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From Briefing.com: 4:20 pm : Equities began the session with an opening sell-off as disappointing earnings combined with Moody's downgrade of five Spanish regions fueled the bearish sentiment. Stocks reached session lows during the first hour before attempting to rebound. The tech-heavy Nasdaq showed intraday resilience, but the attempt to reclaim its early losses was cut short when late-day selling sent the index back near the middle of its range. As a result the Nasdaq ended lower by 0.9% while S&P 500 lost 1.4%.

Stocks in the materials space saw the biggest weakness. Among steel producers, AK Steel (AKS 5.19, -0.32) fell 5.8% despite beating on earnings and reporting revenues in-line with Capital IQ consensus. However, based on current conditions, the company expects to incur a net loss during the fourth quarter. This includes an anticipated non-cash tax expense resulting from an expected change in the company's tax valuation allowance. Other steel producers also traded lower. ArcelorMittal (MT 15.64, -0.92) slid 5.6%, while Cliffs Natural Resources (CLF 43.55, -1.44), Nucor (NUE 40.37, -0.75), and United States Steel (X 21.90, -1.01) all lost between 1.8% and 4.4%.

Chemical producer DuPont (DD 45.25, -4.51) plunged 9.1% after missing earnings and revenue expectations. In addition, the company lowered its full-year 2012 earnings guidance, and announced restructuring plans which aim to cut about 1,500 positions globally. The weak results weighed on other chemical producers. Dow Chemical (DOW 28.55, -1.19) settled lower by 4.0%, while Monsanto (MON 86.93, -1.94) and Mosaic (MOS 53.07, -1.16) both lost near 2.2%.

The technology sector outperformed the broader market. The group's biggest component, Apple (AAPL 613.35, -20.67) dipped 3.3% after unveiling a smaller version of the iPad tablet with a $329 price tag. The company also announced a fourth generation iPad and a new desktop computer.

Looking at technology earnings, Western Digital (WDC 34.43, -0.85) slipped 2.4% despite beating on earnings and revenues. The management remained upbeat about future prospects and said, "While the macroeconomic environment is dampening near term demand, we remain confident in the continued long-term growth in the creation, storage and management of digital content." Peer Seagate (STX 27.80, -0.51) shed 1.8% in sympathy.

Texas Instruments (TXN 27.84, +0.05) tacked on 0.2% after reporting third quarter earnings of $0.52 on revenue of $3.39 billion. While the quarterly results beat expectations, it should be noted that the company issued downside fourth quarter earnings and revenue guidance. The management commented on the outlook by saying "TI revenue grew sequentially and operations were well executed even though the economy and semiconductor market remained weak and likely will get weaker in the fourth quarter."

Xerox (XRX 6.67, -0.36) ended lower by 5.1% after announcing mixed earnings. The business equipment provider reported earnings of $0.25, which was in-line with Capital IQ consensus estimates. However, the revenue of $5.42 billion was short of the $5.5 billion forecast by the Capital IQ consensus. The management commented on the future outlook by saying, "We remain cautious, and we are focused on reducing costs to absorb the impact and improve margins while investing in key areas of growth and delivering strong cash flow."

Elsewhere, Yahoo! (YHOO 16.67, +0.90) advanced 5.7% after its third quarter earnings of $0.35 exceeded Capital IQ consensus estimates by $0.09. The revenues, meanwhile, were reported in-line with Capital IQ analyst expectations. Following the earnings release, Susquehanna upgraded the stock to ‘positive' from ‘neutral.' Note that today's buying has lifted the stock to levels not seen since October of last year.

The Dow Jones Transportation Average outperformed the remaining industrials, and added 0.9%. The strength within the bellwether complex was a result of positive reaction to earnings from a handful of names. Ryder System (R 45.82, +2.39) rose by 5.5% after announcing mixed earnings. The truck lessor reported earnings of $1.28 which was $0.10 better than the Capital IQ consensus estimate. However, the company's revenue of $1.57 billion was below the $1.62 billion Capital IQ forecast. Peer CH Robinson (CHRW 60.98, +1.13) added 1.9%.

United Parcel Service (UPS 73.73, +2.17) advanced 3.0% after reporting mixed earnings. The economic bellwether announced third quarter earnings of $1.06, which was in-line with the Capital IQ consensus. Meanwhile, the company's revenue of $13.07 billion fell short of the $13.31 billion expected by the Capital IQ consensus. In addition, the company issued in-line guidance. Peers FedEx (FDX 91.79, +0.31) and Expeditors International (EXPD 36.28, +0.95) registered gains of 0.3% and 2.7%, respectively.

