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From Briefing.com: 4:30 pm : Choppy, listless trading kept stocks restricted to a relatively narrow range for most of the session, but stocks were still able to close higher for the fourth consecutive session -- a feat that hasn't been accomplished in nearly two months.

Though there weren't any primary leaders this session, gains were still respectable and broad-based. More impressive gains were sporadic.

Ford (F 6.41, +0.28) extended its four-session run up to 20% after announcing that it has achieved its highest market share in three years, while its U.S. auto sales for May fell a less-than-expected 24%. Recently bankrupt General Motors said its May U.S. sales fell almost 30%.

Meanwhile, Honda Motor (HMC 29.66, -0.11) said total American vehicle sales for May dropped 39% since the past year, and Toyota Motor (TM 80.99, -0.73) said May vehicle sales fell nearly 38% year-over-year.

PepsiCo (PEP 55.37, +2.24) logged its best single-session percentage gain this year after analysts at UBS raised their target for PEP shares. UBS also raised its target for shares of Pepsi Bottling (PBG 34.17, +0.96). Pepsi Bottling won additional favor by issuing upside guidance for 2009.

JPMorgan Chase (JPM 34.50, -1.61) led financial shares (-1.2%) lower after it announced plans to repay TARP funds by raising $5.0 billion in common equity. Also looking to get out from the yoke of government oversight and remove the stigma of holding TARP funds, American Express (AXP 24.71, -1.28) announced a $500 million common stock offering, while Morgan Stanley (MS 30.09, +0.20) announced it is looking to raise $2.2 billion.

Though the share offerings are aimed at raising capital to repay TARP funds, the announcements mark an extension of the stock offerings that financial companies have made in recent weeks. With financials up more than 100% since their March low, companies have been able to raise more funds with fewer shares, thus limiting the dilutive impact of recent offerings.

Banks have been among those to issue the most offerings as they attempted to quell capitalization concerns. To that point, Moody's stated that it expects U.S. rated banks will incur some $470 billion pretax loan losses and write-downs in 2009 and 2010, and also expects many banks will be unprofitable this year. Moody's is keeping a negative outlook on the banking industry rating and the industry's credit outlook. Shares of diversified banks dropped 4.1%.

Semiconductor stocks (-3.3%) showed weakness for the entire session. Their downturn came after Applied Materials (AMAT 11.61, -0.44) chief executive Mike Splinter stated that there will be more failures in the semiconductor equipment sector amid declining customers, according to Reuters.

Stocks started the session in the red, but were able to finish with a rather modest gain, which was near the middle of the session's trading range. Highs were hit early on following a surprise 6.7% monthly increase in April pending home sales, which is one of the best monthly increases on record and the third straight increase.DJ30 +19.43 NASDAQ +8.12 NQ100 +0.2% R2K +1.0% SP400 +0.4% SP500 +1.87 NASDAQ Adv/Vol/Dec 1506/2.41 bln/1146 NYSE Adv/Vol/Dec 1810/1.41 bln/1239

4:06PM Tessera Tech raises Q2 revenue guidance to $59-$61 mln vs $47.8 mln consensus; announces it enters into technology license agreement with Motorola (TSRA) : Co raises its Q2 revenue guidance guidance to range between $59- $61 mln vs $47.8 mln consensus, and vs prior guidance of $46-$49 mln. Second quarter 2009 Micro-electronics revenue, all of which will be royalty and license related, is now expected to range between $53.0- $55.0 mln, driven by the signing of the Motorola license agreement and better than anticipated revenue from other licensees. The company has greater visibility into its 2Q09 Imaging & Optics total revenue, which is now expected to be approx $6.0 mln. Prior guidance, given on April 30, 2009, was $6.0-$7.0 mln. The company reiterated its guidance on its other 2Q09 items, which remain unchanged: Non-GAAP operating expenses are projected to range between $31.0-$32.0 mln, excluding litigation expenses; Stock-based compensation is projected to be approximately $7.3 mln; Amortization charges are expected to be approximately $2.8 mln. Additionally, the company announced that Motorola (MOT) has signed a pre-negotiated license agreement with Tessera, settling all outstanding litigation between the companies. Under the worldwide license, Motorola will pay royalties on shipments of certain electronic products including cell phones, set-top boxes, and radio equipment that incorporate unlicensed chips that use Tessera's patented T.C.C. technology. The license, which charges a volume based fee for otherwise unlicensed chips, enables Motorola to avoid interruption of supply to its customers through compliance with the orders recently issued by the International Trade Commission in Investigation No. 337-TA-605 (Wireless ITC action). Co states, "In addition to an exercise fee payable under the pre-existing option agreement, the license agreement announced today includes an initial license fee as well as volume based, forward royalties that will be collected over the term of the license. Motorola's action not only rewards Tessera's past innovative efforts but also sends a positive message to other innovators that depend on the patent system to receive appropriate compensation for their inventions. Tessera will continue to support our licensees and partners in good standing, like Motorola, through our ongoing efforts to ensure we are fully compensated for the unlicensed use of our technology."

10:27AM Anadigics has been granted four new U.S. patents for pioneering advancements in the design and development of radio frequency power amplifier technology (ANAD) 4.55 +0.32 :

9:03AM NVIDIA announces U.S. Patent and Trademark Office rejects patent claims that Rambus is asserting against NVIDIA (NVDA) 10.94 : Co announces the U.S. Patent and Trademark Office has initially rejected all 41 claims challenged by NVIDIA in seven patents which Rambus has asserted in litigation against NVIDIA. NVIDIA has challenged patent claims that stem from a complaint filed by Rambus (RMBS) in November 2008 against NVIDIA in an International Trade Commission action. The patents involve memory controllers related to graphics processors. "We are pleased that the USPTO decided to review the patentability of Rambus' patents and agreed with NVIDIA's challenge to all 41 claims," stated David Shannon, NVIDIA executive vice president and general counsel. "We will continue to vigorously defend this matter in the ITC." In addition to the seven patents reviewed thus far, two additional Rambus patents are subject to the same challenge by NVIDIA and remain pending before the USPTO. A decision on the final two patents is expected in the next 60 days.

6:32AM Amtech Systems comments further on significance of research agreement with Yingli and the ECN to develop high efficiency N-type solar cells (ASYS) 5.00 : Co provided further comment on the significance of its previously announced three-party research collaboration agreement between Amtech's Tempress Systems subsidiary, Yingli Green Energy (YGE) and the Energy Research Centre of the Netherlands. "We are excited about this joint agreement with leaders in the industry and its potential to contribute to significant improvements in solar cell efficiency and bring solar energy closer to achieving grid parity. PANDA is true validation for our Tempress in-depth diffusion expertise and our capability for supplying reliable diffusion and automation equipment to the solar industry. Additionally, a European independent research and consulting firm, Yole Development, concluded that our Tempress(R) diffusion furnace had captured the number one position in terms of market share, or over 35 percent of the solar diffusion market."

12:56AM Micron reaches agreement with Riverwood Capital and TPG Capital to sell Aptina Imaging (MU) 5.32 : Co announces it has signed an agreement to sell a majority interest in its imaging solutions business, Aptina Imaging, to Riverwood Capital and TPG Capital. As part of the agreement, Micron will retain a 35% minority stake in the independent, privately held co. Riverwood and TPG will also contribute significant primary capital to Aptina's balance sheet, and Micron will continue to manufacture products and provide services for Aptina at its worldwide facilities. After the transaction is completed, Micron expects to record a loss of approx $10 mln in the fourth quarter of its fiscal year in connection with the sale, and Aptina's separate financials will no longer be consolidated in Micron's financial statements.