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From Briefing.com: 4:25 pm : An early selling effort dropped stocks from an initial gain to a loss of more than 1%, but stocks gradually made their way back to positive ground before falling under a second wave of selling pressure. Although they finished the session with a loss, stocks still logged impressive gains for the month.

Better-than-expected earnings from several companies, including Nike (NKE 64.70, +4.61) and Jabil Circuit (JBL 13.41, +1.13) helped prop up the bias in the broader market this morning. The tone of trade improved further from news that second quarter GDP was revised upward to show an annualized decline of 0.7%, which is better than the 1.2% annualized decline that had been expected.

The GDP headline overshadowed the latest ADP Employment Change Report, which indicated that 254,000 private jobs were lost during September. Since that is worse than the consensus forecast for 200,000 job losses, some wonder whether the government's official nonfarm payrolls report on Friday will be worse than expected.

Despite early signs of strength, stocks reversed direction in the first few minutes of trade. The slide was exacerbated by news that the Chicago PMI reading for September came in at 46.1, below the consensus forecast of 52.0 and down from the previous reading of 50.0.

Within the first hour of trading the S&P 500 saw a modest gain turn into a loss of 1.3%. However, buyers waded back into the action and helped stocks turn their losses into a midday gain. The rally was challenged, though, as the S&P 500 failed to push through its opening highs.

Tech had been a primary source of support for the midsession advance, but renewed selling pressure in the second half of the session left the sector to finish with a mere 0.2% gain. Semiconductor stocks were able to hold on to a near 0.9% gain, however.

Materials stocks had also provided leadership as commodities prices soared. Though the sector faltered and finished with a 0.5% loss, the CRB Commodity Index jumped 2.9% in its best single-session percentage gain in nearly two months.

The CRB's impressive performance came as bullish gasoline inventory data helped underpin a 5.7% gain by crude oil prices, which settled at $70.49 per barrel. Meanwhile, gold prices shot up a strong 1.5% to settle at $1009.50 per ounce.

The strong performance by commodities helped give the CRB Commodity Index a 0.6% gain for September and a 3.8% gain for the third quarter.

Though stocks finished September on a rather dour note, the S&P 500 was still able to book a monthly gain of 2.7% and a quarterly gain of 14.9%, which is the second best quarterly performance for the S&P 500 this decade. The best quarter came in the second quarter of this year, when the stock market advanced 16.7%.

With the end of the quarter at hand, investors and portfolio managers drove trading volume in the NYSE sharply higher as they juggled their portfolios. In turn, nearly 1.8 million shares traded hands on the NYSE. That's the second highest single-session tally this month.

Advancing Sectors: Technology +0.2%, Consumer Staples +0.2%
Declining Sectors: Industrials -0.9%, Utilities -0.9%, Energy -0.5%, Materials -0.5%, Health Care -0.5%, Financials -0.5%, Consumer Discretionary -0.4%, Telecom -0.3%DJ30 -29.92 NASDAQ -1.62 NQ100 +0.1% R2K -1.0% SP400 -0.6% SP500 -3.53 NASDAQ Adv/Vol/Dec 996/2.67 bln/1704 NYSE Adv/Vol/Dec 1257/1.77 bln/1757

9:38AM Qualcomm confirms Japan Fair Trade Commission Order (QCOM) 45.62 +0.12 : Co confirms that the Japan Fair Trade Commission (JFTC) has issued an order relating to its license agreements with Japanese manufacturers. The order is unchanged from the draft order that was issued by the JFTC on July 24, 2009. It alleges that Qualcomm forced Japanese licensees to accept cross-license provisions without compensation, and to accept a provision under which the Japanese licensees agreed not to assert their essential patents against other licensees that had agreed to a similar provision. The order directs Qualcomm to eliminate these provisions from its license agreements with its Japanese licensees. Co will exercise its right under Japanese law to have a full evidentiary hearing. If the JFTC affirms the order following administrative review, Qualcomm will pursue an appeal before the Japanese courts. In the interim, Qualcomm will seek to have the order suspended or stayed during the pendency of administrative and judicial review.

9:07AM On The Wires : MIPS Technologies (MIPS) announces that it has joined the Open Handset Alliance, a group of more than 45 technology and mobile companies working to offer consumers a richer, less expensive, and better mobile experience...