Luxury retailer Coach (COH 58.15, +3.98) surged 7.4% after beating on earnings, and reporting in-line revenues. The company also announced the repurchase of up to $1.5 billion of its outstanding common stock by June 30, 2015. When commenting on the future outlook, the management said, "We are well positioned for the holiday season and remain confident in our ability to deliver double-digit growth during our planning horizon."

Tomorrow, the weekly MBA Mortgage Index will be reported at 7:00 ET. In addition, September new home sales and the August FHFA Housing Price Index will be released at 10:00 ET. Lastly, the Federal Reserve will release a policy statement at 14:15 ET.

The U.S. Treasury will auction off $35 billion in 5-yr notes.DJ30 -243.31 NASDAQ -26.50 SP500 -20.71 NASDAQ Adv/Vol/Dec 884/1.76 bln/1593 NYSE Adv/Vol/Dec 806/670.9 mln/2236

3:30 pm : Crude oil and precious metals fell deeper into negative territory as a stronger dollar and weakness in the broader market put pressure on prices. The energy component slid off its session high of $87.13 per barrel and brushed a session low of $85.69 per barrel. It eventually settled at $86.67 per barrel for a loss of 2.3%.

Both gold and silver traded in the red in a consolidative pattern. Gold dipped as low as $1705.10 per ounce and eventually settled with a 1.0% loss at $1709.40 per ounce. Silver brushed a session low of $31.74 per ounce and closed at $31.78 per ounce, or 1.5% lower.

On the other hand, natural gas came off its session low of $3.45 per MMBtu and trended higher for most of its floor session. It peaked at $3.56 per MMBTu and settled at $3.53 per MMBtu for a 2.3% gain.DJ30 -226.60 NASDAQ -22.07 SP500 -18.78 NASDAQ Adv/Vol/Dec 886/1492.2 mln/1574 NYSE Adv/Vol/Dec 755/462 mln/2250

5:20PM Dow Chemical announces restructuring program designed to accelerate cost reduction actions; to eliminate ~2400 positions and shut down 20 manufacturing facilities (DOW) 28.55 -1.19 : Co announced a restructuring program designed to accelerate cost reduction actions and advance the next stage of the Company's transformation in the midst of persistently slow macroeconomic growth. These actions will result in a net reduction of approximately 2,400 positions, or five percent of the global workforce. The restructuring also includes the shutdown of approximately 20 manufacturing facilities. Once fully implemented, these actions are expected to result in approximately $500 million of annual operating cost savings by the end of 2014. The Company will take charges totaling approximately $0.50 - $0.60 per share in the fourth quarter of 2012 for asset impairments and write-offs, severance and other costs related to these measures. In addition, Dow will further reduce capital spending and investments for targeted growth programs that are no longer a priority in this environment. These measures are expected to deliver an additional $500 million cash impact. Taken together with the $1.5 billion of measures Dow has already initiated, this will bring the Company's stated cumulative intervention goal to $2.5 billion.

4:49PM Super Micro Computer misses by $0.04, reports revs in-line; guides Q2 EPS below consensus, revs in-line (SMCI) 9.11 -0.13 : Reports Q1 (Sep) earnings of $0.07 per share, excluding non-recurring items, $0.04 worse than the Capital IQ Consensus Estimate of $0.11; revenues rose 9.2% year/year to $270.7 mln vs the $270.03 mln consensus. Gross margin of 12.9%, down from 15.4% in the fourth quarter of fiscal year 2012 and down from 16.0% in the same quarter of last year. Server solutions accounted for 39.5% of net sales compared with 44.6% in the fourth quarter of fiscal year 2012 and 39.4% in the same quarter of last year.

Co issues mixed guidance for Q2, sees EPS of $0.12-0.16 vs. $0.18 Capital IQ Consensus Estimate; sees Q2 revs of $270-295 mln vs. $283.43 mln Capital IQ Consensus Estimate.

