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From Briefing.com: 4:19 pm Microchip narrows guidance ranges for Q4 EPS and net sales while maintaining the midpoints (MCHP) :

Microchip previously provided guidance on February 7, 2017 for consolidated net sales to be down 1% to up 3% with a mid-point of up 1%.
Microchip now expects consolidated net sales to be down 0.5% to up 2.5% with a mid-point unchanged at 1% and non-GAAP earnings per share to be between $1.02 and $1.10 per share.

The original guidance for non-GAAP earning per share was between $1.01 and $1.11 per share.

Due to Microchip's recent convertible debt offering and the related accounting treatment, Microchip is not able to provide GAAP earnings per share guidance at this time.

4:01 pm Advanced Micro and Bethesda Softworks announce partnership (AMD) : Announced on stage at the AMD "Capsaicin" webcast and press event during the 2017 Game Developers Conference, the multi-title agreement will see the two companies collaborate to develop and accelerate the implementation of new technologies, including the full potential of low-level APIs, such as Vulkan, and the computing and graphics power of AMD Ryzen CPUs, Radeon GPUs, and AMD server solutions across existing Bethesda franchises.

4:22 pm Closing Market Summary: Stock Market Closes Lower Ahead of Trump Address (:WRAPX) :

Investors took some money off the table after a strong month and ahead of President Trump's first prime-time address to Congress, which is scheduled for tonight at 9:00 pm ET. The S&P 500 (-0.3%) and the Dow (-0.1%) held slim losses throughout the day's session, while the Nasdaq's (-0.6%) slip was a bit more substantial. Meanwhile, the Russell 2000 finished with a sizable loss of 1.4%. For the month, the Dow gained 4.8% while the Nasdaq and S&P 500 added 3.8% and 3.7%, respectively.

President Trump is expected to touch on variety of topics in his speech, including tax reform, infrastructure spending, health care, military spending, and border security, but it is unclear if Mr. Trump will share any specific details on anything other than his defense budget.

Nonetheless, investors will be watching carefully, looking for any clues as to the timing and the final form of the President's pro-growth promises that have sent the benchmark index nearly 10.5% higher since the November 8 election.

Despite minimal movement on the macro level, micro motion was alive and well, especially on the earnings front. Target (TGT 58.77, -8.14) plunged 12.2% after the company missed earnings estimates and issued weak guidance.

Retailers responded to Target's misstep with a tumble of their own, pushing the SPDR S&P 500 Retail ETF (XRT 42.99, -1.04) lower by 2.4% and leaving the consumer discretionary sector with a loss of 0.7%.

Surprisingly, consumer staples (+0.2%) left Tuesday relatively unscathed, countering losses from retailers like Wal-Mart (WMT 70.93, -0.81) and Costco (COST 177.18, -0.44) with a bounceback performance from multinational food giants like Mondelez International (MDLZ 43.92, +0.15), Kraft-Heinz (KHC 91.50, +0.89), and General Mills (GIS 60.37, +0.43) following their sell-off on Monday.

The financial sector (-0.2%) outpaced the benchmark index on Tuesday despite a slide in discount brokers, who fell in reaction to the decreased earnings prospects linked to Fidelity's decision to reduce the price of its online trading commission. The move was seen as shot fired in the price war that is developing within the industry.

Energy (-0.2%) closed Tuesday's session slightly lower, ticking up in the final minutes following an afternoon spike in crude oil. The energy component finished just below its flat line, down 0.1% at $54.01/bbl, after recouping almost all of its large early-morning loss. An afternoon rally ensued in the wake of a Reuters report that OPEC members have achieved 94.0% compliance with supply cuts that were agreed to in February.

The top-weighted technology sector (-0.4%) also finished the day lower, burdened by a poor showing from chipmakers; the PHLX Semiconductor Index finished Tuesday with a loss of 1.3%.

The U.S. Treasury yield curve flattened today as selling pressure in shorter-dated issues left the 2yr-yield three basis points higher at 1.23%. Meanwhile, the benchmark 10-yr yield finished its trading day unchanged at 2.36%.

