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From Briefing.com: 4:15 pm : Equities got off to a strong start despite a string of negative economic data. The third estimate of second quarter GDP indicated growth of 1.3% which was well below the prior reading of 1.7%. Elsewhere, durable goods orders also showed notable weakness as new orders declined by 13.2% during August. Excluding transportation related items, durable goods orders decreased by 1.6%. Weekly initial claims were the sole bright spot as the reading of 359k was below the broadly-anticipated 379k. The major averages extended their gains after Spain announced its 2013 budget which included spending cuts and no tax hikes. The key averages continued rallying throughout the afternoon and the S&P 500 settled higher by 1.0%.

Technology stocks outperformed the broader market. Within the group, Apple (AAPL 681.32, +16.14) started in the red, but ended higher by 2.4%.

Among semiconductor producers, AMD (AMD 3.43, +0.11) gained 3.3% as it rebounded from recent weakness. Meanwhile, NXP Semiconductors (NXPI 25.37, +1.61) rose by 6.8% after positive comments about the company were made at JPMorgan.

Two tech stocks headed in opposite directions after reporting their earnings. Progress Software (PRGS 21.23, +2.07) spiked 10.8% after announcing an earnings beat and a revenue miss.

On the downside, Comtech (CMTL 27.43, -0.95) slid 3.4% despite beating on earnings and revenues. In addition, the company issued full-year 2013 guidance which was in-line with analyst expectations.

OCZ Technology (OCZ 3.41, +0.08) added 2.4% after reports indicated the company held talks with Seagate (STX 31.93, +0.95) regarding a possible acquisition. However, the talks fell apart after OCZ's Chief Executive Officer requested a seat on Seagate's board of directors as part of the merger.

Financials also outperformed as the SPDR Financial Select Sector ETF (XLF 15.64, +0.14) rose by 0.9%. Morgan Stanley (MS 16.84, +0.41) and Bank of America (BAC 8.97, +0.15) posted the largest advances among the majors. The two listings finished higher by 2.5% and 1.8%, respectively.

Meanwhile, Discover (DFS 39.70, +2.68) surged 7.2% after reporting earnings and revenues ahead of expectations.

The health care sector trailed the broader market as a handful of names moved on news. Peregrine Pharma (PPHM 1.11, -0.55) fell 33.1% after disclosing it received a written notice of default from one of its lenders due to the recent discovery of a major discrepancy in treatment group coding for one of its clinical trials. Peregrine complied with the request and issued full payment on September 25, 2012.

On the upside, Achillion Pharma (ACHN 10.29, +0.80) gained 8.5% after providing positive proof-of-concept data with ACH-3102.

The Dow Jones Transportation Average traded in-line with the Dow Industrials. Railroad and shipping stocks showed strength within the 20-stock group. Kansas City Southern (KSU 76.96, +1.60) was the top performing railroad as it gained 2.1%. Meanwhile, Overseas Shipholding Group (OSG 7.05, +0.34) and Expeditors International (EXPD 36.81, +0.79) advanced 5.1% and 2.2%, respectively.

Airline stocks were generally lower after United Continental (UAL 19.36, -0.80) updated its third quarter guidance. UAL slipped 4.0% after reporting that it expects third quarter capacity to be lower by 1.4%, while passenger unit revenues are expected to be down between 1.0% and 2.0%. United Continental peers traded lower on related weakness. JetBlue (JBLU 4.84, -0.06) and Southwest (LUV 8.88, -0.04) lost 1.2% and 0.5%, respectively.

In tomorrow's economic data, personal income, personal spending, and core PCE prices will be released at 8:30 ET. In addition, Chicago PMI will be reported at 9:45 ET while the Final Michigan Sentiment will cross the wires at 9:55 ET.DJ30 +72.46 NASDAQ +42.90 SP500 +13.83 NASDAQ Adv/Vol/Dec 1796/1.64 bln/663 NYSE Adv/Vol/Dec 2285/634.1 mln/748

3:30 pm : Crude oil trended higher in positive territory and rose as high as $92.32 per barrel on speculation that China will put forward another stimulus plan. The energy component eventually settled the floor session 2.2% higher at $91.89 per barrel.

Natural gas fell to its session low of $3.21 per MMBtu following weaker-than-anticipated inventory data that showed a build of 80 bcf when a build of 75 bcf was expected. However, buyers stepped in and pushed prices up higher. Natural gas touched a session high of $3.32 per MMBtu in afternoon action and closed with a 2.2% gain at $3.29 per MMBtu.

Precious metals climbed higher during today's pit trade as investors reacted to Spain's government news conference where the country announced its 2013 budget. Gains also came on China speculation.

