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From Briefing.com: 4:10 pm : Equities settled with modest gains as the S&P 500 climbed 0.4% while the Dow added 0.2%.

The S&P was cruising near its highs before a late afternoon headline from German Handelsblatt cited a confidential Bundesbank opinion paper, which strongly opposed the European Central Bank's implementation of Outright Monetary Transactions.

Until the news hit, quarterly earnings were in focus after more than 250 companies covered by Briefing.com reported their results between yesterday's closing bell and today's open.

The Dow underperformed the broader market as two of its largest components weighed. 3M (MMM 104.88, -2.99) lost 2.8% after missing on earnings and revenue. In addition, Exxon Mobil (XOM 88.07, -1.36) shed 1.5% after the company posted a 12.3% year-over-year revenue decline.

The materials sector was a strong performer throughout the day as the SPDR Materials Select Sector ETF (XLB 39.46, +0.43) settled higher by 1.1%. Better-than-expected earnings from Cliffs Natural Resources (CLF 20.95, +2.73) supported other steelmakers as the Market Vectors Steel ETF (SLX 42.06, +0.55) settled higher by 1.3%.

In addition, miners also showed relative strength as precious metals rallied. Gold futures advanced 2.8% to $1462.80 per troy ounce while silver futures spiked 6.2% to $24.25 per troy ounce. Also of note, copper rose 2.8% to $3.247 per pound.

While the materials sector was the clear leader throughout the day, other cyclical groups outperformed as well.

Discretionary stocks were supported by retailers and homebuilders. The SPDR S&P Retail ETF (XRT 73.31, +1.17) added 1.6% while the SPDR S&P Homebuilders ETF (XHB 30.40, +0.42) rose 1.4% on better-than-expected earnings from Ryland Group (RYL 44.94, +3.24) and PulteGroup (PHM 20.79, +1.10). While both builders surpassed bottom-line expectations, revenues proved to be more of a mixed bag as Ryland was able to beat estimates while PulteGroup's top-line fell short of analyst expectations.

Technology stocks showed intraday strength, but the sector sold off into the close as cautious earnings and revenue guidance from Qualcomm (QCOM 62.44, -3.56) weighed.

With most growth-oriented groups contributing to today's advance, defensively-geared sectors lagged behind the broader market. However, the telecom space bucked the trend after reports indicated Verizon Communications (VZ 53.22, +1.42) may be preparing a $100 billion bid to gain full control of Vodafone's (VOD 30.43, +0.84) stake in Verizon Wireless. However, speculation regarding Verizon's attempt to gain full control of Verizon Wireless has circulated before.

Today's economic news was limited to weekly claims data. The initial claims level fell to 339,000 for the week ending April 20 from an upwardly revised 355,000 (from 352,000) for the week ending April 13. The Briefing.com consensus expected the initial claims level to drop to 351,000.

After several weeks of volatility following seasonal adjustment problems associated with the Easter holiday period, the initial claims level has again returned to its previous trend. The Department of Labor announced that the period of large swings in the weekly claims level is ending.

Tomorrow, first-quarter advance GDP will be reported at 8:30 ET while the final April Michigan Sentiment Survey will be released at 9:55 ET.DJ30 +24.50 NASDAQ +20.33 SP500 +6.37 NASDAQ Adv/Vol/Dec 1538/1.86 bln/913 NYSE Adv/Vol/Dec 1950/746.3 mln/1044

3:30 pm :

June crude oil advanced for a second consecutive session on a weaker dollar index and comments that the U.S. believes that Syria has used chemical weapons to some degree. The energy component trended upwards after lifting off a session low of $91.11per barrel and settled with a 2.4% gain at $93.63 per barrel, just below its session high of $93.87 per barrel.
June natural gas rallied to a session high of $4.29 per MBMtu following inventory data that showed a build of 30 bcf when a build of 32 bcf was anticipated. However, prices quickly dropped back towards the breakeven level and were unable to regain momentum. Natural gas eventually settled unchanged at $4.20 per MMBtu.
June gold extended yesterday's gains as a weaker dollar index and data from the IMF showing Russia, Kazakhstan, and other central banks purchased gold in March boosted prices. The yellow metal steadily climbed higher and settled with a 2.7% gain at $1461.90 per ounce, just below its session high of $1464.90 per ounce.
May silver also saw strong buying support during today's floor trade. It lifted off its session low of $23.51 per ounce and advanced as high as $24.25 per ounce. It eventually settled at $24.14 per ounce, booking a solid 5.7% gain.

