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From Briefing,com: 4:25 pm : Equities ended on their lows with the S&P 500 down 1.4%.

The S&P entered today's session with a week-to-date gain of 1.5% as investors expected reassuring words from today's Federal Open Market Committee Statement.

Stocks traded with slim losses until this afternoon's FOMC Statement and subsequent comments from Chairman Bernanke sent equities and Treasuries to their lows while also providing a significant boost to the dollar.

Today's Statement was not too different from the last directive released on May 1. However, it did indicate inflation has been running below the longer-run objective while long-term inflation expectations remain stable.

During his remarks, Chairman Bernanke said if conditions continue to improve, the Fed could reduce the pace of purchases later this year with a potential end to purchases coming in the middle of 2014. He also suggested downside risks have diminished since the fall, but the Fed will not sell securities as long as the market remains in normalization stage.

Finally, Mr. Bernanke said that a decline in the unemployment rate to 6.5% will not automatically signal a rate hike. Instead, reaching the target will pave way for that discussion to begin.

The Dollar Index saw the sharpest post-FOMC move as investors dumped other currencies in favor of the greenback. The afternoon bid sent the Index higher by 0.9% and allowed it to regain its 200-day moving average.

Elsewhere, Treasuries fell victim to aggressive selling pressure as a loss of more than one point ran the 10-yr yield up 14 basis points to 2.332%. This marked the highest close since March 2012. Even more notable was today's 17.5 basis point surge in the 5-yr yield, which made for its best close since August 2011.

The sharp spike in rates weighed on rate-sensitive countercyclical sectors as they led equities to the downside. Telecom and utilities saw respective declines of 2.7% and 2.3% while consumer staples and health care lost near 1.8% each.

Meanwhile, most growth-oriented groups held in relatively well through the afternoon selling. Financials and industrials were the two exceptions as both underperformed prior to the FOMC Statement, and lagged behind other cyclical sectors into the close.

Energy and materials outperformed the broader market with respective losses of 1.0% and 0.8%. On a related note, crude oil dipped 0.6% to $98.07 per barrel while copper ticked down 0.6% to $3.14 per pound.

The weekly MBA Mortgage Index declined 3.3% to follow the prior week's increase of 5.0%.

Tomorrow, weekly initial claims will be reported at 8:30 ET while May existing home sales, leading indicators, and June Philadelphia Fed Survey will cross the wires at 10:00 ET.DJ30 -206.04 NASDAQ -38.98 SP500 -22.88 NASDAQ Adv/Vol/Dec 687/1.65 bln/1809 NYSE Adv/Vol/Dec 455/760.1 mln/2595

3:30 pm :

July crude oil retreated into negative territory following inventory data that showed a build of 0.313 mln barrels when a draw of 0.5 mln was anticipated. The energy component dipped to a floor session low of $98.03 per barrel and chopped around below the unchanged line until the release of the FOMC policy directive at 14:00 ET. It then popped to a session high of $98.74 per barrel but ultimately settled 0.2% lower at $98.25 per barrel. Prices fell to a new LoD of $97.57 per barrel in electronic trade and are currently down about 0.5%.
July natural gas trended higher for most of its floor trade. It brushed a session high of $3.98 per MMBtu in early afternoon action after trading as low as $3.94 per MMBtu earlier. Prices pulled back slightly heading into the close, leaving natural gas to settle with a 1.5% gain at $3.96 per MMbtu.
Aug gold inched higher ahead of the FOMC policy statement after lifting off its session low of $1369.50 per ounce. The yellow metal booked a 0.6% gain as it settled at $1373.80 per ounce, just below its session high of $1375.30 per ounce. Gold slid into the red and to a new LoD of $1356.10 per ounce in electronic trade and is currently down ~ 0.6%.
July silver oscillated between positive and negative territory during today's floor trade. Prices dipped to a session low of $21.58 per ounce and touched a session high of $21.75 per ounce in morning action. Ultimately, silver extended losses for a third consecutive session as it settled at $21.61 per ounce, or 0.3% lower. The metal is currently down about 1.2% in electronic trade after dropping to a LoD of $21.31 following the release of the FOMC statement.