Gold brushed a session low of $1764.00 per ounce moments after floor trade began in response to durable orders and initial claims data, but prices rebounded quickly and the yellow metal trended higher. It hit a session high of $1782.90 per ounce in afternoon action and settled with a 1.6% gain at $1780.40 per ounce.

Silver came off its session low of $34.20 per ounce and touched a session high of $34.81 per ounce before closing 2.1% higher at $34.66 per ounce.DJ30 +84.52 NASDAQ +42.98 SP500 +14.27 NASDAQ Adv/Vol/Dec 1816/1332.7 mln/623 NYSE Adv/Vol/Dec 2282/403 mln/742

4:12PM Research In Motion beats by $0.19, beats on revs (RIMM) 7.14 +0.14 : Reports Q2 (Aug) loss of $0.27 per share, $0.19 better than the Capital IQ Consensus Estimate of ($0.46); revenues fell 31.1% year/year to $2.87 bln vs the $2.5 bln consensus.

-- RIMM reports Q2 gross margins of 26.0%; Street expectations 28.4%, Q1 28.0%.

-- BlackBerry subscriber base increased to approximately 80 million global subscribers.

-- Cash, cash equivalents, short-term and long-term investments increased by approximately $100 million to $2.3 billion at the end of the second quarter

-- Cash flow from operations was approximately $432 million in the second quarter.

-- Shipments of BlackBerry smartphones were 7.4 million and shipments of BlackBerry PlayBook tablets were approximately 130,000.

"Despite the significant changes we are implementing across the organization, our second quarter results demonstrate that RIM is progressing on its financial and operational commitments during this major transition," said Thorsten Heins, President and CEO. "Subscribers grew to approximately 80 million global users, revenue grew sequentially from the first quarter, cash, cash equivalents, short-term and long-term investments increased by approximately $100 million to $2.3 billion, and carriers and developers are responding well to previews of our upcoming BlackBerry 10 platform. Make no mistake about it, we understand that we have much more work to do, but we are making the organizational changes to drive improvements across the company, our employees are committed and motivated, and BlackBerry 10 is on track to launch in the first calendar quarter of 2013."


4:10PM Research In Motion trades up to 8.20 on better than expected earnings, units (RIMM) 7.14 +0.14 :

4:07PM Micron misses by $0.03, misses on revs (MU) 6.01 +0.08 : Reports Q4 (Aug) loss of $0.24 per share, $0.03 worse than the Capital IQ Consensus Estimate of ($0.21); revenues fell 8.3% year/year to $1.96 bln vs the $2.13 bln consensus. "In 2012, despite difficult market conditions and lower average selling prices, we continued to execute on our technology and manufacturing roadmaps and moved our products increasingly into premium segments. Our focus throughout 2013 is to drive additional cost reductions and advance our leading-edge memory technology to achieve increased manufacturing efficiencies,"

Revenues from sales of NAND Flash products were 12 % lower in the fourth quarter of fiscal 2012 compared to the third quarter of fiscal 2012, due to an 11 % decrease in sales volume. Revenues from sales of DRAM products in the fourth quarter of fiscal 2012 were 9 % lower compared to the third quarter of fiscal 2012 due to a 9 % decrease in sales volume. Sales of NOR Flash products were approximately 12 % of total net sales for the fourth quarter of fiscal 2012. The company's consolidated gross margin of 11 % in the fourth quarter of fiscal 2012 was essentially unchanged from the third quarter of fiscal 2012. Improvements in margin from sales of NAND Flash and NOR Flash products were offset by declines in margins from sales of DRAM products.

4:05PM Rambus and Fujitsu Semiconducter sign patent license agreement (RMBS) 5.30 +0.01 : Co announced it has signed a patent license agreement with Fujitsu Semiconductor Limited. This six-year agreement covers the use of Rambus patented innovations implemented in a broad range of integrated circuit (IC) products offered by Fujitsu Semiconductor. Financial terms of the agreement are confidential.

4:02PM Emcore announces proposed public offering of $8 mln of its common stock (EMKR) 5.87 +0.12 : Co plans to use any proceeds from the offering for general corporate purposes. In connection with the offering, B. Riley & Co., LLC is acting as sole underwriter.

Mellanox Technologies (MLNX) announced that its end-to-end InfiniBand solutions have been selected to connect Atlantic.Net cloud infrastructures.

