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From Briefing.com: 6:43PM Tower Semicon misses by $0.04; guides Q2 revs below consensus (TSEM) 1.16 -0.07 : Reports Q1 (Mar) ($0.24), $0.04 worse than the First Call consensus of ($0.20); revenues rose 3.6% year/year to $57.6 mln vs the $57.6 mln single-analyst est. Co sees Q2 revs of $56-60 mln vs $63.4 mln single-analyst est.

6:34PM Kopin receives delinquency notice from NASDAQ due to delay in filing of form 10-Q (KOPN) 2.90 -0.04 :

4:31PM Ultratech receives advanced-packaging system order from the "largest foundry in the world" (UTEK) 16.93 -0.02 : Co announces it has received an order from the "largest foundry in the world" for its AP300 advanced-packaging lithography system. This AP300 lithography system order represents the initial step in the foundry customer's volume expansion plans for 300mm wafer-level packaging and solder bump applications.

4:18PM Action Semi announced as the exclusive MPR chip provider (ACTS) 3.62 +0.01 : Co announces it is the exclusive chip provider to China's M.P.R. technology developer, Shenzhen M.P.R. Times Technology. M.P.R. is a newly developed technology which applies Moving Picture Experts Group onto the paper publications.

4:15 pm : On Monday, the stock market rose as much as 1%, but ended the day nearly unchanged following a late-day sell-off. Some negative news out of the tech sector prompted traders to lock in some profits following the S&P 500's strong 2.7% gain in the prior week.

At a JPMorgan tech conference, flash memory maker SanDisk (SNDK 30.02, -2.42) noted it continues to see soft U.S. retail sales, similar to levels it saw in the first quarter. This caused a notable drop in SanDisk's stock, as well as the tech sector (-0.5%), which ended the session as a laggard.

Shares of Microsoft (MSFT 29.46, -0.53) also weighed on the market after traders were disappointed that the company is in talks with Yahoo! (YHOO 27.68, +0.02) about a possible business "transaction" that does not involve acquiring all of Yahoo. Reuters reported Microsoft's proposal involves purchasing Yahoo's search business.

In earnings news, home improvement retailer Lowe's (LOW 24.25, -0.64) reported better-than-expected first quarter earnings, but its revenue fell short of estimates and the company lowered its full year outlook. Competitor Home Depot (HD 28.87, -0.23) -- which reports earnings tomorrow -- fell in conjunction with Lowe's. Separately, shares of Campbell Soup (CPB 33.70, -2.25) posted a hefty 6.3% decline -- the largest in more than eight years -- after the company missed its earnings estimate.

Five of the ten economic sectors posted a loss, led by weakness in financials (-0.5%) and tech. Goldman Sachs (GS 184.40, -2.74), Morgan Stanley (MS 46.20, -1.01) and Lehman Brothers (LEH 42.79, -0.85) were laggards after having their second quarter earnings estimates cut at Citigroup. Meanwhile, the energy sector (+1.0%) provided leadership as crude prices advanced.

With regard to crude oil, the commodity settled with a gain of $0.77 at $127.06 per barrel, marking a new all-time closing high. The current contract for June delivery expires tomorrow.

The session's sole economic release topped expectations. The April leading indicators index -- a basket of economic indicators -- rose 0.1%, marking its second straight increase after five consecutive declines. This was better than the flat reading economists expected, and matched the Briefing.com forecast. Looking ahead, early indications in stock prices, M2 (money supply), yield curve and other indicators suggest an even larger gain in May, reflecting improved prospects for the economy. DJ30 +41.36 NASDAQ -12.76 NQ100 -0.7% R2K -0.4% SP400 -0.3% SP500 +1.28 NASDAQ Dec/Adv/Vol 1693/1189/2.25 bln NYSE Dec/Adv/Vol 1642/1494/1.15 bln

1:10PM Brooks Automation confirms settlement with Securities and Exchange Commission (BRKS) 10.35 +0.35 : Co confirms the resolution of the previously announced investigation by United States Securities and Exchange Commission into the historical stock option granting practices. Co has agreed to settle with the SEC, without admitting or denying the allegations in the Commission's complaint, by consenting to the entry of a judgment enjoining future violations of the reporting, books and records, and internal controls provisions of the federal securities laws. Co was not charged by the SEC with fraud nor was the company required to pay any civil penalty or other money damages as part of the settlement. The option grants to which the SEC refers in its complaint were made between 1999 and 2001.

8:29AM Dell to appoint Brian Gladden Chief Financial Officer (DELL) 21.31 : Co announces that Brian Gladden will succeed Don Carty, vice chairman and CFO, as senior vice president and CFO effective June 13, 2008. Carty has resigned, effective June 13. He will remain a member of the board of directors, which he joined in 1992. Prior to joining DELL, Gladden was President and CEO of SABIC Innovative Plastics Holding BV, formerly GE Plastics.

1:21AM Microsoft issues statement regarding Yahoo! (MSFT) 29.99 : Co issues the following statement: "In light of developments since the withdrawal of the Microsoft proposal to acquire Yahoo! (YHOO 27.66), Microsoft announces that it is continuing to explore and pursue its alternatives to improve and expand its online services and advertising business. Microsoft is considering and has raised with Yahoo! an alternative that would involve a transaction with Yahoo! but not an acquisition of all of Yahoo! Microsoft is not proposing to make a new bid to acquire all of Yahoo! at this time, but reserves the right to reconsider that alternative depending on future developments and discussions that may take place with Yahoo! or discussions with shareholders of Yahoo! or Microsoft or with other third parties. "There of course can be no assurance that any transaction will result from these discussions."

09:32 am ON Semiconductor: . Target $14 to $15. Friedman Billings is more positive about appreciation prospects for ONNN after attending the firm's analyst day, and are raising their 2009 EPS ests slightly and their tgt on the stock from $14 to $15. The firm's efforts to transform itself from a commodity discrete/standard products supplier into a higher value analog supplier are just beginning to bear fruit, and should continue for at least the next several years as a result of heavy investments in new analog products and its Solution Engineering Centers. On the financial front, the firm said its earnings power could grow to $1.32 per year. ONNN remains cheap and mgmt's stellar execution and business transformation gives firm comfort in maintaining their positive stance on shares despite it doubling off the trough-particularly given that the stock is trading at only 10x firm's conservative 2009 EPS ests.

08:16 am Microsoft (MSFT)

The pride of Microsoft (MSFT 29.99) and Yahoo! (YHOO 27.66) may yet to be fully tested. After both companies refused each other's overtures for buyout terms, Microsoft has expressed an interest in striking a business transaction as an alternative.

Microsoft announced this last Sunday it is continuing to explore and pursue its alternatives to improve and expand its online and advertising business. In turn, Microsoft has proposed a transaction with Yahoo, but not an acquisition.

Just as there was no guarantee to the previous buyout effort, there is no guarantee these two companies will reach amicable business transaction terms.

Microsoft's interest in improving and expanding its online and advertising business reflects its commitment to challenging Google (GOOG 580.07) for market share. A marriage of Microsoft and Yahoo was considered a strong move in that direction. If Microsoft can obtain the specific assets it was seeking all along, without the headache of completely merging operations and culture, it may find itself better positioned in the long run.

Microsoft noted that the interest has come since the withdrawal of its buyout proposal. During that time activist investor Carl Icahn is taking a proxy fight to Yahoo and proposing nominees for board seats. It is likely Microsoft sees the shareholder dissent as an opportunity to make a play for certain strategic assets.