Today's economic data included the second estimate of fourth quarter GDP, February Chicago PMI, February Consumer Confidence, January International Trade in Goods, and January Case-Shiller 20-city Home Price Index:

The second reading of fourth quarter GDP pointed to an expansion of 1.9%, while the Briefing.com consensus expected a reading of 2.1%. The second estimate of fourth quarter GDP Deflator came in at 2.0%, while the Briefing.com consensus expected a reading of 2.1%.
The key takeaway from the report is that soft business spending continues to act as a drag on GDP growth.
Chicago PMI for February increased to 57.4 from 50.3 in January while the Briefing.com consensus expected a reading of 53.0.
The key takeaway from the report is that the prices paid component hits its highest level (68.6) in about two and a half years, which speaks to building inflationary pressures for manufacturers in the Chicago Fed region.
The consumer confidence reading for February rose to 114.8 from the prior month's revised reading of 111.6 (from 111.8). The Briefing.com consensus expected the survey to hit 111.5.
The key takeaway from the report is that consumers are feeling better about current business and labor market conditions than they did in January; accordingly, they expect the economy to continue to expand in the months ahead.
The Advance report for International Trade in Goods for January showed a deficit of $69.2 billion, up from a revised deficit of $64.4 billion for December (from $65.0 billion). The Advance report for January Wholesale Inventories decreased 0.1%. The prior month's reading was revised to 0.9% from 1.0%.
The Case-Shiller 20-city Home Price Index for January rose 5.6%. This followed the previous month's unrevised reading of 5.6%.

Tomorrow's economic data will include the MBA Mortgage Applications Index at 7:00 ET, January Personal Income (Briefing.com consensus 0.4%) at 8:30 ET, January Construction Spending (Briefing.com consensus 0.6%) and February ISM Index (Briefing.com consensus 56.1%) at 10:00 ET, and the Fed's Beige Book for March at 14:00 ET.

Also of note, February Auto and Truck sales will be released throughout the day on Wednesday.
Nasdaq Composite +8.2% YTD
S&P 500 +5.6% YTD
Dow Jones Industrial Average +5.3% YTD
Russell 2000 +2.2% YTD

Investors took some money off the table after a strong month and ahead of President Trump's first prime-time address to Congress, which is scheduled for tonight at 9:00 pm ET. President Trump is expected to touch on variety of topics in his speech, including tax reform, infrastructure spending, health care, military spending, and border security, but it is unclear if Mr. Trump will share any specific details on anything other than his defense budget. The end of the session spelled losses across the board, led by the Nasdaq Composite which lost 36.46 points (-0.62%) to 5825.44. The S&P 500 was down 6.11 points (-0.26%) to 2363.64, and the Dow Jones Industrial Average shed 25.20 points (-0.12%) to 20812.24.

Additionally, market data today included the second reading of fourth quarter GDP pointed to an expansion of 1.9%, and the second estimate of fourth quarter GDP Deflator came in at 2.0%. Also, the Chicago PMI for February increased to 57.4 from 50.3 in January. Further, the consumer confidence reading for February rose to 114.8 from the prior month's revised reading of 111.6 (from 111.8). The Advance report for International Trade in Goods for January showed a deficit of $69.2 billion, up from a revised deficit of $64.4 billion for December (from $65.0 billion). The Advance report for January Wholesale Inventories decreased 0.1%. The prior month's reading was revised to 0.9% from 1.0%. And lastly, the Case-Shiller 20-city Home Price Index for January rose 5.6%. This followed the previous month's unrevised reading of 5.6%.

For its part, Technology (XLK 52.35, -0.25 -0.48%) was lower from the get-go and never looked back. Component Hewlett Packard Enterprise (HPE 22.82, +0.51 +2.29%) was the best performer today despite a premarket downgrade to Hold at Argus. The Utilities sector XLU +0.92% led all other S&P spaces today, followed by the XLP +0.13%, XLF -0.04%, XLB -0.10%, XLV -0.20%, XLE -0.31%, XLRE -0.31%, XLI -0.41%, XLY -0.75%, IYZ -2.32%.

The S&P 500 Information Technology (884.05, -3.61 -0.41) space didn't fare any better, as it too headed lower at the start and never gave way. Component First Solar (FSLR 36.19, -1.64 -4.34%) was the worst performer today after a premarket initiation with a 'Sell' rating at Axiom Capital. Other names in the sector which under-performed today included NVDA -2.81%, CSRA -2.61%, WU -2.43%, QRVO -2.25%, ADSK -1.64%, HPQ -1.59%, ADS -1.54%, CTXS -1.51%, PYPL -1.50%, MU -1.35%, HRS -1.32%, ATVI -1.23%.

Other notable news items among sector components:
Intelsat (I 4.98, -0.89 -15.16%) confirmed it will merge with OneWeb in a share-for-share transaction. The company also confirmed a definitive share purchase agreement pursuant to which SoftBank (SFTBY 37.36, -0.12 -0.32%) will invest $1.7 billion in newly issued common and preferred shares of the combined I/OneWeb company.

Microsoft (MSFT 63.98, -0.25 -0.39%) introduced Xbox Game Pass, a gaming subscription service for $9.99 a month which will give customers unlimited access to over 100 Xbox One and backward compatible Xbox 360 games.

Ubisoft (UBSFY 7.31, -0.05 -0.68%) acquired Growtopia in a deal which is expected to be instantly accretive. However, financial details werenot disclosed.

