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From Briefing.com: 4:27PM FSI Intl to resume trading at 16:30 ET (FSII) 3.08 +0.05 :

4:15PM FSI Intl receives multiple antares orders from leading worldwide logic device manufacturer; dual process chamber ANTARES systems range in price from $1.8-2.3 mln (FSII) 3.08 : Co announces that a leading Asia-based logic device producer has placed additional orders for multiple ANTARES CryoKinetic cleaning systems. The logic chip provider currently uses the ANTARES system for various BEOL particle removal processes and with this order, is adding capacity in the 45nm technology generation at their U.S. fab. The systems are expected to ship in the second quarter of fiscal 2011. The dual process chamber ANTARES systems range in price from $1.8 to $2.3 million, depending on configuration. (stock is halted)

4:05PM FSI Intl beats by $0.02, misses on revs; guides Q1 revs below consensus (FSII) 3.08 +0.05 : Reports Q4 (Aug) earnings of $0.17 per share, $0.02 better than the Thomson Reuters consensus of $0.15; revenues rose 102.8% year/year to $28.8 mln vs the $29.4 mln consensus. Co issues downside guidance for Q1, sees Q1 revs of $10-12 mln vs. $26.62 mln Thomson Reuters consensus. 2010; rate, the company expects a net loss of $3.5 to $4.0 million for the first quarter of fiscal 2011. The sequential decline can be attributed to the timing of requested shipments by several of the company's major customers. A portion of the expected revenue is subject to either receiving purchase orders or obtaining timely acceptance from customers.* Given expected first quarter orders and evaluation tool acceptances, the fiscal 2011 second quarter revenue level is expected to exceed the second half fiscal 2010 quarterly run rate The company expects first quarter fiscal 2011 orders to increase sequentially, as compared to $29.3 million in the fourth quarter of fiscal 2010.

4:17PM Altera beats by $0.04, reports revs in-line; guides Q4 revs above consensus (ALTR) 29.50 -0.14 : Reports Q3 (Sep) earnings of $0.69 per share, $0.04 better than the Thomson Reuters consensus of $0.65; revenues rose 84.1% year/year to $527.5 mln vs the $526 mln consensus. Co issues upside sequential revs guidance for Q4, sees Q4 revs growing 3-6% from Q3, which calculates to ~$543.3-559.2 mln vs. $511.89 mln Thomson Reuters consensus.

4:03PM Cree beats by $0.02, misses on revs; guides Q2 EPS below consensus, revs below consensus (CREE) 53.00 -2.56 : Reports Q1 (Sep) earnings of $0.60 per share, $0.02 better than the Thomson Reuters consensus of $0.58; revenues rose 58.7% year/year to $268.4 mln vs the $277.7 mln consensus. Cree reports Q1 gross margins of 48.6% vs Street est of 48.4%. Co issues downside guidance for Q2, sees EPS of $0.56-0.60 vs. $0.60 Thomson Reuters consensus; sees Q2 revs of $270-280 mln vs. $297.04 mln Thomson Reuters consensus. "Q1 was another record quarter for Cree as revenue grew in lighting, LED components and power products... Although total revenue was on the low end of our target range of $270-280 million due to a decline in LED chips, LED lighting adoption continues to gain momentum and the growth drivers for the company remain on track."

4:30 pm : The stock market suffered its worst single-session drop in two months as market participants shrugged off a big batch of better-than-expected earnings and the dollar surged.

Apple (AAPL 309.50, -8.50) reported last evening earnings that exceeded the consensus estimate, but expectations for a robust bottom line had been largely built in already as the stock had climbed in 10 straight sessions for a cumulative gain of about 14% ahead of its announcement. Thinner margins and an all-too-typical tepid outlook only offered fodder for the case to take profits.

Despite its own better-than-expected earnings and increased forecast, Dow component IBM (IBM 138.03, -4.80) dropped more than 3% in its worst single-session slide in five months. The stock had set a fresh 52-week high in the prior session.

Fellow Dow component Coca-Cola (KO 60.34, +0.34) was also out with better-than-expected earnings, as were UnitedHealth (UNH 35.30, -0.95) and Johnson & Johnson (JNJ 63.29, -0.57), both of which complemented their reports with raised earnings guidance.

Goldman Sachs (GS 156.72, +3.02) surpassed the consensus earnings estimate with ease by bringing in $2.98 per share, $0.70 above what Wall Street had expected, even though it saw a decline in trading and principal investment revenue.

Capital One Financial (COF 38.76, +1.53) announced ahead of schedule a big upside earnings surprise of its own. The announcement helped shares of COF rally up from an eight-month low in the face of broader market weakness.

Leadership from GS and COF had helped the financial sector stage a modest gain while the broader market was mired in the red, but the sector reversed to finish with a 1.4% loss, which is close to what the broader market suffered. The downturn came in response to headlines that PIMCO and the New York Fed want Bank of America (BAC 11.80, -0.54) to repurchase mortgages. Traders were not at all interested in the bank's better-than-expected bottom line.

