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From Briefing.com: 4:30 pm : Stocks closed at session highs as diversified bank stocks and financial services stocks steadily led the broader market to its best single-session percentage advance in nearly two weeks.

Bank of America (BAC 11.73, +1.06) was a primary leader among financials after reports indicated that analysts at Goldman Sachs added shares of BAC to their Conviction Buy List. Even in the face of persistent capital concerns, regional banks jumped 7.1%, diversified banks finished 8.5% higher, and diversified financial services companies advanced 7.6%. The KBW Banking index climbed 7.5%.

Strength in bank stocks led the financial sector to a 7.2% gain, and helped carry the S&P 500 back above 900 as the broader market's advancing issues outnumbered its decliners by 10-to-1.

The positive bias also helped pare losses in the utilities sector, which looked as if it would close lower for its fourth straight session. Instead, utilities finished flat.

Buyers favored cyclical stocks for most of the session, bidding materials stocks (+3.6%), industrial stocks (+3.2%), and shares of retailers (+4.5%) higher. Retailers received added support after better-than-expected top and bottom line quarterly results and an upbeat earnings outlook from home improvement outfit Lowe's (LOW 20.13, +1.68) helped home improvement retailers tack on 7.0%.

Home improvement retailers will likely have their gains tested Tuesday as April housing starts and building permits data hits news wires (8:30 AM ET). No other economic data is scheduled for release ahead of tomorrow morning's opening bell.

According to Reuters, Macy's (M 12.14, +0.81) was added to the Conviction Buy List at Goldman Sachs, winning additional favor for retailers. Reuters also reported that Goldman cut its rating on Nordstrom (JWN 22.96, +0.38), but shares of JWN were able to overcome sellers' initial efforts and close higher with its peers.

Energy stocks (+3.1%) climbed as crude oil futures rallied 4.8% to settle pit trading just above $59 per barrel at a six-month closing high.

Precious metals fell out of favor, though, as equities bounded in broad-based fashion. Gold prices settled 1.0% lower at $921.70 per ounce, while silver slipped 1.3% to settle the session at $13.93 per ounce.

Also a defensive benchmark, the 10-year Treasury Note dropped 23 ticks, lifting its yield to roughly 3.22%.

Trading volume during the session was rather low, however. Roughly 1.4 billion shares traded hands on the NYSE.DJ30 +235.44 NASDAQ +52.22 NQ100 +2.8% R2K +4.0% SP400 +3.8% SP500 +26.83 NASDAQ Adv/Vol/Dec 2158/2.02 bln/543 NYSE Adv/Vol/Dec 2722/1.42 bln/361

4:55PM LSI Logic LSI announces redemption of Agere Systems 6.5% convertible subordinated notes due 2009 (LSI) 3.87 +0.08 : Co announced that all of the outstanding 6.5% Convertible Subordinated Notes due 2009 of Agere Systems Inc. have been called for redemption on June 15, 2009, at a redemption price of 100.43% of the principal amount of each note plus accrued interest to the date of redemption. LSI has guaranteed the notes. Prior to close of business on June 12, 2009, holders may convert their notes into shares of LSI common stock at a conversion price of $15.3125 per share. On May 18, 2009, the last reported sale price of LSI common stock on the New York Stock Exchange was $3.87 per share.

4:04PM Trident Microsystems announces Q4 non-GAAP operating loss is projected to be in the range of $15 to $17 mln (TRID) 1.47 +0.05 : Co announces an update to its outlook for the fourth quarter of fiscal year 2009. Trident's outlook for the fourth quarter of fiscal year 2009, described below, is based on current expectations, includes expected results from the recently completed acquisition of certain consumer business division assets from Micronas Semiconductor Holding AG, and is subject to various factors, including those set forth in the Forward-Looking Information statement below. Actual results may differ materially. Fourth Quarter Fiscal Year 2009 Outlook Net revenues are expected to be in the range of $15 to $18 mln (may not be comparable to $6.67 mln consensus). Non-GAAP Gross Margin in the low 30% range. Non-GAAP operating loss is projected to be in the range of $15 to $17 mln. The company expects to end the quarter with a cash balance of approx $177 to $182 mln.

6:02AM SMSC updates business outlook (SMSC) 15.20 : Co announces that it expects revenues for the first quarter of FY10, which ends on May 31, 2009, to increase approx 20% sequentially. This compares to the earlier expectation of a 10% increase at the midpoint of the guided range. "We have continued to see an improvement in sales, primarily due to a faster than expected recovery in our PC business," said Christine King, President & Chief Executive Officer. "We have completed actions to right-size our business and we expect to deliver on our previously guided sequential non-GAAP operating expense reductions of 5 to 8 percent. The book-to-bill ratio continues to be greater than 1.1, contributing to our confidence that we will see continued sales improvements into our fiscal second quarter."

09:56 am Cymer upgraded to Buy at Stifel Nicolaus; tgt $34: . Stifel Nicolaus upgrades CYMI to Buy from Hold and sets target price at $34. The firm notes that while the key driver for their upgrade is their more positive industry stance, they also believe Cymer is well positioned in an above-average industry growth sub-segment and is currently the technology leader, diversifying its business model and capitalizing on its large installed base with its new OnPulse program and strengthening its operating model through aggressive cost cuts and internal changes to its finance team

09:55 am Marvell upgraded to Outperform at Credit Suisse; estimates and tgt raised to $14: . Credit Suisse upgrades MRVL to Outperform from Neutral and raises their tgt to $14 from $9 as the firm believes upside to near-term results on rebound in hard drives off January lows and stabilization across the communications business coupled with significant market share gains at Seagate and Hitachi in FY11 provides relative support in a broader pullback and allows the stock to outperform if a broader recovery gains momentum. The firm also expect some upside to April results and July guidance when the co reports Thursday May 28th.