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From Briefing.com: 4:35 pm : Broad-based buying on the back of a weaker dollar drove the major indices to new highs for 2009. Strength in the broader market also helped stocks offset a late slip by financials so that the S&P 500 could settle above the 1100 mark for the first time in more than one year.

The U.S. dollar came under considerable pressure early. That helped perpetuate a positive tone among participants, who were already inspired by overseas gains in the wake of a renewed commitment by Asian officials to economic stimulus. With a 0.6% drop by the greenback against a basket of foreign currencies, the Dollar Index was left to trade near its 52-week lows.

Though the dollar's decline continues to support the broader market, energy and materials stocks benefited the most. The two sectors finished with respective gains of 2.5% and 2.3%.

In addition to broader market support, energy stocks and materials stocks were helped by higher commodity prices, which drove the CRB Commodity Index to a 2.8% gain. That was its best single-session percentage advance in more than one month. Crude oil prices were a primary underpinning of the move; contracts closed pit trade with oil priced 3.4% higher at $78.94 per barrel. Gold stood out for making its way to another new record high; this time it hit $1143.40 per ounce before it settled with a gain of 2.0% at $1139.20 per ounce.

Though a positive tone was present among both commodities and stocks for the entire session, the broader equity market pared a small part of their gains in the final hour of trade. The slip came as financials were knocked off of their perch by word from influential analyst Meredith Whitney during a CNBC interview that she expects banks to raise another round of capital. That turned a near 2% gain for diversified financial services giants into a gain of hardly 0.4%.

Still, consumer finance stocks finished with a solid 2.9% gain following the latest trust data from the likes of American Express (AXP 41.44, +1.09) and Discover Financial (DFS 16.11, +0.71). AmEx reported that its 30 day past delinquency rate for October held steady at 4.1%, while Discover disclosed that delinquencies increased 15 basis points to 5.72%.

Home improvement retailer Lowe's (LOW 21.74, -0.11) was out with its latest results, which featured in-line earnings. Even amid broad-based buying that wasn't enough to spur interest in the stock. Meanwhile, Illinois Tool Works (ITW 51.02, +2.04) found favor after it issued an in-line outlook of its own.

Even as market participants showed favor for riskier asset classes, Treasuries still managed to make impressive gains. In fact, the benchmark 10-year Note climbed 19 ticks, which pushed its yield down to 3.35%. That marks its lowest point in roughly three weeks.

Treasuries were helped a bit by comments from Fed Chairman Bernanke during a speech at the Economic Club of New York. Bernanke noted that the best thing about the labor market right now is that it may be getting worse more slowly.

In terms of actual data, the October Advance Retail Sales Report said that total retail sales were up 1.4% last month. Economists, on average, had expected a 0.9% increase. Excluding autos, retail sales increased 0.2% last month, but that rate is below the 0.4% increase that economists had come to expect.

The Empire Manufacturing Survey for November came in at 23.5, below expectations for a reading of 30.0 following the 34.6 that was posted in the previous month.

Business inventory data for September showed a 0.4% decrease, which is softer than the 0.7% decrease that had been widely expected. That announcement had no real impact on trade, though.

Advancing Sectors: Energy (+2.5%), Materials (+2.3%), Industrials (+2.0%), Consumer Discretionary (+1.7%), Health Care (+1.4%), Utilities (+1.3%), Financials (+1.2%), Tech (+1.0%), Telecom (+0.8%), Consumer Discretionary (+0.7%)
Declining Sectors: (None)DJ30 +136.49 NASDAQ +29.97 NQ100 +1.1% R2K +2.8% SP400 +1.8% SP500 +15.82 NASDAQ Adv/Vol/Dec 2073/2.13 bln/638 NYSE Adv/Vol/Dec 2485/1.15 bln/576