5:14PM KLA-Tencor issues downside Q4 guidance on the call (KLAC) 55.90 +0.41 : Co issues downside guidance for Q4 (Jun), sees EPS of $0.66-0.86, excluding non-recurring items, vs. $0.97 Capital IQ Consensus Estimate; sees Q4 (Jun) revs of $670-730 mln vs. $763.15 mln Capital IQ Consensus Estimate

4:46PM Micrel beats by $0.02, misses on revs; guides Q2 revs below consensus (MCRL) 9.88 +0.13 : Reports Q1 (Mar) earnings of $0.11 per share, $0.02 better than the Capital IQ Consensus Estimate of $0.09; revenues fell 2.5% year/year to $59.7 mln vs the $61.53 mln consensus.

Gross margin was 52% compared to 50.3% in the prior quarter.

Commentary: "We continue to face macro-economic challenges. At the top line, we saw weakness in the computing and communications end markets. This was partially offset by growth in sales in the consumer end market, where revenues increased nicely on a sequential quarterly basis. Bookings were solid in the quarter with a book to bill ratio of 1:1 driven by strength in the industrial end market. In addition, I was pleased with our operational execution as evidenced by an improved gross margin of 52.0% for the quarter, up sequentially from 50.3%."

Guidance: Co issues downside guidance for Q2, expects revs to increase by 2-6% sequentially, which equates to approx. $60.9-63.3 mln vs. $65.08 mln Capital IQ Consensus Estimate. Gross profit margin is expected to be in the range of 51% to 52%. In addition, the company estimates that second quarter 2013 GAAP net income will be approximately $0.07 to $0.09 per diluted share.

4:44PM Applied Micro beats by $0.01, reports revs in-line (AMCC) 7.27 +0.19 : Reports Q4 (Mar) net of breakeven, $0.01 better than the Capital IQ Consensus Estimate of ($0.01); revenues rose 15.5% year/year to $56.33 mln vs the $55.92 mln consensus. "We met our goal of delivering non-GAAP break-even results. Development progress and initial customer reaction are better than expected. This positions us well to take advantage of the growth we anticipate in the future."

4:43PM Ingram Micro misses by $0.03, beats on revs; guides Q2 revs above consensus (IM) 18.10 +0.34 : Reports Q1 (Mar) earnings of $0.41 per share, excluding non-recurring items, $0.03 worse than the Capital IQ Consensus Estimate of $0.44; revenues rose 18.8% year/year to $10.26 bln vs the $10.11 bln consensus. Co issues upside guidance for Q2, sees Q2 revs of +1-3% q/q (approx $10.36-10.56 bln) vs. $10.24 bln Capital IQ Consensus Estimate.

4:36PM PMC-Sierra misses by $0.01, misses on revs (PMCS) 6.31 -0.01 : Reports Q1 (Mar) earnings of $0.07 per share, excluding non-recurring items, $0.01 worse than the Capital IQ Consensus Estimate of $0.08; revenues fell 5.2% year/year to $125.2 mln vs the $127.81 mln consensus.

"We are encouraged by stronger bookings in the quarter and expect to grow revenues in the second quarter of 2013. Our book-to-bill ratio within the period was greater than one for the second consecutive quarter."

4:35PM Skyworks beats by $0.01, beats on revs; guides Q3 EPS in-line, revs below consensus (SWKS) 22.02 +0.59 : Reports Q2 (Mar) earnings of $0.48 per share, $0.01 better than the Capital IQ Consensus Estimate of $0.47; revenues rose 16.6% year/year to $425.2 mln vs the $420.38 mln consensus.

* Co generates $130.2 mln in cash flow from operations.

Guidance: Co issues mixed guidance for Q3, sees EPS of $0.53 vs. $0.53 Capital IQ Consensus Estimate; sees Q3 revs of $435 mln vs. $444.82 mln Capital IQ Consensus Estimate. Co expects gross margin expansion to the 43.5% to 44% percent range, a 130 to 180 basis point sequential improvement, and operating margin in excess of 25%.

4:31PM Extreme Networks appoints Charles Berger as its President and CEO (EXTR) 3.08 +0.02 : Mr. Berger will be replacing Oscar Rodriguez who has resigned, effective today, from his position and has resigned from the Board of Directors of Extreme Networks. Mr. Berger is joining co following the successful sale of ParAccel, a privately held software analytics company to Actian.

4:27PM CalAmp beats by $0.02, beats on revs; guides Q1 EPS in-line, revs in-line (CAMP) 10.08 +0.21 : Reports Q4 (Feb) earnings of $0.16 per share, $0.02 better than the Capital IQ Consensus Estimate of $0.14; revenues rose 28.6% year/year to $48.39 mln vs the $46.53 mln consensus. Co issues in-line guidance for Q1, sees EPS of $0.11-0.15 vs. $0.14 Capital IQ Consensus Estimate; sees Q1 revs of $50-54 mln vs. $52.04 mln Capital IQ Consensus Estimate.

