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From Briefing.com: 4:45 pm Thinly traded SMTC Corp appointed Roger Dunfield as CFO; was previously Sanmina (SANM) VP Finance & Controller (SMTX) :

4:33 pm Unisys beats by $0.52, misses on revs (UIS) :

Reports Q4 (Dec) earnings of $1.58 per share, $0.52 better than the Capital IQ Consensus of $1.06; revenues fell 13.7% year/year to $789.9 mln vs the $801.57 mln Capital IQ Consensus. "Our efforts to reduce costs, sharpen our market focus and enhance our offerings continued to improve our competitiveness and positioning in the marketplace. In the fourth quarter, services revenue continued to grow in constant currency."
Unisys will discuss the 2016 outlook during the quarterly earnings conference call.

4:20 pm KLA-Tencor beats by $0.18, beats on revs (In pending merger with Lam Research (LRCX)) (KLAC) :

Reports Q2 (Dec) earnings of $1.04 per share, $0.18 better than the Capital IQ Consensus of $0.86; revenues rose 5.0% year/year to $710.25 mln vs the $700.83 mln Capital IQ Consensus.
In light of the pending merger transaction with Lam Research (LRCX), KLA-Tencor will discontinue conducting quarterly earnings conference calls to discuss financial results

4:20 pm Western Digital beats by $0.06, reports revs in-line (WDC) :

Reports Q2 (Dec) earnings of $1.60 per share, $0.06 better than the Capital IQ Consensus of $1.54; revenues fell 14.7% year/year to $3.32 bln vs the $3.35 bln Capital IQ Consensus.
Co said, "Despite a lower-than-expected hard drive total available market, we reported revenue and EPS within our guidance range, with non-GAAP gross margin of 28.5 percent. We also had strong free cash flow performance of $449 million. Our storage shipments for the December quarter grew to 69.1 exabytes."

4:17 pm QLogic beats by $0.07, beats on revs; guides Q4 EPS above consensus, revs above consensus (QLGC) :

Reports Q3 (Dec) earnings of $0.33 per share, $0.07 better than the Capital IQ Consensus of $0.26; revenues fell 12.5% year/year to $122.7 mln vs the $117.6 mln Capital IQ Consensus.
Co issues upside guidance for Q4, sees EPS of $0.23-$0.27 vs. $0.21 Capital IQ Consensus Estimate; sees Q4 revs of $113-$119 mln vs. $112.04 mln Capital IQ Consensus Estimate.

4:16 pm Skyworks beats by $0.02, reports revs in-line; guides Q2 EPS below consensus, revs below consensus (SWKS) :

Reports Q1 (Dec) earnings of $1.60 per share, excluding non-recurring items, $0.02 better than the Capital IQ Consensus of $1.58; revenues rose 15.1% year/year to $926.8 mln vs the $920.03 mln Capital IQ Consensus.
Co issues downside guidance for Q2, sees EPS of $1.24, excluding non-recurring items, vs. $1.32 Capital IQ Consensus; sees Q2 revs of $775 mln vs. $819.37 mln Capital IQ Consensus Estimate.

4:15 pm Microsoft beats by $0.07, beats on revs (MSFT) :

Reports Q2 (Dec) earnings of $0.78 per share, excluding non-recurring items, $0.07 better than the Capital IQ Consensus of $0.71; revenues fell 1.7% year/year to $25.69 bln vs the $25.21 bln Capital IQ Consensus.
Productivity and Business Processes revs of $6.69 bln versus guidance of $6.6-6.7 bln.
Office commercial products and cloud services revenue grew 5% in constant currency driven by Office 365 revenue growth of nearly 70% in constant currency
Office 365 consumer subscribers increased to 20.6 million
Intelligent Cloud revs of $6.34 bln versus guidance of $6.2-6.3 bln
Server products and cloud services revenue grew 10% in constant currency
Azure revenue grew 140% in constant currency with revenue from Azure premium services growing nearly 3x year-over-year
Personal Computing revs of $12.66 bln versus guidance of $12.0-12.4 bln.
Windows OEM revenue declined 5% in constant currency, outperforming the PC market, driven by higher consumer premium and mid-range device mix
Surface revenue increased 29% in constant currency driven by the launch of Surface Pro 4 and Surface Book
Phone revenue declined 49% in constant currency reflecting our strategy change announced in July 2015
Co will guide for Q3 on the call at 17:30.