8:34AM First Solar to build New Mexico solar projects totaling 20 megawatts for PNM (FSLR) 20.90 : Co announced agreements to construct four solar power plants totaling 20 megawatts (MW) AC of generating capacity for PNM Resources, Inc. First Solar will provide engineering, procurement and construction services, using its advanced thin-film photovoltaic (PV) modules. PNM has the option to expand the agreement to a total of 22 MWAC. The new solar projects are in addition to five projects totaling 22 MW that First Solar completed for PNM in 2011. The solar plants could be in service by the end of 2013, although the schedule is dependent on project approval by the New Mexico Public Regulation Commission, whose decision is expected in the fourth quarter of 2012. The four projects are expected to create a total of up to 450 construction jobs at peak.

TranSwitch (TXCC) has begun shipping production volumes of its HDplay transceiver for a new High Definition projector developed by a top tier manufacturer in Asia.

Intel (INTC $22.72 +0.07) issued a statement in response to unsubstantiated news reports about comments made by Intel CEO Paul Otellini in a meeting with employees. "Intel has a long and successful heritage working with Microsoft on the release of Windows platforms, delivering devices that provide exciting experiences, stunning performance, and superior compatibility. Intel fully expects this to continue with Windows 8..Intel, Microsoft and our partners have been working closely together on testing and validation to ensure delivery of a high-quality experience across the nearly 200 Intel-based designs that will start launching in October. Intel CEO Paul Otellini is on record as saying "Windows 8 is one of the best things that ever happened to Intel," citing the importance of the touch interface coming to mainstream computing and the huge wave of exciting new Ultrabook, tablet and convertible device innovations coming to the market."

09:19 am Alcoa downgraded to Hold at Dahlman Rose: . Dahlman Rose downgrades AA to Hold from Buy as they expect aluminum prices to remain range-bound and do not believe the shares will be appropriately valued under the current corporate structure. A difficult decision to spin off its downstream businesses could ultimately be the key. Though LME aluminum prices caught a bit of a bid in Sept, they haven't seen signs of any fundamental changes that should provide support for a meaningful move higher, and see prices fluctuating between $0.85 and $1.05/lb over the next 12 months.

09:19 am Freescale Semi initiated with a Buy at Needham, tgt $12: . Needham initiates FSL with a Buy and price target of $12. With the shares down ~50% from its IPO in May 2011, firm likes the risk/reward profile at these levels. There are three fundamental reasons for its bullish stance: 1) deleveraging story with predictable interest expense reduction leading to significant EPS accretion and lower costs of capital; 2) gross margin expansion driving significant leverage in the model; and 3) exposed to multi-year secular trends in the semiconductor industry.

09:18 am General Motors initiated with a Hold at Stifel Nicolaus: . Stifel initiates GM with a Hold. As a global leader, firm believes GM has taken upon itself to lead the charge in driving a multi-faceted, multi-year automotive industry turnaround. While it sees GM as leading in some respects and chasing in others, firm sees the future of the global automotive industry as characterized by largely rationalized vehicle production, increased parts/engines/systems platform commonality, reduced global architectures, and broadly improving vehicle quality. These improvements in the assembly of vehicles is also set against the backdrop of shorter product cycles attempting to keep pace with a) rapidly evolving 21st century technology, and b) ever-changing consumer demand.

11:07 am Tech Sector is trading higher today along with the overall market

The tech sector is trading higher today, along just ahead of gains in the broader market. Semiconductors are showing relative strength as well with the SOX trading 0.5% higher. Within the chip index, AMD (+3.0%) is a notable standout. Among other major indices, the SPY is trading 0.3% higher today, while the QQQ and the NASDAQ are trading 0.4% higer on the session. Among tech bellwethers, ORCL (+1.2%) is showing notable strength, while MSFT (-0.7%) is a laggard.

In tech earnings last night, CMTL (-2.5%) posted a Q4 beat and guided inline with consensus. Elsewhere, PRGS (+9.8%) reported a mixed Q3. In news, INTC (+0.5%) issued a statement in response to unsubstantiated news reports about comments made by CEO Paul Otellini in a meeting with employees. "Intel has a long and successful heritage working with MSFT (-0.7%) on the release of Windows platforms, delivering devices that provide exciting experiences, stunning performance, and superior compatibility. Intel fully expects this to continue with Windows 8." Among rumors, NOK (+0.7%) may look to eliminate its dividend according to a Bloomberg article. The Register is suggesting that OCZ (+9.6%) acquisition talks were held with STX (+0.1%), but the deal collapsed after CEO of OCZ requested seat on STX board of directors as part of merger. In notable analyst upgrades this morning in the tech space, MXIM (+1.6%) was upgraded to Buy at Jefferies. Among downgrades, ALTR (-1.7%) & HPQ (+1.1%) were downgraded at Jefferies. ACN (+0.6%), MU (+0.5%), and RIMM (+0.9%) are the notable names in tech scheduled to report quarterly results today after the close.