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From Briefing.com: 4:30 pm : Stocks spent most of the session mired in moderate weakness, but were able to push higher in the wake of the latest statement from the Federal Open Market Committee (FOMC).

The first FOMC policy statement of the new year came on the eve of a vote to put Ben Bernanke back into the seat of Fed Chairman. To little surprise the statement indicated that economic activity continues to strengthen and that the deterioration in the labor market is abating. The FOMC also opted to keep the federal funds rate at 0.00% to 0.25% and will maintain exceptionally low levels for an extended period of time. Kansas City Fed President Hoenig was the only FOMC member to dissent.

A knee-jerk reaction to the statement caused stocks to whipsaw before they eventually pushed into positive territory. Financials, which had steadily outperformed since the opening bell, were a primary leader in the late advance. The sector managed to make its way to a 2.3% gain. Regional bank stocks (+3.7%) and diversified banks (+4.1%) were leaders in the sector. Their strength came amid news that Barney Frank, Chairman of the House Financial Services Committee, stated that proposals to clamp down on risky activities at banks could be put into law within months. Such measures would likely have more of an adverse impact on larger, diversified financial services companies, but even they were able to climb 2.4% this session.

While financials provided leadership to the broader market, Apple (AAPL 207.88, +1.94) helped the Nasdaq Composite outperform its counterparts. Apple's advance came amid a favorable reaction to the company's newly launched iPad, as well as pricing for the product. News that Apple will rely on the network of AT&T (T 25.62, +0.29) provided support for the integrated telecom giant.

There were several earnings announcements for participants to chew on this session, but the results were largely overshadowed by anticipation for the FOMC statement. Still, earnings continue to generally exceed expectations -- Caterpillar (CAT 53.44, -2.41), United Technologies (UTX 67.61, -1.57), Boeing (BA 61.93, +4.22), Illinois Tool Works (ITW 43.99, -1.20), Abbott Labs (ABT 53.90, -0.58), and ConocoPhillips (COP 49.81, -0.62) were part of the latest bunch. However, some of the reports were of lesser quality and featured mixed guidance.

Despite another underwhelming response to earnings, the stock market was still able to book a gain this session. However, all three major indices remain below their 50-day moving averages.

Commodities were wrought with weakness this session. Not even a surprise draw in weekly crude oil inventories could deter sellers from dragging down oil prices to close pit trade with a 1.4% loss at $73.64 per barrel. Oil had been as low as $72.65 per barrel, which marked a one-month low.

Collective weakness among commodities gave the CRB Commodity Index a 1.9% loss. That marks its worst single-session percentage slide in two months and leaves the CRB down 2.5% week-to-date.

The latest batch of new home sales numbers were displeasing. According to the report, annualized new home sales for December made a 7.6% monthly decline, which contrasted negatively with the consensus call for a 3.0% month-over-month increase.

Advancing Sectors: Financials (+2.3%), Tech (+0.6%), Health Care (+0.6%), Consumer Discretionary (+0.4%), Telecom (+0.4%), Industrials (+0.2%), Consumer Staples (+0.1%)
Declining Sectors: Materials (-0.8%), Energy (-0.6%), Utilities (-0.5%)DJ30 +41.87 NASDAQ +17.68 NQ100 +0.8% R2K +1.0% SP400 +0.2% SP500 +5.33 NASDAQ Adv/Vol/Dec 1577/2.48 bln/1076 NYSE Adv/Vol/Dec 1517/1.30 bln/1515

6:29PM Teradyne beats by $0.02, reports revs in-line; guides Q1 EPS above consensus, revs above consensus (TER) 10.26 +0.14 : Reports Q4 (Dec) earnings of $0.17 per share, excluding non-recurring items, $0.02 better than the First Call consensus of $0.15; revenues rose 37.3% year/year to $267.4 mln vs the $266.9 mln consensus. Co issues upside guidance for Q1, sees EPS of $0.20-0.26, excluding non-recurring items, vs. $0.13 consensus; sees Q1 revs of $290-310 mln vs. $268.67 mln consensus.

