From Briefing.com: 4:25 pm : A breakdown in technical support caused stocks to rollover midsession, but the S&P 500 successfully fended off sellers to log its sixth straight gain, which is the best streak this year for the stock market.
Strong gains by European markets and renewed weakness in the U.S. dollar helped stocks start the session on strong footing and the S&P 500 climb above its 2009 closing high, which had represented significant resistance late last week.
Early gains were broad-based, but energy stocks were easily the best performers for the entire session. The sector settled with a 1.2% gain as oil and gas drillers (+2.5%) and oil and gas equipment stocks (+1.9%) responded to a 1.9% gain in crude oil prices, which closed pit trade at $73.15 per barrel.
Financial stocks lagged for most of the session and even dipped into negative territory in the early going. However, the sector was able to regroup and finish at a session high with a 0.9% gain, second only to the energy sector.
Within the financial sector, diversified banks (+2.8%) showed particular strength. Their gains came amid comments from widely followed analyst Dick Bove during a CNBC interview that Wells Fargo (WFC 30.28, +1.07) will most likely provide a positive surprise for the latest earnings reporting season. Bove also said that Morgan Stanley (MS 31.76, -0.33) and Goldman Sachs (GS 190.15, +0.85) should do pretty well, but 60% of regional banks will probably post losses this quarter and next quarter.
Despite strength in the broader market, the S&P 500 could not push through its 2009 intraday high, which stands near the 1080 level. Stocks traded sideways just below that technical hurdle, but a sudden fit of selling pressure soon snowballed and dropped the S&P 500 way back to neutral line, where it garnered support and reclaimed gains into the close.
Meanwhile, the Dow finished with a modest gain, but the Nasdaq settled with a fractional loss.
Trading volume was paltry this session. Not even 950 million shares exchanged hands on the NYSE this session. That's the lowest level two months.
Treasury markets reopen Tuesday. They were closed this session for Columbus Day.
Advancing Sectors: Energy (+1.2%), Financials (+0.9%), Utilities (+0.5%), Health Care (+0.4%), Tech (+0.3%), Materials (+0.3%), Consumer Staples (+0.2%), Consumer Discretionary (+0.1%)
Declining Sectors: Telecom (-0.1%), Industrials (-0.1%)DJ30 +20.86 NASDAQ -0.14 NQ100 +0.1% R2K -0.2% SP400 +0.1% SP500 +4.70 NASDAQ Adv/Vol/Dec 1221/1.79 bln/1438 NYSE Adv/Vol/Dec 1640/946 mln/1352
2:02PM Intel to publish CFO commentary prior to quarterly earnings conference call (INTC) 20.45 +0.28 : As a supplement to its earnings report, co will publish a commentary about its quarterly results by Stacy J. Smith, vice president and chief financial officer. The commentary will provide detail that has previously been disclosed during the conference call, reducing the time spent on prepared remarks and allowing for more interactive questions and answers with senior management. The commentary will be posted at 1:30 p.m. PDT on Oct. 13, after the earnings press release.
9:37AM Tower Semicon selected as preferred foundry by C&S Technology in Korea for power automotive devices (TSEM) 1.10 +0.16 : Co was selected by C&S Technology in Korea as its preferred foundry to manufacture its power automotive devices. C&S Technology will now supply a power device to the automotive manufacturer. The device can integrate multiple ICs that are typically independent within the vehicle, resulting in a more cost-effective solution. As this IC is being designed for current models of automobiles, the volume ramp will be several years sooner. This customer engagement for Tower is one of several recently announced in Korea as momentum grows for its advanced Bipolar-CMOS-DMOS power management process.
3:11AM Virage Logic and NXP Semiconductors announce strategic agreement (VIRL) 5.71 : NXP Semiconductors and co announce a strategic agreement that calls for the transfer of a part of NXP's advanced CMOS intellectual property rights and certain engineering talent and equipment to Virage Logic. This arrangement includes a long-term licensing and IP development relationship between the two companies. Under the terms of the multi-year agreement, NXP will transfer over 160 employees and the assets associated with selected advanced CMOS libraries, IP blocks and SoC architecture along with other classes of semiconductor IP, including approx 25 associated patent families. In consideration for the assets, NXP will receive 2.5 mln shares of Virage Logic common stock, which will be subject to transfer restrictions, and a share of the future revenue generated by Virage Logic from licensing the transferred IP portfolio. In addition, Virage Logic will provide to NXP services surrounding the transferred IP for a 3.5-year period, and NXP will receive a 3.5 year license to Virage Logic's extensive standard-products semiconductor IP portfolio for all future SoC designs. In consideration for the services and the license of the Virage Logic IP portfolio, NXP will pay Virage Logic $60 mln over four years from the closing of the transaction.
09:30 am Seagate Tech initiated with a Buy at Brean Murray; tgt $20: . Brean Murray initiates STX with a Buy and price target of $20 saying they believe upside to Street estimates still exists, potentially in 2H09. Firm says checks indicate notebook drives are strongest relative to expectations, with desktop somewhat better and enterprise a bit stronger than expected. They believe linearity through the Q was better than historic trends (consistent with recent quarters), which is encouraging for Dec Q demand.
AI
Market Data 
Markets 