4:14 pm Super Micro Computer reports Q2 EPS slightly better than recent upside guidance range, revenue inline with upside guidance range; guides Q3 EPS in-line, revs in-line (SMCI) :

Reports Q2 (Dec) earnings of $0.73 per share, slightly ahead of its upside guidance of $0.69-$0.72 (consensus was $0.59 at that time) provided on January 12, and above the current Capital IQ Consensus of $0.70; Revenue increased 27% y/y to $638.9 mln, inline with its upside guidance range of $637-$639 mln (consensus was $600 mln at that time), above the $626.8 mln current Capital IQ Consensus.
Non-GAAP gross margin for Q2 was 16.7% compared to 16.8% in the same period year ago. GAAP gross margin and Non-GAAP gross margin for the first quarter of fiscal year 2016 were both 13.9%.
Co issues in-line guidance for Q3, sees EPS of $0.43-$0.53 vs. $0.51 Capital IQ Consensus Estimate; sees Q3 revs of $530-$580 mln vs. $560.00 mln Capital IQ Consensus Estimate.

4:08 pm Amazon reports operating income below estimates, near the high end of guidance, reports revs in-line; guides Q1 in-line (AMZN) :

Reports Q4 (Dec) earnings of $1.00 per share, $0.58 worse than the Capital IQ Consensus of $1.58; revenues rose 21.9% year/year to $35.75 bln vs the $35.98 bln Capital IQ Consensus and $33.5-36.75 bln; operating income $1.1 bln vs ~$1250 mln estimates and $80-1280 mln guidance.
North America retail operating income +37% to $1 bln, sales +24% to $21.5 bln.
AWS operating income +186% to $687 mln; rev +69% to $2.4 bln.
Co issues in-line guidance for Q1, sees Q1 revs of $26.5-29.0 bln vs. $27.72 bln Capital IQ Consensus; operating income $100-700 mln vs ~$650 mln estimates.

4:07 pm Applied Micro reports EPS in-line, revs in-line (AMCC) :

Reports Q3 (Dec) loss of $0.03 per share, in-line with the Capital IQ Consensus of ($0.03); revenues rose 10.6% year/year to $40.6 mln vs the $40.57 mln Capital IQ Consensus.
Total cash, cash equivalents and short-term investments of approximately $76.4 million as of December 31, 2015

4:15 pm Microsoft beats by $0.07, beats on revs (MSFT) :

Reports Q2 (Dec) earnings of $0.78 per share, excluding non-recurring items, $0.07 better than the Capital IQ Consensus of $0.71; revenues fell 1.7% year/year to $25.69 bln vs the $25.21 bln Capital IQ Consensus.
Productivity and Business Processes revs of $6.69 bln versus guidance of $6.6-6.7 bln.
Office commercial products and cloud services revenue grew 5% in constant currency driven by Office 365 revenue growth of nearly 70% in constant currency
Office 365 consumer subscribers increased to 20.6 million
Intelligent Cloud revs of $6.34 bln versus guidance of $6.2-6.3 bln
Server products and cloud services revenue grew 10% in constant currency
Azure revenue grew 140% in constant currency with revenue from Azure premium services growing nearly 3x year-over-year
Personal Computing revs of $12.66 bln versus guidance of $12.0-12.4 bln.
Windows OEM revenue declined 5% in constant currency, outperforming the PC market, driven by higher consumer premium and mid-range device mix
Surface revenue increased 29% in constant currency driven by the launch of Surface Pro 4 and Surface Book
Phone revenue declined 49% in constant currency reflecting our strategy change announced in July 2015
Co will guide for Q3 on the call at 17:30.

4:07 pm Microsemi reports EPS in-line, revs in-line (pre-announced revs 1/11); offers Q2 guidance (MSCC) :

Reports Q1 (Dec) earnings of $0.72 per share, in-line with the Capital IQ Consensus of $0.72; revenues rose 8.4% year/year to $329.2 mln vs the $327.69 mln Capital IQ Consensus. Earlier this month the co announced it anticipates its first fiscal quarter revenue to be near the high end of Microsemi's revenue guidance
Co issues guidance for Q2, sees EPS of $0.62-0.68, may not be comparable to $0.75 Capital IQ Consensus Estimate; sees Q2 revs of $435-455 mln, may not be comparable to $374.00 mln Capital IQ Consensus Estimate. The guidance reflects the transitional quarter of the PMC-Sierra acquisition.

