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From Briefing.com: The technology sector ended the first trading session of August down, as did most other sectors XLE -2.1%, XLB -0.8%, XLI -0.4%, XLY -0.3%, XLF -0.1%, and XLP +0.1%, IYZ +0.3%, XLU +0.5% ending the session in the green. The broader markets were down today as well, S&P 500 -0.3%, Dow Jones -0.5%, and Nasdaq -0.3%.

We started the day on the way down, and haven't looked back. The three major indices all crossed into negative territory around noon. Pressured by worse than expected July ISM Manufacturing Index and disappointing Consumer Spending, the markets erased some of the rebound enjoyed from late last week.

Economic data out today included ISM Manufacturing Index, Personal Income and Spending data, and Construction Spending. ISM Index fell to 52.7 in July from 53.5 in June, and the Construction spending increase 0.1% in June after an upwardly revised 1.8% (from 0.8%) gain in May. Personal Income increased 0.4% for a second consecutive month in June, while personal spending increased 0.2% after a downwardly revised 0.7% (from 0.9%) increases in May.

The S&P 500 Information Technology sector was notably lower today, ending Monday trading down 0.5%. ADSK +5.38%, MU +2.65%, PAYX +2.41%, PYPL +1.78% were among the leaders in the sector today, and SWKS -3.02%, GLW -2.62%, AAPL -2.36%, FFIV -2.19%, EMC -2.05% were among sector laggards. Sector component Microchip (MCHP 42.78, -0.06 -0.13%) will report Q1 earnings tonight after the market closes.

Other notable news among sector components:
Yahoo! (YHOO 36.69 ,+0.02 +0.05%) to acquire Polyvore, a social shopping site; terms not disclosed.
On Track Innovations (OTIV 1.13, -0.06 -5.04%) announced it appointed Shlomi Cohen as CEO, succeeding Ofer Tziperman. Prior to joining oti, Cohen served as president and CEO of RayV, a developer of online video-streaming solutions, which was successfully acquired by Yahoo (YHOO) last year.

Microsoft (MSFT 46.81, +0.11 +0.24%) acquired Incent Games, the developer and owner of FantasySalesTeam; terms were not disclosed.

Elsewhere in the technology space:

NICE Systems (NICE 65.40, +0.84 +1.30%) divested its Physical Security business unit to Battery Ventures for potential value of up to $100 million, comprising of $85 million in cash and up to additional $15 million based on future performance.

Global Payment (GPN 112.27, +0.18 +0.16%) closed on a new five-year senior unsecured $1.75 billion term loan facility and $1.25 billion revolving credit facility. The proceeds from the new facilities will be used to repay outstanding balances on the company's prior revolving credit facility and $1.25 billion term loan.

SMTP (SMTP 5.70 -0.86 -13.11%) announced that it intends to offer $9 million worth of common stock in an underwritten public offering, subject to market and other conditions. Of the $9 million worth of common stock to be sold in the offering, $4.5 million will be sold by the Company and $4.5 million will be sold by Semyon Dukach, Chair of the Company's Board of Directors.

Bonso Electronics Int'l (BNSO 1.27 -0.08 -5.93%) announced the sale of part of its industrial land, for $866,000. Under the sales agreement, the buyer paid approximately $244,000 and the balance of the purchase price will be paid over a two year term, with monthly installments of approximately $34,000 plus interest.

Solera (SLH 36.39, -0.20 -0.55%) announced that its collision estimating and customer communication platforms are now the sole choice of Tesla Motors (TSLA 259.99, -6.16 -2.31%) for its global certified collision repair centers.

Analyst Actions:

NVDA was upgraded to Outperform from Neutral at Macquarie, WBMD was upgraded to Buy from Neutral at Sun Trust Rbsn Humphrey, PLXS was upgraded to Buy from Neutral at Goldman; FFIV was downgraded to Neutral from Buy at Buckingham Research, SANM was downgraded to Neutral from Buy at Goldman, DWRE was downgraded to Neutral from Buy at Mizuho

(Disclosure: Briefing.com has a business relationship with Yahoo!)
4:50 pm Microchip misses by $0.02, misses on revs; guides Q2 EPS below consensus, revs below consensus (MCHP) : Reports Q1 (Jun) earnings of $0.69 per share, excluding non-recurring items, $0.02 worse than the Capital IQ Consensus Estimate of $0.71; non-GAAP revenues rose 0.5% year/year to $534.0 mln vs the $556.3 mln consensus. Co issues downside guidance for Q2 (Sep), sees EPS of $0.58-0.66, excluding non-recurring items, vs. $0.75 Capital IQ Consensus Estimate; sees Q2 non-GAAP revs of $532-569 mln, excluding non-recurring items, vs. $576.2 mln Capital IQ Consensus Estimate.