4:12PM Jabil Circuit announces reorganization plan (JBL) 19.82 -0.10 : Please see 16:03 for Q3 EPS (beat by 2 cents, beats on revenues) and Q4 guidance (EPS below, revs in line).

From Press Release
In addition to the segment guidance, Jabil announced its intention to realign its global operations to more appropriately reflect current market conditions and customer needs. The company indicated that they began consultation with employees during the third fiscal quarter. Jabil management did not provide specific locations under consideration out of respect for employees, their families and their representatives, and statutory and consultation periods required. The company currently estimates that the realignment could result in approximately $188 million of charges, including the $28 million of charges incurred during the company's third quarter. It is currently estimated that $60 to $70 million will be recorded in Jabil's fourth fiscal quarter of 2013 and the balance during its fiscal years 2014 and 2015. Jabil estimates that the majority of the $140 million cash associated with these actions will be used in fiscal 2014.

4:03PM Jabil Circuit beats by $0.02, beats on revs; guides Q4 EPS below consensus, revs in-line (JBL) 19.82 -0.10 : Reports Q3 (May) earnings of $0.56 per share, $0.02 better than the Capital IQ Consensus Estimate of $0.54; revenues rose 5.1% year/year to $4.47 bln vs the $4.4 bln consensus. Co issues mixed guidance for Q4, sees EPS of $0.50-0.58, excluding non-recurring items, vs. $0.59 Capital IQ Consensus Estimate; sees Q4 revs of $4.55-4.65 bln vs. $4.6 bln Capital IQ Consensus Estimate.l

4:06PM Micron beats by $0.01, beats on revs (MU) 13.97 +0.21 : Reports Q3 (May) GAAP earnings of $0.04 per share, $0.01 better than the Capital IQ Consensus Estimate of $0.03; revenues rose 6.7% year/year to $2.32 bln vs the $2.25 bln consensus.

"As the memory market shows improvement in both DRAM and NAND fundamentals, we continue to focus our efforts on advancing our operational efficiency," said Micron CEO Mark Durcan. "We have also made progress in securing the necessary approvals related to the Elpida acquisition and are optimistic we will be able to close the transaction in our fiscal fourth quarter ending August 29, 2013."

4:06PM Finisar beats by $0.03, reports revs in-line; guides Q1 EPS above consensus, revs in-line (FNSR) 14.52 +0.08 : Reports Q4 (Apr) earnings of $0.20 per share, excluding non-recurring items, $0.03 better than the Capital IQ Consensus Estimate of $0.17; revenues rose 2.1% year/year to $243.4 mln vs the $242.6 mln consensus.

Co issues guidance for Q1, sees EPS of 0.22-0.26, excluding non-recurring items, vs. $0.20 Capital IQ Consensus Estimate; sees Q1 revs of $245-260 mln vs. $248.94 mln Capital IQ Consensus Estimate.

Non-GAAP gross margin increased to 32.2% from 30.7% in the preceding quarter, primarily as the result of favorable product mix.

"I am pleased to report fiscal fourth quarter revenues of $243.4 million, which is $5.1 million, or 2.1%, greater than the prior quarter. Our growth in revenues came primarily from sales of 10G and 100G Ethernet transceivers and transponders for datacom applications. Our favorable product mix in the quarter enabled us to achieve gross margin and earnings per diluted share that exceeded our guidance range."

Outlook Details: The Company indicated that it currently expects revenues for the first quarter of fiscal 2014 to be in the range of $245 to $260 million; GAAP operating margin to in the range of ~5.0% to 6.5%. The Company also noted that during the fourth fiscal quarter of 2013 and during the first week of the first quarter of fiscal 2014, the Company completed the divestment of two non-strategic subsidiaries of Ignis AS, which was acquired by Finisar in May 2012.

