ EPS in-line, revs in-line; guides FY15 EPS in-line, revs in-line (A) : Reports Q2 (Apr) earnings of $0.38 per share, excluding non-recurring items, $0.01 worse than the Capital IQ Consensus Estimate of $0.39; revenues fell 2.5% year/year to $963 mln vs the $990.1 mln consensus.

Guidance:


Co issues in-line guidance for Q3 (Jul), sees EPS of $0.38-0.42, excluding non-recurring items, vs. $0.42 Capital IQ Consensus Estimate; sees Q3 revs of $995 mln to $1.015 bln vs. $1.00 bln Capital IQ Consensus Estimate. Co issues in-line guidance for FY15, sees EPS of $1.67-1.73, excluding non-recurring items, vs. $1.69 Capital IQ Consensus Estimate; sees FY15 revs of $4.05-4.11 bln vs. $4.07 bln Capital IQ Consensus Estimate.
Commentary:
"Agilent delivered solid earnings within guidance, along with excellent order momentum in the second quarter...We continue to make progress on streamlining our company...We delivered an adjusted operating margin of 18.3%, up 140 basis points. We are well positioned to deliver on our core growth and earnings guidance for the year."

4:06 pm Lam Research increases quarterly dividend to $0.30/share from $0.18/share (LRCX) :

12:40 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

ALTR (47.12 +6.08%): Reports out that buyout talks have resumed with Intel (INTC).
ALNY (122.53 +2.24%): Announced it filed a Clinical Trial Application for ALN-AAT, an investigational RNAi therapeutic for the treatment of Alpha-1 antitrypsin deficiency-associated liver disease.
BMRN (124.69 +1.56%): Favorable commentary on Friday's Mad Money.

Large Cap Losers

RRC (59.44 -2.81%): Downgraded to Neutral at Goldman.
ENDP (82.14 -3.76%): Announced it would acquire privately-held Par from TPG in a transaction valued at $8.05 bln; accretion expected within first 12 months.

Mid Cap Gainers

CALM (60.01 +9.21%): Upgraded to Overweight from Equal Weight at a boutique firm.
MEG (16.1 +4.27%): Positive view profiled in Barron's over the weekend.
PDCE (57.86 +5.09%): Initiated with a Conviction Buy at Goldman; $77 tgt.

Mid Cap Losers

WB (15.65 -5.72%): Downgraded to Hold at Summit Research.
ATW (32.24 -3.9%): Downgraded to Neutral from Buy at Goldman.
GPOR (45.97 -2.42%): Downgraded to Sell from Neutral at Goldman.

11:57 am Stocks/ETFs that traded to new 52 week highs/lows this session - New highs (166) outpacing new lows (62) (:SCANX) : Stocks that traded to 52 week highs: AAC, AAWW, ABCD, ABT, ACLS, ACN, AET, AGO, ALDR, ALR, ALTR, ALV, AMAG, AMBA, AMCN, AME, ANCX, ANN, ANTM, AOS, APTS, ATSG, ATTU, AWH, AXS, AXTA, AZZ, BAMM, BF.A, BIO, BKCC, BLMT, BOH, BRCM, BX, CAG, CALM, CCK, CMT, CNIT, CRTO, CSCD, CSH, CSWC, CYNI, DGRW, DLPH, DSKX, DST, DTV, DXJS, EA, EBF, EBIX, EGBN, EGRX, ELNK, ELSE, ERN, EXR, FCB, FCS, FFA, GAME, GIMO, GS, GT, GTT, HASI, HCA, HCKT, HMST, HON, HOTR, IART, IBKR, ICCC, ICLN, IDTI, IMAX, IMN, IMPV, INBK, INS, IRMD, ISSI, ITRN, JBL, JNPR, JOF, JPM, KE, KRNT, LAMR, LBY, LII, LOAN, LTM, MCK, MCO, MEI, MFG, MFLX, MKL, MLVF, MMAC, MMI, MSCI, MTU, NBN, NCLH, NFLX, NHTC, NI, NKE, NPTN, ORBK, ORRF, PBHC, PERY, PF, PFSW, PGTI, PN, PPO, PSG, QQQC, RARE, RELY, RGEN, RHT, RTRX, SAR, SCOR, SEDG, SEE, SEIC, SEV, SGU, SJM, SKX, SLM, SLTC, SNX, SPR, SRLP, SSB, SSFN, SYNA, TACO, TCX, TDS, TRR, TSE, TTMI, UHS, UWN, VIAS, VRNT, VRX, WAL, WEBK, WNS, WWAV, YUM, ZBRA

Stocks that traded to 52 week lows: ACI, ALLT, ALXA, ANR, APOL, BBOX, BSM, BTU, CHCI, CKP, CLDN, CLTX, CPST, CRD.B, CSTM, DAVE, DGSE, EBIO, ETSY, FGEN, FNRG, FSAM, GMCR, GV, HGG, HH, I, IGT, IPDN, KOOL, LF, LMIA, LTRE, MDW, MPEL, MUH, MZF, NBD, NQP, NTX, NUM, NVDQ, NYLD, OPXA, PCN, PLPC, PRGN, PTNR, RCPI, REXI, RGSE, RSO, RXII, SD, SGNL, SOFO, SYX, UNXL, VDTH, VRS, WYNN, XONE

ETFs that traded to 52 week highs: DIA, IGN, OEF, SPY

ETFs that traded to 52 week lows: VXX, VXZ
8:31 am Cree announces submission of draft registration statement for IPO of Power and RF business (CREE) : Co announced that Cree's wholly owned Power and RF subsidiary has submitted a draft registration statement on a confidential basis to the U.S. SEC for a potential initial public offering of the subsidiary's Class A common stock.


The initial public offering is expected to commence after the Securities and Exchange Commission completes its review process, subject to market and other conditions. The Power and RF subsidiary is raising capital to invest directly in the business to support targeted future growth.7:06 am JA Solar beats by $0.06, misses on revs with shipments at low end of guidance; reaffirms FY15 shipment guidance (JASO) : Reports Q1 (Mar) earnings of $0.13 per share, excluding non-recurring items, $0.06 better than the Capital IQ Consensus of $0.07; rev +6% YoY to $388 mln vs. 417 mln consensus.


Total shipments were 681.5 megawatts vs. 680-750 MW guidance, an increase of 6.8% y/y and decrease of 28.5% sequentially.Outlook: For Q2, the Company expects total cell and module shipments to be in the range of 680 MW to 720 MW.Full year 2015 shipments are reaffirmed at 3.6 GW to 4.0 GW, including 200 MW of modules shipments to the Company's downstream projects. "Our first quarter shipments were in line with our expectations during a seasonally slow period. During the quarter, our gross margin held up well due to reduced material costs and high demand from the Japanese market, where pricing was better than expected. Shipments to Europe were also strong, growing both year over year and sequentially." Mr. Jin continued, "Moving forward, we expect to see stronger demand in the second half, particularly in China and North America."ARM (ARMH) and United Microelectronics (UMC) announced the availability of a new ARM Artisan physical IP solution on 55nm to accelerate the development of ARM processor-based embedded systems and Internet of Things applications.


Seems to me that there are still a lot of strong buy recommendations on MU. Hard to move up without the potential for upgrades. They have yet to event SUPER strong buy. RtS