In addition to reporting quarterly results, Priceline's (PCLN 1724.13, +92.12 +5.64%) Board of Directors authorized program in Q1 to repurchase up to $2.0 billion of common stock in addition to amounts previously authorized.

AT&T (T 41.79, -0.03 -0.07%), Orange (ORAN 15.05, -0.06 -0.40%), and Colt Technology Services are working with MEF and TM Forum to release the first set of standard application programming interfaces (APIs) for orchestrated Carrier Ethernet services later this year.

AT&T (T) expects its 2017 capital expenditure to be in the $22 billion range, which will bring its 2-year total to more than $40 billion.
Consumers in Germany can now access a vast selection of channels and video-on-demand (VoD) offers via GigaTV, a next-generation cloud video service from Vodafone (VOD 25.41, flat) Germany, developed by

Cisco (CSCO 34.18, -0.08 -0.23%). The service is accessible through a TV set-top box or smartphone and tablet applications.

Juniper Networks (JNPR 28.00, -0.33 -1.16%) announced that Juniper was selected as a Vodafone (VOD) Global Approved Vendor for its Contrail Networking software-defined networking (SDN) solution.
Saudi Telecom Company and Cisco (CSCO) signed a three-year managed services agreement to transform STC's core network and operations.

Qorvo (QRVO 66.10, -1.52 -2.25%) introduced new multiplexers that support challenging carrier aggregation (CA) requirements in 4G LTE smartphones. Based on Qorvo's BAW 5 filter technology, the new multiplexers deliver superior performance for Band 1/3 and Band 25/66 CA deployments.

ZTE Corp (ZTCOF 1.54, flat) and Intel (INTC 36.20, -0.31 -0.85%) signed a strategic cooperation agreement at an IoT forum in Barcelona, Spain.

RealPage (RP 33.75, +0.25 +0.75%) to acquire Lease Rent Options and related assets from The Rainmaker Group for $300 million in cash.

Pandora Media (P 12.38, -0.79 -6.00%) appointed Naveen Chopra as CFO.

Square (SQ 17.32, -0.61 -3.40%) commenced a $350 million offering of convertible senior notes due in 2022.

Silicon Labs (SLAB 67.50, -4.90 -6.77%) plans to offer $350 million principal amount of its Convertible Senior Notes due 2022 through a private offering.

IBM (IBM 179.82, +0.42 +0.23%) introduced IBM Watson Imaging Clinical Review - a cognitive imaging offering from Watson Health -- and announced the expansion of the Watson Health medical imaging collaborative to 24 organizations worldwide.

In reaction to quarterly results:

Priceline (PCLN) reported better than expected Q4 EPS and revenues of $14.21 and $2.35 billion, respectively. For Q1, the company guided EPS below market expectations at $8.25-8.65.

SBA Comm (SBAC 115.77, +2.98 +2.64%) reported better than expected Q4 funds from operations of $1.63 on revenues of $416.5 million. For FY17, the company guided FFO ahead of market expectations at $6.61-6.95.

Workday (WDAY 82.93, -7.26 -8.05%) reported better than expected Q4 EPS and revenues of $0.07 and $436.7 million. For FY18, the company sees revenues ahead of expectations at $2.005-2.025 billion.

Frontier Communications (FTR 2.93, -0.36 -10.94%) reported a worse than expected Q4 loss per share of $0.12 and revenues which also came in below expectations at $2.41 billion.

RealPage (RP) reported better than expected Q4 EPS of $0.22 on revenues of $148.9 million. The company also sees in-line Q1 EPS of $0.21-0.22 on worse than expected revenues of $151.3-153.3 million. For FY17, RP sees in-line EPS of $0.89-0.94 and revenues ahead of market expectations at $666.3-676.3 million.

Intelsat (I) reported Q4 GAAP EPS of $5.56 on better than expected revenues of $550.7 million. For FY17, the company sees in-line revenues of $2.18-2.23 billion.

Companies scheduled to report quarterly results tonight/tomorrow morning: AMBA BV ENPH HLIT ITRI LOGM MRIN MXWL PANW QUMU CRM TNET VEEV XOXO/BITA INXN WIN

Analyst actions:

WDAY was downgraded to Sell from Neutral at Citigroup and to Hold from Buy at Evercore ISI,
HPE was downgrade to Hold from Buy at Argus,
TRIP was downgraded to Underperform from Hold at Needham,
FTR was downgraded to Neutral from Overweight at JP Morgan,
JBL was downgraded to Mkt Perform from Strong Buy at Raymond James;
FSLR was initiated with a Sell at Axiom Capital,
CTL was initiated with a Neutral at MoffettNathanson