"Our June quarter revenue was below our guidance but was consistent with industry conditions as evidenced by what others in the semiconductor industry have reported...The June quarter started out well, but the negative effects of a very weak economy in China and challenges in Europe, led by a very weak Euro caused us to finish the quarter below our revenue guidance provided on May 7, 2015."

4:50 pm Microchip completes its acquisition of Micrel (MCRL) (MCHP) :

4:14 pm Vishay announces $35 mln in global cost reduction programs, as part of its efforts to improve efficiency and operating performance (VSH) : The programs in total are expected to lower costs by ~$35 million annually (at current volumes) when fully implemented, at expected cash costs (primarily severance) of ~ $30 million.

The Company expects to reduce SG&A costs by ~ $17 million annually. These SG&A cost reductions should be fully achieved by the end of 2016. The Company will solicit volunteers to accept a voluntary separation / early retirement offer. The targeted plans to streamline and consolidate production of certain product lines are expected to decrease costs of products sold by ~ $18 million annually (at current volumes). These plans include the Zwolle, Netherlands aluminum capacitors facility closure announced on June 30. Except for the Zwolle facility, no other facility closures are currently expected pursuant to these programs. The production transfers will be completed in steps by the end of 2017.
4:13 pm Luminex beats by $0.14, beats on revs; guides Q3 revs in-line; guides FY15 revs in-line (LMNX) : Reports Q2 (Jun) earnings of $0.27 per share, excluding non-recurring items, $0.14 better than the Capital IQ Consensus Estimate of $0.13; revenues rose 5.9% year/year to $58.9 mln vs the $57.07 mln consensus.

Co issues in-line guidance for Q3, sees Q3 revs of $56-58 mln vs. $58.01 mln Capital IQ Consensus Estimate. Co issues in-line guidance for FY15, sees FY15 revs of $232-236 mln vs. $233.84 mln Capital IQ Consensus Estimate.
4:10 pm Rudolph Tech beats by $0.05, beats on revs (RTEC) : Reports Q2 (Jun) earnings of $0.23 per share, excluding non-recurring items, $0.05 better than the Capital IQ Consensus Estimate of $0.18; revenues rose 38.2% year/year to $59.47 mln vs the $58.46 mln consensus.

4:09 pm Tessera Tech beats by $0.10, beats on revs; guides Q3 EPS above consensus, revs above consensus (TSRA) : Reports Q2 (Jun) earnings of $0.58 per share, $0.10 better than the Capital IQ Consensus Estimate of $0.48; revenues rose 79.3% year/year to $64.2 mln vs the $62.88 mln consensus.

Co issues upside guidance for Q3, sees EPS of $0.55-0.57 vs. $0.49 Capital IQ Consensus Estimate; sees Q3 revs of $64-66 mln vs. $62.55 mln Capital IQ Consensus Estimate. "Our customer collaboration strategy continues to bear fruit, as the Invensas team is actively involved with leading manufacturers on xFD and BVA technology. FotoNation followed record first quarter revenue with a similar performance in the second quarter, while also developing new solutions for biometric authentication and the automotive market. I remain confident that the second half of this year will yield further success -- particularly as we progress with the commercialization of our advanced packaging technologies and sign new customer agreements for our intellectual property and imaging solutions. This is an exciting time at Tessera."
4:08 pm Ultra Clean Holdings to acquire Miconex s.r.o., expecting the acquisition to be immediately accretive by ~$0.01 to $0.02 to non-GAAP EPS for Q3 2015 (UCTT) : Co announced that it has signed and closed an agreement to acquire Miconex s.r.o. Miconex is a provider of advanced precision fabrication of plastics, primarily for the semiconductor industry. Located in the Czech Republic, Miconex had revenue of ~ $40.5 million in the twelve months ending June 30, 2015, net income of ~$3.0 million and EBITDA of ~$3.7 million.

Under the agreement, which closed July 31, 2015, UCT acquired Miconex for $15.0 million in cash and 500,000 shares of UCT common stock, with up to an additional $4.0 million of potential cash "earn-out" payments payable over a two-year period based on Miconex's achievement of specified performance targets. The Company financed the cash portion of the acquisition through its existing cash from Asia operations. The Company expects the acquisition to be accretive immediately at ~$0.01 to $0.02 in non-GAAP earnings per share for the third quarter of fiscal 2015
4:07 pm Integrated Device beats by $0.02, reports revs in-line (IDTI) : Reports Q1 (Jun) earnings of $0.31 per share, excluding non-recurring items, $0.02 better than the Capital IQ Consensus Estimate of $0.29; revenues rose 27.4% year/year to $160.9 mln vs the $160.3 mln consensus.