4:48PM Sunpower internal review identifies unsubstantiated accounting entries (SPWRA) 27.23 +0.81 : Co announces that based upon an internal review of its Philippine manufacturing operations, the company believes there may have been unsubstantiated accounting entries made in the first three qtrs of 2009, some of which relate to the company's fiscal year ended December 28, 2008. Mgmt informed the Audit Committee of the Board of Directors of these entries and the Audit Committee immediately commenced an investigation of the matter, which is ongoing. Based upon the preliminary findings of the ongoing investigation, the Audit Committee to date has identified accounting entries in the Philippines that may have overstated expenses in its cost of goods sold of approximately $1 mln in the first quarter ending March 29, 2009, and understated expenses in its cost of goods sold of approximately $14 mln in the second quarter ending June 28, 2009 and approximately $2 mln in the third quarter ending September 27, 2009. The company previously reported 2009 quarterly revenues and operating income under Generally Accepted Accounting Principles of $213.8 mln and a loss of $2.5 mln, respectively, in the first quarter, $297.6 mln and $9.9 mln, respectively, in the second quarter and $466.3 mln and $34.6 mln, respectively, in the third quarter. Full-year 2008 revenues were reported of $1,434.9 mln and GAAP operating income of $167.5 mln. If the preliminary investigation findings prove to be final, they could impact the company's previously reported interim 2009 financial results. The company is also in the process of evaluating the financial impact of these adjustments on its previously reported results for the fiscal year and interim periods ended December 28, 2008. The company currently estimates that approximately $9 mln of the identified accounting entries should have been recorded in 2008. Operationally, the company's outlook for the fourth quarter of 2009 remains consistent with its previous expectations for sales and operating income, subject to any costs, charges, and tax-related impacts relating to the ongoing investigation.

4:00PM Atmel Enters into Stipulation to Settle Microchip Offer Shareholder Litigation (ATML) 4.13 +0.07 : Co announced that it has entered a Stipulation and Agreement of Compromise, Settlement and Release to settle previously disclosed litigation regarding Atmel's response to a subsequently-withdrawn acquisition proposal by Microchip Technology (MCHP) and ON Semiconductor (ONNN), including Atmel's adoption of an amendment to its Amended and Restated Preferred Shares Rights Agreement, dated as of October 18, 1999.

9:03AM Intel announces 12.5% increase in cash dividend to $0.1575/share (INTC) 19.82 : Co announces that its board of directors has approved a 12.5% increase in the quarterly cash dividend to 15.75 cents per share (63 cents per share on an annual basis), beginning with the dividend that will be declared in the first quarter of 2010. "Intel's industry-leading product portfolio, outstanding execution and focus on the next wave of innovation and growth set the company up solidly for the future," said Paul Otellini, Intel president and CEO. "With one of the highest dividend yields in the technology industry, the dividend increase is another sign of our confidence in business prospects going forward."

8:37AM RF Micro Device expects free cash flow in fiscal 2010 will exceed its previous guidance (RFMD) 4.34 : Co announced that it has successfully completed all previously announced restructuring activities. With the successful completion of its restructuring activities, the Company expects continued strength in financial results, with an emphasis on non-GAAP operating income, free cash flow (net cash provided from operating activities minus property and equipment expenditures) and return on invested capital, or ROIC. In the fiscal 2010 second quarter ended October 3, 2009, RFMD delivered year-over-year and sequential improvements in gross margin, operating margin and earnings per share. Free cash flow was $45.8 million in the fiscal 2010 second quarter and $80.3 million through the first half of fiscal 2010. RFMD now expects free cash flow in fiscal 2010 will exceed its previous guidance of $130 million, provided on October 27, 2009. Additionally, RFMD currently expects to be net cash positive in fiscal 2011, ending April 2, 2011.

8:32AM RF Micro Device repurchases and retires $197 mln of convertible notes due 2010 (RFMD) 4.34 :

6:04AM Cisco increases offer price and extends acceptance period for recommended offer period to acquire TANDBERG (CSCO) 23.71 : Co announces a revised recommended voluntary cash offer to acquire TANDBERG. Under the revised terms, Cisco will offer to purchase all the outstanding shares of TANDBERG for 170 Norwegian Kroner per share for an aggregate purchase price of approx $3.4 bln. Cisco will also increase the interest payable on the offer price to a rate of 3.00% from a rate of 1.75%. This revised offer represents Cisco's final price for this transaction.

4:17AM TTM Technologies signs definitive agreement to create business combination with Meadville Holdings Ltd's printed circuit board business (TTMI) 11.21 : Co announces the signing of a definitive agreement to create a business combination with Meadville Holdings Limited's PCB business. The combination is expected to be accretive to earnings without synergies within the first year post-closing. Meadville PCB had unaudited revenue for the trailing 12 months ended June 30, 2009, of approx $641 million and adjusted EBITDA of approx $119 million. Services offered by Meadville PCB range from circuit design through volume production manufacturing.