From Briefing.com: 4:30 pm : The stock market slipped to the neutral line in the early going, but then climbed steadily to finish at a session high with a gain of more than 3%.
Buying interest ahead of the open was bolstered by the robust gains staged abroad, especially in Europe, where the action of the major bourses continues to be regarded as an indicator of confidence in the region's fundamental make-up and macro environment. That said, traders there responded positively to what was actually a relatively mixed batch of economic data, giving the EuroStoxx 50 a 1% gain.
Support at home faded in the first few minutes of trade, though. That left the S&P 500 to slip to the neutral line, but stocks were able to secure support there, just as they did in the prior session. The implied floor encouraged buyers to step back in.
Conviction among buyers seemed to increase once financials joined in the effort. The sector had been hampered by renewed selling pressure against diversified banks and financial services stocks, but even that group eventually garnered support. As a result, the financial sector settled with a gain of more than 3%.
A little past the midway point, stocks slipped amid knee-jerk selling that came in response to reports that government buildings were evacuated following an earthquake in the area. Once it was learned that there weren't any immediate damages of great consequence, stocks were able to resume their upward march, which continued into the close so that stocks settled more than 3% higher.
Energy stocks were the strongest performers overall. As a group they gained more than 4%, led by a mix of oil and gas services players and refiners that rebounded from the prior session's slip.
Names like Google (GOOG 518.82, +20.65) and Apple (AAPL 373.60, +17.16) also outperformed. Their strength helped the Nasdaq Composite edge out its counterparts.
Even before stocks had started their ascent, gold prices were on the retreat following a new all-time high in overnight action. The precious metal climbed as high as $1917.90 per ounce, but ultimately settled with a 1.4% loss at $1863.50 per ounce.
Treasuries didn't make much of a move lower until late in the day. Results from an auction of 2-year Notes indicated strong demand. Specifically, the auction drew a bid-to-cover of 3.44, dollar demand of $120.4 billion, and an indirect bidder participation rate of 31.6%. The prior auction produced a bid-to-cover of 3.14, dollar demand of $109.9 billion, and an indirect bidder rate of 27.7%.
2:47PM Rudolph Tech confirms ruling in case against Camtek (CAMT); court revised one claim construction ruling (RTEC) 7.01 +0.20 : On August 22, the U.S. Federal Circuit Court of Appeals issued a ruling in Rudolph Technologies' long-running patent infringement case against Camtek. In its opinion, the Appellate Court affirmed multiple rulings from trial at the District Court level including finding Rudolph's U.S. Patent No. 6,826,298 valid, the part of the infringement ruling based on the finding that Camtek's Falcon product strobes "based on velocity," and the dismissal of Camtek's claim against Rudolph for inequitable conduct against the U.S. Patent and Trademark Office. The court did, however, revise one claim construction ruling made by the District Court in the original case and remanded it back to the trial court. "While we are disappointed that the court did not affirm all aspects of our verdict against Camtek, we are very pleased to note that the court determined that our patent is valid and that the remaining issue before the District Court is one about which we feel very confident." As part of its ruling, the Appellate Court sent a single issue back to the District Court for resolution in a "limited" proceeding that relates to whether Camtek's Falcon product creates a model using multiple, discrete wafers. "As Rudolph presented solid evidence that Camtek uses multiple whole wafers with the Falcon to train the system, we look forward to a prompt and favorable resolution to this matter with the reinstatement of the judgment of infringement, damages and the permanent injunction."
STMicroelectronics (STM) has expanded its motion-sensor portfolio with a new high-performance three-axis digital-output gyroscope. Housed in a 4x4x1 mm package,
Microchip Technology (MCHP), announced the MCP6V2X family of operational amplifiers.
Mattson Technology (MTSN) announced that a major semiconductor manufacturer has purchased its Millios millisecond anneal system for the evaluation of future logic devices.
McAfee, a unit of Intel (INTC) announced that NEC will offer McAfee Mobile Security pre-installed on its "LifeTouch" series cloud communicator starting August 26, 2011.
09:28 am Suntech Power downgraded to Sell at Collins Stewart; tgt lowered to $4.00: . Collins Stewart downgrades STP to Sell from Neutral and lowers their tgt to $4 from $5.50 due to their belief that it will be difficult for the co to create value for its shareholders in the year ahead and its being viewed as particularly susceptible to ASPs. In the current falling price environment, STP's relatively high expense levels, including relatively inflexible interest expenses, will continue to pressure margins. Their FY11 and FY12 EPS ests are lowered below consensus.
11:23 am S&P Tech Sector Outperforming The Broader Market (JNPR)
The tech sector is trading higher today, ahead of gains in the broader market. Semiconductors are showing relative strength in the tech space with the Philly Semi Index trading 2.0% higher. Among chips in the index, RBCN (+7.6%) is a notable leader, while NXPI (-0.3%) is lagging. Among other major indices, the S&P 500 is trading 1.0% higher, while the NASDAQ is trading 1.4% higher. The QQQ, meanwhile, is trading 1.5% higher. Among tech bellwethers, GOOG (+2.7%) is showing relative strength.
In earnings last night, PWRD (+13.1%) and FMCN (+6.2%) posted quarterly beats.
In news, Samsung Mobile Display and PANL (+18.3%) announced entry into OLED patent license and supplemental material purchase agreements. Also, RP (-12.9%) announced it will acquire Multifamily Technology Solutions for approx. $74.4 mln and updated guidance. In rumors, we are hearing renewed AAPL (+1.8%) for ARMH (+6.3%) takeover chatter making the rounds.
Among notable ratings changes this morning, JNPR (+3.1%) was upgraded to Outperform at Morgan Keegan, Brigantine upgraded PANL (+18.3%) to Buy, Caris upgraded TIVO (+3.5%) to Above Average, and NVDA (+7.6%) was upgraded to Outperform at Wells Fargo.
AVGO (+0.2%) is the notable tech name set to report results today after the close.
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