"As we look out to the rest of fiscal 2016, we are confident in our ability to meaningfully outgrow the semiconductor market. Our new product design-win traction is very high, and we are in the early stages of delivering new classes of products in all three of our target market segments."

4:02 pm Veeco Instruments beats by $0.03, beats on revs; guides Q3 EPS in-line, revs in-line (VECO) : Reports Q2 (Jun) earnings of $0.20 per share, excluding non-recurring items, $0.03 better than the Capital IQ Consensus Estimate of $0.17; revenues rose 38.1% year/year to $131.4 mln vs the $127.6 mln consensus. Co issues in-line guidance for Q3, sees EPS of $0.22-0.40, excluding non-recurring items, vs. $0.32 Capital IQ Consensus Estimate; sees Q3 revs of $135-160 mln vs. $148.8 mln Capital IQ Consensus Estimate.

4:10 pm : The stock market began August on a defensive note with a retreat that sent the S&P 500 below its 50-day (2,099) moving average. The benchmark index was down as much as 0.8%, but narrowed its loss to 0.3% by the close, ending ahead of the Dow Jones Industrial Average (-0.5%).

Equities hovered near their flat lines during morning action after the overnight session saw more selling in China. To that point, the Shanghai Composite lost 1.1% after the official Manufacturing PMI hit a five-month low (50.0; expected 50.2) while the Non-Manufacturing PMI improved to 53.9 from 53.8, representing a five-month high.

Meanwhile, eurozone economies reported Manufacturing PMI readings that were mostly better than expected while economic data from the U.S. contributed to the weakness in the stock market as Construction Spending (+0.1%; Briefing.com consensus 0.6%) and the ISM Manufacturing Index (52.7; consensus 53.7) missed expectations.

Treasuries spiked after the release of today's economic data, which sent the 10-yr yield lower by four basis points to 2.15%, representing the lowest level since the start of June. That decline in yields was a supportive factor for the utilities sector, which gained 0.6%. Similar to utilities, consumer staples (+0.3%) and telecom services (+0.2%) posted gains while the health care sector (unch) settled just above its flat line.

As for cyclical sectors, financials (unch) ended ahead of the broader market while the remaining five growth-sensitive groups finished among the laggards. The energy sector (-2.0%) spent the entire session at the bottom of the leaderboard as crude oil fell 3.9% to $45.25/bbl.

Elsewhere, the top-weighted technology space (-0.5%) was pressured by large cap names with the likes of Apple (AAPL 118.44, -2.86), IBM (IBM 158.71, -3.28), and Hewlett-Packard (HPQ 30.02, -0.50) falling between 1.6% and 2.4%. High-beta chipmakers stayed ahead of the sector, but the PHLX Semiconductor Index still lost 0.3%.

Similar to technology, the industrial sector (-0.4%) struggled as losses among large cap names like Boeing (BA 143.69, -0.48), Caterpillar (CAT 77.26, -1.37), and General Electric (GE 25.87, -0.23) overshadowed relative strength in transport stocks. The Dow Jones Transportation Average added 0.3% with all five airline components posting gains thanks to lower fuel prices.

Today's participation was in-line with recent averages as 800 million shares changed hands at the NYSE floor.

Economic data included Personal Income/Spending data, ISM Index, and Construction Spending:


Personal income increased 0.4% for a second consecutive month in June after revisions reduced the originally reported May (0.5%) growth rate
The Briefing.com consensus expected an increase of 0.3%
Personal spending increased 0.2% in June after a downwardly revised 0.7% (from 0.9%) increase in May while the consensus expected an increase of 0.2%
Wages and salaries increased 0.2% in June following a 0.4% increase in May. That gain was in-line with the May employment data, which showed a 0.2% increase in aggregate earnings
The ISM Manufacturing Index fell to 52.7 in July from 53.5 in June while the Briefing.com consensus expected the index an increase to 53.7
The July drop occurred despite improvements in most of the regional Federal Reserve manufacturing surveys
Production growth remained strong, as the related index increased to 56.0 in July from 54.0 in June
Construction spending increased 0.1% in June after an upwardly revised 1.8% (from 0.8%) gain in May while the Briefing.com consensus expected an increase of 0.6%
Private construction spending declined 0.5% in June after increasing 1.7% in May
Residential construction spending held up reasonably well in June, increasing 0.4% after increasing 0.9% in May
Spending on nonresidential construction projects fell 1.3% in June after increasing 2.5% in May. Considering the strong growth reported in April (+4.9%) and March (+3.3%), the pullback in June was not particularly concerning

Tomorrow's economic data will be limited to the Factory Orders report for June, which will be released at 10:00 ET (Briefing.com consensus 1.8%).

