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From Briefing.com: The equity market capped off an eventful week of trading with modest gains for each of the major indices.

Buying efforts were helped along by some encouraging industrial production data that overshadowed some weaker than expected second quarter GDP readings from the eurozone. Additionally, there was a small measure of relief that the Chinese yuan stabilized after getting hit hard in recent sessions following an orchestrated devaluation by China.

There wasn't a lot of news out of the S&P 500 information technology sector (+0.5%) on Friday, yet that didn't stop it from outperforming the broader market.

Apple (AAPL 116.00, +0.85, +0.7%) played a pivotal role in driving the technology sector higher and found support from other sector leaders like Cisco (CSCO 29.03, +0.33, +1.2%), Facebook (FB 94.42, +0.99, +1.1%), Salesforece.com (CRM 72.99, +1.59, +2.2%), and Seagate Technology (STX 52.02, +0.65, +1.3%).

Semiconductor-related issues, however, kept gains in check as Applied Materials (AMAT 16.65, -0.40, -2.4%) traded lower following its earnings report and Micron (MU 16.93, -0.77, -4.3%) got clipped following some cautious-sounding remarks at its Analyst Day.

For the week, the S&P 500 information technology sector gained 0.7%, performing in-line with the S&P 500.

Notable news items from sector components included the following:

Akamai Technologies (AKAM 73.36, -0.48, -0.7%): Company announced that in a unanimous decision the U.S. Court of Appeals for the Federal Circuit sitting en banc held that Limelight Networks, Inc. is liable for direct infringement of a content delivery patent asserted by Akamai. In 2008 a jury had returned a verdict that Limelight was infringing the patent and awarded Akamai over $45 million in damages. Today's ruling reinstates liability for infringement, which had been overturned in a post-trial ruling that has been the subject of appellate proceedings since.

Apple (AAPL 116.00, +0.85, +0.7%): Bloomberg, citing people familiar with the matter, reported Apple is now aiming for a 2016 introduction of a live TV service delivered via the Internet. Separately, Reuters reported the U.S. Court of Appeals will not reconsider the decision upholding the ruling that Samsung infringed Apple design patents.

Applied Materials (AMAT 16.65, -0.40, -2.4%): After Thursday's close, reported Q3 (Jul) earnings of $0.33 per share, excluding non-recurring items, in-line with estimates. Revenues rose 9.9% year/year to $2.49 bln, which was below analysts' average expectation. For Q4 (Oct), sees EPS of $0.27-0.31, excluding non-recurring items, and revenue growth to be flat to +7% sequentially which computes as $2.49-2.66 bln.

Micron (MU 16.93, -0.77, -4.3%): Stock came under pressure after company said at its Analyst Day that is navigating challenging circumstances at the moment but does see some positives emerging. Noted that it continues to see pricing pressure due to historic underperformance by PC. Expects DRAM bit growth to come in around 25%; expects 2016 growth to be about the same as it projects 24%. Sees CapEx of approximately $5.6 bln in 2016 (Prior FY guidance for 2015 has been $3.6-4.0 bln).

Elsewhere in the technology sector:

Applied Micro Circuits (AMCC 5.85, -0.30, -5.0%): Company announced that Douglas Ahrens, Vice President and Chief Financial Officer, will resign from AppliedMicro effective Aug. 21, 2015, in order to pursue a CFO role with a privately-held company in the software industry. In connection with Mr. Ahrens' departure, AppliedMicro has appointed Karen M. Rogge to serve as interim CFO commencing Aug. 24, 2015. Ms. Rogge has been a senior financial and operations executive at technology companies, as well as emerging companies, for the past four decades. AppliedMicro has retained a search firm and is in the process of identifying a permanent successor. In conjunction with the announcement, the company reiterated guidance provided for the September quarter, saying it sees Q2 (Sep) EPS of ~($0.03) and revenues of ~$39 mln. Company added that it is, "...heartened by our increasing customer traction and remain confident about AppliedMicro's growth prospects for the balance of fiscal 2016 and beyond."

YY, Inc. (YY 61.06, +0.60, +0.9%): After Thursday's close, reported Q2 (Jun) earnings of $0.85 per share, excluding non-recurring items, topping analysts' average expectation by six cents. Revenues rose 61.4% year/year to $218.9 mln, which also topped expectations. Gross margin was 38.6% in the second quarter of 2015 compared with 49.5% in the corresponding period of 2014. The decrease in gross margin year-over-year was primarily attributable to the change in the Company's business mix to include new business lines involving user-generated content, and higher revenue-sharing fees in music and entertainment, as well as increased investments in Huya broadcasting.

