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From Briefing.com: Weekly Recap - Week ending 30-Sep-11A weak performance on Friday resulted in another weekly loss for stocks -- their eighth in 10 weeks of trade. Such an extensive stretch of weakness has left the stock market to log a monthly loss of 7% and a quarterly loss of more than 14%.

Trade on Friday was spent entirely in negative territory. Participants turned to selling after watching markets overseas slide. Trade in Europe, which has influenced sentiment at home for weeks, saw Britian's FTSE fall 1.3%, France's CAC close 1.5% lower, and Germany's DAX drop 2.4% after a 3.0% jump in Eurozone CPI dampened hope for a rate cut by the European Central Bank. Overnight action in Asia saw Hong Kong's Hang Seng slide 2.7%, China's Shanghai Composite slip 0.3%, and Japan's Nikkei finish flat. China's HSBC Manufacturing PMI for September stayed below 50, the dividing line between contraction and expansion, for the third straight month, making some question the country's ability to sustain growth in the face of sluggish global conditions.

The inclination to sell trumped a couple of better-than-expected domestic reports. The Chicago PMI for August bested the Briefing.com consensus call of 54.0 by improving to 60.4 from 56.5 in July. The final September reading on consumer sentiment from the University of Michigan was revised upward to 59.4 from the preliminary reading of 57.8. A reading of 57.5 had been expected.

Personal income and spending numbers for August were less impressive. Income declined by 0.1% while spending increased by 0.2%. Income failed to meet the 0.1% increase expected, on average, by economists polled by Briefing.com, but the increase in spending was exactly in line with what had been expected.

Without any kind of positive leadership, stocks were left to wrestle with sellers throughout the session. Even defensive-oriented stocks succumbed to aggressive selling pressure after they had limited losses in the first half of the day. As a result, all 10 major sectors tumbled to losses in excess of 1%.

Financials and materials stocks fell the hardest. They dropped 3.5% and 3.7%, respectively. They were also some of the poorest performers for all of September and all of the third quarter. During September, financials fell 11.5% while materials tumbled 16.6%. Over the course of the quarter, though, financials shed 23% and materials surrendered a full quarter, 25%, of their market cap.

With selling intensifying into the close, stocks effectively surrendered the gains that they had staged in previous sessions. That caused stocks to record a weekly loss of 0.4%. It all made for an appropriate conclusion to the third quarter, which goes down as the stock market's poorest quarter since a near 23% drop in the fourth quarter of 2008.

Although the action on Friday appeared appropriate in the context of the quarter, it contrasted with trade at the start of the week, when stocks climbed more than 2% on Monday and another 1% on Tuesday. Buying in both days was based largely on hope that officials in Europe are finally crafting a comprehensive plan that will help the region shore up its finances.

Momentum from those two sessions helped stocks open higher on Wednesday, but participants, starved for details of the rumored plan, began to push back against stocks and ultimately dropped the market for a 2% loss. Data that day didn't do anything to bolster the case buying either -- durable goods orders and orders less transportation both slipped 0.1% during August.

But by Thursday, approval from highly influential Germany to expand the European Financial Stability Facility helped stocks snap back. Upbeat data also played a pivotal part. The latest weekly initial jobless claims count dropped by 37,000 from the prior week to 391,000, which is the first time in more than a month that initial claims fell below 400,000. Moreover, the final reading for second quarter GDP showed growth of 1.3%, which not only marked an increase from the 1.0% rate posted in the prior reading, but it also bested the 1.2% growth rate that had been broadly expected.

..Nasdaq 100 -2.7%. ..S&P Midcap 400 -2.9%. ..Russell 2000 -2.8%. ..NYSE Adv/Dec 607/2456. ..NASDAQ Adv/Dec 586/1992.

 
 Index     Started Week  Ended Week  Change  %Change  YTD % 
 DJIA	    10771.48     10913.38   141.90    1.3   -5.7 
 Nasdaq	     2483.23      2415.40   -67.83   -2.7   -9.0 
 S&P 500	     1136.43      1131.42    -5.01   -0.4  -10.0 
 Russell 2000  652.43	   644.16    -8.27   -1.3  -17.8

Last night, Micron (MU $5.16 -0.71) reported a fourth quarter loss of $0.14 per share, $0.14 worse than the Capital IQ Consensus of ($0.00), while revenues fell 14.2% year/year to $2.14 billion versus the $2.11 billion consensus. The trial phase of the Rambus (RMBS $14.08 -0.16) antitrust case that was heard in the San Francisco Superior Court ended on September 21, 2011 and the jury is currently deliberating the verdict. The company is unable to predict the outcome of this suit and is unable to reasonably estimate the range of possible loss. An unfavorable outcome could have a material adverse impact on the co's results of operations for the fourth quarter of fiscal 2011.

Last night, Xyratex (XRTX $9.49 +0.34) reported third quarter earnings of $0.42 per share, excluding non-recurring items, $0.23 better than the Capital IQ consensus of $0.19, while revenues fell 15.9% year/year to $361.8 million versus the $352.8 million consensus. The company issued in-line guidance for the fourth quarter with EPS of $0.27-0.45, excluding non-recurring items, versus the $0.44 consensus and revenues of $343-383 million versus the $372.69 million consensus. Gross profit margin in the third quarter decreased to 16.7%, compared to 17.6% in the same period last year, reflecting significantly lower revenues and gross margins in the Storage Infrastructure business partially offset by increased gross margins in the Networked Storage Solutions business.

