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From Briefing.com: 4:35 pm : For the second straight session, the S&P 500 encountered resistance at the 850 level in the final hour of trading, but this time buyers responded by bidding shares higher to help the stock market to close just above 850 at its best level of the session. Financials were integral to the late rebound.

Financial stocks outperformed the broader market for the entire session and provided leadership to the stock market's late-session advance. The sector closed with a 4.5% gain, thanks largely to an 8.4% bounce by diversified bank stocks.

Bank stocks bounded as participants prepare for the Treasury's announcement regarding bank stress test measures. The announcement is scheduled for tomorrow, but actual stress test results won't be released until May 4.

With actual results of the tests still unknown, some investors are treating regional bank stocks with caution. Such caution caused regional bank stocks to trade as laggards in the financial sector for much of the session. Still, they finished 3.2% higher as PNC Financial (PNC 40.93, +2.87) garnered support after reporting better-than-expected earnings.

Better-than-expected earnings results from Apple (AAPL 125.40, +3.89), eBay (EBAY 16.62, +1.82), and ConocoPhillips (COP 39.93, +1.87) actually supported a stronger overall bias ahead of the opening bell. Disappointing earnings and guidance from UPS (UPS 53.33, -1.42) and Nucor (NUE 40.00, -4.07) did little to disrupt the early, positive tone.

However, stocks reversed early gains and spent the rest of the morning trading in choppy fashion after participants found out that existing home sales for March fell 3.0% month-over-month to an annualized rate of 4.57 million. Annualized home sales for March were expected to total 4.65 million units. At the current sales pace, the supply of unsold homes increased to 9.8 months from 9.7 months.

In other economic news, initial claims for the week ending April 18 were up 27,000 from the prior week to 640,000, which is spot on with expectations. Continuing claims advanced to another record high of 6.14 million.

Tomorrow's economic calendar features March durable goods orders data and new home sales data for March. 3M (MMM 54.21, +1.15), Ford (F 4.49, +0.21), and Honeywell (HON 32.38, +0.69) are among the more widely held companies due to report their quarterly earnings results tomorrow morning before the opening bell.DJ30 +70.49 NASDAQ +6.09 NQ100 +0.7% R2K -0.9% SP400 -0.4% SP500 +8.37 NASDAQ Adv/Vol/Dec 993/2.45 bln/1660 NYSE Adv/Vol/Dec 1848/1.57 bln/1173

5:32PM Hewlett-Packard: California Dept. of Corrections signs $245 mln agreement with EDS, an HP Company, to transform its technology environment (HPQ) 34.76 +0.08 : Co announced a $245 mln, 4.5-year agreement with the California Department of Corrections and Rehabilitation to transform the agency into a digital environment by automating manual business processes to improve productivity, accuracy and, ultimately, enhance staff, public and offender safety.

5:01PM Intersil: Earnings correction (ISIL) 11.65 -0.95 : In our original ISIL earnings comment, we incorrectly compared GAAP EPS to a non-GAAP estimate. The co reported GAAP Q1 EPS of $0.02 vs the ($0.03) consensus; revenues fell 42.0% year/year to $118.2 mln vs the $110.3 mln consensus. Co issued guidance for Q2 GAAP EPS of $(0.01)-0.03 vs the ($0.02) consensus; co sees Q2 revs of $123-132 mln vs. $114.34 mln consensus... Our original comment has been removed.

4:32PM Skyworks beats by $0.02, beats on revs; guides Q3 EPS above consensus, revs above consensus (SWKS) 9.25 +0.46 : Reports Q2 (Mar) earnings of $0.12 per share, excluding non-recurring items, $0.02 better than the First Call consensus of $0.10; revenues fell 14.2% year/year to $173 mln vs the $168.2 mln consensus. Co issues upside guidance for Q3, sees EPS of $0.14 vs. $0.12 consensus; sees Q3 revs of $181.7 vs. $178.22 mln consensus. Co says, "Offsetting general market weakness, our performance was highlighted by strength in energy management and smart grid technologies, China 3G base stations, smart phones and push-to-talk applications. At a higher level, we believe our results demonstrate that Skyworks is gaining share in the broader analog semiconductor market and is creating a highly differentiated business model."