10:01AM Apple announces HBO GO and WatchESPN are now available directly on Apple TV (AAPL) 428.79 -2.98 : iTunes users have downloaded more than one billion TV episodes and 380 million movies from iTunes to date, and they are purchasing over 800,000 TV episodes and over 350,000 movies per day. In addition to HBO GO and WatchESPN, three new content providers are also available today on Apple TV including Sky News, Crunchyroll and Qello offering live news, sports and current TV programming.

9:02AM Photronics announces successful completion of tender offer to acquire outstanding shares of its majority-owned Taiwan Subsidiary, PSMC (PLAB) 7.73 : Co announced the successful completion of the tender offer to acquire the outstanding shares of Photronics Semiconductor Mask Corp ("PSMC"), a majority-owned subsidiary of Photronics, Inc. As of the expiration of the offering period on June 18, 2013, a total of 50,259,277 shares were tendered at the offering price of NT$16.30 with the total costs of the transaction of approximately US$28 million. As a result of the transaction, Photronics owns 98% of the outstanding shares of common stock of PSMC.

VTSS +1.1% (announces proposed public offering of ~$30 mln in common stock).

7:03AM Vitesse Semi announces proposed public offering of ~$30 mln in common stock (VTSS) 2.75 : Co announced that it is offering to sell shares of its common stock in an underwritten public offering in an amount of ~$30 million (not including any exercise of a 15% over-allotment option to be granted to the underwriters). Needham & Company, LLC is acting as the sole bookrunning manager of the offering. The offering is expected to price after the close of trading on Wednesday, June 19, 2013. Vitesse intends to use the net proceeds from the offering for working capital and general corporate purposes. A portion of the net proceeds also may be used to repay or restructure indebtedness.

FormFactor (FORM) announced that it has shipped multiple units of Apollo MF100 probe cards to two leading semiconductor foundries. Following an extensive engineering evaluation, the foundries selected the Apollo MF100 to test advanced 28nm System-on-Chip products, utilizing copper pillar packaging technology, in volume production.

10:49 am Tech Sector trading flat today and just ahead of the overall market
The tech sector is trading flat today, ahead of slight losses in the broader market. Semiconductors are showing relative strength with the SOX trading 0.3% higher. Within the chip index, NVDA (+4.0%) is a notable standout. Among other major indices, the SPY is trading 0.03% lower today, while the QQQ is up 0.1% and the NASDAQ is trading flat on the session. Among tech bellwethers, ORCL (+0.5%) is showing notable strength, while VZ (-0.9%) is under pressure.

In notable tech earnings last night, ADBE (+6.5%) posted a slight Q2 EPS beat and guided just below consensus. In news, DISH (+2.1%) terminated its pursuit of S (-3.3%). SFTBY (+2.3%) remains interested in S. NVDA (+4.0%) says it plans to license its GPU cores and visual computing patent portfolio to device manufacturers. Among notable analyst upgrades in tech this morning, ADBE (+6.5%) was upgraded to Buy at BofA/Merrill. In downgrades, BBRY (-3.2%) was downgraded to Underperform at Bernstein, S (-3.3%) was downgraded to Neutral at Macquarie, and Stifel downgraded KLAC (+0.1%) to Hold. JBL (+0.9%), MU (+1.1%) and RHT (-0.1%) are the notable names in tech scheduled to report after the close.

09:12 am KLA-Tencor downgraded to Hold at Stifel: . Stifel downgrades KLAC to Hold from Buy, based primarily on valuation, as the stock has approached its previous target price of $58. Secondly, firm's ests for FY14 (June) are at the high end or above consensus (revenues). Although there is the possibility of some upside to the industry in 2H13 and early 2014, firm does not expect dramatic upward revisions to our estimates at this time.