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From Briefing.com: 4:10 pm : Stocks finished on their session lows as Fed Chairman Bernanke's late day speech on his U.S. economic outlook pushed stocks to their worst levels of the day. In his speech, Mr. Bernanke restated the need for accommodative monetary policy. The Dow led today's decline, sliding 0.2% while the S&P shed 0.1%, and the Nasdaq finished with fractional losses.

Shares of International Paper (IP 29.78, +0.13) and Temple-Inland (TIN 29.49, +8.48) made headlines today after International Paper made a $30.60 per share bid for Temple-Inland following yesterday's close on Wall Street. The unsolicited bid was quickly rejected with Temple-Inland saying it "grossly undervalues" the company despite being a 46% premium to Monday's closing price. Other packaging/paper stocks such as Boise (BZ 7.89, +0.42) and Packaging Corp. of America (PKG 28.49, +1.66) saw a positive response to the news.

Materials finished as the best performing sector in the S&P 500, adding 0.3% for the day. Precious metals rebounded from their worst levels of the session and finished mixed at the close of pit trade with gold down $3.40 to $1543.80 and silver up $0.29 at $37.08. Gold miner Newmont Mining (NEM 52.94, -0.50) and silver miner Silver Wheaton (SLW 33.70, +0.05) finished down 0.9% and up 0.2% respectively.

Sprint (S 5.49, -0.11) was among today's biggest decliners early, but pared a good portion of its losses after being downgraded to sell from hold at Stifel Nicolaus. The reason for the downgrade is being attributed to Sprint's Network Vision and 4G strategy being more complicated, and potentially taking a lot more time and money than investors are currently anticipating. The stock closed lower by 2.0% on the news.

Despite a plethora of positive comments regarding yesterday's announcement of the iCloud, shares of Apple (AAPL 332.04, -6.00) finished among the worst performers in the technology space as they ended down close to 1.8%. The stock has been stuck in a range between $330 and $360 throughout most of 2011 and today's weakness brings the price within a couple dollars of the year's lower bound.

Treasuries finished the day at their best levels of the U.S. session as the solid $32 billion 3-yr note auction lifted maturities across the complex off their worst levels of the day. The 10-yr yield ended the U.S. session at 3.011% and eased just below 3.00% following Mr. Bernanke's speech.

The dollar index ended the day on its worst levels of the session, but was able to hold the 73.50 level. Traders remain focused on Thursday's Bank of England and European Central Bank interest rate decisions.

Tomorrow will see the release of the highly volatile MBA Mortgage Index at 7 a.m. ET, and the Fed's Beige Book at 2 p.m. ET. Watch for Treasury to issue $21 bln 10-yr notes in a reopening.DJ30 -19.15 NASDAQ -1.00 SP500 -1.23 NASDAQ Adv/Vol/Dec 1522/1.67 bln/1027 NYSE Adv/Vol/Dec 1803/741.8 mln/1159

3:30 pm : July crude oil settled a few cents above the unchanged mark at $99.09 per barrel, erasing all of its earlier losses. Reports earlier this morning indicated that Saudi Arabia would raise its production output by 500K regardless of the outcome of tomorrow's OPEC meeting. A separate report indicated that OPEC would hike production by as much as 1.5 mln bpd. Those reports caused prices to drop. Despite those reports, crude oil was able to recoup most of its losses to end right around unchanged. It was a quiet session for July natural gas, which closed flat on the day at $4.83 per MMBtu.

August gold ended lower by 0.2% to $1543.80 per ounce, while July silver ended up 0.8% to $37.08. Both metals sold off to their respective lows in morning trade. They spent the remainder of the session attempting to rebound off of those lows, with gold ending just shy of the flat line, while silver was able to close back in positive territory. DJ30 +47.00 NASDAQ +10.54 SP500 +5.79 NASDAQ Adv/Vol/Dec 1747/1.4 bln/818 NYSE Adv/Vol/Dec 2048/609.8 mln/905

5:30PM Freescale announces pricing of senior notes offering (FSL) 18.12 -0.12 : Co announced that Freescale Semiconductor, its wholly owned indirect subsidiary, priced its offering of $750 million aggregate principal amount of 8.05% senior unsecured notes due 2020 (the "Notes") at a discount to par of 98% in connection with its previously announced private offering. The closing of the private offering is expected to occur on June 10, 2011, subject to customary closing conditions.

5:07PM Sunpower on Conference Call (SPWRA) 20.95 +0.11 : Seeing 'substantial global' ASP pressure; expect this to remain in place for 2011; sees Q2 gross margins in the range of 15-17%, 17-19% for full year... evaluating additional moves to improve cost structure and take advantage of the roof top market... accelerating investment into residential; taking away from UPP business... believe supply has caught up to demand in solar industry; earlier ramp ups will provide co with an advantage... in discussions about monetize equipment currently in Italy; not able to provide timing but notes expectations are priced into the guidance... says in their downstream not seeing large 'chunks of inventory' but says that it is out there in the industry... says inventories have continued to decline; will improve inventory turns in Q3...