4:05 pm Coherent beats by $0.10, misses on revs (COHR) :

Reports Q1 (Dec) earnings of $0.99 per share, $0.10 better than the Capital IQ Consensus of $0.89; revenues fell 5.1% year/year to $190.3 mln vs the $196.32 mln Capital IQ Consensus.
"We are on track to set a new bookings record for the March quarter and we are expecting another tranche of orders in the second half of fiscal 2016."

4:15 pm : The major averages ended the Thursday affair modestly higher as speculation regarding oil output cuts, and positive earnings results helped keep the stock market in positive territory. However, the major indices lost their footing near their opening highs as weaker than expected economic data, and conflicting reports between OPEC and non-OPEC states limited the upside of today's trade. The tech-heavy Nasdaq (+0.9%) outpaced the Dow Jones Industrial Average (+0.8%) and the S&P 500 (+0.6%).

Today's session began on a positive note with earning results from Facebook (FB 109.11, +14.66) and Under Armour (UA 84.07, +15.49) each coming in ahead of analysts' estimates. Meanwhile, industrial giant Caterpillar (CAT 61.08, +2.76) issued above consensus EPS guidance for 2016 in its earnings report.

On the commodities front, WTI crude was able to extend its recent win streak due to increased speculation regarding oil production cuts between OPEC and non-OPEC states. This culminated when the Russian Energy Minister, Alexander Novak, released a statement saying that Saudi Arabia proposed a 5.0% cut to oil production by member states. This was followed by a denial from OPEC delegates, but despite the denial, oil was able to hold its ground above the $33.00/bbl level. WTI crude ended its session higher by 2.8% at $33.22/bbl.

In response to the upswing in oil, energy (+3.2%) settled on top of the leaderboard while utilities (+1.6%) and technology (+1.5%) followed. On the flipside, health care (-2.3%) was unable to make it out of negative territory while telecom services (+0.1%) and financials (+0.1%) also underperformed.

In the commodity-sensitive energy space, pipeline company Kinder Morgan (KMI 15.29, +1.19) and oilfield service company Schlumberger (SLB 69.51, +3.96) were able to capitalize on the positive price movement in crude to top the sector. Meanwhile, Dow components Chevron (CVX 85.92, +2.63) and Exxon Mobil (XOM 76.99, +1.70) were able to end their day near the top of that composite.

Switching gears, Facebook (FB 109.11, +14.66) dominated in the heavily-weighted technology space as it climbed 16.6% in response to a fourth quarter earnings beat. Fellow large cap Alphabet (GOOGL 748.30, +30.72) also outperformed, climbing 4.2%. To be fair, there was some relative weakness in the tech space as Cisco Systems (CSCO 23.10, -0.32) slid 1.4% in sympathy with Juniper Networks (JNPR 22.46, -4.08). Juniper plummeted 15.4% after issuing downside EPS guidance for Q1. Similarly, Qualcomm (QCOM 43.59, -3.94) lost 8.3% after below consensus guidance overshadowed better than expected earnings.

In health care, biotechnology showed persistent weakness, evidenced by the 3.7% tumble in the iShares Nasdaq Biotechnology ETF (IBB 263.40, -10.00). The sub-group responded to weakness in Celgene (CELG 97.21, -5.10), which missed bottom line estimates and issued below-consensus guidance.

Elsewhere, the financial sector continued to be anchored by American Express (AXP 52.88, -1.64), which has slid more than 16.0% since it reported earnings last week. Meanwhile, large-cap constituents Citigroup (C 40.39, -0.10) and Morgan Stanley (MS 25.17, -0.20) also showed relative weakness.

Once again, today's volume was relatively heavy as more than a billion shares changed hands at the NYSE floor.

Treasuries retreated from their lows for the bulk of the session, pressuring the 10-yr yield one basis point to 1.99%.

Today's economic data included weekly Initial Claims, Durable Orders for December, and Pending Home Sales for December.