"We enter fiscal 2014 with continued strong customer demand across most of our key market verticals. In addition, the Wireless Matrix acquisition is expected to accelerate our growth prospects, improve our competitive position and increase our subscription and SaaS-based revenues. We expect the second half of fiscal 2014 to be much stronger than the first half, as some of the recently announced opportunities begin ramping and operating expenses revert to a more normalized level as a result of synergies and expense reductions associated with the Wireless Matrix integration."

4:17PM KLA-Tencor beats on the bottom line, reports revs in-line (KLAC) 55.90 +0.41 : Reports Q3 (Mar) earnings of $1.01 per share, excluding non-recurring items, $0.16 better than the Capital IQ Consensus Estimate of $0.85 (GAAP EPS $0.98 vs. $0.85 consensus); revenues fell 13.3% year/year to $729 mln vs the $726.82 mln consensus.

4:12PM Amkor beats by $0.04, beats on revs; guides Q2 EPS in-line, revs above consensus (AMKR) : Reports Q1 (Mar) earnings of $0.07 per share, $0.04 better than the Capital IQ Consensus Estimate of $0.03; revenues rose 5.0% year/year to $688 mln vs the $672.35 mln consensus. Co issues mixed guidance for Q2, sees EPS of $0.09-0.19 vs. $0.11 Capital IQ Consensus Estimate; sees Q2 revs of $730-780 mln vs. $719.41 mln Capital IQ Consensus Estimate.

4:12PM Freescale Semi beats by $0.06, beats on revs; guides Q2 revs in-line (FSL) 14.56 +0.34 : Reports Q1 (Mar) adjusted loss of $0.03 per share, $0.06 better than the Capital IQ Consensus Estimate of ($0.09); revenues rose 3.3% year/year to $981 mln vs the $966.13 mln consensus.

* Gross margin was 40.6%. Income from operations for the period was $104 million, compared to $56 million in the fourth quarter of 2012 and $168 million in the first quarter of 2012.

* Guidance: Co issues in-line guidance for Q2, sees Q2 revs of $1.0-$1.04 bln vs. $1.01 bln Capital IQ Consensus Estimate. Gross margins to increase approximately 90 to 130 basis points on a sequential basis.

4:09PM Maxim Integrated beats by $0.04, beats on revs; guides Q4 EPS in-line, revs in-line (MXIM) 32.92 +0.22 : Reports Q3 (Mar) earnings of $0.45 per share, excluding non-recurring items, $0.04 better than the Capital IQ Consensus Estimate of $0.41; revenues rose 5.9% year/year to $604.9 mln vs the $596.75 mln consensus.

Co issues in-line guidance for Q4, sees EPS of $0.45-0.49, excluding non-recurring items, vs. $0.47 Capital IQ Consensus Estimate; sees Q4 revs of $610-640 mln vs. $631.69 mln Capital IQ Consensus Estimate.

4:04PM Cirrus Logic misses by $0.15, reports revs in-line; guides Q1 revs below consensus (CRUS) 19.62 +0.55 : Reports Q4 (Mar) earnings of $0.59 per share, excluding non-recurring items, $0.15 worse than the Capital IQ Consensus Estimate of $0.74; revenues rose 87.0% year/year to $206.87 mln vs the $207.68 mln consensus. Gross margin of 40.4 percent, which, as disclosed in its press release on April 16, included an inventory reserve of approximately $20.7 million that resulted in a gross margin decline of slightly more than 10 percent.
Co issues downside guidance for Q1, sees Q1 revs of $150-170 mln vs. $175.09 mln Capital IQ Consensus Estimate; gross margin is expected to be between 50 percent and 52 percent

4:01PM Microsemi beats by $0.03, reports revs in-line; guides Q3 EPS in-line (MSCC) 19.91 +0.03 : Reports Q2 (Mar) earnings of $0.43 per share, excluding non-recurring items, $0.03 better than the Capital IQ Consensus Estimate of $0.40; revenues fell 5.0% year/year to $235.3 mln vs the $232.98 mln consensus. Co issues in-line guidance for Q3, sees EPS of $0.47-0.50 vs. $0.47 Capital IQ Consensus Estimate.

7:20AM Benchmark Elec beats by $0.02, reports revs in-line; guides Q2 EPS in-line, revs in-line (BHE) 17.61 : Reports Q1 (Mar) earnings of $0.22 per share, excluding non-recurring items, $0.02 better than the Capital IQ Consensus Estimate of $0.20; revenues fell 8.6% year/year to $542.44 mln vs the $546.98 mln consensus.

