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From Briefing.com: 4:15 pm : The major averages ended in mixed fashion as the Dow Jones added 0.1% and the S&P 500 shed 0.2%.

The Dow outperformed the broader market as the relative strength of United Technologies (UTX 105.16, +3.05) provided the price-weighted index with enough support to keep it in positive territory throughout the session. In addition, DuPont (DD 57.12, -0.05) displayed early strength, but ended in the red. Both companies reported bottom-line beats on below-consensus revenue and DuPont announced it will seek strategic alternatives for its Performance Chemical segment.

Although DuPont settled on its lows, the materials sector finished in the lead. The space received support from miners after Freeport-McMoRan (FCX 29.99, +0.84) reported an earnings beat. On a related note, copper futures added 0.9% to $3.213 per pound while gold futures climbed 0.5% to $1342.20 per troy ounce.

The materials sector was closely followed by yesterday's biggest laggard, energy. The growth-oriented space added 0.2% as crude oil rose 0.2% to $107.14 per barrel.

Elsewhere, utilities and telecom services settled with respective gains of 0.3% and 0.4% while the remaining sectors ended in the red.

Financials and technology spent most of the day in negative territory. In the financial sector, major banks displayed little change and insurer Travelers (TRV 82.21, -3.22) fell 3.8% despite beating on earnings.

Tech shares displayed broad weakness, with the largest sector component, Apple (AAPL 418.99, -7.32), sliding 1.7% ahead of its after-hours earnings report. Meanwhile, chipmakers underperformed even after Texas Instruments (TXN 38.93, +1.51) reported a slight earnings beat on an 8.6% year-over-year decline in revenue.

The underperformance of tech names weighed on the Nasdaq, which settled lower by 0.6%. In addition, the index was also pressured by Netflix (NFLX 250.26, -11.70) after the discretionary component reported in-line results, which did not justify the stock's July gain of 24.1%.

Also of note, biotechnology weighed on the Nasdaq and the health care sector. The iShares Nasdaq Biotechnology (IBB 192.35, -3.34) settled lower by 1.7%.

Similar to stocks, Treasuries were confined to a narrow range. The benchmark 10-yr yield ended higher by two basis points at 2.51%.

Today's economic data was limited to the May FHFA Housing Price Index, which increased 0.7% to follow a 0.5% uptick observed during the prior month.

Tomorrow, the weekly MBA Mortgage Index will be reported at 7:00 ET and June new home sales will be announced at 10:00 ET. On the earnings front, AmerisourceBergen (ABC 57.63, -1.36), Boeing (BA 107.79, +0.93), and Ford Motor (F 16.94, -0.10) will report their results before the opening bell.

The U.S. Treasury will auction $35 billion in 5-yr notes.DJ30 +22.19 NASDAQ -21.11 SP500 -3.14 NASDAQ Adv/Vol/Dec 1149/1.55 bln/1324 NYSE Adv/Vol/Dec 1711/623.7 mln/1298

3:30 pm :

Sep crude oil erased earlier losses as it rose into positive territory in late morning action. The energy component lifted from its session low of $105.92 per barrel and touched a session high of $107.34 per barrel. It eventually booked a 0.4% gain as it closed at $107.23 per barrel.
Aug natural gas rallied off its session low of $3.68 per MMBtu set in early morning floor trade. It then traded in a tight range between $3.73 and $3.76 per MMBtu and settled with a 1.6% gain at $3.74 per MMBtu.
Aug gold chopped around in negative territory today, falling as low as $1327.90 per ounce in morning action. However, the yellow metal inched higher as the dollar index weakened and erased most of its earlier losses. It settled just 70 cents lower at $1335.20 per ounce.
Silver also traded in the red but was unable to gain much momentum. It brushed a session high of $20.33 per ounce and eventually settled 1.2% lower at $20.26 per ounce.

4:36PM Apple beats by $0.19, beats on revs; guides Q4 revs towards low end of expectations with in-line gross margin (AAPL) 418.99 -7.32 : Reports Q3 (Jun) earnings of $7.47 per share, $0.19 better than the Capital IQ Consensus Estimate of $7.28; revenues rose 0.9% year/year to $35.32 bln vs the $34.91 bln consensus; Q3 gross margin 36.9% vs Street est of 36.6% and 36-37% guidance.

31.2 mln iPhones sold in Q3 vs Street est of ~26 mln
14.6 mln iPads sold in Q3 vs Street est of ~17 mln
3.8 mln Macs sold in Q3 vs Street est of ~4 mln


Co issues guidance for Q4, sees Q4 revs of $34-37 bln vs. $37.07 bln Capital IQ Consensus; with gross margin 36-37% vs. 36.6% Street est.

4:17PM Altera reports EPS in-line, revs in-line (ALTR) 35.47 -0.09 : Reports Q2 (Jun) earnings of $0.31 per share, in-line with the Capital IQ Consensus Estimate consensus of $0.31; revenues fell 9.3% year/year to $421.8 mln vs the $420.82 mln consensus.

