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From Briefing.com: 4:57 pm Applied Micro misses by $0.01, reports revs in-line (AMCC) :

Reports Q1 (Jun) loss of $0.03 per share, $0.01 worse than the Capital IQ Consensus of ($0.02); revenues rose 9.8% year/year to $41.5 mln vs the $41.51 mln Capital IQ Consensus.

"We are pleased with the progress we've made in both our base Connectivity business as well as our Computing business. Our PAM4 single lambda 100/400G FinFET technology continues to lead the market, while our X-Gene product line gained meaningful traction and was deployed at top hyperscale data center customers."

4:48 pm Lam Research beats by $0.16, beats on revs; guides Q1 EPS in-line, revs in-line (LRCX) :

Reports Q4 (Jun) earnings of $1.80 per share, $0.16 better than the Capital IQ Consensus of $1.64; revenues rose 4.4% year/year to $1.55 bln vs the $1.53 bln Capital IQ Consensus.

Non-GAAP gross margin of 46.6%, non-GAAP operating margin of 23.2%, and non-GAAP diluted EPS of $1.80.

Co issues in-line guidance for Q1, sees EPS of $1.67-1.87 vs. $1.74 Capital IQ Consensus Estimate; sees Q1 revs of $1.55-1.70 bln vs. $1.59 bln Capital IQ Consensus Estimate; Sees shipments of $1.625-1.775 bln

"We believe that our underlying fundamentals and multi-year outperformance opportunity remain strong on a standalone basis, and subsequent to closing our merger with KLA-Tencor [KLAC] we are focused on further strengthening that position and accelerating innovation for the benefit of our customers."

4:34 pm MKS Instruments beats by $0.24, beats on revs; guides Q3 EPS in-line, revs in-line (MKSI) :

Reports Q2 (Jun) earnings of $0.72 per share, $0.24 better than the Capital IQ Consensus of $0.48; revenues rose 49.5% year/year to $325.9 mln vs the $288.62 mln Capital IQ Consensus.

Co issues in-line guidance for Q3, sees EPS of $0.64-0.86 vs. $0.67 Capital IQ Consensus Estimate; sees Q3 revs of $345-385 mln vs. $359.76 mln Capital IQ Consensus Estimate.

4:19 pm Infinera beats by $0.03, beats on revs, co will guide on the earnings call today at 5:00 pm ET - shares halted (INFN) :

Reports Q2 (Jun) earnings of $0.21 per share, excluding non-recurring items, $0.03 better than the Capital IQ Consensus of $0.18; revenues rose 24.8% year/year to $258.82 mln vs the $255.83 mln Capital IQ Consensus.

Non-GAAP gross margin for the quarter was 50.4% compared to 50.2% in the first quarter of 2016 and 47.4% in the second quarter of 2015.

Non-GAAP operating margin for the quarter was 13.2% compared to 12.3% in the first quarter of 2016 and 13.0% in the second quarter of 2015.

"While I am very pleased with our second quarter and year to date financial results, demand is softening in certain areas of our business and we face a difficult near-term revenue outlook," said Tom Fallon, Infinera's Chief Executive Officer. "Despite the current challenges, I am confident that by continuing to deliver the differentiated technologies and superior service that our customers have come to expect, we will earn significant market share over time across all of the markets that we serve."

Co will guide on the earnings call today at 5:00 pm ET

4:17 pm Marvell misses by $0.06, misses on revs; guides Q2 EPS, revs above consensus (MRVL) :

Reports Q1 (Apr) earnings of $0.01 per share, $0.06 worse than the Capital IQ Consensus of $0.07; revenues fell 25.3% year/year to $540.82 mln vs the $574.62 mln Capital IQ Consensus.

GAAP gross margin percentage for the first quarter of fiscal 2017 was 52.1 percent, compared to 50.9 percent for the fourth quarter of fiscal 2016 and 51.5 percent for the first quarter of fiscal 2016.

Co issues upside guidance for Q2, sees EPS of $0.10-0.12 vs. $0.09 Capital IQ Consensus Estimate; sees Q2 revs of $625-635 mln vs. $587.18 mln Capital IQ Consensus Estimate; GAAP and Non-GAAP

Gross Margins are expected to be in the range of 52 percent to 54 percent.

The preparation and filing of the Company's Quarterly Report on Form 10-Q for the first quarter of fiscal 2017 ended April 30, 2016 has not yet been completed. The Company is working diligently to complete the preparation and filing of the Form 10-Q for the first quarter of 2017 as soon as practicable, at which time Marvell believes it will regain full compliance with Nasdaq continued listing requirements.