Last night, BCD Semiconductor (BCDS $4.87 -0.73) lowered third quarter revenue guidance to approximately $39 million from $43-45 million versus the $41.83 million Capital IQ consensus. Gross margins are now expected to be approximately 27% versus previous guidance of 30%.

Last night, Universal Display (PANL $49.34 +0.68) and PPG Industries (PPG $71.44 -0.91) announced that the companies have entered into a new organic light-emitting diode materials supply and service agreement. Under the new agreement, PPG will remain the exclusive manufacturer of Universal Display's proprietary phosphorescent OLED materials.

Altera (ALTR $32.19 -0.88) was downgraded to Hold from Buy at Auriga and the firm lowered their target to $37 from $42. The firm notes their checks suggest that inventory correction and weaker orders have continued after the co's mid-quarter guidance. Despite the rising operating expenses, they have become incrementally more negative on ALTR's 28nm prospects as they see XLNX likely regaining share on that node. They would wait for the inventory correction to play out and macro trends to stabilize before becoming more constructive on the stock.

5:45PM Tegal announces extension of bid deadline for Nanolayer deposition patent portfolio (TGAL) 1.85 -0.37 : Co announced that bids for its intellectual property portfolio for Nanolayer Deposition Technology (NLD) will be accepted until 5 p.m. PDT on October 15, 2011. Tegal extended the bid deadline, originally set for today, after several additional IC and semiconductor equipment manufacturers expressed interest in the IP portfolio.

4:49PM First Solar: Topaz Solar Farm, North County Watch, and Carrizo Commons Reach Agreement on Topaz Solar Farm (FSLR) 63.21 -1.82 : Topaz Solar Farms, LLC, a subsidiary of First Solar, Inc. (Nasdaq: FSLR), has reached an agreement with North County Watch and Carrizo Commons to dismiss their lawsuit against the 550-megawatt Topaz Solar Farm project that First Solar is developing in San Luis Obispo County.

4:30PM SMTC Corp CFO resigns (SMTX) 1.49 +0.01 : Co announced the resignation of Jane Todd, Senior Vice President, Finance, and Chief Financial Officer. Ms. Todd joined SMTC in 2004 and during her tenure significantly contributed to the stabilization and growth of the organization.

3:33PM First Solar confirms it sells 550-megawatt desert sunlight solar farm (FSLR) 63.67 -1.36 : Co announced completion of the sale of one of the world's largest photovoltaic solar power projects - the 550-megawatt Desert Sunlight Solar Farm near Desert Center, Calif. Co which will continue to build and subsequently operate and maintain the project under separate agreements - has sold the project to affiliates of NextEra Energy Resources the subsidiary of NextEra Energy (NEE) and GE Energy Financial Services (GE). Total indirect local economic benefits to Riverside County, where the solar project is located, are estimated at $336 mln, the majority of which will be generated during construction with the remainder over the minimum 25-year operating period.

8:31AM JinkoSolar Holding announced that it has repurchased in the aggregate amount of 785,900 ADSs, representing 3,143,600 of its ordinary shares since the beginning of the share repurchase program (JKS) 4.96 : The average repurchase price, excluding commissions, was US$6.92 per ADS, and the total purchase price, excluding commissions, was US$5,435,661.

8:01AM Rambus' Cryptography research signs license with smartphone manufacturer (RMBS) 14.24 : Co announced it has signed a license agreement with a major smartphone and tablet manufacturer for the use of CRI's Differential Power Analysis countermeasures patents. Under the agreement, ongoing royalties will be paid for the use of CRI's patented innovations. Specific terms of the agreement and disclosure of the manufacturer are confidential.

8:00AM Vishay Intertechnology announces acquisition of specialty resistor company Huntington Electric for ~$19.6 mln (VSH) 8.82 :

Toshiba and Amkor Technology (AMKR) announced that they have signed a non-binding memorandum of understanding for the acquisition by Amkor of Toshiba Electronics Malaysia, Toshiba's semiconductor assembly operation in Malaysia, together with a license to Amkor for certain related intellectual property rights.

11:15 am S&P Tech Sector Down Over One Percent (MU)

The tech sector is trading lower today, just trailing losses in the broader market. Semiconductors are showing relative weakness in the tech space for the second straight session with the Philly Semi Index trading 1.9% higher. MU (-12.2%) is dragging in index lower. Among other major indices, the S&P 500 is trading 1.2%, while the NASDAQ is trading 1.1% lower. The QQQ is also trading 1.1% lower. Among tech bellwethers, INTC (-2.3%) is showing notable weakness.

In earnings last night, XRTX (+8.3%) reported a Q3 beat and MU (-11.8%) reported a mixed Q4 with an EPS miss and slight upside to revs. Also, BCDS (-15.9%) lowered its Q3 guidance.

In news, PANL (+3.1%) announced it has entered into an OLED technology license agreement with Pioneer Corporation. Also, AMZN (-1.2%) is reportedly interested in buying Palm from HPQ (-3.1%).

Among notable analyst upgrades this morning The Benchmark Company upgraded CEVA (+1.1%) to Buy. In downgrades, ALTR (-2.4%) was downgraded to Hold at Auriga, ITRI (-8.8%) was downgraded to Underperform at BofA/Merrill, and MU (-12.2%) was downgraded to Neutral at Wedbush.

No notable names in tech set to report results today after the close.