The dollar's 1.7% gain -- its best move in two months -- exacerbated weakness among stocks. Strength in the greenback followed supportive comments from Treasury Secretary Geithner and China's decision to hike its interest rates by 25 basis points.

With the dollar up sharply and the broader market inclined to sell, commodities slumped, such that the CRB Commodity Index tumbled 1.9% for its worst loss since late June.

Oil was one of the worst performing commodities. Its price dropped 4.3% to $79.49 per barrel. February was the last time oil suffered such a steep loss.

Sharply lower oil prices and stiff selling in the broader market made energy stocks the worst performing sector. As a group energy stocks tumbled 2.4%. Not even stronger-than-expected earnings from Occidental Petroleum (OXY 81.20, -4.25) could stem the sector's loss.

Advancing Sectors: (None)
Declining Sectors: Energy (-2.4%), Materials (-2.3%), Health Care (-1.8%), Tech (-1.7%), Industrials (-1.5%), Consumer Discretionary (-1.5%), Financials (-1.4%), Telecom (-1.3%), Consumer Staples (-1.0%), Utilities (-0.6%)DJ30 -165.07 NASDAQ -43.71 NQ100 -1.6% R2K -2.3% SP400 -1.8% SP500 -18.81 NASDAQ Adv/Vol/Dec 438/2.26 bln/2225 NYSE Adv/Vol/Dec 520/1.27 bln/2484

4:30PM Suntech and Calisolar extend strategic partnership - ink letter of intent for new Ontario manufacturing facility and long term purchase agreement (STP) 8.85 -0.59 : Co and Calisolar Inc., a privately held, vertically integrated manufacturer of solar silicon, wafers and cells, announced that the companies have signed a Letter of Intent to construct a solar silicon manufacturing facility in Ontario Canada.

4:27PM FSI Intl to resume trading at 16:30 ET (FSII) 3.08 +0.05 :

4:15PM FSI Intl receives multiple antares orders from leading worldwide logic device manufacturer; dual process chamber ANTARES systems range in price from $1.8-2.3 mln (FSII) 3.08 : Co announces that a leading Asia-based logic device producer has placed additional orders for multiple ANTARES CryoKinetic cleaning systems. The logic chip provider currently uses the ANTARES system for various BEOL particle removal processes and with this order, is adding capacity in the 45nm technology generation at their U.S. fab. The systems are expected to ship in the second quarter of fiscal 2011. The dual process chamber ANTARES systems range in price from $1.8 to $2.3 million, depending on configuration. (stock is halted)

4:05PM FSI Intl beats by $0.02, misses on revs; guides Q1 revs below consensus (FSII) 3.08 +0.05 : Reports Q4 (Aug) earnings of $0.17 per share, $0.02 better than the Thomson Reuters consensus of $0.15; revenues rose 102.8% year/year to $28.8 mln vs the $29.4 mln consensus. Co issues downside guidance for Q1, sees Q1 revs of $10-12 mln vs. $26.62 mln Thomson Reuters consensus. 2010; rate, the company expects a net loss of $3.5 to $4.0 million for the first quarter of fiscal 2011. The sequential decline can be attributed to the timing of requested shipments by several of the company's major customers. A portion of the expected revenue is subject to either receiving purchase orders or obtaining timely acceptance from customers.* Given expected first quarter orders and evaluation tool acceptances, the fiscal 2011 second quarter revenue level is expected to exceed the second half fiscal 2010 quarterly run rate The company expects first quarter fiscal 2011 orders to increase sequentially, as compared to $29.3 million in the fourth quarter of fiscal 2010.

4:17PM Altera beats by $0.04, reports revs in-line; guides Q4 revs above consensus (ALTR) 29.50 -0.14 : Reports Q3 (Sep) earnings of $0.69 per share, $0.04 better than the Thomson Reuters consensus of $0.65; revenues rose 84.1% year/year to $527.5 mln vs the $526 mln consensus. Co issues upside sequential revs guidance for Q4, sees Q4 revs growing 3-6% from Q3, which calculates to ~$543.3-559.2 mln vs. $511.89 mln Thomson Reuters consensus.

4:03PM Cree beats by $0.02, misses on revs; guides Q2 EPS below consensus, revs below consensus (CREE) 53.00 -2.56 : Reports Q1 (Sep) earnings of $0.60 per share, $0.02 better than the Thomson Reuters consensus of $0.58; revenues rose 58.7% year/year to $268.4 mln vs the $277.7 mln consensus. Cree reports Q1 gross margins of 48.6% vs Street est of 48.4%. Co issues downside guidance for Q2, sees EPS of $0.56-0.60 vs. $0.60 Thomson Reuters consensus; sees Q2 revs of $270-280 mln vs. $297.04 mln Thomson Reuters consensus. "Q1 was another record quarter for Cree as revenue grew in lighting, LED components and power products... Although total revenue was on the low end of our target range of $270-280 million due to a decline in LED chips, LED lighting adoption continues to gain momentum and the growth drivers for the company remain on track."