4:05 pm Coherent misses by $0.04, beats on revs (COHR) :

Reports Q3 (Jun) earnings of $1.07 per share, $0.04 worse than the Capital IQ Consensus of $1.11; revenues rose 16.1% year/year to $218.8 mln vs the $211.94 mln Capital IQ Consensus.

4:03 pm Cirrus Logic beats by $0.15, beats on revs; guides Q2 revs in-line (CRUS) :

Reports Q1 (Jun) earnings of $0.44 per share, excluding non-recurring items, $0.15 better than the Capital IQ Consensus of $0.29; revenues fell 8.2% year/year to $259.4 mln vs the $236.67 mln Capital IQ Consensus. Co issues in-line guidance for Q2, sees Q2 revs of $380-410 mln vs. $322.30 mln Capital IQ Consensus Estimate; GAAP gross margin expected to be in the range of 47-49%.4:15 pm : The stock market ended Wednesday on a mixed note, responding to a positive bottom-line reading from top-weighted Apple (AAPL 103.03, +6.36) and the latest policy statement from the Federal Open Market Committee. Other contributing factors impacting today's trade included weakness from the oil patch, softening in the dollar, and the outperformance of the heavily-weighted health care (+0.4%) and technology (+0.8%) sectors. The Nasdaq Composite (+0.6%) ended ahead of the Dow Jones Industrial Average (UNCH) and the S&P 500 (-0.1%).

Equity indices gained at the start of the session as investors responded to better-than-expected quarterly results from Apple (AAPL 103.03, +6.36) and further easing measures from Japan. Top-weighted Apple boosted the influential technology sector (+0.8%) after reporting above-consensus bottom-line results and issuing better-than-expected guidance for the fourth quarter. Separately, Japan's Nikkei (+1.7%) paced the advance overseas after Prime Minister Shinzo Abe unveiled a fiscal stimulus package totaling JPY28 trillion. The terms of the stimulus package are expected to be compiled next month, but there are doubts about how much direct stimulus will be involved.

The major averages pulled back from their opening highs shortly after the release of a disappointing weekly inventory report from the Department of Energy. The report showed a surprise increase in crude oil inventories (+1.67 million barrels; estimated: -2.25 million barrels) while gasoline stockpiles (+0.45 million barrels; consensus +0.03 million) also missed their mark. In response, the energy component fell from the $43.00/bbl price level, ending its day lower by 2.4% ($41.90/bbl; -$1.01).

The broader market hovered near its session low through the afternoon as investors looked ahead to the release of the FOMC's July policy statement. The statement struck a somewhat hawkish tone, indicating that near-term risks to the economic outlook had diminished. However, investors appear somewhat skeptical of the potential for a rate hike by the end of the year. The fed funds futures market currently reflects the implied probability of an interest rate hike at the December meeting at 46.8%, ticking down from yesterday's estimate of 51.5%.

The benchmark index ended off its low as technology (+0.8%), telecom services (+0.7%), and health care (+0.4%) led the advance. On the flipside, consumer staples (-1.5%), utilities (-1.2%), and energy (-1.0%) rounded out the board.

The influential technology sector (+0.8%) demonstrated relative strength as large cap component Apple (AAPL 103.03, +6.36) rallied 6.6%. Additionally, heavily-weighted Facebook (FB 123.34, +2.12) jumped 1.8% ahead of this evening's earnings report. The high-beta chipmakers finished ahead of the broader market as Cavium Networks (CAVM 46.84, +3.11) topped the price-weighted index. The company reported an in-line quarter, but raised its earnings estimates above consensus.

Biotechnology outperformed in the health care space (+0.4%) evidenced by the 2.4% gain in the iShares Nasdaq Biotechnology ETF (IBB 287.03, +6.75). Allergan (AGN 260.24, +11.29) helped lead the ETF after Teva Pharmaceuticals (TEVA 55.16, +0.85) announced that its acquisition of Allergan's generic division should close next week.

The Dow Jones Transportation Average (-1.5%) displayed relative weakness as rail names and freight companies underperformed. Norfolk Southern (NSC 90.14, -2.61) fell 2.8% after reporting that overall volume declined 7.0% year-over-year. However, the company did top bottom-line estimates. Separately, C.H. Robinson (CHRW 38.35, -3.79) lost 5.3% after quarterly revenue failed to meet analysts' estimates. The company reported that its top line shrank 6.9% year-over-year.