4:43PM Lam Research beats by $0.07, beats on revs (LRCX) 35.54 +0.54 : Reports Q2 (Dec) earnings of $0.47 per share, $0.07 better than the First Call consensus of $0.40; revenues rose 71.8% year/year to $487 mln vs the $453.6 mln consensus. LRCX reports gross margins of 44.8% vs 44.4% consensus. "In the December 2009 quarter we saw significant growth in shipments, revenue and earnings for Lam Research. As we move into 2010 we will continue to focus on delivering market share gains in our etch and clean businesses to expand revenues, earnings per share and cash generation from cycle to cycle."

4:17PM Qualcomm beats by $0.06, reports revs in-line; guides Q2 below consensus; guides FY10 EPS in-line, lowers revs in-line (QCOM) 47.20 +0.31 : Reports Q1 (Dec) earnings of $0.62 per share, excluding non-recurring items, $0.06 better than the First Call consensus of $0.56. Co issues downside guidance for Q2, sees EPS of $0.49-0.53, excluding non-recurring items, vs. $0.57 consensus; sees Q2 revs of $2.4-2.6 bln vs. $2.75 bln consensus. Co issues in-line guidance for FY10, sees EPS of $2.10-2.30, excluding non-recurring items, vs. $2.26 consensus; sees FY10 revs of $10.4-11.0 bln vs. $11.06 bln consensus, down from $10.5-11.3 bln. Co guides Q2 MSM shipments at approx. 89-92 mln; CDMA/WCDMA devices shipped of approx. 144-149 mln, and CDMA/WCDMA device wholesale average selling price of approx. $179.

4:13PM Intersil beats by $0.02, beats on revs; guides Q1 EPS above consensus, revs above consensus (ISIL) 14.23 +0.36 : Reports Q4 (Dec) earnings of $0.18 per share, $0.02 better than the First Call consensus of $0.16; revenues rose 35.5% year/year to $177.7 mln vs the $175.1 mln consensus. Co issues upside guidance for Q1, sees EPS of $0.18-$0.20 vs. $0.15 consensus; sees Q1 revs of $180-$187 mln vs. $167.91 mln consensus. Gross margin for the fourth quarter was 55.2%, compared with gross margin of 33.7% in the same quarter last year, and 54.5% in the third quarter of 2009. Co states, "The fourth quarter was stronger than expected due to recovery of the industrial and communications end markets, and growing traction from new product introductions. Inventories reached historically low levels and we believe we are positioned for continued growth throughout our businesses in 2010."

4:12PM Celestica beats by $0.03, reports revs in-line; guides Q1 EPS above consensus, revs above consensus (CLS) 9.91 +0.10 : Reports Q4 (Dec) earnings of $0.21 per share, excluding non-recurring items, $0.03 better than the First Call consensus of $0.18; revenues fell 14.0% year/year to $1.66 bln vs the $1.65 bln consensus. Co issues upside guidance for Q1, sees EPS of $0.15-0.21 vs. $0.15 consensus; sees Q1 revs of $1.45-1.60 bln vs. $1.43 bln consensus.

4:06PM Flextronics beats by $0.02, beats on revs; guides Q4 EPS above consensus, revs in-line (FLEX) 7.10 +0.53 : Reports Q3 (Dec) earnings of $0.17 per share, $0.02 better than the First Call consensus of $0.15; revenues fell 19.6% year/year to $6.56 bln vs the $6.29 bln consensus. Co issues mixed guidance for Q4, sees EPS of $0.13-0.16 vs. $0.13 consensus; sees Q4 revs of $5.8-6.2 bln vs. $5.85 bln consensus.

4:06PM LSI Logic beats by $0.07, beats on revs; guides Q1 EPS in-line, revs above consensus (LSI) 6.00 +0.26 : Reports Q4 (Dec) earnings of $0.18 per share, excluding non-recurring items, $0.07 better than the First Call consensus of $0.11; revenues rose 4.6% year/year to $637.8 mln vs the $631.5 mln consensus. For Q1, co sees EPS of $0.04-0.10, excluding non-recurring items, vs. $0.06 consensus; sees Q1 revs of $590-620 mln vs. $580.1 mln consensus.