4:32PM Celestica beats by $0.06, misses on revs; guides Q4 EPS in-line, revs below consensus (CLS) 7.01 -0.14 : Reports Q3 (Sep) earnings of $0.26 per share, excluding non-recurring items, $0.06 better than the Capital IQ Consensus Estimate of $0.20; revenues fell 13.9% year/year to $1.58 bln vs the $1.65 bln consensus. Co issues in-line EPS guidance for Q4, sees EPS of $0.15-0.21, excluding non-recurring items, vs. $0.20 Capital IQ Consensus Estimate; sees Q4 revs of $1.43-1.53 bln vs. $1.59 bln Capital IQ Consensus Estimate.

4:17PM RF Micro Device beats by $0.05, beats on revs; guides Q3 EPS above consensus, revs above consensus (RFMD) 3.93 +0.13 : Reports Q2 (Sep) earnings of $0.06 per share, excluding non-recurring items, $0.05 better than the Capital IQ Consensus Estimate of $0.01; revenues fell 14.0% year/year to $209.7 mln vs the $197.79 mln consensus. Co issues upside guidance for Q3, sees EPS of $0.06 vs. $0.03 Capital IQ Consensus Estimate; sees Q3 revs of $245 mln vs. $217.54 mln Capital IQ Consensus Estimate.

4:14PM Broadcom beats by $0.02, beats on revs; guides Q4 revs below consensus (BRCM) 33.36 -0.06 : Reports Q3 (Sep) earnings of $0.79 per share, excluding non-recurring items, $0.02 better than the Capital IQ Consensus Estimate of $0.77; revenues rose 8.7% year/year to $2.13 bln vs the $2.09 bln consensus. Co issues downside guidance for Q4, sees Q4 revs of ~$1.95-2.10 bln vs. $2.12 bln Capital IQ Consensus Estimate. Co sees product gross margin for Q4 flat to slightly up from 3Q12

2:11PM Apple confirms introduction of iPad mini; announcement of fourth generation iPad (AAPL) 624.10 -9.93 : Co confirmed in a press release the introduction of the iPad mini, a new iPad design that is 23 percent thinner and 53 percent lighter than the third generation iPad. Co also announced the fourth generation iPad featuring a 9.7-inch Retina display, new Apple-designed A6X chip, FaceTime HD camera and ultrafast wireless performance. Both iPad mini and fourth generation iPad come with iOS 6. iPad mini with Wi-Fi models will be available in black & slate or white & silver on Friday, November 2, for a suggested retail price of $329 (US) for the 16GB model, $429 (US) for the 32GB model and $529 (US) for the 64GB model. The fourth generation iPad with Wi-Fi models will also be available on Friday, November 2, in black or white for a suggested retail price of $499 (US) for the 16GB model, $599 (US) for the 32GB model and $699 (US) for the 64GB model.

1:54PM Apple confirms new iMac, updated Mac mini (AAPL) 627.02 -7.01 : Co confirmed in a press release the new iMac. The new iMac features third generation quad-core Intel Core i5 processors that can be upgraded to Core i7. The latest NVIDIA GeForce processors deliver up to 60 percent faster performance for advanced gaming and graphics intensive apps. Every new iMac now comes standard with 8GB of 1600 MHz memory and a 1TB hard drive, and customers can choose to configure their iMac with up to 32GB of memory and a new 3TB hard drive, or 768GB of flash storage for ultimate performance. With two Thunderbolt and four USB 3.0 ports, the new iMac delivers even greater expandability and support for high-performance peripherals.

Co also updated the Mac mini with third generation dual-core Intel Core i5 and quad-core Intel Core i7 processors that are up to twice as fast and have integrated graphics that are up to 65 percent faster. Mac mini comes standard with 4GB of 1600 MHz memory with support for up to 16GB. Retaining its amazingly compact aluminum design, the new Mac mini now includes four USB 3.0 ports in addition to its Thunderbolt, HDMI, SDXC, Gigabit Ethernet, and FireWire 800 ports.

1:27PM Apple confirms introduction of 13-inch MacBook Pro with Retina display (AAPL) 630.35 -3.78 : Co confirmed in a press release the introduction of the 13-inch MacBook Pro featuring a Retina display and all flash storage in a new compact design. At 0.75 inches and 3.57 pounds, the portable 13-inch MacBook Pro with Retina display is 20 percent thinner and almost a pound lighter than the current 13-inch MacBook Pro. "The new MacBook Pro packs more than 4 million pixels into its 13-inch Retina display, nearly twice the number of pixels in an HD television." The 13-inch MacBook Pro with Retina display features 2.5 GHz Intel Core i5 processors with the option to choose faster 2.9 GHz Intel Core i7 processors, Intel HD Graphics 4000, 8GB of 1600 MHz memory, and up to 768GB of flash storage. Two Thunderbolt and two USB 3.0 ports allow users to connect to multiple displays and high-performance devices, and a new HDMI port offers quick connectivity to an HDTV. The 13-inch MacBook Pro with Retina display also features a FaceTime HD camera, dual microphones, improved speakers, three-stream 802.11n Wi-Fi, Bluetooth 4.0, and a MagSafe 2 power port. The 13-inch MacBook Pro battery delivers up to 7 hours of wireless productivity and can remain in standby for up to 30 days.