Weekly initial claims were a bit better than expected, dropping to 278,000 (Briefing.com consensus 285,000) for the week ending January 23.
Initial claims remain bounded between 250,000 and 300,000, which is where they have been since July 2014, yet they have been showing signs of weakening in more recent reports.
Continuing rose to 2.268 million from the prior week's revised count of 2.219 from 2.208 million (Briefing.com consensus 2.230 million).
The four-week moving average for continuing claims sits at 2.246 million, up nearly 16,000 from the prior week's revised average.
Durable Goods Orders declined 5.1% (Briefing.com consensus -0.5%) on top of a downwardly revised 0.5% decrease (from 0.0%) for November.
Total durable goods orders are down 3.5% year-over-year while orders, excluding transportation, are down 2.6%.
Excluding transportation, orders fell 1.2% (Briefing.com consensus -0.1%) on the heels of a downwardly revised 0.5% decline (from 0.0%) for November.
Pending home sales for December ticked higher 0.1% (Briefing.com consensus +0.8%). The November reading was revised to -1.1% from -0.9%.

Tomorrow's economic data includes the advance reading of Q4 GDP (Briefing.com consensus 0.9%) will be released at 8:30 ET. Meanwhile, Chicago PMI for January (Briefing.com consensus 45.0) and the final reading of the January Michigan Sentiment Index (Briefing.com consensus 93.2) will cross the wires at 9:45 ET and 10:00 ET, respectively.

Russell 2000 -11.7% YTD
Nasdaq -10.0 YTD
Dow Jones -7.8% YTD
S&P 500 -7.4% YTD

DJ30 +125.18 NASDAQ +38.51 SP500 +10.41 NASDAQ Adv/Vol/Dec 1568/2.129 bln/1381 NYSE Adv/Vol/Dec 2052/1.064 bln/1037

3:45 pm :

Oil prices got a real boost this morning following news follows reports that Russia's Energy Minister suggested that OPEC and non-OPEC countries could meet next month to discuss supply
Mar WTI crude oil rose as high as $34.82/barrel as a result, rising as much as 7%, but has pulled back in afternoon trade
Mar crude ultimately closed out of today's session at +2.8% at $33.22/barrel
Natural gas futures got a boost after the EIA released weekly oil storage data numbers
Mar nat gas ended the day modestly higher at $2.18/MMBtu and extended gains a little in electronic trade, not sitting at today's HoD
Mar gold ended higher at $1127.40/oz, while Mar silver gained as well, closing the session at $14.53/oz
Copper shed one cent to $2.05/lb


Broader market action closed Thursday with notable gains. The Nasdaq Composite led the advance, as large cap names like FB, QCOM, EBAY and PYPL all reported quarterly earnings -- the index was up 38.51 points (+0.86%) to 4506.68. The Dow Jones Industrial Average was also up big, advancing 125.18 points (+0.79%) to 16069.64 helped by a nearly 2.8% advance in March Crude Oil Futures. The S&P 500 was higher by 10.41 points (+0.55%) to 1893.36 when the day was done.

Market data today came in the form of Weekly initial claims, which were a bit better than expected, dropping 278,000 for the week ending Jan. 23. Continuing claims rose to 2.268 million from the prior week's revised count of 2.219 from 2.208 million. Durable goods orders declines 5.1%, while excluding transportation, orders fell 1.2%. Pending home sales for December ticked higher 0.1% in comparison to the November reading which was revised to -1.1% from -0.9%.

Technology (XLK 39.98, +0.51 +1.29%) was also strong today, ending calmly as the session came to a close. Component Facebook (FB 109.11, +14.66 +15.52%) was the bull of the sector today as shares advanced at one point better than 16.4%. The company reported better than expected Q4 results after the close last night, lifting shares in trading action today. Other sectors closed the session XLE +3.04%, XLU +1.60%, XLY +1.28%, XLP +1.02%, XLI +0.58%, XLB +0.16%, XLF +0.05%, IYZ -0.07%, XLV -2.33% as Healthcare lagged the rest and Energy was an outperformer.

It was a tale of two tapes Thursday in a battle for the best performing and worst performing sector. Ultimately, Internet (FDN 65.38, +1.41 +2.20%) names edged out the rest to stand atop the podium with the best gains. Component Paypal (PYPL 34.24, +2.65 +8.39%) reported better than expected Q4 results after the close last night, rocketing the stock higher on today's session. Other FDN components which finished Thursday with strength included AMZN +8.91%, GOOG +4.42%, GOOGL +4.28%, NFLX +3.58%, VRSN +3.13%, EBIX +2.10%, BV +1.99%, ELNK +1.71%, LNKD +1.65%.

