From Briefing.com: 4:30 pm : Thanks to broad-based buying, the S&P 500 made solid gains in its first trading session of the week, but the broad market benchmark encountered resistance as it approached last week's highs. Still, stocks settled near their best levels of the session.
Energy stocks and materials stocks led gains for the entire session. They settled 2.6% and 1.5% higher, respectively. Their gains were largely underpinned by strong moves among basic commodities and natural resources as the International Monetary Fund fed economic hopes by saying that the global recovery may begin early next year, sooner than it had previously expected. Commodity prices were also helped by a weaker U.S. dollar, which fell 1.0% against a basket of major foreign currencies to hit an 11-month low after the U.N. said that the greenback should be replaced by a new global reserve currency.
The confluence of positive factors drove gold prices to fresh 18-month highs above $1,008 per ounce, but prices eventually reversed course to settle with a fractional gain at $999.50 per ounce. Oil prices made one of their best single-session percentage gains in more than one month by jumping 3.1% to $71.19 per barrel. That move came ahead of tomorrow's OPEC meeting.
Though energy and materials stocks performed well throughout the session, the broader market fell into a few fits of choppy trading. The more dramatic moves to the downside came as stocks approached last week's highs. However, buyers did show some resolve by bidding stocks back toward session highs ahead of the closing bell.
Health care was the only sector unable to participate in the day's gains. The sector settled 0.4% lower amid ongoing health care reform efforts, including a public option, which New York Times reported is being weighed by the White House. Separate articles suggested nonprofit cooperatives could be proposed as a compromise. Both types of plans have already been part of the contentious debate regarding plans to provide affordable health care to Americans.
There weren't any widely-held companies out with their latest earnings results this morning, so corporate headlines were dominated by news that Cadbury PLC (CBY 51.88, +14.42) refused a $16.7 billion merger offer from Dow component Kraft (KFT 26.45, -1.65). Investors responded by handing shares of CBY one of their best single-session percentage advances on record, while sending KFT markedly lower.DJ30 +56.07 NASDAQ +18.99 NQ100 +1.0% R2K +1.0% SP400 +1.3% SP500 +8.99 NASDAQ Adv/Vol/Dec 1606/2.03 bln/1017 NYSE Adv/Vol/Dec 2280/1.32 bln/746
4:22PM Entegris reports net sales for sales were approximately $71 mln through the first nine weeks of Q3, and indicated it currently estimates net sales will be at least $100 mln for the full quarter (vs $91.9 mln consensus) (ENTG) 4.11 +0.04 : Co reports that its net sales were approximately $71 million through the first nine weeks of the third quarter, which ends September 26, 2009, and indicated it currently estimates net sales will be at least $100 million for the full quarter (vs $91.9 mln consensus). The co also announced it commenced a 12 mln share common stock offering.
4:18PM Altera sales outlook improves; sees 3Q sales to be in the range of flat to up 3% from Q2 vs. a fall of 2.75% First Call Consensus (ALTR) 20.34 +0.74 : Co announces that based on quarter-to-date results and a broad improvement in market conditions, the company now expects third quarter sales to be in a range of flat to up 3 percent from the second quarter vs. -2.75% First Call Consensus. Previous guidance had been for sales to decline 1 to 5% sequentially. All market segments, except for the telecom and wireless segment, will be up sequentially in the third quarter. The decline in telecom and wireless is more moderate than previously anticipated as a result of better than forecast demand from OEMs supplying Asian wireless networks... Design wins for Altera's newly launched 40-nm products continue to be very strong. As anticipated, third quarter sales of 40-nm products are likely to approximate $10 million, more than double second quarter levels.
4:16PM Microchip raises net sales and EPS guidance for 2Q10 (MCHP) 27.08 +0.36 : Co raises guidance for 2Q10, sees non-GAAP EPS of $0.26-$0.27 vs. $0.20 First Call consensus and vs. prior guidance of $0.23-$0.26. Based on good starting backlog and strong bookings and sales activities for the first two months of the quarter, MCHP now expects its net sales for its second fiscal quarter to be up 12-14% sequentially vs prior guidance of up 7-11%. This equates to approximately $216.05-$219.9 mln vs. $211.3 mln consensus. Gross margins are now expected to be up approximately 350 to 400 basis points sequentially versus a prior guidance of up 250 to 350 basis points.
