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From Briefing.com: Weekly Recap - Week ending 08-Feb-13

Dow +48.92 at 13992.97, Nasdaq +28.74 at 3193.87, S&P +8.54 at 1517.93

The S&P 500 punctuated a somewhat volatile week by adding 0.6%. Though the benchmark index ended firmly in the black, the bulk of its advance took place during the initial minutes. After notching a session high in the 1518 area, the index spent the remainder of the day in a two point range. While the S&P held its levels, the Dow Jones followed its morning rally with a partial retreat which was halted near the middle of its range.

Quiet trade unfolded as snowstorm Nemo envelops the East Coast. With forecasts calling for up to a foot of snow in New York, and more than 25 inches in Boston, today's volume paced well below average. The final tally indicated less than 600 million shares changed hands on the floor of the New York Stock Exchange.

Storm preparation was also reflected in individual stocks as Briggs & Stratton (BGG 24.37, +0.57) and Generac (GNRC 40.54, +0.80) settled with respective gains of 2.4% and 2.0%. The two manufacturers of power generators saw some buying interest as the Northeast prepares for the possibility of interruptions to power delivery.

Meanwhile, the broader market was powered by the technology sector. The SPDR Technology Select Sector ETF (XLK 29.93, +0.26) ended higher by 0.9% with outperformance largely due to relative strength of top components. Apple (AAPL 474.98, +6.76), Google (GOOG 785.37, +11.42), and International Business Machines (IBM 201.68, +1.94) all climbed between 1.0% and 1.5% with Google settling at a fresh all-time high.

Remaining in the tech sector, LinkedIn (LNKD 150.48, +26.39) soared 21.3% after the company's earnings and revenue eclipsed the Capital IQ consensus estimates. Note that today's surge sent LinkedIn to a fresh all-time high of its own.

Energy stocks outperformed as well, but the strength came despite no change in the price of oil. The energy component settled at $95.79.

On the downside, utilities weighed, but lifted off their lows during the afternoon session. Sector component Entergy (ETR 64.47, -0.49) shed 0.8% after reporting its revenue below analyst estimates.

This morning, the market received two economic data points. The January trade deficit narrowed to $38.5 billion thanks in part to a $3.8 billion increase in industrial supply and material exports. This occurred as imports suffered a $4.2 billion decline in industrial supplies and materials. It should be noted the brief worker strike at the Ports of Los Angeles and Long Beach likely contributed to the lower deficit.

Elsewhere, December wholesale inventories decreased 0.1%, which was worse than the increase of 0.3% expected by the Briefing.com consensus. This report carries negative implications for the upcoming revision to fourth quarter GDP growth as the Bureau of Economic Analysis had estimated an inventory growth of 0.7% in the preliminary reading.

On Tuesday, the January Treasury Budget will be reported at 14:00 ET. While there is no economic data on Monday's docket, earnings reports will continue pouring in. CNA Financial (CNA 31.80, +0.08) and Loews (L 43.85, +0.11) are scheduled to report their quarterly earnings ahead of the opening bell.

Week in Review: S&P 500 Chops Around 1,500

On Monday, the S&P 500 ended lower by 1.2% after European concerns returned to the forefront. Equities began the day with a broad sell-off as a downbeat European trade weighed. Italian and Spanish indices were the source of continent-wide weakness as controversy continued to plague the troubled sovereigns. In Italy the MIB lost 4.5% as authorities continue to investigate several financials, including the world's oldest bank, Banca Monte dei Paschi di Siena. Meanwhile, Spain's IBEX fell 3.8% as 34 of 35 listings ended in the red. The markets were rattled as Prime Minister Mariano Rajoy and other members of the People's Party find themselves in the middle of an alleged kickback scheme uncovered by Spain's largest daily newspaper, El Pais. Recent days have seen Mr. Rajoy face resignation calls from opposition leaders as well as Spanish citizens. European financials saw notable selling pressure with the weakness spilling over to their U.S. counterparts. The SPDR Financial Select Sector ETF (XLF 17.60, +0.04) slipped 1.1%.

Tuesday's session brought resilience to the markets as the key averages recovered the majority of their losses from Monday. The S&P 500 settled higher by 1.0% after spending the duration of the day in a steady climb. The morning sentiment was aided by upbeat European trade where Italian and Spanish markets recovered from Monday's plunge. Domestically, seven of ten S&P 500 sectors registered gains in the neighborhood of 1.0%. Tech shares led the way after the sector felt the brunt of Monday's selling. The largest tech stock, Apple, outperformed the broader market and ended higher by 3.5%.

