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From Briefing.com: 4:25 pm : Market participants were initially uninspired by mixed results from Alcoa, but interest in tech plays ahead of Intel's latest report helped the broader market muster a fractional gain. A slight dip by the dollar helped, too.

First quarter results from Dow component Alcoa (AA 14.34, -0.23) unofficially marked the start earnings season last evening. Alcoa posted adjusted earnings of $0.10 per share, which was in-line with the consensus estimate, but earnings quality was questioned due to smaller-than-expected revenue.

Fellow Dow component JPMorgan Chase (JPM 45.87, -0.27) is scheduled to report its latest quarterly results tomorrow morning, ahead of the opening bell. The stock closed at a session low, however.

Regional bank stocks were especially weak. The group fell 2.0% following the decision by analysts at UBS to downgrade KeyCorp (KEY 8.14, -0.20), Huntington Banc (HBAN 5.69, -0.34), and Regions Financial (RF 8.34, -0.40).

Meanwhile, analysts at Credit Suisse won favor for educational services plays with an upgrade of DeVry (DV 71.73, +6.67) and ITT Educational (ESI 119.20, +10.42). Shares of the pair set fresh 52-week highs.

Participants chased Intel (INTC 22.76, +0.22) to a fresh 52-week high ahead of its post-close earnings announcement. Shares of the semiconductor giant helped give the Philadelphia Semiconductor Index a 0.6% gain and helped the Nasdaq Composite find a fractionally improved 52-week high.

The broader S&P 500 had its gains capped as it continues to encounter resistance at 1200. Still, the benchmark index was able to rebound from a midmorning loss that briefly took it below near-term support at 1190. That slide came as the Dollar Index turned a modest loss into a slight gain, but stocks recovered as the buck's bounce proved unsustainable.

Volatility ramped up this session. Specifically, the Volatility Index spiked nearly 8% before it finished the session 3.5% higher. The rebound followed a 30-month low in the prior session.

Treasuries had a quiet, but relatively solid session as the benchmark 10-year Note continued its gradual climb. The yield on the Note now stands slightly above 3.80% after it had been just above 4.00% last week.

Advancing Sectors: Consumer Discretionary (+0.6%), Tech (+0.3%), Industrials (+0.3%)
Declining Sectors: Energy (-0.5%), Utilities (-0.4%), Materials (-0.3%), Telecom (-0.2%)
Unchanged: Health Care, Financials, Consumer Staples DJ30 +13.45 NASDAQ +8.12 NQ100 +0.4% R2K +0.3% SP400 +0.4% SP500 +0.82 NASDAQ Adv/Vol/Dec 1375/2.53 bln/1295 NYSE Adv/Vol/Dec 1549/1.05 bln/1481

5:07PM Linear Tech beats by $0.13, beats on revs (LLTC) 29.65 +0.31 : Reports Q3 (Mar) adjusted earnings of $0.52 per share, $0.13 better than the Thomson Reuters consensus of $0.39; revenues rose 21.4% year/year to $311.3 mln vs the $279.1 mln consensus. "Bookings remained strong throughout the quarter and our book-to-bill ratio for the quarter was once again firmly positive. Though it is likely that certain customers may have begun to restock inventory from unsustainably low levels, or have reacted to longer lead times within the industry, we believe that new programs at both new and existing customers as well as expanding end-customer demand at continuing programs have been the primary catalyst for our current growth. Inventories in the distribution channel are still relatively lean and inventory turns remain higher than normal. Looking ahead we remain upbeat about our growth prospects and currently believe we can continue to keep our lead times at modest levels of 4 to 6 weeks and grow revenues another 7-10% in our fiscal fourth quarter."

5:01PM Kulicke & Soffa announces Q2 revs of ~$153 mln vs. $146.4 mln Thomson Reuters consensus; guides Q3 revs of $205 mln vs. $143.1 mln consensus (KLIC) 7.86 -0.26 : Co said, "We are able to give revenue guidance for the June quarter a few weeks earlier than normal because of unprecedented demand for both ball bonders and wedge bonders. Based on booked orders, we expect June quarter revenue of ~$205 mln. This same strength in demand gives us visibility into the beginning of the September quarter and while it is too early to give guidance for that quarter, so far we are seeing a continuation of current customer demand patterns."

