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From Briefing.com: 4:20 pm : Unlike Friday, the stock market didn't provide a lot of trading excitement today. The major indices spent time on either side of the unchanged mark, but were never able to achieve a good deal of separation either way as buyers and sellers alike lacked conviction.

There was some initial excitement when it was announced before the open that Standard & Poor's raised its US outlook to Stable from Negative, citing a lessening of downside risks to its AA+ rating for US sovereign debt. That positive-sounding headline helped stocks get off to a decent start, yet buying efforts soon tapered off as a concurrent rise in long-term interest rates seemed to limit the stock market's enthusiasm for the outlook change.

The yield on the 10-year note moved up to 2.23%, or roughly six basis points higher than where it settled on Friday. The move was striking considering the switch by Standard & Poor's should have been construed as a good thing for the Treasury market. The ensuing weakness, though, seemed to fit with the sense that an improving economic outlook would lessen the safety premium in Treasuries and encourage a rotation into stocks. Nonetheless, not all participants are convinced that the economy will gain steam in coming months; hence, there were some underlying concerns that the jump in rates could retard the recovery as they interfere with the rebound in the housing market. To that end, the SPDR S&P Homebuilders ETF (XHB 30.26, -0.25) dropped 0.8% today.

The S&P Utilities sector, which is another rate-sensitive area, slipped 0.2% and was a relative laggard in the sector rankings. Indicative of today's lackluster trading action, there wasn't a single sector that moved up, or down, more than 1.0%. The big winner was telecom services, which gained 0.8%, while the energy, industrial, and consumer discretionary sectors all tied on the losing end of things with a 0.3% decline.

Apple (AAPL 438.89, -2.92) was the story stock of the day as attention turned to the company's Worldwide Developers Conference. Shares of AAPL traded higher for most of the session, but rolled over late as the announcement of iOS 7 and iRadio were greeted in a ho-hum manner.

Dow component McDonald's (MCD 99.51, +1.23) enjoyed a better fate, having started strong and remaining strong on news its global comparable-store sales increased a better-than-expected 2.6% in May. The gains in McDonald's, though, weren't enough to keep the Dow from incurring a small loss as a drop in higher-priced IBM (IBM 205.02, -1.33) and 3M (MMM 110.81, -0.30) were offsetting influences.

There wasn't any economic data out of the US today, but St. Louis Fed President Bullard did address economic conditions in a speech on the global economy. Mr. Bullard is a voting FOMC member and he walked the party line of providing a little something for everyone in the tapering debate. To wit, he suggested the low rate of inflation could be justification for the Fed to maintain its aggressive asset buying over a longer time frame and then added that an improved labor market could mean the Fed might slow the pace of its asset purchases.

The Wholesale Inventories report for April (Briefing.com consensus +0.2%; prior +0.4%) is the only piece of US data slated for release on Tuesday. It won't be a market mover, so the direction of currencies and interest rates could be dictating factors along with any new insight from Germany's Constitutional Court on the legality of the eurozone's crisis-management measures.

Today's volume was light with just 595 mln shares changing hands at the NYSE.DJ30 -9.53 NASDAQ +4.55 SP500 -0.57 NASDAQ Adv/Vol/Dec 1593/1.5 bln/895 NYSE Adv/Vol/Dec 1333/595 mln/1679

3:30 pm : July crude oil dipped to a session low of $95.19 per barrel in early morning action as initial strength in the dollar index weighed on prices. However, the energy component managed to erase some of the earlier losses once the dollar index began to pull back. It spent afternoon floor action chopping around just below the unchanged level and settled 0.3% lower at $95.80 per barrel. July natural gas rose to a session high of $3.87 per MMBtu in morning action but lost steam and fell into negative territory. It dipped to a session low of $3.78 per MMBtu and eventually settled with a 0.8% loss at $3.80 per MMBtu.
August gold slid into the red and to a session low of $1375.10 per ounce as the S&P revised its U.S. rating to 'Stable' from 'Negative'. However, the yellow metal quickly reversed and recovered into positive territory. It settled 0.2% higher at $1386.00 per ounce, or just below its session high of $1386.60 per ounce. July silver brushed a session low of $21.64 per ounce in early morning action but spent the remainder of floor trade trending higher in choppy fashion. It touched a session high of $21.99 and settled with a 1.0% gain at $21.92 per ounce.

