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From Briefing.com: 4:45 pm Apple suppliers seeing downside reaction following earnings (AAPL) : Suppliers seeing weakness following earnings include: SWKS -4.0%, QRVO -3.9%. CRUS -3.0% (also reported its own earnings), AVGO -2.2%, NXPI -2.0%, QCOM -1.1%, INVN -0.9%, TXN -0.6%,4:39 pm Cirrus Logic beats by $0.17, beats on revs; guides JunQ revs below consensus (CRUS) :

Reports Q4 (Mar) earnings of $0.38 per share, excluding non-recurring items, $0.17 better than the Capital IQ Consensus of $0.21; revenues fell 9.1% year/year to $232.0 mln vs the $226.2 mln Capital IQ Consensus. Co issues downside guidance for Q1 (Jun), sees Q1 revs of $220-250 mln vs. $257.5 mln Capital IQ Consensus Estimate.Non-GAAP gross margin was 49.8%

4:37 pm Apple misses by $0.10, misses on revs; guides Q3 revs, gross margin below consensus; raises dividend 10%; raises buyback 25% to $175 bln (AAPL) :

Reports Q2 (Mar) earnings of $1.90 per share, $0.10 worse than the Capital IQ Consensus of $2.00; revenues fell 12.8% year/year to $50.56 bln vs the $51.98 bln Capital IQ Consensus; gross margins of 39.4% vs 39.6% ests vs 40.8% last year (guidance 39-40%). iPhones 51.2 mln vs 51.5 mln ests vs 61.2 mln last year.iPads 10.2 mln vs 9.9 mln ests vs 12.6 mln last year.Macs 4.0 mln vs 4.6 mln ests vs 4.5 mln last year.Co issues downside guidance for Q3, sees Q3 revs of $41-43 bln vs. $47.35 bln Capital IQ Consensus; gross margin 37.5-38.0% vs 39.2% ests vs 39.7% last yearThe Board has increased its share repurchase authorization to $175 billion from the $140 billion level announced last year. The Company also expects to continue to net-share-settle vesting restricted stock units. The Board has approved an increase of 10% to the Company's quarterly dividend, and has declared a dividend of $0.57 per share, payable on May 12, 2016 to shareholders of record as of the close of business on May 9, 2016. 2.3% dividend yield at after hours price of $99/share.

4:25 pm KLA-Tencor beats by $0.18, misses on revs; KLAC is being acquired by LRCX for approx $67.02/share (announced on 10/21/15) (KLAC) :

Reports Q3 (Mar) earnings of $1.15 per share, $0.18 better than the Capital IQ Consensus of $0.97; revenues fell 3.5% year/year to $712 mln vs the $721.06 mln Capital IQ Consensus. guidance excludes the Company's recently announced acquisitions.

4:08 pm Nanometrics beats by $0.10, beats on revs; guides Q2 EPS, revs above consensus (NANO) :

Reports Q1 (Mar) earnings of $0.16 per share, $0.10 better than the Capital IQ Consensus of $0.06; revenues fell 5.7% year/year to $47.49 mln vs the $46.25 mln Capital IQ Consensus.An accelerating customer ramp and tool-of-record positions at every major 3D-NAND manufacturer led to a record 3D-NAND sales quarter, exceeding the prior record quarter by approximately 70%. As previously announced, the first quarter was also a record for 3D-NAND bookings, both in aggregate and for three customers individually.Co issues upside guidance for Q2, sees EPS of $0.21-0.30 vs. $0.14 Capital IQ Consensus Estimate; sees Q2 revs of $52-57 mln vs. $49.00 mln Capital IQ Consensus Estimate.

4:07 pm Cascade Microtech beats by $0.06, misses on revs; guides Q2 EPS in-line, revs in-line (CSCD) :

Reports Q1 (Mar) earnings of $0.20 per share, excluding non-recurring items, $0.06 better than the two analyst estimate of $0.14; revenues rose 9.8% year/year to $34.8 mln vs the $35.16 mln Capital IQ Consensus. Gross margin of 59.4%, up from 56.3% in Q4 2015, and up from 53.6% in Q1 2015: Q1 2016 sets a new record for gross margin overall and for each segment due primarily to favorable product mix.Co issues in-line guidance for Q2, sees EPS of $0.20-0.26 vs. $0.22 two analyst estimate; sees Q2 revs of $38-42 mln vs. $38.41 mln Capital IQ Consensus Estimate.