In the consumer staples sector (-1.5%), beverage names underperformed as Coca-Cola (KO 43.40, -1.48) lost 3.3%. The company lowered its full-year earnings estimates below consensus. SABMiller (SBMRY 56.25, -1.40) ended lower by 2.4% amid reports that the company has ordered employees to halt integration work with Anheuser-Busch InBev (BUD 121.94, -4.66). The move followed yesterday's revised bid for the company.

The U.S. Dollar Index (96.81, -0.36) finished near its session low as the euro and the pound gained against the greenback. The single currency gained 0.6% against the dollar (1.1054) while cable jumped 0.5% (1.3195). The two currencies notched highs against the dollar after the release of the FOMC's July policy statement. Separately, the dollar/yen ended higher by 0.5% (105.20).

Treasuries ended higher as yields declined throughout the complex. The yield on the 10-yr note slipped six basis points to 1.51%.

Today's trading volume was above the recent average as more than 960 million shares changed hands on the NYSE floor.

Today's economic data included the weekly MBA Mortgage Index, Durable Orders for June, and Pending Home Sales for June:

The weekly MBA Mortgage Index showed a seasonally adjusted decrease of 11.2% in mortgage applications after declining 1.3% in the prior week.
Durable goods orders declined 4.0% in June (Briefing.com consensus -1.0%) on top of a downwardly revised 2.8% decline in May (from -2.2%).
Excluding transportation, orders were down 0.5% (Briefing.com consensus +0.2%) on the heels of a downwardly revised 0.4% decline in May (from -0.3%).
The June report was particularly disappointing since it revealed order declines in just about every category -- and a number of categories, including primary metals, registered a second consecutive monthly decline in orders.
The notable exception in June was orders for motor vehicle and parts, which increased 2.6%. The only other area to see in an increase in orders was electrical equipment, appliances and components (+0.8%).
Nondefense capital goods orders, excluding aircraft, were up 0.2% after a 0.5% decline in May.
This metric is seen as a proxy for business spending, so it holds a little silver lining for June; however, it would be remiss not to mention that they are down 3.8% year-over-year.
Shipments of these goods, which factor into GDP computations, declined 0.4% in June after falling 0.5% in May.
On a year-over-year basis, durable goods orders are unchanged. Excluding transportation, they are down 1.1%.
Pending Home Sales for June rose by 0.2% while the Briefing.com consensus expected an uptick of 1.1%. Separately, the May decline was unrevised at 3.7%.

Tomorrow's economic data will include weekly initial claims (Briefing.com consensus 260k) and June International Trade in Goods (Briefing.com consensus -$61.2 billion), which will each cross the wires at 8:30 ET.

Russell 2000 +7.3% YTD
Dow Jones +6.0% YTD
S&P 500 +6.0% YTD
Nasdaq Composite +2.6% YTD

DJ30 -1.58 NASDAQ +29.76 SP500 -2.60 NASDAQ Adv/Vol/Dec 1692/1.939 bln/1298 NYSE Adv/Vol/Dec 1399/960.8 mln/1592 3:30 pm :

The dollar index is down -0.3% around the 96.85 level, boosting select commodities
Commodities, as measured by the Bloomberg Commodity Index, are down -0.7% around the 83.13 level
Crude oil reverses initial morning gains & plummets to 3-month lows after EIA data showed a surprise build compared to Consensus
August crude oil futures fell $1.01 (-2.4%) to $41.90/barrel
EIA data highlights:
Crude oil inventories had a build of +1.671 mln (consensus called for a draw between -1.6 mln and -2.6 mln barrels)
Gasoline inventories had a build of +0.452 mln
Distillate inventories had a draw of -0.780 mln
Baker Hughes rig count data will be released Friday at 1 pm ET
Monthly IEA data will be released Aug 11
Natural gas drifts lower and consolidates around its lows of the session ahead of tomorrow's inventory number
August natural gas closed $0.02 lower (-0.8%) at $2.66/MMBtu
EIA natural gas inventory data will be released tomorrow at 10:30 am ET
In precious metals, gold sees an initial morning bounce and an afternoon of sideways trading, closing near highs of the day
August gold ended today's session up $5.80 (+0.4%) to $1326.60/oz
Silver futures see a sustained uptrend, closing near its highs of the session as the dollar index loses momentum
September silver closed today's session $0.31 higher (+1.6%) at $19.99/oz
Base metal copper extends yesterday's losses in afternoon pit trading
September copper closed $0.04 lower (-1.8%) at $2.19/lb
The earnings season remains in full-swing as stronger-than-expected bottom-line results from top-weighted Apple (AAPL 102.95, +6.28 +6.50%) helped buoy the broader market ahead of the release of the July FOMC policy statement. Equity markets notched highs at the start of the session, responding to a positive bias in global bourses. Japan's Nikkei (+1.7%) paced the advance in overseas markets after Prime Minister Shinzo Abe unveiled a JPY28 trillion fiscal stimulus package. The announcement precedes Friday's policy statement from the Bank of Japan.


