From Briefing.com: 4:15 pm : The major averages got off to a strong start, but the bullish bias faded shortly after the open. Headlines out of Europe provided another risk-off signal as reports suggested that a Spanish aid request is not imminent. After marking their session highs during the first five minutes of trade, the key indices spent most of the session trending lower. However, a rally in the final hour of trading lifted the S&P 500 and Nasdaq into positive territory while the Dow closed with a small loss of 0.2%.
The health care sector was the day's top performer. Within the space, biotech stocks showed strength which was reflected by the iShares Nasdaq Biotechnology ETF (IBB 145.18, +1.54) adding 1.1%. Looking at individual names, Amgen (AMGN 86.35, +1.27) traded at its all-time high before closing higher by 1.5%. Meanwhile, Gilead (GILD 69.17, +1.73) also marked a fresh all-time best as the shares gained 2.5%.
On the downside, ArQule (ARQL 2.18, -2.81) fell 56.3%. The weakness followed the company's announcement regarding the discontinuation of Phase 3 MARQUEE clinical trial in non-small cell lung cancer after determination that study would not meet its primary endpoint. As a result of the announcement, Needham downgraded ArQule from ‘buy' to ‘hold.'
Telecom stocks also outperformed as buyout speculation lifted one name to its best level since July 2011. MetroPCS (PCS 13.57, +2.05) spiked 17.8% after a Bloomberg TV report suggested the company may be nearing a deal with Deutsche Telecom/T-Mobile. Peer, Leap Wireless (LEAP 7.59, +0.59) surged 8.4% while Sprint (S 4.90, -0.28) slipped 5.4%.
The materials sector was the weakest performer as steel and aluminum producers were under pressure. AK Steel (AKS 4.79, -0.09), Cliffs Natural Resources (CLF 38.55, -0.33), and United States Steel (X 18.99, -0.32) all posted losses between 0.8% and 1.8%.
Elsewhere in the sector, Mosaic (MOS 55.76, -2.25) slid 3.9% after missing on both earnings and revenues. The company's earnings per share were reported $0.15 below consensus estimates, while revenues fell $180 million short of estimates. In its defense, the company cited longer annual maintenance shut-downs and challenges posed by hurricanes, noting demand for products outpaced Mosaic's ability to produce and deliver.
Wassau Paper (WPP 8.67, -0.49) slid 5.4% after lowering its full-year guidance due to lower profitability at its facility in Brainerd, Minnesota. Other paper names were mixed as Neenah Paper (NP 27.91, -0.67) shed 2.3% while Louisiana-Pacific (LPX 13.00, +0.32) gained 2.5%.
The Dow Jones Transportation Average edged up as it outperformed the remaining industrials. Airline stocks enjoyed their second consecutive day of gains as Delta Airlines (DAL 9.77, +0.30) and JetBlue Airways (JBLU 4.98, +0.11) rose by 3.2% and 2.4%, respectively.
Meanwhile, shipping stocks led the transportation complex. Overseas Shipholding Group (OSG 7.08, +0.59) jumped 9.1% after its joint venture with Euronav secured a new charter deal. Peer, Matson (MATX 20.50, +0.34) added 1.7% on related strength.
Financial stocks showed some relative outperformance. Citigroup (C 33.26, +0.51) was the top performer among the majors. The financial giant gained 1.6% after Keefe Bruyette upgraded shares of Citigroup from ‘market perform' to ‘outperform.' Elsewhere in the sector, JPMorgan Chase (JPM 40.92, -0.05) shed 0.1% after New York Attorney General, Eric Schneiderman announced he would file a lawsuit against the bank over mortgage-backed securities sold by Bear Stearns.
In tomorrow's economic data, the MBA Mortgage Index will be reported at 7:00 ET. In addition, the ADP Employment Change and ISM Services will be released at 8:15 ET and 10:00 ET, respectively.DJ30 -32.75 NASDAQ +6.51 SP500 +1.26 NASDAQ Adv/Vol/Dec 1258/1.57 bln/1192 NYSE Adv/Vol/Dec 1589/596.3 mln/1406
3:30 pm : Crude oil oscillated between positive and negative territory despite a weaker dollar. It touched a pit session high of $92.78 per barrel in afternoon action, but slid back into negative territory as it headed into the close. The energy component settled 0.6% lower at $91.89 per barrel, or just above its session low of $91.82 per barrel.
Natural gas climbed into the black after trading as low as $3.40 per MMBtu in early morning pit action. It inched higher for most of its session and settled with a 1.4% gain at $3.53 per MMBtu.
Precious metals struggled in negative territory without much help from the weak dollar. Gold fell off its overnight session high of $1786.60 per ounce and tumbled as low as $1772.30 per ounce in morning pit action. It settled the choppy session at $1775.80 per ounce, or 0.4% lower. Silver also tumbled to a session low of $34.42 per ounce after trading as high as $35.12 per ounce in overnight action. It eventually settled with a 0.8% loss at $34.67 per ounce.DJ30 -53.33 NASDAQ -1.12 SP500 -1.91 NASDAQ Adv/Vol/Dec 1161/1336.2 mln/1282 NYSE Adv/Vol/Dec 1410/414 mln/1551
Mattson Technology (MTSN) has shipped its first follow-on Helios XP rapid thermal processing system to a major foundry customer
Extreme Networks (EXTR $3.35 +0.05) announced its Board of Directors has authorized the repurchase of common stock worth up to $75 million which may be purchased over the next three years from time to time in the open market or in privately negotiated transactions. Extreme Networks will fund the share repurchases from cash on hand, which was approximately Co announced its Board of Directors has authorized the repurchase of common stock worth up to $75 million which may be purchased over the next three years from time to time in the open market or in privately negotiated transactions. Extreme Networks will fund the share repurchases from cash on hand, which was approximately $200 million as of September 30, 2012. As of August 6, 2012, there were approximately 95 million shares of common stock outstanding.00 million as of September 30, 2012. As of August 6, 2012, there were approximately 95 million shares of common stock outstanding.
FBR Capital Markets are adjusting their Microsoft (MSFT $29.65 +0.16) estimates to reflect the impact of the Office 2013 upgrade program on the company's revenues. While the firm believes the company is in the midst of a healthy product cycle. they remain concerned over headwinds in the PC market in 2012 and beyond in the face of the macro environment, European weakness, consumerization of IT, and supply chain issues. To this point, they are taking a wait-and-see approach on the prospects of the new operating system and its potential impact to growth. THey are lowering their F1Q13 revenue and pro forma EPS estimates from $16.8 billion and $0.60 to $16.7 billion and $0.59, respectively (First Quarter Capital IQ Consensus $0.60/16.56 billion). FBR notes
Research In Motion's (RIMM $7.82 -0.04) August-ending quarter's result was significantly stronger than many investors expected. While a look at RIMM's operating metrics clearly reflected a Co under continued duress, mgmt seemed to ameliorate a tough situation and has slowed RIMM's rate of decline. Overall, mgmt seems to have emphasized revs, ASPs, smartphone units, subscriber net adds, and operating cost controls at the expense of GMs, service ARPU, and tablet sales. FBR expects the same trends to continue through year-end and up to the BB10 launch, when mgmt likely begins emphasizing upgrading corporate customers in its developed markets. FBR reiterates Underperform but raises its target to $6.50 from $6.
AI
Market Data 
Markets 