2:22PM Apple confirms iPad (AAPL) 208.00 +2.60 : Co confirms the new iPad, a device for browsing the web, reading and sending email, enjoying photos, watching videos, listening to music, playing games, and reading e-books. iPad includes 12 new apps designed especially for the iPad, and will run almost all of the over 140,000 apps in the App Store. iPad will be available in late March starting at the price of just $499.

9:30AM Tegal received an order for a Tegal 200 SE DRIE tool (TGAL) 1.26 +0.08 : Co announced it has received an order for a Tegal 200 SE DRIE tool, equipped with the Tegal ProNovaTM ICP source, from a leading manufacturer of precision timing devices. Tegal was awarded the 200 SE DRIE tool order after a thorough competitive evaluation by the customer, who will use the silicon DRIE tool to develop MEMS-based precision timing devices.

EMCORE (EMKR) announces that it has been awarded a contract by ATK Space Systems of Goleta, California to manufacture, test, and deliver solar panels for ATK's UltraFlex solar arrays. The period of performance for this contract for the first two vehicles runs through 2013 and is valued in the range of $9-$11 mln... Conolog Corporation (CNLG) announces that it has completed field testing and started production/marketing of its "GlowWorm" fiber optic detector that may be used in any fiber optic line or network without the need to cut the cable...

8:31AM Emcore awarded solar panel manufacturing contract from ATK Space Systems; valued in a range of $9-$11 mln (EMKR) 1.00 : Co announces that it has been awarded a contract by ATK Space Systems to manufacture, test, and deliver solar panels for ATK's UltraFlex solar arrays. These solar arrays will be used to power the Orion spacecraft being developed by Lockheed Martin Space Systems Company for NASA. The period of performance for this contract for the first two vehicles runs through 2013 and is valued in the range of $9-$11 mln. The flight solar array system is expendable for each Orion mission and continuous production is expected to run through 2020 and beyond.

MoSys (MOSY) announces that ROHM has signed a major technology license agreement for MoSys' 1T-SRAM embedded memory technology. The technology license agreement will enable ROHM to design and manufacture ICs utilizing 1T-SRAM in ROHM's fabrication facilities...

8:07AM UTStarcom selected Sanmina-SCI Corporation as its new outsourced electronics manufacturing service provider (UTSI) 2.39 : UTStarcom, Inc. (UTSI) selected Sanmina-SCI Corporation (SANM) as its new outsourced electronics manufacturing service provider (EMS), a move that aligns with UTStarcom's announced restructuring initiatives and expands the company's cost savings efforts. Under the terms of the agreement, Sanmina-SCI will provide full electronics manufacturing services for UTStarcom's system products currently being built in UTStarcom's Hangzhou facility. These services include new product introduction (NPI) support, material sourcing and procurement, printed circuit board assembly, system integration and testing, final pack-out and delivery. Increasing UTStarcom's ability to manage demand swings, the flexible cost structure of this outsourcing agreement matches UTStarcom's volume of orders and allows for a faster cash flow cycle and lower working capital usage.

7:09AM DSP Group beats by $0.07, beats on revs (DSPG) 6.46 : Reports Q4 (Dec) earnings of $0.12 per share, ex-items, $0.07 better than the First Call consensus of $0.05; revenues fell 23.5% year/year to $54.7 mln vs the $53.9 mln consensus. Co states, "As we look to 2010, we expect conditions in our major end markets, including Europe and the U.S., to improve. We project revenue growth of 10% for 2010 over 2009 (which equates to approximately $233.4 mln vs. $233.97 mln consensus) reflecting a sharp recovery during the first quarter, as compared to the first quarter of 2009, and revenue generation from our new product categories throughout the year."

3:50AM LDK Solar signs module supply contract with COU/Oneworld (LDK) 6.96 : Co announces that it has signed a contract to supply solar modules to Canada based COU Solar, a subsidiary of Oneworld Energy. Under terms of the agreement, LDK Solar will deliver approx 30 megawatts of solar modules to COU/Oneworld in 2010.