Market data ahead of the Fed included the weekly MBA Mortgage Index which showed a seasonally adjusted decrease of 11.2% in mortgage applications after declining 1.3% in the prior week. Also, durable goods orders declined 4.0% in June on top of a downwardly revised 2.8% decline in May (from -2.2%). Excluding transportation, orders were down 0.5% on the heels of a downwardly revised 0.4% decline in May (from -0.3%). Additionally, Pending Home Sales for June rose by 0.2% while the Briefing.com consensus expected an uptick of 1.1%. Separately, the May decline was unrevised at 3.7%.

To little surprise, the FOMC policy statement left the fed funds target range at 0.25% to 0.50%. The statement did not raise concerns that policymakers are in a rush to raise rates, but it was noted that near-term risks to the economic outlook have diminished. Kansas City Fed President Esther George dissented, voting for a 25-basis point hike to a range between 0.50% and 0.75%.

Wednesday ended mixed after the Fed statement. Leading the way higher was the Nasdaq Composite, which added 29.76 points (+0.58%) to 5139.81. The S&P 500 was the worst performer today, shedding 2.60 points (-0.12%) to 2166.58. The Dow Jones Industrial Average lost 1.58 points (-0.01%) today to close 18472.17.

The Technology (XLK 46.25, +0.36 +0.78%) sector led all others higher but finished just off HoDs. Component Akamai Tech (AKAM 50.51, -7.58 -13.05%) was the worst performer in the sector today as the company reported a modest Q2 and guided Q3 revenues below market expectations. Other sectors as measured by the S&P closed XLV +0.45%, XLB +0.12%, XLF -0.04%, IYZ -0.26%, XLY -0.31%, XLI -0.39%, XLE -0.98%, XLU -1.15%, XLP -1.49% as Tech led all others higher, and Consumer Staples lagged.

In the S&P 500 Information Technology (765.10, +5.85 +0.77%) sector, trading mirrored the Tech sector and broader market. Component Juniper Networks (JNPR 22.57, -1.65 -6.81%) was another earnings play; the stock was lower today following the report which beat on the top and bottom lines. JNPR guided light for Q3, however, possibly creating the catalyst for the stock pressure. Other names in the space which ended higher included QRVO +4.36%, QCOM +1.89%, ADSK +1.48%.

Other notable news items among sector components:

LogMeIn (LOGM 83.62, +13.87 +19.89%) confirmed it will merge with Citrix's (CTXS 87.98, -1.35 -1.51%) GoTo family of products in a $1.8 billion deal.

Corning (GLW 21.49, -0.22 -1.01%) in addition to reporting quarterly results, GLW announced a $2 billion accelerated repurchase program.

IBM (IBM 161.83, -0.29 -0.18%) filed a mixed securities shelf offering for undisclosed amount.

IBM Security (IBM) announced a new app for IBM QRadar which analyzes the usage patterns of insiders, including employees, contractors and partners, to determine if their credentials or systems have been compromised by cybercriminals.

Qualcomm (QCOM 62.51, +1.16 +1.89%) and Lear (LEA 116.44, +1.54 +1.34%) entered into a Wireless Electric Vehicle Charging license agreement.

Alphabet (GOOG 741.77, +3.35 +0.45%) acquired LaunchKit. Financial terms of the deal were not disclosed.

Elsewhere in the tech space:

EPIQ Systems (EPIQ 16.35, +1.93 +13.38%) to be acquired by OMERS Private Equity and funds managed by Harvest Partners for $16.50 per share in cash.

Aehr Test Systems (AEHR 1.82 +0.02 +1.11%) received $4 million in follow-on orders for its Advanced Burn-in and Test Systems.

In addition to reporting quarterly results, Cavium Networks (CAVM 46.84, +3.11 +7.11%) named Raghib Hussain as COO.

Broadridge Financial (BR 68.18, -0.19 -0.28%) signed an agreement with SEI (SEIC 45.71, -5.37 -10.51%) that will provide SEI private banking clients access to Broadridge's global securities class action services.

LG Display (LPL 13.98, +1.01 +7.79%) announced a KRW 1.99 trillion investment in small and medium-sized OLED display production facility.