Wednesday brought little change to the S&P 500 after spending the vast majority of the session in the red. The major averages began the day on a cautious note as European indices retreated in anticipation of an update from Monte dei Paschi regarding the size of its derivative-related losses. This caused selling of the Italian 10-yr as its yield climbed 13 basis points to 4.58%, its worst level since mid-December 2012. Reliance Steel (RS 71.44, +1.38) surged 5.9% following an agreement to acquire all outstanding shares of Metals USA (MUSA 20.78, +0.09) for $20.65 per share. The purchase price represents a 12.8% premium to Metals USA's Tuesday closing price, and the total transaction value is estimated at $1.2 billion.

On Thursday, equities ended the day with slim losses causing the S&P 500 to slip 0.2%. Though stocks saw little change at the outset of the session, sellers were able to take control within the first 30 minutes, and drive the major averages to their respective lows. The early broad-based weakness came about as the dollar index spiked to its highs in the 80.20 area. The sharp move took place after European Central Bank President Mario Draghi voiced concerns over the strength of the euro. The common currency weakened immediately following his remarks, falling to its session low near 1.3400 against the greenback. Phillip Morris (PM 90.45, +0.63), rose 2.4% after beating on earnings.

 
 Index	   Started Week  Ended Week    Change % Change   YTD % 
 DJIA	     14009.79	   13992.97    -16.82	-0.1	6.8 
 Nasdaq	      3179.10	    3193.87	14.77	 0.5	5.8 
 S&P 500	1513.17       1517.93	 4.76	 0.3	6.4 
 Russell 2000   911.19	     913.67	 2.48	 0.3	7.6

4:26PM Freescale Semi announces allocations of proposed new senior secured term loan facility (FSL) 15.54 +0.40 : Co announced that it has been advised by the lead arranger under its proposed new senior secured term loan facility that the arrangers have received sufficient orders to allocate and close the proposed new term loan facility. The proposed new term loan facility reduces indebtedness currently due in 2016 and extends to 2020 the maturities of co's indebtedness currently due in 2019 and a portion of co's indebtedness currently due in 2016. The proposed new term loan facility provides for two term loan tranches in an aggregate principal amount of approximately $2,741,000,000, consisting of a $350,000,000 term loan that will mature in December 2016 and a $2,391,000,000 term loan that will mature in March 2020. The maturity of the 2020 term loan may be accelerated to December 2017 under specified circumstances. The $350,000,000 term loan is expected to bear interest at a rate equal to LIBOR plus 3.25% (with LIBOR of not less than 1.00%), and the $2,391,000,000 term loan is expected to bear interest at a rate equal to LIBOR plus 3.75% (with LIBOR of not less than 1.25%). The closing of the proposed new term loan facility, which is expected to occur on March 1, 2013, is subject to customary conditions, and there can be no assurance that Freescale will be successful in obtaining the proposed new term loan facility on reasonably acceptable terms, or at all.

3:09PM Dell: 8.5% holder Southeastern Asset Management files 13D filing; intends to avail itself of all options at its disposal to oppose the proposed transaction (DELL) 13.48 -0.05 :

"On February 5, 2013, the Issuer announced that it had signed a definitive merger agreement pursuant to which Michael Dell, together with Silver Lake Partners, intend to cash-out existing stockholders of the Issuer at a per share price of $13.65 in a "going private" transaction. In response to such announcement, on February 8, 2013, Southeastern sent a letter to the Board of Directors of the Issuer expressing its extreme disappointment in the per share price of $13.65, which Southeastern believes grossly undervalues the Issuer. The letter also expressed Southeastern's current intent to vote against the proposed transaction as currently structured. The letter further stated that Southeastern currently intends to avail itself of all options at its disposal to oppose the proposed transaction, including but not limited to a proxy fight, litigation claims and any available Delaware statutory appraisal rights."
Firm's valuation summary arrives at a price of $23.72 for DELL. (INSID)

9:58AM Riverbed Technology - - Earnings Mover down -18% (RVBD) 16.43 -3.67 : Negative reaction to earnings send the stock diving down towards its November low of 16.30.

Web.com (WWWW) reported fourth quarter earnings of $0.45 per share, $0.03 better than the Capital IQ consensus of $0.42, while revenues rose to $126.2 million versus the $125.18 mln consensus. Adjusted EBITDA was $37.4 million for the fourth quarter of 2012, compared to $24.8 million for the fourth quarter of 2011 and representing a 30% adjusted EBITDA margin. Web.com's average revenue per user (ARPU) was $13.77 for the fourth quarter of 2012, representing a sequential increase of 2.1% from $13.49 in the third quarter of 2012 and growth of 7.1% from the $12.86 pro forma ARPU in the fourth quarter of 2011.

Riverbed Technology (RVBD) reported fourth quarter earnings of $0.29 per share, excluding non-recurring items, in-line with the Capital IQ consensus of $0.29, while revenues rose 17.0% year/year to $238.7 million versus the $234.83 mln consensus. "Revenue dollars grew more than $111 million for the full year, with most of that growth from WAN optimization. Performance management was the fastest growing product line, underpinning our strategic decision to acquire OPNET. Looking ahead, we will benefit from continued growth in our WAN optimization business and performance management product suite. I am very optimistic as we enter our first year as a billion-dollar-plus revenue company."