4:06 pm iRobot beats by $0.06, beats on revs; guides Q2 EPS & revs below consensus; guides FY16 EPS below consensus, revs in-line (IRBT) :

Reports Q1 (Mar) earnings of $0.13 per share, $0.06 better than the two analyst estimate of $0.07; revenues rose 10.8% year/year to $130.8 mln vs the $128.37 mln Capital IQ Consensus. Co issues downside guidance for Q2, sees EPS of $0.06-0.14 vs. $0.31 Capital IQ Consensus Estimate; sees Q2 revs of $145-150 mln vs. $154.81 mln Capital IQ Consensus Estimate. Co reaffirms guidance for FY16, sees EPS of $1.20-1.40 vs. $1.45 Capital IQ Consensus Estimate; sees FY16 revs of $630-642 mln vs. $633.96 mln Capital IQ Consensus Estimate.

4:04 pm AT&T beats by $0.03, reports revs in-line (T) :

Reports Q1 (Mar) earnings of $0.72 per share, excluding non-recurring items, $0.03 better than the Capital IQ Consensus of $0.69; revenues rose 24.4% year/year to $40.53 bln vs the $40.4 bln Capital IQ Consensus. Cash from operations of $7.9 billion; free cash flow of $3.2 billion, up 17% year over year Adjusted margins expand in every domestic segment 2.3 million North American wireless net adds driven by connected devices, Mexico and Cricket; 712,000 branded (postpaid and prepaid) phone net adds Total churn of 1.42% in U.S., stable year over year; postpaid churn of 1.10% Business Solutions revenues up 0.3% year over year; wireless revenues up 2.3% Strategic business services revenues of $2.8 billion, up nearly $250 million 328,000 U.S. DIRECTV net adds; total video subscribers decline slightly.

4:04 pm Intersil reports EPS in-line, revs in-line; guides Q2 EPS in-line, revs in-line (ISIL) :

Reports Q1 (Mar) earnings of $0.15 per share, excluding non-recurring items, in-line with the Capital IQ Consensus of $0.15; revenues fell 3.7% year/year to $129.3 mln vs the $128.32 mln Capital IQ Consensus. Co issues in-line guidance for Q2, sees EPS of $0.15-0.17 vs. $0.17 Capital IQ Consensus Estimate; sees Q2 revs of $130-136 mln vs. $134.33 mln Capital IQ Consensus Estimate.

4:03 pm Cree beats by $0.03, reports revs in-line; guides Q4 EPS in-line, revs in-line (CREE) :

Reports Q3 (Mar) earnings of $0.17 per share, $0.03 better than the Capital IQ Consensus of $0.14; revenues fell 10.4% year/year to $366.9 mln vs the $366.88 mln Capital IQ Consensus. Co issues in-line guidance for Q4, sees EPS of $0.16-0.22 vs. $0.19 Capital IQ Consensus Estimate; sees Q4 revs of $370-395 mln vs. $390.80 mln Capital IQ Consensus Estimate. Non-GAAP gross margin targeted to be 31.5%+/-."Q3 operating results were in-line with the preliminary estimates we provided on April 5th," stated Chuck Swoboda, Cree Chairman and CEO. "I believe we've addressed the root causes that led to our recent business challenges. We improved customer responsiveness in March, and we're optimistic that this, combined with new product momentum, will drive sequential growth in fiscal Q4." At the end of the session, the broader market was mixed. Upside was led by the S&P 500 which added 3.91 points (+0.19%) to 2091.70. The Dow Jones Industrial Average added 13.08 points (+0.07%) to 17990.32. The Nasdaq Composite lost 7.48 points (-0.15%) to 4888.31. Economic data today included durable goods orders, which for March increased 0.8%; excluding transportation, orders declined 0.2%. Additionally, the Case-Shiller 20-city Home Price Index for February rose 5.4% following last month's unrevised reading of 5.7%. Also, the Conference Board's Consumer Confidence Index registered a 94.2 reading for April versus a downwardly revised 96.1 reading (from 96.2) for March.