Analyst Action:
Advanced Micro Devices (AMD 1.84, +0.05, +2.2%): initiated with a Hold at Topeka Capital Markets; target $2

Alibaba (BABA 74.76, -0.35, -0.5%): Alibaba target lowered to $101 from $112 at UBS

Alliance Data (ADS 273.78, +4.86, +1.7%): upgraded to Overweight from Neutral at JP Morgan

Weekly Recap - Week ending 14-Aug-15

Dow +69.15 at 17477.40, Nasdaq +14.68 at 5048.23, S&P +8.16 at 2091.54

The stock market ended a volatile week on a modestly higher note with the S&P 500 adding 0.4%. The benchmark index extended its weekly gain to 0.7% while the Nasdaq Composite (+0.3%) underperformed, ending the week higher by 0.1%.

The first four trading days of the week were jam-packed with macroeconomic events, but the Friday affair was very quiet with fewer than 700 million shares changing hands at the NYSE floor.

Equity indices began the final session of the week near their flat lines and spent the first two hours of action alternating between gains and losses. However, heavily-weighted sectors like financials (+0.7%) and industrials (+0.6%) displayed relative strength from the early going while the top-weighted technology sector (+0.5%) contributed to the afternoon strength.

The financial sector continued its rebound off Wednesday's low with today's move lifting the influential sector to a weekly gain of 0.3%. Meanwhile, industrials received support from transport stocks, evidenced by a 0.7% increase in the Dow Jones Transportation Average. The bellwether complex gained 0.8% for the week with 19 of 20 components contributing to today's advance. Freight carrier Con-way (CNW 37.45, +0.71) was the top performer, climbing 1.9% while shipper Matson (MATX 40.79, -0.05) shed 0.1%.

Elsewhere, the technology sector overcame relative weakness among high-beta chipmakers with large cap components like Apple (AAPL 116.00, +0.85), Google (GOOGL 689.37, +2.86), and Microsoft (MSFT 47.00, +0.27) gaining between 0.4% and 0.7% while the PHLX Semiconductor Index lost 0.6% and contributed to the underperformance in the Nasdaq.

Similarly, biotechnology names also weighed on the Nasdaq, but iShares Nasdaq Biotechnology ETF (IBB 364.06, -2.33) was able to narrow its loss to 0.6% by the close. The ETF surrendered 1.3% for the week while the health care sector added 0.3% today, ending the week flat.

On the downside, the energy sector (-0.2%) was among the early leaders, but retreated as crude oil slid from its morning high. The energy component added 0.5% and settled at $42.47/bbl, but still lost 3.6% for the week. Meanwhile, the energy sector climbed 3.2% during the week, ending ahead of the remaining nine groups.

Treasuries registered slim losses after slipping in reaction to a July PPI report that came in just ahead of expectations. The 10-yr note ended just below its flat line with the benchmark yield adding one basis point to 2.20%.

Also of note, today's eurogroup meeting with Greek representatives produced an agreement, which puts Greece on track to receive EUR13 billion in bailout funds next week.

Economic data included PPI, Industrial Production, and the Michigan Sentiment Index:

Producer prices increased 0.2% in July after increasing 0.4% in June while the Briefing.com consensus expected an increase of 0.1%
Energy prices, which provided the bulk of the gain in June, fell 0.6% in July. Gasoline prices increased 1.5%, but that was offset by big declines in the prices of home heating oil (-9.5%), liquefied petroleum (-4.3%), diesel fuel (-2.6%), and residential natural gas (-2.4%)
Food prices fell 0.1% in July after increasing 0.6% in June
Excluding food and energy, core prices increased 0.3% for a second consecutive month in July while the consensus expected an increase of 0.1%
The entire increase in core prices resulted from a 0.4% increase in services prices
Industrial production increased 0.6% in July after increasing a downwardly revised 0.1% (from 0.2%) in June while the Briefing.com consensus expected an increase of 0.3%
That was the largest increase since a 0.9% increase in November 2014
Manufacturing production increased 0.8% in July after declining 0.3% in June
Nearly the entire increase in industrial production resulted from historic gains in the auto industry. Excluding autos, total industrial production was flat in July and manufacturing production increased only 0.1%
The University of Michigan Consumer Sentiment Index declined to 92.9 in the preliminary August reading from 93.1 in July while the Briefing.com consensus expected an increase to 93.7
Concerns over a downward trending stock market were offset by improvements in labor market conditions, as shown by the historic lows in the initial claims level, and lower gasoline prices
Both the Current Conditions (107.1 from 107.2) and Expectations (83.8 from 84.1) Indices were virtually unchanged in August

On Monday, the Empire Manufacturing Index for August will be released at 8:30 ET while the August NAHB Housing Market Index will be reported at 10:00 ET.