9:45AM Intel announces $6-8 bln investment in next-generation manufacturing in U.S. (INTC) 19.00 -0.19 : Co announces that co will invest between $6-8 billion on future generations of manufacturing technology in its American facilities. The action will fund deployment of Intel's next-generation 22-nanometer manufacturing process across several existing U.S. factories, along with construction of a new development fabrication plant in Oregon. The projects will support 6,000 to 8,000 construction jobs and result in 800 to 1,000 new permanent high-tech jobs.

8:20AM Axcelis Tech lands multiple system order from major chip manufacturer for integra plasma dry strip systems (ACLS) 2.07 : Co announced that it has received a significant, multiple system order from one of the world's largest chipmakers. The chipmaker will use the Company's Integra RSTM photoresist dry strip cleaning system at fabs in both Asia and the U.S. for high volume production of its most advanced products.

7:05AM EMC reports EPS in-line, beats on revs; raises FY10 EPS, rev guidance above consensus (EMC) 20.80 : Reports Q3 (Sep) earnings of $0.30 per share, excluding non-recurring items, in-line with the Thomson Reuters consensus of $0.30; revenues rose 19.7% year/year to $4.21 bln vs the $4.15 bln consensus. Co raises guidance for FY10, sees EPS of $1.25, excluding non-recurring items, vs. $1.21 Thomson Reuters consensus and 'exceed $1.18' previosuly; sees FY10 revs of $16.9 bln vs. $16.7 bln Thomson Reuters consensus and 'exceed previous $16.5 bln' previously. Third-quarter highlights included strong customer demand and double-digit revenue growth for the company's market-leading high-end EMC Symmetrix storage product portfolio, which increased 23% compared with the year-ago quarter, and EMC's mid-tier storage product portfolio, which grew revenue 22% year over year. "For the third consecutive quarter EMC achieved our 'triple play' - we gained market share, invested aggressively to capitalize on the shift to cloud computing, and increased profitability. Cloud computing is driving a fundamental change in the way IT is designed and managed, represents a massive opportunity, and is happening now in various phases across the globe."

09:22 am IBM target raised to $165 at Argus: . Argus raises their IBM tgt to $165 from $148 after the co delivered a strong quarter, led as always by its high margined software business. Also as expected, IBM's three server families, all of which are in the midst of or have recently completed meaningful product upgrades, delivered a very strong quarter for IBM's hardware business.

10:56 am IBM Issues Upside FY10 EPS Guidance (IBM)

IBM (IBM 138.22 -4.61) reported third quarter earnings of $2.82 per share, $0.07 better than the Thomson Reuters consensus of $2.75.

Revenues rose 3.0% year-over-year to $24.27 billion versus the $24.13 billion consensus. The company reported third quarter gross margin of 45.3% vs 46.0% Thomson Reuters consensus.

For its fiscal year 2011, the company expects to earn at least $11.40 per share, above the $11.30 Thomson Reuters consensus; up from prior guidance of "at least $11.25."

IBM said "In the third quarter we grew revenue in our hardware, software and services businesses, expanded margins and again increased earnings per share at double digits... We achieved excellent performance in our growth markets unit, reflecting sustained investments through the downturn and the continued strength of the infrastructure build-out in these countries... Looking ahead, we are uniquely positioned in the enterprise, investing in high value segments like business analytics, advanced systems and smarter planet solutions. As a result, we are confident we can deliver strong business performance to grow profit, return value to our shareholders and to achieve full-year 2010 diluted earnings per share of at least $11.40."

IBM ended the third-quarter 2010 with $11.1 billion of cash on hand and generated free cash flow of $3.2 billion, down approximately $200 million year over year.

10:12 am AAPL Sees Q1 Earnings Below Expectations (AAPL)

Apple (AAPL 309.37 -8.36) reported fourth quarter earnings of $4.64 per share, $0.56 better than the Thomson Reuters consensus of $4.08.

Revenues rose 66.6% year-over-year to $20.34 billion, well above the $18.9 billion consensus. AAPL reports fourth quarter gross margins of 36.9% versus Street estimates of 38.1%.

Apple reports 4.19 million iPads sold in the fourth quarter versus Street estimates of approx. 4.7 million; 9.05 mln iPods sold in fourth quarter versus Street estimates of approx. 9.5 million; 14.1 million iPhones sold in the fourth quarter versus Street estimates of approx. 11.4 million; 3.89 million Macs sold in the fourth quarter versus Street estimates of approx. 3.8 mln.

For its first quarter, the company issued mixed guidance. The company expects to see earnings of $4.80 per share, below the $5.06 Thomson Reuters consensus. On the top line, Apple, expects to sees revenues of $23.0 billion versus the $22.34 billion Thomson Reuters consensus...

The company said, "iPhone sales of 14.1 million were up 91% year-over-year, handily beating the 12.1 million phones RIMM sold in their most recent quarter. We still have a few surprises left for the remainder of this calendar year."