Trading in the Technology (XLK 43.25, -0.17 -0.39%) sector was lower as morning strength dwindled as the day progressed, ultimately closing in a losing effort. Component Corning (GLW 19.22, -1.75 -8.35%) was notably weak following its Q1 results; the company reported in-line Q1 EPS of $0.28 and worse than expected revenues of $2.17 billion. Other sectors as measured by the S&P closed the day XLE +1.60%, XLI +0.89%, XLB +0.81%, XLF +0.64%, XLY +0.24%, XLU +0.15%, IYZ +0.13%, XLV -0.38%, XLP -0.40% with Energy leading the advance on the back of a +2.9% gain in June crude oil futures.

In the S&P 500 Information Technology (718.85, -2.83 -0.39%) sector, tepid trading ended with the sector modestly below flat lines. Component FLIR Systems (FLIR 31.31, -2.61 -7.69%) was particularly weak following the company's mixed Q1 print; the company reported worse than expected Q1 EPS of $0.30 and better than expected revenues of $379.5 million. Other names in the space which displayed relative weakness included GOOG -2.08%, MSFT -1.29%, FB -1.22%, ADS -1.09%, TDC -1.06%, EA -0.91%, AAPL -0.69%, CRM -0.39%, YHOO -0.35%.

Other notable news items among sector components:

Intuit (INTU 103.92, +1.56 +1.52%) announced season-to-date through April 23, TurboTax Online units grew 15% versus the comparable prior-year period; as such, INTU now expects full-year fiscal 2016 consumer tax revenue growth of 8 to 9%, exceeding the high end of the previous guidance range of 5 to 7%.

eBay (EBAY 24.49, +0.27 +1.11%) Enterprise and Innotrac (INOC) have joined forces to become Radial, the largest omnichannel commerce technology and operations provider.

Adobe (ADBE 96.15, +0.35 +0.37%) and Box (BOX 13.06, -0.13 -0.99%) are teaming up to make working with digital documents in the enterprise an effortless experience.

Seagate (STX 27.00, +0.71 +2.70%) is now shipping in volume its 10TB helium enterprise drives- the Seagate Enterprise Capacity 3.5 HDD.

IBM (IBM 149.08, +0.27 +0.18%) increased its quarterly dividend to $1.40 per share from $1.30 per share.

Elsewhere in the tech space:

Nokia (NOK 5.91, -0.01 -0.17%) to acquire Withings S.A. for EUR 170 million.

Global Payment (GPN 73.19, -0.10 -0.14%) entered into an accelerated share repurchase agreement for an aggregate of $50 million in common stock.

In addition to reporting quarterly results, Cadence Design's (CDNS 23.53, -0.27 -1.13%) CFO Geoff Ribar has decided to retire effective March 3.

In addition to reporting quarterly results, T-Mobile US (TMUS 39.33, -1.85 -4.49%) filed for a mixed securities shelf offering. The size of said offering was not disclosed.

TerraForm Power (TERP 10.97, +0.43 +4.08%) and TerraForm Global (GLBL 3.10, +0.10 +3.33%) abolish the Office of the Chairman and confirm and ratify that Peter Blackmore is serving as Chairman and Interim CEO.

In reaction to quarterly results:

T-Mobile US (TMUS) reported better than expected Q1 EPS and revenues of $0.56 and $8.6 billion, respectively. Additionally, the company raised guidance for FY16 branded postpaid net adds to 3.2-3.6 million from 2.4-3.4 million. TMUS also increased its adjusted EBITDA guidance to $9.7-10.2 billion from $9.1-9.7 billion.

NXP Semi (NXPI 86.69, +3.35 +4.02%) reported better than expected Q1 EPS of $1.14 on revenues which rose 51.6% versus last year and were in-line with Street expectations at $2.22 billion. NXPI also guided Q2 EPS and revenues in-line at $1.30-1.40 and $2.3-2.4 billion.

Corning (GLW) reported in-line Q1 EPS of $0.28 and revenues which were worse than expected and fell 10.7% versus last year to $2.17 billion. The company also sees Q2 core equity earnings of $50-70 million.

FLIR Systems (FLIR) reported mixed Q1 results; EPS for the period were worse than expected at $0.30 on better than expected revenues which rose 10.2% versus last year to $379.5 million. The company also reaffirmed FY16 EPS and revenue guidance at $1.60-1.70 and $1.6-1.65 billion, respectively.

Cadence Design (CDNS) reported better than expected Q1 EPS of $0.28 on revenues which rose 8.9% year-over-year to $447.86 million and came in in-line with anticipations. The company also guided Q2 EPS and revenues in-line at $0.27-0.29 and $445-455 million, respectively. CDNS also guided FY16 EPS and revenues in-line at $1.15-1.25 and $1.79-1.84 billion, respectively.

