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From Briefing.com: 4:25 pm : The major averages ended today's session with modest gains. The S&P 500 advanced 0.6%, and settled within two points of a record close. Meanwhile, the Dow Jones Industrial Average registered its 10th consecutive gain.

After the previous three sessions adhered to the script of early weakness resulting in steady dip buying, today's trade began on the opposite note. The S&P 500 jumped out of the gate and remained in the black for the duration of the day.

While today's start was opposite of that observed in recent days, the result was not. The benchmark index notched session highs shortly before the close, and settled near that level.

The gains were paced by two cyclical sectors. Energy and technology were the top two performers at the start, and they ended in the lead as well.

The energy sector saw broad strength and the SPDR Energy Select Sector ETF (XLE 80.02, +1.08) advanced 1.4% to end at its best level since July 2011. The space outperformed notably even as crude oil registered lesser gains. The energy component ended higher by 0.6%, at $93.08 per barrel.

The technology sector was the other driver of today's action. Major sector components contributed to the outperformance as Apple (AAPL 432.50, +4.15) and International Business Machines (IBM 215.80, +3.74) ended with respective gains of 1.0% and 1.8%.

In addition, chipmakers, which comprise a significant portion of the tech sector, traded ahead of the broader market. The PHLX Semiconductor Index settled higher by 0.5%.

Although growth-oriented sectors ended in the lead, this was not the case with consumer discretionary shares. The group underperformed due to the relative weakness of Amazon.com (AMZN 265.74, -9.36). The online retailer fell 3.4% after JPMorgan Chase downgraded the stock to 'Neutral' from 'Overweight.'

Outside of Amazon.com, remaining discretionary stocks traded in-line with the broader market. Other retailers were unaffected by the stock-specific downgrade and the SPDR S&P Retail ETF (XRT 70.64, +0.45) rose 0.6%.

Today's trade saw all ten S&P 500 sectors end with gains as health care and utilities rounded out the bottom of the rankings.

Health care lagged amid weakness in drug makers after the Food and Drug Administration announced an investigation into several drugs linked to previously-unknown potential side effects. The SPDR Health Care Select Sector ETF (XLV 45.02, +0.04) settled higher by 0.1%.

Trading volume was below average once again as 677 million shares changed hands on the floor of the New York Stock Exchange. Thus far, the average of this week's volume has tracked almost 14% below the 50-day average volume.

With the S&P 500 inching towards record highs, the CBOE Volatility Index (VIX 11.29, -0.54) fell to multi-year lows. Including today's decline, the short-term volatility measure has sunk back to levels last seen in March 2007.

Reviewing today's economic news, weekly initial claims declined 10,000 to 332,000. This was received as a positive sign of life from the labor market after initial claims spent much of last year confined to a range between 350,000-400,000. Today's report marked the third consecutive week which saw a figure outside of that range.

Producer prices rose 0.7% in February. That was up from a 0.2% gain in January and was the strongest monthly increase since rising 1.0% in September 2012. The Briefing.com consensus expected the PPI to increase 0.6%.

Excluding food and energy, core PPI prices rose 0.2% for a second consecutive month. That was exactly what the consensus expected. A large part of the increase in core prices was the result of a strong gain in pharmaceutical preparations.

The current account deficit for the fourth quarter totaled $110.4 billion, which was narrower than the $112.3 billion deficit that had been broadly anticipated.

In tomorrow's economic data, February CPI, core CPI, and the March Empire Manufacturing Index will all be reported at 8:30 ET. Net long-term TIC flows will be announced at 9:00 ET with February industrial production and capacity utilization set for a 9:15 ET release. Lastly, preliminary March Michigan Sentiment will be reported at 9:55 ET.DJ30 +83.86 NASDAQ +13.81 SP500 +8.71 NASDAQ Adv/Vol/Dec 1639/1.61 bln/802 NYSE Adv/Vol/Dec 2006/676.5 mln/986

3:35 pm :

Apr crude oil rose into positive territory moments after pit trade opened and spent most of the session chopping around slightly above the unchanged line. The energy component popped to a session high of $93.18 per barrel as it headed into the close and settled at $93.02 per barrel, or 0.6% higher.
Apr natural gas trended higher during today's pit trade on better-than-anticipated inventory data that showed a draw of 145 bcf when a draw of 134-139 bcf was expected. It lifted from its session low of $3.70 per MMBtu and settled 3.5% higher at $3.81 per MMBtu, just below its session high of $3.82 per MMBtu.
Apr gold began pit trade in negative territory and dipped to a session low of $1575.20 per ounce following economic data that showed initial claims returned to Jan 2008 lows. Despite the initial weakness, the yellow metal inched higher for the remainder of its session as the dollar index weakened. It broke into positive territory in afternoon action and settled 0.2% higher at $1590.60 per ounce.
May silver, on the other hand, did not gain enough momentum to get out of the red. It came off its session low of $28.53 per ounce set in early morning floor trade and settled with a 0.5% loss at $28.81 per ounce, slightly below its session high of $28.89 per ounce. joanna.szklarz: highlight today was definitely nat gas.