Nasdaq Composite +8.0% YTD
S&P 500 +1.9% YTD
Russell 2000 +2.3% YTD
Dow Jones Industrial Average -1.3% YTD

DJ30 -91.66 NASDAQ -12.90 SP500 -5.80 NASDAQ Adv/Vol/Dec 1045/1.66 bln/1817 NYSE Adv/Vol/Dec 1214/809.4 mln/1851 3:35 pm :

In commodities, the collapse in oil prices is the big story today.
Commodities sold off today, but not very much of it was driven by the dollar index.
However, the index did climb higher off of morning trading activity and is now about 0.2% higher.
Back to oil... Brent crude oil futures fell below $50/barrel today, while WTI crude oil fell as low as $45.08/barrel.
At the end today's trading session, Sept WTI crude oil closed -4% to $45.25/barrel
In other energy, Sept natural gas +1.5% to $2.75/MMBtu
Metals declined today, but showed a more modest loss
Dec gold fell -0.5% to $1089.30/oz, while Sept silver fell -1.6% to $14.51/oz
Sept copper -0.8% to $2.34/lb.

12:04 pm Stocks/ETFs that traded to new 52 week highs/lows this session - New lows (242) outpacing new highs (126) (:SCANX) : Stocks that traded to 52 week highs: AAP, ABCB, ABMD, ADPT, AF, AIZ, ALGT, ALK, AMCX, AMSF, AMSG, ATRC, AVGR, AVOL, BF.A, BF.B, BKFS, BLDR, BNCN, BSTC, CARA, CASY, CBPO, CFMS, CHDN, CLX, CMRX, CNBKA, COT, CPB, CSTE, CTLT, CWST, DBVT, DCM, DENN, DIS, DVAX, EFSC, ELS, EPAM, ESLT, EXPE, EXPR, FBC, FFBC, FIT, FNF, FOLD, FORTY, FSBW, FSV, GIG, GIS, GLPG, GPI, GTN.A, HAWK, HIG, HRG, IBCP, ICLR, ICUI, INCR, INFN, INSM, INTG, IRMD, KR, LBTYB, LION, LITEV, LMAT, LXRX, MDLZ, MHK, MHLD, MLAB, MNST, MOH, NEOT, NJ, NKE, NVO, PFG, PGTI, PLL, PRA, PRE, PRMW, PRTA, QLTY, QTNT, QTS, RAI, RCL, RDY, RRGB, RYAAY, SERV, SFG, SGU, SPB, SSNC, STNR, SUPN, TAST, TBNK, TDOC, TE, TMH, TMUS, TOWN, TWC, TXRH, UEPS, UHAL, UL, UN, VLRS, VNTV, VRTX, VRX, WETF, WOOF, XON

Stocks that traded to 52 week lows: AA, ABX, ACAS, ACH, AGZD, ALLT, AMAT, AMID, APIC, AR, ARCW, AREX, ARII, ARP, ATE, ATLS, ATNM, ATW, AU, AUO, AXON, BBD, BBEP, BBG, BCEI, BEN, BIND, BOX, BPT, BSM, BTE, BVN, CAFD, CAP, CASM, CCUR, CDE, CFX, CIE, CLBS, CLDN, CMLP, CNAT, CNIT, CNX, CNXC, COH, COHU, COMT, COP, CPAH, CPPL, CPTA, CRD.B, CRK, CVX, CYBE, DDD, DELT, DLB, DNOW, DOV, DRQ, DSCO, DTLK, DVN, DWCH, DWSN, DXPE, EEMA, EGN, ELON, EMCG, ENLC, ENLK, ENRJ, EOX, EPM, ERA, EXAR, EXFO, FAM, FELP, FOGO, FORR, FOSL, FSTR, FTGC, GBL, GCA, GFI, GFN, GLRE, GMLP, GNMK, GRPN, GTLS, GULTU, HART, HCLP, HDNG, HELI, HERO, HLX, HMSY, HNRG, HSC, HTGM, IIIN, INTX, IO, IRDM, ISH, ISIL, JONE, JOY, KBIO, KEG, KF, KNOP, KODK, KOOL, KOS, KUTV, L, LE, LF, LGCY, LINE, LL, LNCO, LRE, LTRX, MCEP, MCF, MCRN, MEIP, MEMP, MHR, MRD, MRIN, MRLN, MUR, MXC, NAO, NBG, NBL, NDP, NE, NEM, NGLS, NIHD, NL, NNI, NNVC, NOA, NPO, NR, NSLP, NTRA, OAS, OKE, ONTX, ORIG, PDLI, PDVW, PEIX, PG, PHII, PII, PLG, PQ, PSIX, PVA, QRHC, RADA, RATE, RBCN, RCPI, REX, REXX, RL, RLOC, ROVI, RPD, RRC, SBGL, SBR, SCM, SD, SGF, SGI, SGY, SHLD, SLH, SMT, SMTC, SPN, SQI, SQNM, SRT, SSYS, STRI, SUMR, SYX, TAXI, TECU, TGH, TGP, TINY, TIPT, TNGO, TORM, TTI, TWTR, UIS, UNT, USAP, UUUU, VCO, VECO, VEDL, VIAVV, VMI, VNCE, VNR, VOC, VPCO, VSEC, WES, WGBS, WHLR, WHZ, WLFC, WLL, WOWO, WTI, XOM, XOMA, YLCO, YNDX, ZAZA