5:26PM Diodes increases Q2 guidance; sees revs of $210-218 mln (raised from $206-218 mln) vs $212.76 mln Capital IQ Consensus Estimate (DIOD) 23.51 -0.01 : Co stated that it is increasing its revenue and gross profit margin guidance for the second quarter of 2013. The revised guidance reflects the expectation that revenue will range between $210 million and $218 million sequentially (vs $212.76 mln Capital IQ Consensus Estimate) versus prior guidance of $206 million to $218 million. GAAP gross profit margin is expected to be 28 percent, plus or minus 2 percent versus prior guidance of 27 percent, plus or minus 2 percent. Non-GAAP gross profit margin, which excludes the BCD inventory valuation adjustment, is expected to be 29.5 percent, plus or minus 2 percent, versus prior guidance of 29.0 percent, plus or minus 2 percent. Diodes maintained its second quarter guidance expectations on the following: GAAP operating expenses of 23.6 percent of revenue, plus or minus 1 percent; non-GAAP operating expenses, excluding amortization of intangible expenses, restructuring expenses, and BCD retention bonus accruals, of 21.3 percent of revenue, plus or minus 1 percent; income tax rate of 14 to 20 percent; and shares used to calculate GAAP EPS of approximately 47 million.

4:31PM Texas Instruments tightens Q2 guidance to the mid-point of prior guidance (TXN) :

4:30PM Texas Instruments: Co revises Q2 EPS to $0.39-0.43 , prior guidance $0.37-0.45 vs. $0.41 GAAP consensus; revises revenue range to $2.99-3.11 bln from $2.93-3.17 bln vs. $3.06 bln consensus (TXN) :

Apple (AAPL 438.89, -2.92) was the story stock of the day as attention turned to the company's Worldwide Developers Conference. Shares of AAPL traded higher for most of the session, but rolled over late as the announcement of iOS 7 and iRadio were greeted in a ho-hum manner.

4:01PM Plexus announces appointment of Todd Kelsey to the position of Chief Operating Officer (PLXS) 29.84 +0.23 : Co announced that Todd Kelsey, 48, is appointed to Executive Vice President and Chief Operating Officer. With his promotion to Chief Operating Officer, Mr. Kelsey assumes leadership responsibilities for all facets of the company's customer-focused Product Realization Value Stream, including: market development, customer services, engineering solutions, manufacturing solutions, supply chain and regional teams. Mr. Kelsey has been with Plexus since 1994, most recently leading our Global Customer Services organization since 2007.

2:59PM Apple confirms iOS7 (AAPL) 443.34 +1.53 : Co unveiled iOS 7, the most significant iOS update since the original iPhone, featuring a stunning new user interface. "iOS 7 is completely redesigned with subtle motion, an elegant color palette and distinct, functional layers that make it feel more alive. The typography has been refined for a cleaner, simpler look, and the use of translucency and motion makes even simple tasks more engaging. iOS 7 has hundreds of great new features, including Control Center, Notification Center, improved Multitasking, AirDrop, enhanced Photos, Safari, Siri and introduces iTunes Radio, a free Internet radio service based on the music you listen to on iTunes." The iOS 7 beta software and SDK are available immediately for iOS Developer Program members at developer.apple.com. iOS 7 will be available as a free software update for iPhone 4 and later, iPad 2 and later, iPad mini and iPod touch (fifth generation) this fall.

2:57PM Apple confirms iTunes Radio (AAPL) 444.87 +3.06 : Co announced iTunes Radio, a free Internet radio service featuring over 200 stations and a catalog of music from the iTunes Store, combined with features only iTunes can deliver. "When you tune into iTunes Radio on your iPhone, iPad, iPod touch, Mac, PC or Apple TV, you'll have access to stations inspired by the music you already listen to, Featured Stations curated by Apple and genre-focused stations that are personalized just for you. iTunes Radio evolves based on the music you play and download. The more you use iTunes Radio and iTunes, the more it knows what you like to listen to and the more personalized your experience becomes. iTunes Radio also gives you access to exclusive "first listen" premieres from top selling artists, Siri integration, plus the ability to tag or buy anything you hear with just one click." iTunes Radio is ad-supported and free for everyone. iTunes Match users get iTunes Radio ad-free, so instead of hearing the occasional ad on iTunes Radio, iTunes Match makes your listening completely ad-free. With iTunes Match, all your music-even songs you've imported from CDs-are stored in iCloud. So iTunes Radio can use information about your entire music collection to make your stations even more personalized. iTunes Match costs $24.99 for a year.