4:20PM Intel beats by $0.05, beats on revs; guides Q2 revs, margins above consensus (INTC) 22.76 +0.23 : Reports Q1 (Mar) earnings of $0.43 per share, $0.05 better than the Thomson Reuters consensus of $0.38; revenues rose 44.2% year/year to $10.3 bln vs the $9.83 bln consensus. Intel reports Q1 gross margins of 63% vs 61.3%. The average selling price (ASP) for microprocessors was slightly up. Co issues upside guidance for Q2, sees Q2 revs of $9.8-10.6 bln vs. $9.69 bln Thomson Reuters consensus. Co guides Q2 gross margins of 64%, plus or minus a couple percentage points, vs 60.4% consensus. Co guides FY10 gross margins to 64%, plus or minus a couple percentage pts, vs 61.6% consensus, up from 61%, plus or minus 3% pts... Spending (R&D plus MG&A) was $12.4 billion, plus or minus $100 million. The company's prior expectation was $11.8 billion, plus or minus $100 million. R&D spending was approximately $6.4 billion. Tax rate was approximately 31% for the second, third and fourth quarters. Depreciation was approximately $4.4 billion, plus or minus $100 million. Capital spending is expected to be $4.8 billion, plus or minus $100 million. "The investments we're making in leading edge technology are delivering the most compelling product line-up in our history... These leadership products combined with growing worldwide demand and continued outstanding execution resulted in Intel's best first quarter ever. Looking forward, we're optimistic about our business as Intel products are designed into a variety of new and exciting segments."

4:16PM Silicon Graphics announced a strategic partnership with Nimbis Services (SGI) 10.25 -0.14 : Co announced a strategic partnership with Nimbis Services, which will provide easy access to SGI Cyclone, the first large-scale, on-demand cloud computing service specifically dedicated to technical applications. Cyclone's HPC cloud services will be available May 2010 for small and mid-sized U.S. companies via Nimbis Services' ecommerce portal.

8:38AM Apple confirms updated MacBook Pro line (AAPL) 242.29 : Co confirms updated MacBook Pro line with faster processors, powerful next-generation NVIDIA (NVDA) graphics and even longer battery life. The 13-inch MacBook Pro features the new NVIDIA GeForce 320M graphics processor for up to 80% faster graphics and a 10-hour built-in battery. The new 15-inch and 17-inch MacBook Pro models feature Intel (INTC) Core i5 and i7 processors and Apple's new automatic graphics switching technology that toggles between NVIDIA GeForce GT 330M and Intel HD Graphics processors.

8:13AM On The Wires : Infosys (INFY) announces that it will manage internal IT services for Microsoft (MSFT) worldwide. As part of this managed services agreement, Infosys will streamline implementation processes, simplify support and service, while at the same time lowering the enterprise costs through the use of the latest Microsoft solutions such as Windows 7. Rorke Data, wholly owned subsidiary of Bell Microproducts (BELM), announced at NAB that it has partnered with FalconStor Software (FALC) for a high-performance shared storage solution-HyperDrive... Cadence Design Systems (CDNS) announces that LSI (LSI) signed a multi-year agreement for Cadence mixed-signal technology...

Applied Materials (AMAT) opened its new Singapore Operations Center, Applied's first facility in Asia for manufacturing its advanced semiconductor equipment...

7:02AM Canadian Solar awarded contract offers for 176 MW (AC) of distributed solar power projects by Ontario Power Authority via Feed-in Tariff Program (CSIQ) 24.24 : Co announces it has been awarded Contract Offers for 176 megawatts (MW) of open field photovoltaic power generation projects under the new Feed-in Tariff (FIT) program that is part of the landmark Green Energy and Green Economy Act. Once final approval is obtained, these projects are expected to be completed in 2011 and 2012. The projects were developed, in partnership, with several leading renewable energy developers in the Ontario market, including 3G Energy Corp., Axio Power Inc., Saturn Power and UC Solar. Canadian Solar expects that it will establish a state-of-art module manufacturing facility in Ontario by Q1 2011, which is expected to employ approximately 500 people. Further, the company will continue to supply installed solutions that meet Ontario FIT program content requirements for 2010 and 2011. Once final approval is obtained, the Ontario Power Authority will buy 100 percent of the power and renewable energy credits from the Canadian Solar projects under the FIT program.