4:16PM Interdigital Comm and SII Mobile Communications expand patent license coverage to include 4G (IDCC) 47.33 -0.07 : Co announced that its patent holding subsidiaries have entered into a new agreement with SII Mobile Communications Inc. to extend patent coverage to include 4G technologies, including LTE and LTE-Advanced, as well as products not previously covered under the parties' existing agreement. The patent license agreements now provide SII Mobile Communications with worldwide, non-transferable, non-exclusive, royalty-bearing patent coverage for certain products designed to operate in accordance with 2G, 3G, and 4G wireless technologies. SII Mobile Communications Inc. is a subsidiary of Seiko Instruments Inc. and is headquartered in Japan.

4:10PM STEC misses by $0.03, misses on revs; guides Q1 EPS below consensus, revs below consensus (STEC) : Reports Q4 (Dec) loss of $0.35 per share, $0.03 worse than the Capital IQ Consensus Estimate of ($0.32); revenues fell 39.6% year/year to $35.1 mln vs the $37.91 mln consensus.

Guidance: Co issues downside guidance for Q1, sees EPS of ($0.42)-($0.40) vs. ($0.33) Capital IQ Consensus Estimate; sees Q1 revs of $21-$23 mln vs. $39.25 mln Capital IQ Consensus Estimate.

Commentary: "Although we experienced another very challenging quarter, I am very pleased with the headway that we made towards the successful implementation of our business strategy that is focused on diversifying our customer base ... While the transition from being an OEM-driven company is taking place over time, evidence of our progress includes achieving our first greater-than-10%-of-revenue non-OEM customer, in the second half of 2012. In 2012 and continuing in 2013, we've been executing on our new strategic marketing initiatives and have recruited seasoned personnel with significant Enterprise expertise. I believe that we are now well-positioned to target our key vertical markets. As an organization, we are evolving into a storage systems and solutions provider and away from simply providing components...

4:02PM Suntech Power responds to NYSE inquiries related to unusual trading (STP) 0.65 -0.18 : Co announced that it has been contacted by the New York Stock Exchange, Inc. regarding today's unusual trading activity relating to its American depositary shares. Management of the Company is not aware of undisclosed events that triggered such trading activity. The Company is aware of recent market rumors and third party reports regarding the Company's financial position and other matters. As reported by the Company on March 11, 2013, it has entered into a forbearance agreement with holders of over 60% of its 3% Convertible Notes, for which a principal payment of US$541 million is due on March 15, 2013. The Company does not plan to make such payment and the Company's management is not aware of any pending or planned actions or claims in relation to such non-payment by the trustee or the holders of the Notes. As previously disclosed, the Company plans to continue to work with holders of the Notes with a view to achieving a consensual restructuring.

10:02AM Semiconductor Hldrs ETF continues to display relative strength after gap higher start (SMH) 36.11 +0.38 : The SMH gapped up and extended above its Feb high at 35.99 with it testing/vacillating near its previous 22 month high from March 2012 at 36.17 (session high 36.18) -- ALTR +3.2%, ASML +2%, AMKR +1.8%, KLAC +1.6%, MU +1.4%, XLNX +1.3%, MRVL +1.11%, SNDK =1.1%, TXN +0.9%, LLTC +0.9%, ADI +0.9%.

ANAD -4.5% (announced that it is offering to sell shares of its common stock in an underwritten public offering)

HP (HPQ) announced that Moscow Railways has established new quality and safety levels for its suburban transportation network with a single automated management system based on HP Service Manager software.

Microsemi (MSCC) announced the availability of more than a dozen new devices in its new generation of 1200 volt non-punch through IGBTs which include 25A, 50A and 70A current ratings.

12:26 pm Tech Sector trading higher by +0.5% ahead of the broader market
The tech sector is trading higher today, just ahead of gains in the broader market. Semiconductors are showing relative strength as well with the SOX trading 0.8% higher. Within the chip index, ALTR (+2.9%) is a notable standout. Among other major indices, the SPY is trading 0.3% higher today, as are both the QQQ and the NASDAQ on the session. Among tech bellwethers, EBAY (+3.8%) is showing notable strength, while GOOG (-0.2%) is under a little pressure.