Knowles (KN 14.94, +1.93 +14.83%) reported better than expected Q1 EPS and revenues of $0.08 and $185.3 million, respectively. For Q2, KN expects in-line EPS in the range of $0.08-0.14 and revenues of $180-200 million.

Companies scheduled to report results tonight/tomorrow morning: AKAM AAPL T CUDA CSCD CRUS CREE EBAY EEFT FTNT ISIL KLAC MKTO MRCY NANO NCR TSS TWTR ULTI VNTV ZIXI/GIB DHX DSPG LDOS OSIS SLAB SONS STM UMC WEX

Analyst actions:

PANW was upgraded to Buy from Hold at Wunderlich,
SMGZY was upgraded to Outperform from Neutral at Credit Suisse;
XRX was downgraded to Hold from Buy at Brean Capital,
FDC was downgraded to Hold from Buy at Stifel,
CMPR was downgraded to Hold from Buy at Cantor Fitzgerald,
CMCM was downgraded to Equal Weight from Overweight at Morgan Stanley;
ADS was initiated with a Neutral at Susquehanna,
FLEX was initiated with an Overweight at JP Morgan,
AGYS was initiated with a Buy at Sidoti

7:35 am Aixtron misses by EUR 0.04, misses on revs; reaffirms FY16 revs guidance (AIXG) :

Reports Q1 (Mar) loss of 0.14 per share, 0.04 worse than the Capital IQ Consensus of (0.10); revenues fell 46.9% year/year to 21.4 mln vs the 34.28 mln Capital IQ Consensus. Co reaffirms guidance for FY16, sees FY16 revs of EUR 170 mln-200 mln vs. 185.64 mln Capital IQ Consensus Estimate.FY/16 Order Intake Similar to FY/15 Level (Currency Adjusted). With 2016 Revenues at High End of Range: Slight Improvement of EBIT, Earnings and Free Cash Flow in 2016 compared to 2015

7:09 am Entegris beats by $0.02, beats on revs; guides Q2 EPS in-line, revs in-line (ENTG) :

Reports Q1 (Mar) earnings of $0.17 per share, excluding non-recurring items, $0.02 better than the Capital IQ Consensus of $0.15; revenues rose 1.4% year/year to $267 mln vs the $258.26 mln Capital IQ Consensus. Co issues in-line guidance for Q2, sees EPS of $0.18-0.22 vs. $0.19 Capital IQ Consensus Estimate; sees Q2 revs of $270-285 mln vs. $274.77 mln Capital IQ Consensus Estimate.

6:56 am Corning reports EPS in-line, misses on revs; sees Q2 core equity earnings of $50-70 mln (GLW) :

Reports Q1 (Mar) earnings of $0.28 per share, in-line with the Capital IQ Consensus of $0.28; revenues fell 10.7% year/year to $2.17 bln vs the $2.24 bln Capital IQ Consensus.Performance in Display Technologies, Environmental Technologies, Specialty Materials, and Life Sciences met or exceeded company expectations. Demand for Optical Communications products continues to be strong; manufacturing software implementation issues partially interrupted cable production and impacted first-quarter sales and profit. "Production is expected to recover in the second quarter. We expect that the company's performance for the remainder of the year will show significant improvement from first-quarter results, and that second-quarter results will reflect the strong underlying trends in our businesses." Core equity earnings are expected to be between $50-70 million in Q2, depending on the closing date of the strategic realignment of Dow Corning announced in December 2015. The company expects the realignment to close by June.

2:08 am NXP Semi beats by $0.03, reports revs in-line; guides Q2 EPS in-line, revs in-line (NXPI) :

Reports Q1 (Mar) earnings of $1.14 per share, $0.03 better than the Capital IQ Consensus of $1.11; revenues rose 51.6% year/year to $2.22 bln vs the $2.21 bln Capital IQ Consensus. Co issues in-line guidance for Q2, sees EPS of $1.30-1.40 vs. $1.32 Capital IQ Consensus Estimate; sees Q2 revs of $2.3-2.4 bln vs. $2.33 bln Capital IQ Consensus Estimate.Co's Commentary on outlook: "...While we anticipate many of the headwinds experienced in the second half of 2015 should begin to generally subside in the coming quarters, the overall demand environment currently continues to be subdued."