Microchip (MCHP) reported third quarter earnings of $0.41 per share, excluding non-recurring items, $0.02 better than the Capital IQ consensus of $0.39, while revenues rose 26.4% year/year to $416 million versus the $411.78 million consensus. The company issued upside guidance for the fourth quarter with EPS of $0.45-0.49, excluding non-recurring items, versus the $0.42 consensus and revenues of $420.2-432.47 million versus the $416.85 million consensus.

LinkedIn (LNKD) reported fourth quarter earnings of $0.35 per share, excluding non-recurring items, $0.16 better than the Capital IQ consensus of $0.19, while revenues rose 81.0% year/year to $303.6 million versus the $279.6 mln consensus. The company issued upside guidance for the first quarter with revenues of $305-310 million versus the $301.16 million consensus. The company in-line guidance for fiscal year 2013 with revenues of $1.41-1.44 billion versus the $1.44 billion consensus.. Talent Solutions: Revenue from Talent Solutions products totaled $161.0 million, an increase of 90% compared to the fourth quarter of 2011. Talent Solutions revenue represented 53% of total revenue in the fourth quarter of 2012, compared to 51% in the fourth quarter of 2011. Marketing Solutions: Revenue from Marketing Solutions products totaled $83.2 million, an increase of 68% compared to the fourth quarter of 2011. Marketing Solutions revenue represented 27% of total revenue in the fourth quarter of 2012, compared to 30% in the fourth quarter of 2011. Premium Subscriptions: Revenue from Premium Subscriptions products totaled $59.4 million, an increase of 79% compared to the fourth quarter of 2011. Premium Subscriptions represented 20% of total revenue in the fourth quarter of 2012 and 2011.

OpenTable (OPEN) reported fourth quarter earnings of $0.46 per share, excluding non-recurring items, $0.03 better than the Capital IQ consensus of $0.43, while revenues rose 15.3% year/year to $42.9 million versus the $42.51 mln consensus. The company issued guidance for the first quarter with EPS of $0.39-0.44, excluding non-recurring items, versus the $0.46 consensus and revenues of $44.7-46.1 million versus the $45.75 million consensus. The company issued in-line guidance for fiscal year 2013 with EPS of $1.79-1.96, excluding non-recurring items, versus the $1.94 consensus and revenues of $186.1-193.1 million versus the $189.19 million consensus. North America Metrics: Installed restaurant base as of December 31, 2012, totaled 19,801, a 15% increase over December 31, 2011. Non-GAAP adjusted EBITDA (earnings before interest, taxes, depreciation, amortization, stock-based compensation and acquisition-related expenses) totaled $19.0 million, or 52% of North America revenues, a 16% increase over Q4 2011. International Metrics: Installed restaurant base as of December 31, 2012, totaled 7,716. Non-GAAP adjusted EBITDA totaled a loss of $0.1 million compared to a loss of $0.5 million in Q4 2011.

11:24 am Tech Sector trading higher by +1.2% today
The tech sector is trading higher today, ahead of gains in the broader market. Semiconductors are showing strength as well with the SOX trading 1.0% higher. Within the chip index, NXPI (+3.8%) is a notable standout. Among other major indices, the SPY is trading 0.5% higher today, while the QQQ is up 1.2% and the NASDAQ is trading 0.9% higher on the session. Among tech bellwethers, AAPL (+1.8%) is showing notable strength, while VZ (-0.2%) is under pressure.

In tech earnings last night, LNKD (+18.3%) reported a solid beat and upside guidance, RVBD (-18.4%) posted an inline qtr but guided much lower, ATVI (+13.8%) posted a beat and offered conservative guidance, and OPEN (+0.8%) reported a slight beat and guided just lower. Among rumors, there are reports of 5 inch AAPL (+1.9%) iPhone spotted at supplier are circulating this morning. There's also STX (+3.8%) LBO chatter making the rounds. Among notable analyst upgrades this morning in the tech space, NTES (+5.8%) was upgraded to Buy at Deutsche Bank, VOD (+1.9%) was upgraded to Buy at BofA/Merrill, ALU (+4.2%) was upgraded to Overweight at Morgan Stanley, ARMH (-0.5%) was upgraded to Outperform at Credit Suisse, ATVI (+13.9%) was upgraded to Buy at Sterne Agee and LNKD (+18.3%) was upgraded to Buy at Credit Agricole. Also of note, GOOG (+1.4%) was added to Best Ideas List at Morgan Stanley. Among downgrades, RVBD (-18.4%) was downgraded at FBR and Cantor, NUAN (-19.1%) was downgraded at Needham, Stifel, and Craig Hallum following dissapointing earnings, and IT (-1.1%) was downgraded to Neutral at Pipe