8:35AM Axcelis Tech receives multiple orders for yield enhancing upgrade (ACLS) 1.02 : Co announces that it has introduced a significant performance enhancing upgrade for its industry leading high energy ion implanter product line. Axcelis has already made several successful installations and received multiple follow-on orders from customers as they realize compelling technology and device performance benefits. The Low Angle Implant upgrade is designed to deliver higher yields and improved overall device performance.

8:00AM Trina Solar announces extension of long-term supply agreement with GCL-Poly (TSL) 31.88 : The co announces announced that it has extended its eight year long-term supply agreement with Jiangsu Zhongneng Polysilicon Technology Development Co. Ltd, a subsidiary of GCL-Poly Energy Holdings Limited ("GCL-Poly") by another five years. Initial delivery of polysilicon to Trina Solar started in April 2008. Under the adjusted terms of this agreement, the total consideration will remain unchanged from the combined total of the original and supplemental agreements signed in 2008, whereas additional polysilicon and wafer deliveries will be provided starting in 2016 for a five year period at pre-determined shipment volumes and prices. The agreement also contains a price adjustment clause that offers a market-linked price formula. GCL-Poly will supply the Company with high-quality polysilicon and wafers sufficient to produce approximately 8,500 MW of solar modules over 13 years. Wafer deliveries to commence in 2010 are expected to support production above the Company's in-house integrated manufacturing capabilities to address growing customer demand.

09:42 am ON Semiconductor tgt raised to $10 at Wedbush Morgan following channel checks: . Wedbush Morgan raises their ONNN tgt to $10 from $9 as the firm believes that ONNN's 3Q orders are tracking extremely well following a round of channel checks. The firm notes that their distributor checks indicate upside to orders in recent notebook design wins, Korean handsets, and infotainment shipments for autos following the lull in 1H09. In addition, 4Q bookings appear to be shaping up as well. The firm thinks the significantly improved visibility is enabled by some lead times stretching up to 16 weeks, lean inventory levels, and ramping seasonal builds. Notably, the firm did pick up a single order cancellation; however, the magnitude was small, was a 1-off, and they have not heard of any others since

09:50 am Jabil Circuit (JBL)

After the close Tuesday, Jabil Circuit (JBL 13.27 +0.99) reported fourth quarter earnings of $0.16 per share, excluding non-recurring items, which was $0.08 better than the First Call consensus of $0.08.

Revenues fell 15.2% year-over-year to $2.8 billion for the quarter, which was above the $2.66 billion consensus.

For the first quarter, the company estimated that its core operating income would be in a range from $85 million to $105 million, driven by the continued demand from its customers, further manufacturing efficiencies and the benefit of cost reductions.

First quarter earnings are expected to range from $0.24 to $0.32 per share, excluding nonrecurring items, which is well above the consensus of $0.18. For the top line, the company sees first quarter revenue of $3.0 billion to $3.2 billion vs. the $2.88 billion consensus.

The company said, "Marked improvement in our sequential performance was aided by cost cutting, increased productivity, market share gains and a more benign end-market environment. Income gains were matched with cash flow generation and balance sheet improvements during the quarter."

08:09 am Micron Technology (MU)

Micron Technology (MU 8.40) reported a narrower-than-expected loss for its fiscal fourth quarter and said that the market for its memory chips is still challenging but beginning to improve.

Micron reported a fiscal fourth quarter loss of $0.10 per share, $0.09 better than the First Call consensus that expected a loss of $0.19 per share.

Revenues fell 10.1% year-over-year to $1.3 billion; the consensus expected $1.27 billion.

Revenue from sales of DRAM products increased 28% from the third quarter due to a 19% increase in sales volumes and an 8% increase in average selling prices. Revenue from NAND Flash products increased 10% sequentially due to a 23% increase in sales volumes, partially offset by an 11% decrease in average selling prices.

Micron reported gross margins of 12%. When adjusted to exclude the effects of selling products subject to previous lower of cost or market write-downs and the idle capacity costs from Inotera and IM Flash, gross margins on sales of memory products improved to positive 8% in the fourth quarter compared to negative 12% in the third quarter as a result of significant decreases in per gigabit manufacturing costs. Consensus called for gross margins of 8.3%.