Week in Review: China Seizes the Spotlight

The stock market began the trading week on a sharply higher note with the S&P 500 spiking 1.3% while the Dow (+1.4%) and Nasdaq (+1.2%) bookended the benchmark index. Equity indices surged out of the gate after the overnight session featured a 4.9% spike in China's Shanghai Composite after below-consensus trade data from China was viewed as an argument in favor of more policy easing. The overnight strength carried over to the European session as regional indices rallied amid reports suggesting Greek officials and eurozone negotiators are nearing a final agreement on a third bailout package for Greece. Once the opening bell rang on Wall Street, U.S. stocks perked up with the S&P 500 charging above its 50-day (2,096) and 100-day (2,098) moving averages. The benchmark index overtook both those levels during the opening hour, and inched to new highs during afternoon action with nine sectors ending in the green.

Global equity markets retreated on Tuesday as investors responded to an overnight devaluation of China's yuan. Specifically, the People's Bank of China lowered the yuan fix by the largest amount on record, sending the USD/CNY pair higher by 1.9% to 6.3249. The move invited renewed trepidations about the pace of economic growth in China while also feeding concerns that China's trading partners may feel compelled to respond by weakening their own currencies. For instance, the Japanese yen was in focus during the session amid speculation the Bank of Japan may be forced to step up its easing efforts to support the country's exporters. As a result, the dollar/yen pair climbed 0.4% to 125.07, nearing a 13-year high. The major European indices lost between 1.1% and 2.7% with the retreat paced by exporter stocks while the S&P settled lower by 1.0% and retraced the bulk of its advance from Monday. The day's selling sent the benchmark index back below its 50-day (2,096) and 100-day (2,098) moving averages with eight sectors registering losses. To little surprise, cyclical groups paced the slide, but the energy sector (-0.2%) spent the day in a steady rally off its opening low. The sector fought its way back to Monday's high even as crude oil plunged 4.2% to $43.08/bbl, settling at a six-year low.

The market ended Wednesday on a slightly higher note despite showing considerable weakness at the start of the trading day. The S&P 500 added 0.1% while the Nasdaq Composite (+0.2%) settled just ahead. Equity indices faced selling pressure at the start after the overnight session featured another move to devalue China's yuan. Specifically, the People's Bank of China fixed the yuan 1.6% lower and then stepped in to support the currency late in the session. Following the intervention, the USD/CNY pair ended higher by 1.0% at 6.3870 while the continued tinkering with the exchange rate by the PBoC fueled a continuation of Tuesday's risk-off move across global markets. The selling pressure persisted until the end of the European session with major equity indices across the old continent losing between 1.4% and 3.4%. Regional markets notched their session lows not long before the close, after Germany's Bild reported that the German government views the third Greek bailout package as insufficient. This was a noteworthy shift, considering the market had believed the bailout agreement was all but complete. Once equity markets in Europe closed, U.S. indices rallied steadily off their lows with the S&P 500 swiftly returning above its 200-day moving average (2,075). Thanks to the intraday recovery, seven sectors registered gains while three groups finished in the red, but above their early lows.

The stock market ended the Thursday session on a modestly lower note after spending some time on both sides of the unchanged level. The S&P 500 shed 0.1% while the Dow Jones Industrial Average eked out a slight gain (+0.03%). Overnight, the People's Bank of China tried to calm investor fears by holding a press conference, during which bank officials said the yuan adjustment "is almost complete" and called the rumors of a 10.0% devaluation "nonsense." Markets across Asia posted gains while European indices ended mostly higher. Once the U.S. session got going, stocks slipped from their opening levels, but the early weakness was largely isolated to the energy sector (-1.4%), which retreated alongside crude oil. The energy component faced selling pressure throughout the day, notching a fresh six-year low under $42.00/bbl during intraday action before inching up to settle lower by 2.3% at $42.25/bbl.
Index Started Week Ended Week Change % Change YTD %
DJIA 17373.38 17477.40 104.02 0.6 -1.9
Nasdaq 5043.54 5048.23 4.69 0.1 6.6
S&P 500 2077.57 2091.54 13.97 0.7 1.6
Russell 2000 1206.90 1212.69 5.79 0.5 0.7

3:32 pm Earnings Preview for the week of August 17 - 21 (:SUMRX) : Of the companies reporting earnings for the week of August 17 - 21 some of the bigger names include:
Monday:
Pre Market - EL, CYRN
After Hours - HTHT, ANW, MTZ, A, URBN, RELY, FN

Tuesday:
Pre Market - WMT, HD, TJX, DKS, CMCM, HAIN, TSL, EROS
After Hours - ADI, DV, LZB, SINA, PLAB, WB, TEDU, RPD

Wednesday:
Pre Market - TGT, LOW, SPLS, HRL, AEO, EV, CTRN, EARS, BZUN
After Hours - LB, SPTN, NTAP, KEYS, SNPS, JMEI, YOKU, SMTC, PLKI, MOMO