4:25PM Microsemi beats by $0.01, misses on revs; guides Q3 EPS in-line (MSCC) 12.84 -0.17 : Reports Q2 (Mar) earnings of $0.19 per share, $0.01 better than the First Call consensus of $0.18; revenues fell 16.6% year/year to $105.7 mln vs the $107 mln consensus. Co issues in-line guidance for Q3, sees EPS of $0.19-0.21 vs. $0.19 consensus. All Auction Rate Securities Monetized at Full Par Value of $46.6 Million

4:22PM KLA-Tencor misses by $0.08, beats on revs (KLAC) : Reports Q3 (Mar) loss of $0.34 per share, $0.08 worse than the First Call consensus of ($0.26); revenues fell 48.5% year/year to $310 mln vs the $299.9 mln consensus. "We executed our cost containment programs well during the quarter and met our bookings and revenue guidance, in spite of the continued weakness in the global economy and the semiconductor equipment market. Although demand remains at low levels today, we are encouraged to see investments in technology development activity in the March quarter for customers at the leading edge..."

4:18PM Western Digital beats by $0.18, beats on revs (WDC) 21.79 -0.32 : Reports Q3 (Mar) earnings of $0.30 per share, excluding $14 mln for in-process research and development related to the SiliconSystems acquisition, and $4 mln associated with the restructuring plan announced Dec 17th 2008, $0.18 better than the First Call consensus of $0.12; revenues fell 24.6% year/year to $1.59 bln vs the $1.48 bln consensus. The co generated $355 mln in cash from operations during the March quarter, ending with total cash and cash equivalents of $1.6 bln. "We are pleased with our financial performance in the March quarter, reflecting continued profitability and cash generation... We managed our market segment participation, product mix and costs to optimize our returns in a challenging environment. We have taken a series of actions to resize and restructure the business to remain profitable and cash flow positive at a $1.5 bln quarterly revenue level and the effects of these actions are already showing up in our results.

4:17PM Lattice Semi beats by $0.01, reports revs in-line; guides Q2 revs in-line (LSCC) 1.68 -0.10 : Reports Q1 (Mar) loss of $0.03 per share, $0.01 better than the First Call consensus of ($0.04); revenues fell 13.4% year/year to $43.3 mln vs the $42.9 mln consensus. Co issues in-line guidance for Q2, sees Q2 revs of $41.1-45.5 mln vs. $43.27 mln consensus.

4:16PM Ixia beats by $0.01, misses on revs (XXIA) 5.59 -0.37 : Reports Q1 (Mar) earnings of $0.01 per share, $0.01 better than the First Call consensus of ($0.00); revenues fell 11.0% year/year to $37.1 mln vs the $38.3 mln consensus. As of March 31, 2009, Ixia had cash, cash equivalents and investments of $202.2 million and no debt. Of this total, over $180 million is invested in short-term debt obligations of the U.S. government. The Company also owns interest bearing auction rate securities with a current value of $1.8 million.

4:15PM Silicon Image beats by $0.02, misses on revs; guides Q2 revs below consensus (SIMG) 2.99 -0.10 : Reports Q1 (Mar) loss of $0.05 per share, excluding non-recurring items, $0.02 better than the First Call consensus of ($0.07); revenues fell 31.8% year/year to $40.5 mln vs the $41.4 mln consensus. Co issues downside guidance for Q2, sees Q2 revs of $40-42 mln vs. $43.75 mln consensus; sees gross margins of 54-55%

4:14PM Sunpower misses by $0.19, misses on revs; guides FY09 EPS in-line, revs in-line (SPWRA) 25.93 -1.37 : Reports Q1 (Mar) earnings of $0.05 per share, $0.19 worse than the First Call consensus of $0.24; revenues fell 21.8% year/year to $214 mln vs the $269.1 mln consensus. Sunpower also revised its 2009 capital expenditure outlook from $350 mln - $400 mln to $250 mln - $300 mln . Sunpower also revised its 2009 capital expenditure outlook from $350-400 mln to $250-300 mln. Non-GAAP gross margins fell 506 bps to 24.3% from 29.9%. Co issues in-line guidance for FY09, sees EPS of 1.25-1.75 vs. $1.90 consensus.