2:08PM Apple confirms updated MacBook Air with all day battery life (AAPL) 445.30 +3.49 : Co today updated MacBook Air with all day battery life, fourth generation Intel Core processors with faster graphics, 802.11ac Wi-Fi and flash storage that is up to 45 percent faster than the previous generation. "The ultimate everyday notebook is now an even better value, with 11-inch models featuring double the storage and 13-inch models starting at a new lower price of $1,099." Apple also introduced completely redesigned AirPort Extreme and AirPort Time Capsule base stations featuring 802.11ac Wi-Fi for up to three times faster performance.

2:07PM Apple confirms next generation Mac Pro (AAPL) 445.34 +3.53 : Co showed a sneak peek into the future of the pro desktop with a first look at the next generation Mac Pro. Designed around a revolutionary unified thermal core, the Mac Pro introduces a completely new pro desktop architecture and design that is optimized for performance inside and out. With next generation Xeon processors, dual workstation-class GPUs, Thunderbolt 2, PCIe-based flash storage, and ultra-fast ECC memory, the new 9.9-inch tall Mac Pro "packs an amazing amount of power into an incredibly small package." The next generation Mac Pro will be available later this year.

2:01PM Microsoft announces Xbox 1 will be released in November for $499.99; announces new Xbox 360 (MSFT) 35.23 -0.45 : Co announced launch details for the next Xbox gaming and entertainment system. Launching in 21 markets around the world in November 2013 Xbox One is, "the ultimate all-in-one entertainment system built for the 21st century living room - introducing a new world of games, music, live TV, movies, sports, apps and Skype, all personalized to your interests and accessible with the sound of your voice." Every Xbox One system sold will include the new Xbox One console - which features a 500GB hard drive,1 Blu-ray player and built-in Wi-Fi - the new Kinect, one Xbox One Wireless Controller and a free 14-day trial of Xbox Live Gold for new members. The Xbox One launch bundle will be available for $499.99 in the U.S., 429 (GBP) in the U.K. and 499 (EUR) in European markets.

Co also announced a new version of the Xbox 360. It is available in multiple value-packed editions for the same prices as the existing console: $199.99 estimated retail price (ERP1) for the 4GB console, $299.99 ERP for the 250GB edition and $299.99 ERP for the 4GB Kinect Bundle.

1:53PM Apple confirms release of a developer preview of OS X Mavericks (AAPL) 446.05 +4.24 : Co released a developer preview of OS X Mavericks, the 10th major release of the world's most advanced operating system. With more than 200 new features, OS X Mavericks brings Maps and iBooks to the Mac, introduces Finder Tags and Tabs, enhances multi-display support for power users, delivers new core technologies for breakthrough power efficiency and performance, and includes an all new version of Safari. The preview release of OS X Mavericks is available to Mac Developer Program members starting today. Mac users will be able to download Mavericks from the Mac App Store this fall.

Cypress Semiconductor (CY) has achieved greater than 99% on-time delivery of its products as a result of an internal program to focus on customer support.

8:01AM Taiwan Semi reports consolidated net sales increased 17% YoY to NT$51.79 bln; an increase of 3.4% sequentially (TSM) 18.69

3:06AM United Micro reports May net sales increased 5.18% YoY to NT$10.86 bln (UMC) 2.19 :

08:55 am RF Micro Device upgraded to Strong Buy at Charter Equity: . Charter Equity upgrades RFMD to Strong Buy from Buy. Firm is highly confident that RFMD has won a dual-band PAD on iPhone 5S and will likely see 70% - 160% increase in content over the iPhone 5. Evidence suggests the architecture of the next iPhone will be the same as the last, but with several bands of LTE added for improved 4G coverage and to better compete with Samsung's Galaxy S4. Total RF content in the new phone will probably increase to about $12.00 versus $9.20 in the iPhone 5.

Canadian Solar (CSIQ $9.36 +0.56) announced that its subsidiary, Canadian Solar Solutions, has entered into an Engineering, Procurement, and Construction (EPC) agreement with Grand Renewable Solar, a solar energy project developed by Samsung Renewable Energy for the construction of a 130 MW utility-scale solar power plant. This EPC agreement is expected to generate revenue of ~ CAD310 million ($301.1 million) for Canadian Solar. Construction of the solar power plant will begin in the third quarter of 2013, with the facilities expected to be fully operational in 2015.