ETFs that traded to 52 week highs: EIS, IYK

ETFs that traded to 52 week lows: AFK, BNO, DBA, DBB, DBC, DIG, DJP, EWS, FXC, GSG, IYE, JJA, OIL, RJA, SGG, USO, VXX, XLE, XOP

9:44 am Intel displays relative strength (INTC) : Solid push in early trade with it working up toward last week's initial thrust high from last Thursday after it set a 52-wk last Monday. The 20 ema is at 29.31 with the thrust high at 29.45 (session high 29.35).

7:04 am JinkoSolar Holding signs $62mln and RMB 50 mln loan agreement with The Export-Import Bank of China (JKS) : According to the terms of the agreement, the $62 million loan will be used to support long-term fixed assets and mid-term working capital for JinkoSolar's production facility in Malaysia, while the RMB$50 million loan will be used to support near-term working capital for the Malaysia facility. The Company has already drawn down the $62 million loan.

4:28 am ON Semiconductor reports EPS in-line, misses on revs; guides Q3 revs below consensus (ON) : Reports Q2 (Jun) earnings of $0.22 per share, in-line with the Capital IQ Consensus Estimate of $0.22; revenues rose 16.2% year/year to $880.5 mln vs the $897.4 mln consensus.

Guidance
Co issues downside guidance for Q3, sees Q3 revs of $890-930 mln vs. $935.80 mln Capital IQ Consensus Estimate.

Q3 GMs: 34-36% Backlog levels for the third quarter of 2015 represent approximately 80 to 85% of our anticipated third quarter 2015 revenue
4:05 am Nokia divests HERE to automotive industry consortium for EUR 2.8 bln (NOK) : Nokia announced an agreement to sell its HERE digital mapping and location services business to a consortium of leading automotive companies, comprising AUDI AG, BMW Group (BAMXY) and Daimler (DDAIF).

The transaction values HERE at an enterprise value of EUR 2.8 billion with a normalized level of working capital and is expected to close in the first quarter of 2016, subject to customary closing conditions and regulatory approvals. Upon closing, Nokia estimates that it will receive net proceeds of slightly above EUR 2.5 billion, as the purchaser would be compensated for certain defined liabilities of HERE currently expected to be slightly below EUR 300 million as part of the transaction. Nokia expects to book a gain on the sale and a related release of cumulative foreign exchange translation differences totaling ~EUR 1 billion as a result of the transaction.

3:59 am Arch Coal provides response to the final 'Clean Power Plan' Rule; believes that premature and costly regulations are not the answer to addressing climate concerns (ACI) : Co issued the following statement in response to the U.S. Environmental Protection Agency's final "Clean Power Plan" rule.

Arch Coal believes that premature and costly regulations are not the answer to addressing climate concerns. Instead, Arch urges the Administration to ramp up dramatically its investments in low-carbon fossil fuel technologies, which currently total just a small fraction of overall government spending on energy."The Administration seems increasingly desperate to salvage an ill-advised and poorly designed rule, which won't work, won't pass muster with states, and won't stand up to legal scrutiny...Even prior to the expensive overhaul announced today, seven governors had stated that they did not plan to comply. That number seems certain to grow as other governors realize that, rather than fix the rule, EPA has in many ways made matters worse."