Thursday:
Pre Market - TECD, TTC, BONT, RGS, JKS, SSI, MSG, SMRT, LANC, OSIS, CATO, BKE, AMWD, PERY, KIRK, CYBX, DATE
After Hours - HPQ, GPS, ROST, CRM, SCSC, INTU, MRVL, BRCD, NDSN, TFM, MENT, NWY, TUES, JBSS, UEPS, CRMT, ARAY

Friday:
Pre Market - DE, FL, HIBB

11:53 am Stocks/ETFs that traded to new 52 week highs/lows this session - New lows (183) outpacing new highs (65) (:SCANX) : Stocks that traded to 52 week highs: AAN, ABTL, ACRE, ADBE, AIMT, AME, BLKB, BYD, CDL, CENT, CHFN, CIVI, CO, CPS, CTXS, DXCM, EBMT, EFOI, EFSC, ELNK, EVER, FBHS, FSV, GME, GPN, GRBK, GSBD, HCKT, HFFC, HSP, HTBI, IBP, INGN, INGR, JBLU, KMPH, LGIH, LII, MAN, MAS, MKC, MMAC, MRVC, NDAQ, NECB, OA, OCLR, PBH, PFG, POST, PRA, PRMW, QLTY, SCOR, SOCB, SRG, SRPT, TBNK, TDG, TGLS, TSS, TTEC, UHAL, USCR, VNTV

Stocks that traded to 52 week lows: AA, AAVL, ABUS, ADRE, ADRO, AEG, AEZS, AGM, AI, AKBA, AMAT, AMCF, AMOV, AMSC, AMX, ANF, ANY, AOSL, AP, APOL, ARGS, ATI, AVAL, AVH, AVL, AXLL, BAP, BBDO, BDR, BETR, BIOD, BIOS, BIT, BLCM, BPI, BRS, BTE, BTX, BUFF, CALA, CBD, CBK, CH, CHLN, CIB, CJES, CKP, CLNT, CMLS, CPA, CPG, CPHR, CPL, CPLA, CRD.B, CRTN, CTG, CXW, DAEG, DRYS, DTEA, DTLK, DV, DVN, DXPE, EDF, EDI, EFF, ELP, ENI, ENSV, EOC, ERC, ESTE, EVOK, EVV, EXAR, FC, FCFS, FF, FMC, FSTR, GBIM, GEO, GHI, GIM, GLF, GNRT, GOL, GPS, GRAM, GRP.U, GTLS, GULTU, HART, HBM, HCOM, HELI, HUN, HWCC, HYB, IAE, IAF, ICA, IGD, IID, IKNX, INFU, IPDN, ISIL, JFR, JGH, JMG, JSD, KEX, KIQ, KMM, KPTI, KST, LFL, LOCK, LOCO, LSCC, MBII, MDVX, MHH, MJN, MMYT, MPET, MRLN, MRO, NAVI, NFJ, NHS, NK, NLST, NSPH, NYNY, OBCI, OCAT, OIBR, OIBR.C, PCM, PES, PFN, PMCS, PRSN, PRTY, PSG, PWE, RCPI, RELV, RNWK, SBGL, SBLK, SFXE, SID, SINO, SLTC, STKS, SWM, TAS, TBBK, TC, TFM, TG, THW, TIL, TIVO, TPUB, TRCO, TSU, UNT, USLM, UTIW, WFM, WHZ, WYNN, XCRA, XGTI, XONE, YNDX, ZFC

ETFs that traded to 52 week highs: EIS, KIE, XHB

ETFs that traded to 52 week lows: AFK, DJP, ECH, ENZL, EPU, EWM

9:07 am Applied Micro also reiterates guidance provided for the September quarter (AMCC) : Prior guidance: Q2 (Sep) EPS of ~($0.03) vs. ($0.03) Capital IQ Consensus Estimate; sees Q2 (Sep) revs of ~$39 mln vs. $39.13 mln Capital IQ Consensus Estimate. "We are heartened by our increasing customer traction and remain confident about AppliedMicro's growth prospects for the balance of fiscal 2016 and beyond." (reported earnings late July; next qtr expected late October)

9:00 am Applied Micro announces the resignation of CFO Douglas Ahrens, effective Aug. 21, 2015 (AMCC) : Co announced that Douglas Ahrens, Vice President and Chief Financial Officer, will resign from AppliedMicro effective Aug. 21, 2015, in order to pursue a CFO role with a privately-held company in the software industry. In connection with Mr. Ahrens' departure, AppliedMicro has appointed Karen M. Rogge to serve as interim CFO commencing Aug. 24, 2015. Ms. Rogge has been a senior financial and operations executive at technology companies, as well as emerging companies, for the past four decades. AppliedMicro has retained a search firm and is in the process of identifying a permanent successor.