4:13PM PMC-Sierra beats by $0.05, beats on revs (PMCS) : Reports Q1 (Mar) earnings of $0.06 per share, excluding non-recurring items, $0.05 better than the First Call consensus of $0.01; revenues fell 15.1% year/year to $102.6 mln vs the $95.8 mln consensus. "In the first quarter of 2009, we experienced strong demand for our wireless and wireline communications products in China. We lowered operating expenses during the first quarter and will maintain our focus on keeping our operating expenses in line with our business opportunities."

4:10PM Cohu beats by $0.05, beats on revs; guides Q2 revs below consensus (COHU) 8.37 -0.15 : Reports Q1 (Mar) loss of $0.20 per share, excluding non-recurring items, $0.05 better than the First Call consensus of ($0.25); revenues fell 37.3% year/year to $36.6 mln vs the $33 mln consensus. Co issues downside guidance for Q2, sees Q2 revs of about $31 mln vs. $39.50 mln consensus. Total consolidated backlog was $44.4 mln at March 28, 2009 compared to $46.6 mln at December 27, 2008. Co says, "After a sequential decrease of 32% in the fourth quarter of 2008, orders for Cohu's semiconductor equipment were down only 4% sequentially in Q1. This is in line with recent comments from some semiconductor cos that business may have reached a bottom in the first quarter."

4:10PM Juniper Networks reports EPS in-line, revs in-line (JNPR) : Reports Q1 (Mar) earnings of $0.17 per share, excluding non-recurring items, in-line with the First Call consensus of $0.17; revenues fell 7.1% year/year to $764.2 mln vs the $764.4 mln consensus. "The reduction in revenue was a reflection of the current macro economic environment and I am pleased with how quickly the team was able to implement cost reductions and deliver on our operating margin and EPS targets. In addition, we posted strong cash flows from operations and maintained a strong balance sheet. We will continue to take the actions needed in order to align our cost-structure with anticipated revenue levels."

4:06PM Power Integrations beats by $0.09, beats on revs; guides Q2 revs above consensus (POWI) 20.61 +1.09 : Reports Q1 (Mar) earnings of $0.14 per share, $0.09 better than the First Call consensus of $0.05; revenues fell 5.0% year/year to $40.3 mln vs the $34.1 mln consensus. Co issues upside guidance for Q2, sees Q2 revs of $39-43 mln vs. $36.90 mln consensus. "Given the volatility and short-term nature of recent order patterns, projecting future revenues remains challenging. While business has picked up significantly since the end of 2008, orders have moderated somewhat following a strong surge in the latter part of March, and we remain cautious about the outlook for end-market demand in light of the weak global economy."

4:03PM Advanced Energy beats by $0.04, misses on revs; guides Q2 EPS in-line, revs in-line (AEIS) 8.49 -0.77 : Reports Q1 (Mar) loss of $0.41 per share, $0.04 better than, ex-items, vs the First Call consensus of ($0.45); revenues fell 63.3% year/year to $32.6 mln vs the $33.3 mln consensus. Co issues in-line guidance for Q2, sees EPS of ($0.41)-($0.34) vs. ($0.37) consensus; sees Q2 revs of $30-$36 mln vs. $33.07 mln consensus.