12:25PM Intel: INTC +0.25% now the only DIA component in positive territory here @ midday (INTC) 21.51 +0.05 :

3:35AM ARM Holdings reports EPS in-line, beats on revs; sees Q4 revs 'in-line with current market expectations' (ARMH) 28.12 : Reports Q3 (Sep) earnings of GBP0.04 per share, in-line with the Capital IQ Consensus Estimate consensus of GBP0.04; revenues rose 20.3% year/year to GBP144.6 mln vs the GBP139.26 mln consensus. Group order backlog at the end of Q3 2012 was up 6% sequentially and is now at its highest ever level. Co states: "Prospects for order backlog in Q4 2012 look promising, given the strength of the licensing opportunity pipeline."
Outlook
"ARM enters the final quarter of 2012 with record order backlog and a robust opportunity pipeline. This combination points to another strong quarter for licensing revenue in Q4. ARM's Q4 royalty revenue is generated from third quarter chip shipments. Data from our customers suggests a moderate sequential increase in ARM's royalty revenue in Q4. We therefore expect group dollar revenues for the fourth quarter to be in-line with current market expectations." Current Q4 revs estimate is $241.9 mln

Yahoo (YHOO $16.48 +0.71) reported third quarter earnings of $0.35 per share, $0.09 better than the Capital IQ consensus of $0.26, while revenues rose 1.6% year/year to $1.09 billion versus the $1.08 bln consensus. Display revenue ex-TAC was $452 million, flat compared to the third quarter of 2011. GAAP display revenue was $506 million, a 1 percent increase compared to $502 million for the third quarter of 2011. Search revenue ex-TAC was $414 million, an 11 percent increase compared to $374 million for the third quarter of 2011. GAAP search revenue was $473 million, a 1 percent increase compared to $467 million for the third quarter of 2011. Free cash flow was $920 million for the third quarter of 2012, a 273 percent increase compared to $247 million for the same period of 2011. Excluding a payment of $550 million from Alibaba related to a technology and intellectual property license agreement, free cash flow for the third quarter of 2012 was $370 million. Cash, cash equivalents, and investments in marketable debt securities were $9.4 billion at September 30, 2012 compared to $2.5 billion at December 31, 2011, an increase of $6.9 billion. We estimate that we will pay approximately $2.5 billion in taxes related to the Alibaba share repurchase agreement, the majority of which will be paid in the fourth quarter of 2012.

Western Digital (WDC $32.40 -2.88) reported third quarter earnings of $2.36 per share, excluding non-recurring items, $0.05 better than the Capital IQ consensus of $2.31, while revenues rose 49.8% year/year to $4.04 billion versus the $3.95 bln consensus. Shipments +8% YoY to 62.5 mln. The company generated $936 million in cash from operations during Q1, ending with total cash and cash equivalents of $3.5 billion. During the quarter, the co utilized $218 million to buy back 5.2 million shares of common stock. "While the macroeconomic environment is dampening near term demand, we remain confident in the continued long-term growth in the creation, storage and management of digital content.

Ultra Clean Holdings (UCTT $32.50 -2.78) reported third quarter earnings of $0.06 per share, excluding non-recurring items, $0.01 worse than the Capital IQ consensus of $0.07, while revenues fell 4.2% year/year to $100.9 million versus the $100.8 million consensus. The company issued downside guidance for the fourth quarter with EPS of $0.01-0.05, excluding non-recurring items, versus the $0.06 consensus and revenues of $94-99 million versus the $101.8 million consensus.