Finishing the day at the bottom of the tech sub-sector scorecard were Networking (IGN 31.75, -1.19 -3.61%) names. Component Juniper Networks (JNPR 22.46, -4.08 -15.37%) lagged the broader market and broader sector for that matter as the company reported a better than expected Q4 print, a mark that was out-shadowed by the tepid Q1 guide. In addition, JNPR announced the company's CFO will be resigning effective after the company files its 10-K Annual Report. Other IGN names which closed weaker today included ADTN -5.78%, ARRS -4.55%, PANW -4.49%, XXIA -3.30%.

Action in the S&P 500 Information Technology sector (662.30, +9.66 +1.48%) finished near higher of the day. Much like the broader market today, action in the sector was dictated by earnings movers - components Alliance Data (ADS 199.00, -48.38 -19.56%) and SanDisk (SNDK 67.25, +3.04 +4.73%) were among the best (as with SNDK) and the worst (as with ADS) performing components on Thursday. Other components which finished the day in the green included CA +1.68%, TXN +1.67%, WU +1.60%, KLAC +1.58%, SYMC +1.48%, INTU +1.38%, ORCL +1.20%, IBM +1.04%.

Other notable news items among sector components:
Juniper Networks (JNPR) announced Robyn Denholm notified the company of her intention to resign as Chief Financial and Operations Officer following the filing of the company's Annual Report on Form 10-K for the fiscal year ended Dec. 31, 2015, and is expected to remain at the company over the next several months to help facilitate a smooth transition. Ken Miller, the company's senior vice president, finance, will succeed Denholm as CFO.
NetSuite (N 65.58, -0.9 -0.14%) announced that UK-based m-hance Limited, an award-winning and gold Microsoft Dynamics partner, has joined the NetSuite Solution Provider Partner Program, adding NetSuite to its existing portfolios including Microsoft Dynamics GP (MSFT 52.06, +0.83 +1.63%) and Microsoft Dynamics CRM to meet the growing demand for Cloud ERP among businesses in the UK.
IBM (IBM 122.22, +1.26 +1.04%) announced its intent to acquire Resource/Ammirati, combining the companies' strategic, creative and technology talents to address rising demand from businesses seeking to reinvent themselves for the digital economy and provide differentiated experiences to their customers.
Marathon Patent Group (MARA 1.80, flat) announced that a two-week trial for its wholly owned subsidiary, Dynamic Advances LLC, patent infringement case vs. Apple (AAPL 94.09, +0.67 +0.72%) currently pending in the Northern District of New York, to begin on May 2, 2016

According to a Bloomberg article, AAPL acquired education technology startup LearnSprout.

Fiserv (FISV 91.02, +0.57 +0.63%) announced that Gate City Bank has expanded its relationship with FISV by selecting the DNA core account processing platform and additional integrated solutions from the company.

Xilinx (XLNX 47.99, -0.15 -0.30%) announced first customer shipment of the Virtex UltraScale+ FPGA, the industry's first high-end FinFET FPGA built using TSMC's 16FF+ process.

Elsewhere in the tech space:

Qualys' (QLYS 25.90, -2.02 -7.23%) CFO Don McCauley will resign effective March 1. The company also reaffirmed prior fourth quarter and full year 2015 guidance.

One Horizon (OHGI 0.90, +0.04 +5.35%) announced its China mobile VoIP telco Aishuo revenues have increased by over 50% on Q4 in first month of 2016, accelerating its monetization strategy.

CGI Group (GIB 42.56, +1.63 +3.98%) signed a new application management services contract and extends relationship with the Ministry of Health to 2020.

Silicon Graphics (SGI 5.32, -2.29 -30.09%) announced a universal shelf registration of up to $75 million.

Leidos (LDOS 45.59, -0.59 -1.28%) was awarded a task order by the National Institutes of Health valued at $17 million.

IDT Corp's (IDT 12.48, +0.37 +3.06%) Board cancelled the previous repurchase program, and then approved a new 8 million Class B common share repurchase program.

Chipmos Technology shareholders have voted to approve the proposed private placement with Tsinghua Unigroup.

In reaction to quarterly results:

MicroStrategy (MSTR 167.26, +24.87 +17.47%) reported Q4 EPS of $3.38 on better than expected revenues of $143.5 million.

Facebook (FB) reported better than expected Q4 EPS and revenues of $0.79 and $5.84 billion, respectively. Daily active users (DAUs)- DAUs were 1.04 billion on average for December 2015, an increase of 17% year-over-year. Mobile DAUs- Mobile DAUs were 934 million on average for December 2015, an increase of 25% year-over-year.