4:20PM LDK Solar beats by $0.09, reports revs in-line; guides Q2 revs below consensus (LDK) 7.10 +0.43 : Reports Q1 (Mar) earnings of $0.95 per share, $0.09 better than the Thomson Reuters consensus of $0.86; revenues fell 91.7% year/year to $766.3 mln vs the $769.5 mln consensus. Co issues downside guidance for Q2, sees Q2 revs of $710-760 mln vs. $771.68 mln Thomson Reuters consensus. wafer shipments between 500 MW and 550 MW, and module shipments between 200 MW and 220 MW, in-house polysilicon production between 2,650 MT and 2,750 MT, in-house cell production between 120 MW and 130 MW and gross margin between 22% and 26%.

4:16PM KLA-Tencor announced shipment of the first LMS IPRO5 reticle pattern placement metrology system (KLAC) 41.12 +0.56 :

4:16PM Trident Microsystems names Dr. Bami Bastani as CEO and President (TRID) 0.92 -0.01 : Co announced that Dr. Bami Bastani has been appointed Chief Executive Officer and President and has been elected to the Board of Directors. Bastani has more than 20 years of experience as a CEO and senior executive in the semiconductor industry. His appointment is effective immediately. Philippe Geyres, who has served as the company's interim CEO since January 2011, will continue in his role as a member of the Board of Directors.

4:11PM Sunpower issues mixed guidance; citing Italian solar policy this year have had a significant impact on the global solar market (SPWRA) 20.95 +0.11 : Co issues mixed guidance for Q2 (Jun), sees EPS of ($0.05)-0.10 vs. $0.23 Thomson Reuters consensus; sees Q2 (Jun) revs of $550-600 mln vs. $541.98 mln Thomson Reuters consensus. Co issues mixed guidance for FY11 (Dec), sees EPS of $1.20-1.70 vs. $1.79 Thomson Reuters consensus; sees FY11 (Dec) revs of $2.80-2.95 bln vs. $2.69 bln Thomson Reuters consensus. "The changes to Italian solar policy this year have had a significant impact on the global solar market... In response, we rebalanced our product allocation in Italy away from power plants and toward our European residential and commercial (R&C) business where demand remains strong. The ability to reallocate our product in the face of market changes is a key feature of SunPower's vertically integrated, geographically diversified model. However, systems sold through our R&C channel yield less profit per watt than systems deployed in self-developed power plant projects, as reflected in our Q2 outlook. In addition, we expect the current global pricing pressure to persist through 2011 and, as a result, we are planning full-year 2011 non-GAAP gross margins to be in the range of 17% to 19%... To align with the reallocation of product, we are rebalancing resources to support the growth of our residential and commercial rooftop businesses... We're taking aggressive steps to actively manage our manufacturing and operating expenses, including working with suppliers to modify contracts to reflect current market conditions. In addition, our 2011 outlook incorporates the efficient management of our balance sheet through production optimization and demand-driven inventory levels. These steps, along with the $1 billion credit support agreement with Total, position SunPower to gain market share profitably." SPWRA and Total (TOT) also confirmed Total's cash tender offer to acquire approximately 60 percent of the outstanding shares of Class A common stock and approximately 60 percent of the outstanding shares of Class B common stock of SunPower for $23.25 per share respectively, as scheduled on June 14, 2011.

* Analog Devices (ADI) released for general availability today the ADIS16407 iSensor IMU magnetometer and a pressure sensor into a single package.

# Sierra Wireless (SWIR) announced that GeaCom has selected a Sierra Wireless AirPrime embedded wireless module to provide the 3G wireless connection for GeaCom's handheld multilingual medical communication system.

# RF Monolithics (RFMI) introduced two additions to the co's RFM2M brand of M2M Wireless Sensor Network Platform building block products - the battery-powered SN2430R420 sensor modem and LG2430E gateway.

8:01AM TriQuint Semi demonstrates gallium nitride leadership by achieving key development milestones (TQNT) 11.89 : Co announced several milestones related to its industry leading Gallium Nitride (GaN) developments. Together with customers and various US Government agencies, TriQuint is working to define the future of RF, where it believes GaN will play a key role. Together with researchers from the University of Notre Dame, TriQuint put its GaN NEXT Process, which is being developed with funds from DARPA and not yet commercially available, through stringent performance tests. The results of the testing demonstrated performance twice that of recently-claimed 'best' performance by University of California Santa Barbara.

8:01AM Skyworks reaffirms Q3, annualized outlook ahead of Investor Meetings (SWKS) 23.28 : Co is affirming its outlook for above market growth, excluding its recently announced acquisitions. In April 2011, Skyworks guided to ~$345 million in revenue with non-GAAP diluted earnings per share of $0.46 for the current quarter, consensus $345.3 mln and $0.46. Further, during the earnings conference call, the co indicated it was on a path to approach a $1.5 bln rev run rate with $2.00 in annualized non-GAAP diluted earnings per share in the Sept quarter. This growth outlook is being driven by the co's broad customer base, diversification into new markets and increasing share gains. "Skyworks' core business continues to outperform our addressed markets and we believe this will be clearly reflected in our performance and guidance."

Open-Silicon and Micron Technology (MU) announced that the cos have entered into an agreement that will enable them to explore opportunities around Micron's recently announced Hybrid Memory Cube products.

# ON Semiconductor (ONNN) has opened its new Singapore hub for global distribution. The new $3.5 mln state-of-the-art facility was built and implemented in partnership with DHL.

# AMD (AMD) reintroduced the FX brand for PC processors and platforms.