4:07PM Flow misses by $0.01, misses on revs (FLOW) 2.46 +0.00 : Reports Q1 (Jul) loss of $0.07 per share, ex-items, $0.01 worse than the First Call consensus of ($0.06); revenues fell 13.5% year/year to $37.8 mln vs the $38.4 mln consensus. Co states, "The pace of recovery remains slow in certain markets, but we have made many cost reductions this year that we expect to positively impact our results throughout fiscal 2010. These reductions, combined with our recent capital raise and the amendments to our bank covenants, position us well to exit this recession as a stronger company. We appreciate the active engagement of our secured lenders and the support of our shareholders as we position the company for a return to economic growth."
4:03PM Advanced Micro announced that Clevo is now providing notebooks powered by AMD platform technology (AMD) 5.19 +0.66
12:23PM First Solar to team with Ordos City on major solar power plant in China Desert (FSLR) 129.22 +7.76 : Co announces a memorandum of understanding (MOU) with the Chinese government to build a 2 gigawatt solar power plant in Ordos City, Inner Mongolia, China. Pursuant to the MOU, signed in the presence of Chairman Wu Bangguo of the Standing Committee of the National People's Congress of China, the solar project in Ordos will be built over a multi-year period. Phase 1 will be a 30 megawatt demonstration project that will begin construction by June 1, 2010 and be completed as soon thereafter as practicable. Phases 2, 3 and 4 will be 100 megawatts, 870 megawatts, and 1,000 megawatts. Phases 2 and 3 will be completed in 2014 and Phase 4 will be completed by 2019.
9:11AM Seagate Tech tgt raised to $19 at Caris following Silicon Valley Investor Tour (STX) 13.68 : Caris raises their STX tgt to $19 from $15 following the firm's Silicon Valley Investor Tour. The firm notes that STX's views appear to confirm the firm's established beliefs and checks that HDD unit demand is running above plan, pricing remains benign and inventories remain lean. Moreover, the firm remains buyers of both STX and Western Digital (WDC) not just on rebounding PC/HDD markets but also because of their belief that they are uniquely out-executing Asian competitors in a consolidating market. Already something of a 2-horse race in 3.5in desktop HDDs, the firm continues to think 2.5in notebook could be the next area where STX and WDC catapult forward by ramping new-gen 320GB/p while others still struggle at 250GB.
9:02AM MEMC Elec guides Q3 revs below consensus & prior guidance; announces consolidation of wafer manufacturing operations (WFR) 16.59 : Co issues downside guidance for Q3 (Sep), sees Q3 (Sep) revs of $285-315 mln vs. $326.87 mln First Call consensus, prior guidance $300-350mln. The company disclosed that it experienced a disruption in production at its polysilicon facility in Pasadena, Texas due to an equipment failure on August 7, 2009, requiring a large portion of the facility to be shut-down. Initial reports indicated that the company's silane and polysilicon inventory levels would cover the lost output caused by this disruption until normal production levels were achieved. Although the failed equipment has been replaced, subsequent rebuild and restart difficulties have delayed the resumption of normal operations at this facility. The company expects to be back to normal production levels before the end of September. The lost production and related costs are expected to negatively affect the company's revenue and margins in the third quarter of 2009. The company also announced the planned closings of the Sherman, Texas plant and portions of the St. Peters, Missouri plant. The company expects that the facility closings will result in an annualized savings beginning in third quarter of 2010 of approximately $10 million, rising to approximately $55 million of annualized savings beginning in the second quarter of 2011.
7:30AM Cray announces it is awarded supercomputer contract from the Korea Meteorological Administration valued at more than $40 mln (CRAY) 7.35 : Co announces that it has signed a multi-year, multi-phase contract to provide the Korea Meteorological Administration with a next-generation supercomputer. The contract is valued at more than $40 mln.
United Microelectronics (UMC) reports unaudited net sales in August 2009 increased 10.9% year/year to NT$9.06 bln; sales increased 2.85% from July 2009...
LDK Solar (LDK) announces it has entered into a framework agreement with Best Solar to cooperate on downstream photovoltaic projects. Under terms of the agreement, LDK Solar will supply the solar wafers and Best Solar will manufacture the solar modules...
09:28 am IBM (IBM)
IBM (IBM 117.46) reaffirmed its fiscal 2009 and 2010 earnings per share guidance in a regulatory filing Tuesday morning.
In an 8-K filing IBM reaffirmed its fiscal 2009 earnings guidance of "at least 9.70" per share. The First Call consensus stands at $9.76.
For fiscal 2010, IBM sees earnings of $10.00 to $11.00 per share, in-line with the current consensus of $10.67.
Shares of IBM are nearly 40% higher year-to-date.
AI
Market Data 
Markets 