In reaction to quarterly results:

Apple (AAPL) reported better than expected Q3 EPS of $1.42 on mostly in-line revenues which fell 14.6% versus last year to $42.36 billion. Additionally, iPhone sales were 40.4 million, iPad sales were 9.95 million and Mac sales were 4.2 million in the period. AAPL also issued upside guidance for Q4 revenues of $45.5-47.5 billion on gross margins of 37.5-38%.

T-Mobile US (TMUS 45.64, +0.66 +1.47%) reported better than expected Q2 EPS and revenues of $0.25 and $9.2 billion. Reported total net additions of 1.9 million in the quarter. Also raised customer outlook and narrowed adjusted EBITDA target for 2016 - guidance range for branded postpaid net additions increased to 3.4-3.8 million from 3.2-3.6 million and adjusted EBITDA target was narrowed to $9.8-10.1 billion from $9.7-10.2 billion, respectively.

ARM Holdings (ARMH 66.20, -0.03 -0.05%) reported better than expected Q2 EPS of GBP 0.09 on revenues which rose 17.1% versus last year yet missed market expectations at GBP 267.6 million.

Corning (GLW) reported better than expected Q2 EPS of $0.37 on in-line revenues of $2.36 billion.

Level 3 (LVLT 52.65, -3.34 -5.97%) reported better than expected Q2 EPS of $0.53 on worse than expected revenues of $2.06 billion. Also, LVLT reaffirmed 2016 guidance of adjusted EBITDA growth of 10-12% and free cash flow of $1.0-1.1 billion.

Linear Tech (LLTC 59.23, -3.26 -5.22%) reported better than expected Q4 EPS of $0.54 on in-line revenues of $373.77 million.

Citrix Systems (CTXS) reported better than expected Q2 EPS and revenues of $1.20 and $843 million, respectively. The company also guided Q3 EPS and revenues above market expectations at $1.18-1.20 and $820-830 million, respectively. For FY16, the company sees EPS of $5.00-5.10 versus prior guidance of $4.90-5.00 on revenues of $3.37-3.39 billion, up from prior $3.34-3.36 billion.

Twitter (TWTR 15.77, -2.68 -14.53%) reported better than expected Q2 EPS of $0.13 on revenues which rose 19.9% versus last year to $602 million. Monthly Active Users were 313 million, up 3% versus last year. Advertising revenues were $535 million, an 18% increase versus a year ago. Sees Q3 revenues worse than market expectations at $590-610 million and sees FY16 adjusted EBITDA margins of 26-27% versus prior 25-27%.

Akamai Tech (AKAM) reported in-line Q2 EPS and revenues of $0.64 and $572.1 million, respectively. Guided Q3 revenues worse than market expectations at $566-578 million.

Juniper Networks (JNPR) reported better than expected Q2 EPS and revenues of $0.50 and $1.22 billion. The company also guided Q3 EPS and revenues in-line at $0.48-0.54 and $1.22-1.28 billion, respectively.

Companies scheduled to report quarterly results tonight/tomorrow morning: AMCC ARRS AXTI CA CMPR CRUS COHR DLB ECHO FB FORR GPRO GRPN INFN KS LRCX LLNW LPSN LOGI MANT MB MKSI NATI NCIT NTGR NTRI NXPI OTEX QTM NOW SPSC SSNC SPRT TER TTMI TYL WSTL XLNX/ACIW ADP BCE BCOR CCMP CLFD COMM DBD EXLS FCS GPN GRUB IPGP IRDM KEM LDOS MA MITK NTCT NICE SFE SQNS TZOO VNTV WILN YNDX

Analyst actions:

AAPL was upgraded to Outperform from Mkt Perform at Raymond James,
LLTC was upgraded to Mkt Perform from Underperform at Raymond James and to Neutral from Sell at Citigroup,
ADI was upgraded to Neutral from Sell at Goldman and to Overweight from Equal Weight at Morgan Stanley,
LOGM was upgraded to Overweight from Neutral at JP Morgan,
SPWR was upgraded to Buy from Neutral at Guggenheim,
MBLY was upgraded to Buy from Neutral at Dougherty & Company,
DASTY was upgraded to Buy from Hold at Societe Generale; T
WTR was downgraded to Hold from Buy at Axiom Capital, Cantor Fitzgerald and Canaccord Genuity,
VZ was downgraded to Neutral from Buy at Hilliard Lyons,
CTXS was downgraded to Hold from Buy at Stifel,
CLGX was downgraded to Neutral from Outperform at Robert W. Baird,
AKAM and LOGM were downgraded to Sector Weight from Overweight at Pacific Crest,
LLTC was downgraded to Equal Weight from Overweight at Morgan Stanley,