7:11AM Benchmark Elec misses by $0.04, misses on revs; guides Q2 below consensus (BHE) 13.71 : Reports Q1 (Mar) earnings of $0.16 per share, excluding non-recurring items, $0.04 worse than the First Call consensus of $0.20; revenues fell 27.4% year/year to $496.8 mln vs the $535.8 mln consensus. Co issues downside guidance for Q2, sees EPS of $0.13-0.21 vs. $0.21 consensus; sees Q2 revs of $460-520 mln vs. $546.91 mln consensus.

7:10AM EMC Corp reports EPS in-line, misses on revs (EMC) 12.70 : Reports Q1 (Mar) earnings of $0.16 per share, in-line with the First Call consensus of $0.16; revenues fell 9.2% year/year to $3.15 bln vs the $3.25 bln consensus. EMC's best estimate is that 2009 global IT spending will decline as a percentage in the very-high-single-digit to very-low-double-digit range compared with 2008. EMC also expects second-quarter 2009 global IT spending will probably be flat compared with the first quarter of 2009, and the second half of 2009 will be stronger than the first half of the year. Co says in 2009, savings from cost reduction actions are expected to reduce the company's 2008 cost base by $450 mln, up $100 mln from the company's previous estimate of $350 mln. The savings are expected to be weighted toward the latter half of 2009. Due to pressure on IT spending, EMC anticipates lower gross and operating margins for 2009 compared with 2008. Operating profitability should show signs of improvement from first-quarter 2009 levels in the second half of 2009.

7:06AM Celestica beats by $0.04, misses on revs; guides Q2 EPS in-line, revs below consensus (CLS) 4.66 : Reports Q1 (Mar) earnings of $0.13 per share, $0.04 better than the First Call consensus of $0.09; revenues fell 20.0% year/year to $1.47 bln vs the $1.51 bln consensus. Co issues guidance for Q2, sees EPS of $0.07-0.13 vs. $0.09 consensus; sees Q2 revs of $1.30-1.45 bln vs. $1.49 bln consensus.

6:01AM Cabot Micro misses by $0.02, reports revs in-line (CCMP) 27.15 : Reports Q2 (Mar) loss of $0.34 per share, excluding non-recurring items, $0.02 worse than the First Call consensus of ($0.32); revenues fell 28.0% year/year to $45.4 mln vs the $45.7 mln consensus.

08:56 am Apple (AAPL)

Apple (AAPL 121.51) reported the best non-holiday quarter revenue and earnings in its history, driven by solid iPod and iPhone sales.

For its fiscal second quarter, Apple reported earnings of $1.33 per share, $0.24 better than the First Call consensus of $1.09.

Revenues rose 8.7% year-over-year to $8.16 billion, beating the $7.96 billion consensus.

Sales for Apple's flagship products were better than expected, with iPod sales of 11.01 million vs. Wall Street expectations for 10 million and iPhone sales of 3.79 million beating the 3.5 million expectation. Mac sales of 2.22 million were in-line with Street expectations of 2.2 million.

Apple traditionally issues conservative guidance, and its outlook for the current quarter is no exception. For the current quarter, the company's fiscal third quarter, Apple expects earnings of $0.95 to $1.00 per share, below the $1.12 consensus. The company's revenue expectations of $7.7 billion to $7.9 billion are also shy of the $8.28 billion consensus.

Apple's downside guidance isn't stopping investors from scooping up shares, as AAPL is currently 4.8% higher in premarket trading.

09:37 am TriQuint Semi upgraded to Buy at Charter Equity: . Charter Equity upgrades TQNT to Buy from Mkt Perform, following Q109 revenue and loss per share that exceeded firm estimates and based on a normalized inventory with share gains in Smartphone RF modules that will continue to drive revenue growth even after the faux-upside of channel normalization passes. Higher OPEX could threaten EPS and increased CAPEX depress cash flow, but neither appears likely given the low levels of utilization and disciplined cost controls, in their view. Firm believes TriQuint should lead the industry's recovery by a quarter or two and outperform its peer group and the market during the rebound.