In-line EPS guidance for Q2, sees EPS of $0.25-0.30 vs. $0.28 Capital IQ Consensus Estimate;
Sees Q2 revs of $560-590 mln vs. $585.54 mln Capital IQ Consensus Estimate.

6:26AM Cabot Micro misses by $0.05, misses on revs (CCMP) 33.83 : Reports Q2 (Mar) earnings of $0.40 per share, $0.05 worse than the Capital IQ Consensus Estimate of $0.45; revenues rose 1.1% year/year to $100.36 mln vs the $104.57 mln consensus. The company achieved a gross profit margin of 48.2 percent of revenue in the second fiscal quarter, which represents increases of 210 and 120 basis points on year-over-year and sequential bases, respectively.

Intel's (INTC) McAfee announced the addition of identity and access management solutions to its Security Connected portfolio.

07:54 am F5 Networks shares rise 3% following beat on earnings
F5 Networks (FFIV $74.89 +2.54) reported fourth quarter earnings of $1.07 per share, excluding non-recurring items, $0.01 better than the Capital IQ consensus of $1.06, while revenues rose 3.1% year/year to $350.2 million versus the $350.19 million consensus. The company issues downside guidance for Q3, sees EPS of $1.06-1.09, excluding non-recurring items versus the. $1.11 Capital IQ consensus and revenues of $355-365 million versus the $366.89 million Capital IQ consensus. The company also announced today that its board of directors had authorized an additional $200 million for the company's common stock share repurchase program. This new authorization is incremental to the $81.3 million currently in the existing program which was initially authorized in October 2010.

07:53 am Qualcomm shares fall 6% following in line earnings
Qualcomm (QCOM $62.12 -3.87) reported second quarter earnings of $1.17 per share, excluding non-recurring items, in-line with the Capital IQ consensus of $1.17, while revenues rose 23.9% year/year to $6.12 billion versus the $6.08 billion consensus. Q2 Key Business Metrics MSM chip shipments: 173 million units, up 14 percent y-o-y and down 5 percent sequentially. December quarter total reported device sales: approx $61.1 billion, up 18 percent y-o-y and 15% QoQ. December quarter estimated 3G/4G device shipments: ~279 to 283 million units, at an estimated average selling price of approximately $214 to $220 per unit. The company issued in-line guidance for the third quarter with EPS of f $0.97-1.05, excluding non-recurring items, versus the $1.04 Capital IQ consensus and revenues of $5.8-6.3 billion versus $5.88 billion Capital IQ consensus. The company issued guidance for FY13, raises EPS to $4.40-4.55, excluding non-recurring items, from $4.25-4.45 versus the. $4.53 Capital IQ consensus. The company raised revenues to $24.0-25.0 billion from $23.4-24.4 billion versus the $24.1 bln Capital IQ consensus.

09:13 am Mellanox Tech downgraded to Neutral from Buy at Mizuho: . Mizuho downgrades MLNX to Neutral from Buy and notes that they are reducing their forecasts based on updated guidance. With a lot of bad news behind MLNX, downside risk to shares could be limited. However, upside catalysts in 2Q are unlikely, in their view, and with visibility into the timing of large deals unclear they believe that revisiting the story as new data emerge is a prudent course, particularly with MLNX shares trading at 22x their 2014 EPS estimate versus the 15x peer group average. They are stepping off to the sidelines for now.

09:13 am Coherent upgraded to Buy from Hold at Needham: . Needham upgrades COHR to Buy from Hold on signs of improving demand across several of its major markets. COHR posted FQ2 rev at the high end of guidance, but gross margins fell short of expectations due to manufacturing cost issues in its FPD business. Investors are likely to look beyond this short-term issue and focus on the strength in bookings, which rose 10% y/o/y (1.0 B-T-B). COHR registered higher bookings in microelectronics, OEM components/ instrumentation and materials processing, with only the scientific and gov't market showing weakness. Mgmt guided for F3Q rev to be up 2-8% y/o/y, solidly above Street expectations.

Western Digital (WDC) reported third quarter earnings of $2.10 per share, $0.34 better than the Capital IQ consensus of $1.76, while revenues rose 24.0% year/year to $3.76 billion versus the $3.61 billion consensus. "Strong execution by our HGST and WD subsidiaries drove outstanding results in the March quarter as we continue to capitalize on the secular growth of digital data. Overall industry demand was in line with our expectations. In our business, we saw strength in enterprise, stable performance in client and consumer electronics, and some anticipated seasonal softness in Branded Products."