Texas Instruments (TXN $27.72 -0.57) reported third quarter earnings of $0.52 per share, ex-$0.15 net in favorable one time items, $0.06 better than the Capital IQ consensus Estimate of $0.46, while revenues fell 2.2% year/year to $3.39 billion versus the $3.34 billion consensus. The company on Sept 11 narrowed EPS guidance ex-a $0.07 charge to $0.45-0.49 from $0.41-0.49; company also narrowed rev guidance to $3.27-3.41 billion from $3.21-3.47 billion, Orders were $3.24 billion, up 6% YoY and down 5% QoQ. The company issued downside guidance for the fourth quarter with EPS of $0.29-0.37 versus the $0.42 consensus and revenues of $2.83-3.07 billion versus the $3.23 billion consensus. "TI revenue grew sequentially and operations were well executed even though the economy and semiconductor market remained weak and likely will get weaker in the fourth quarter."

09:56 am Texas Instruments downgraded to Perform at Oppenheimer: . Oppenheimer downgrades TXN to Perform from Outperform. While they continue to believe in the co's long-term "core" analog/embedded share gain story, TXN's "non-core" wireless business remains a headwind. Tuesday, TXN articulated a shift in wireless strategy, with plans under way to discontinue wireless (OMAP/connectivity) investment for smartphone/tablet. Wireless (~10% of sales) will likely see revs dwindle over the next several years as the business slowly unwinds, much as the baseband exit created material top-line headwinds. As it is the most broadly diversified co in their universe, they expect challenged global GDP will weigh on the core business near term. With upside likely limited, they are stepping to the sidelines.

09:55 am Marvell downgraded to Hold at Canaccord Genuity on storage and mobile headwinds: . Canaccord Genuity downgrades MRVL to Hold from Buy and lowers target price at $9 on shrinking HDD TAM and TD- SCDMA share loss. It's lowering its estimates and sees potential for additional revisions. While MRVL is trading near its 52-week low, firm believes further downside is likely as Street consensus estimates move lower. It believes the dividend provides enough support to preclude a SELL rating.

09:54 am Google tgt raised to $850 at Canaccord Genuity;: . Canaccord Genuity raises their GOOG tgt to $850 from $700 on a higher multiple (18x from 16x) and a rollout to FY13 ests. They believe Google stock can continue its recent momentum on the basis of 1) better CPC trends creating an upward bias to revenue estimates in future periods, 2) continued dissipation of MMI-related apprehension and 3) multiple expansion; Buy.

08:52 am Texas Instruments shares fall 2% despite beat on earnings
Texas Instruments (TXN $27.15 -0.64) reported third quarter earnings of $0.52 per share, ex-$0.15 net in favorable one time items, $0.06 better than the Capital IQ consensus Estimate of $0.46, while revenues fell 2.2% year/year to $3.39 billion versus the $3.34 billion consensus. The company on Sept 11 narrowed EPS guidance ex-a $0.07 charge to $0.45-0.49 from $0.41-0.49; company also narrowed rev guidance to $3.27-3.41 billion from $3.21-3.47 billion, Orders were $3.24 billion, up 6% YoY and down 5% QoQ. The company issued downside guidance for the fourth quarter with EPS of $0.29-0.37 versus the $0.42 consensus and revenues of $2.83-3.07 billion versus the $3.23 billion consensus. "TI revenue grew sequentially and operations were well executed even though the economy and semiconductor market remained weak and likely will get weaker in the fourth quarter."

08:51 am Yahoo shares spike 3% following better than expected earnings

Yahoo (YHOO $16.32 +0.55) reported third quarter earnings of $0.35 per share, $0.09 better than the Capital IQ consensus of $0.26, while revenues rose 1.6% year/year to $1.09 billion versus the $1.08 bln consensus. Display revenue ex-TAC was $452 million, flat compared to the third quarter of 2011. GAAP display revenue was $506 million, a 1 percent increase compared to $502 million for the third quarter of 2011. Search revenue ex-TAC was $414 million, an 11 percent increase compared to $374 million for the third quarter of 2011. GAAP search revenue was $473 million, a 1 percent increase compared to $467 million for the third quarter of 2011.

Free cash flow was $920 million for the third quarter of 2012, a 273 percent increase compared to $247 million for the same period of 2011. Excluding a payment of $550 million from Alibaba related to a technology and intellectual property license agreement, free cash flow for the third quarter of 2012 was $370 million. Cash, cash equivalents, and investments in marketable debt securities were $9.4 billion at September 30, 2012 compared to $2.5 billion at December 31, 2011, an increase of $6.9 billion. We estimate that we will pay approximately $2.5 billion in taxes related to the Alibaba share repurchase agreement, the majority of which will be paid in the fourth quarter of 2012.