In tech earnings last night, SIGM (+15.4%) posted a mixed qtr, but offered encouraging guidance. This morning, CHL (+1.7%) reported Q4 revenues just shy of estimates. In news, HITT (-1.5%) announced a succession plan for its CEO and reiterated guidance. Among rumors, we are hearing some M&A speculation surrounding RITT (+24.3%). The company also launched a new indoor wireless optical network. Among notable analyst upgrades this morning in the tech space, AAPL (+0.6%) was upgraded to Buy at BTIG, EBAY (+3.6%) was upgraded to Overweight at Evercore, SIGM (+15.4%) was upgraded to Buy at Needham and VMW (+3.0%) was upgraded to Outperform at RBC. Among downgrades, Oppenheimer downgraded DOX (+0.1%) to Perform. There are no notable names in tech scheduled to report quarterly results today after the close.

09:10 am Sigma Designs upgraded to Buy at Needham; tgt $6: . Needham notes SIGM reported F4Q13 revenue in-line with guidance and slightly above its ests. However, EPS was pressured by higher than expected OPEX and an inventory write-down. Importantly, by quarter end, Sigma had completed the actions necessary to achieve its previously announced $45MM cost reduction plan. Accordingly, Co guided for a return to profitability in F1Q14, in-line with mgmt's previously stated goal. Given mgmt's execution on the cost reduction plan, the anticipated return to profitability in F1Q14 and its expectations for sustained profitability, firm is turning positive on SIGM for the first time since 2007 and upgrading to Buy from Hold.

Sigma Designs (SIGM) reported a fourth quarter loss of $0.54 per share, incl items, may not be comparable to the Capital IQ consensus of ($0.25), while revenues rose 24.2% year/year to $44.2 mln vs the $43.43 mln consensus. The company issued in-line guidance for the first quarter with revenues of $49-52 million versus the $51.71 million consensus Estimate. "Moving into Q1 of FY14, based on better visibility into our backlog, we believe revenue will rise sequentially from Q4 levels to between $49-52 million. We expect to see revenue increases in all of our business segments along with improved non-GAAP gross margins to a range of 52-53% driven by higher margin product mix and continued worldwide cost savings. In addition, we expect our proforma operating expenses in Q1 to be between $25.6-26.1 million which includes $2.7 million of depreciation and amortization," said Thinh Tran, CEO of Sigma." "Sigma remains focused on returning to profitability in Q1 FY14 as well as achieving profitable revenue growth throughout the coming fiscal year. By the end of Q4 FY13, the Company had taken the actions required to achieve the $45 million cost reduction plan for fiscal 2014. As a result of these cost reductions and our expected revenue levels, we believe the Company will experience profitability starting in the first quarter. We have restructured our organization from the top to bottom, reducing our headcount by 15.0%. This reduction was principally achieved in our higher cost locations." "We also have sharply reduced our usage of external contract labor in R&D. We are converging on a single SoC platform to deliver our next generation solutions for both set-top box and digital TV markets, which should lead to significant cost efficiencies. In Q4, we achieved $44.2 million in revenue at a 44.0% non-GAAP gross margin. Without a $3.4 million write-down of inventory, non-GAAP gross margin would have been 52.0%, which represents a 3.0% increase above our guidance."

ReneSola (SOL) reported fourth quarter loss of $0.58 per share, $0.18 worse than the Capital IQ two est avg of ($0.40), while revenues rose 63.3% year/year to $306.5 million versus the $255.7 million two est avg. The company issued upside guidance for the first quarter with revenue sof $260-270 million versus the $183.60 million consensus Estimate, with total solar wafer and module shipments to be in the range of 660 MW to 680 MW, with solar module shipments expected to be in the range of 280 MW to 300 MW; and gross margin is expected to be positive. For the full year 2013, the co expects total solar wafer and module shipments to be in the range of 2.7 GW to 2.9 GW (up ~27% YoY at midpoint), with solar module shipments expected to be in the range of 1.4 GW to 1.6 GW. Total solar wafer and module shipments in Q4 2012 were 713.2 megawatts, exceeding Company guidance and representing an increase of 33.9% from 532.8 MW in Q3 2012. "The fast growth of our solar module business, driven by our proprietary Virtus technology, low production costs and global sales teams, contributed to a positive gross margin of 3.3% in the fourth quarter of 2012."