Cirrus Logic (CRUS 32.54, +4.58 +16.38%) reported better than expected Q3 EPS of $0.82 on revenues which rose 16.5% year-over-year to $347.9 million. The company also guided Q4 revenues worse than expected at $210-240 million.

PayPal (PYPL) reported better than expected Q4 EPS and revenues of $0.36 and $2.56 billion, respectively. Also, PYPL guided Q1 EPS and revenues in-line with expectations at $0.34-0.36 and $2.47-2.52 billion, respectively.

Qualcomm (QCOM 43.59, -3.94 -8.29%) reported better than expected Q1 EPS and revenues of $0.97 and $5.78 billion, respectively. QCOM also guided Q2 worse than expected at EPS of $0.90-1.00 and revenues of $4.9-5.7 billion.

eBay (EBAY 23.13, -3.29 -12.45%) reported in-line Q4 results. EPS was $0.50 on revenue of $2.32 billion. The company also guided Q1 and FY16 worse than expected. Q1 EPS is expected to be in the range of $0.43-0.45 on revenues of $2.05-2.10 billion. FY16 EPS is expected to be $1.82-1.87 on revenues of $8.5-8.8 billion.

Juniper Networks (JNPR) reported better than expected Q4 EPS and revenues of $0.63 and $1.32 billion, respectively. JNPR also guided Q1 EPS and revenues worse than expected at $0.42-0.46 and $1.15-1.19 billion, respectively.

ServiceNow (NOW 63.57, -11.80 -15.66%) reported better than expected Q4 EPS and revenues of $0.19 and $285.7 million, respectively. The company also guided Q1 revenues better than expected at $298-303 million. Billings for Q1, however, disappointed as NOW guided for $360-365 million (for growth of 34-36%) for Q1.

Companies reporting quarterly results tonight/tomorrow morning: AMCC AZPN AVNW EPAY COHR CPSI CTCT EA FICO FLEX FTNT GIMO GSIT KLAC MSCC MSFT NATI N PCCC PFPT QLGC QSII QTM SHOR SIMO SWKS SMCI SYNA UIS V WDC/MA STX SPIL XRX

Analyst actions:

NMBL and EMC were upgraded to Buy from Hold at Maxim Group,
SNDK was upgraded at Mizuho and Susquehanna,
CRUS was upgraded to Outperform from Perform at Oppenheimer,
CTXS was upgraded to Mkt Perform from Mkt Underperform at JMP Securities,
PYPL was upgraded to Outperform from Neutral at Wedbush,
DLB was upgraded to Buy from Neutral at Dougherty & Company,
DOX was upgraded to Buy from Neutral at BofA/Merrill,
VNTV was upgraded to Positive from Neutral at Susquehanna;
NOW was downgraded at Mizuho and MKM Partners,
INVN was downgraded to Mkt Perform from Outperform

8:02 am Cypress Semi beats by $0.01, beats on revs (CY) :

Reports Q4 (Dec) earnings of $0.13 per share, $0.01 better than the Capital IQ Consensus of $0.12.

7:34 am Fairchild Semi misses by $0.03, misses on revs; updates on merger talks (FCS) :

Reports Q4 (Dec) earnings of $0.11 per share, $0.03 worse than the Capital IQ Consensus of $0.14; revenues fell 5.8% year/year to $317.2 mln vs the $326.99 mln Capital IQ Consensus.

Fairchild previously disclosed that it is currently reviewing an unsolicited proposal from China Resources Microelectronics Limited and Hua Capital Management Co.,
The parties continue to undertake reciprocal due diligence and discuss the terms of the Consortium's proposal. The Board met on January 25, 2016 and received an update on the ongoing discussions. There can be no assurance that Fairchild's board of directors will ultimately determine that the Consortium's proposal is a Superior Proposal (as defined in the Agreement and Plan of Merger with ON Semiconductor) that the terms of a transaction will be the same as those reflected in the Consortium's proposal or that any transaction with the Consortium will be agreed to or consummated.
Fairchild remains subject to the Agreement and Plan of Merger with ON Semiconductor, and Fairchild's board of directors has not changed its recommendation in support of that agreement, nor has Fairchild's board of directors made any recommendation with respect to the Consortium's proposal.

Given the current acquisition process, Fairchild has discontinued its practice of providing detailed forward guidance and conducting an earnings conference call to discuss its financial results.