4:12PM Juniper Networks beats by $0.04, beats on revs; guides Q3 EPS in-line, revs in-line; Juniper Networks announces additional $1 bln share repurchase (JNPR) 21.34 +0.59 : Reports Q2 (Jun) earnings of $0.29 per share, excl items, $0.04 better than the Capital IQ Consensus Estimate of $0.25; revenues rose 7.2% year/year to $1.15 bln vs the $1.09 bln consensus.

Co issues in-line guidance for Q3, sees EPS of $0.29-0.32 vs. $0.29 Capital IQ Consensus Estimate; sees Q3 revs of $1.14-1.18 bln vs. $1.14 bln Capital IQ Consensus Estimate.

Juniper's outlook for the September quarter reflects its expectation of good service provider demand and signs of improving enterprise demand. The Company expects its routing and switching businesses to remain strong while the security business continues to stabilize.

4:06PM Juniper Networks announces retirement of CEO (JNPR) 21.34 +0.59 : Company's chief executive officer, Kevin Johnson, will retire once a successor is named and that Johnson will continue to serve in his current capacities while an orderly transition is accomplished.
4:11PM Harmonic beats by $0.03, beats on revs; guides Q3 revs in-line (HLIT) 6.96 -0.14 : Reports Q2 (Jun) earnings of $0.05 per share, $0.03 better than the Capital IQ Consensus Estimate of $0.02; revenues fell 4.1% year/year to $117.1 mln vs the $109.28 mln consensus.

4:10PM Broadcom beats by $0.01, reports revs in-line (BRCM) 31.83 -1.42 : Reports Q2 (Jun) earnings of $0.70 per share, $0.01 better than the Capital IQ Consensus Estimate of $0.69.

"Broadcom delivered solid revenue and gross margins in Q2 with tightly managed sequential growth in operating expenses. This combination of financial discipline and in-line revenue enabled us to deliver non-GAAP earnings per share ahead of First Call consensus," said Scott McGregor, Broadcom's President and Chief Executive Officer. "Looking forward, we see continued growth driven by our industry leading portfolio of wired and wireless communication platforms."

4:10PM AT&T misses by $0.01, reports revs in-line (T) 35.81 +0.23 : Reports Q2 (Jun) earnings of $0.67 per share, excluding non-recurring items, $0.01 worse than the Capital IQ Consensus Estimate of $0.68; revenues rose 1.6% year/year to $32.08 bln vs the $31.83 bln consensus.

Total wireless revenues, which include equipment sales, were up 5.7% year over year to $17.3 billion. Wireless service revenues increased 4.1% in the second quarter, to $15.4 billion. Wireless data revenues increased 19.8% from the year-earlier quarter to $5.4 billion. Second-quarter wireless operating expenses totaled $12.6 billion, up 11.8% versus the year-earlier quarter, and wireless operating income was $4.7 billion, down 7.7% year over year.

AT&T posted a net increase in total wireless subscribers of 632,000 in the second quarter. Subscriber additions for the quarter included postpaid net adds of 551,000, the best second-quarter postpaid net adds in four years and a more than 70% increase from the year-ago quarter. Postpaid net adds include 398,000 postpaid tablets added in the quarter. Connected device net adds were 484,000. Prepaid gained 11,000 subscribers even with declines in session-based tablets. Reseller had a net loss of 414,000 primarily due to losses in low-revenue accounts, but revenues increased almost 30% year over year.

Postpaid phone-only ARPU increased 3.0% versus the year-earlier quarter. Total postpaid subscriber ARPU, which includes high margin but lower-ARPU tablets, increased 1.8%versus the year-earlier quarter. This marked the 18th consecutive quarter AT&T has posted a year-over-year increase in postpaid ARPU. Postpaid data ARPU increased 17.6%versus the year-earlier quarter.

Postpaid churn was 1.02%, up slightly from the year-ago quarter and down slightly from the first quarter of 2013. Total churn increased year over year, due mostly to increases in reseller churn, but was down slightly sequentially.

AT&T's second-quarter wireless operating income margin was 27.1% versus 31.0% in the year-earlier quarter. AT&T's wireless EBITDA service margin was 42.4%, compared with 45.8% in the second quarter of 2012.

During Q2, the co completed its second 300 million share repurchase authorization and began buying back shares under its third 300 million share authorization

4:04PM RF Micro Device beats by $0.02, beats on revs; guides Q2 EPS in-line, revs in-line (RFMD) 5.44 +0.04 : Reports Q1 (Jun) earnings of $0.09 per share, ex items, $0.02 better than the Capital IQ Consensus Estimate of $0.07; revenues rose 44.5% year/year to $293 mln vs the $287.95 mln consensus.

Co issues in-line guidance for Q2, sees EPS of $0.10-0.11 vs. $0.10 Capital IQ Consensus Estimate; sees Q2 revs of $305-310 mln vs. $306.39 mln Capital IQ Consensus Estimate.

On a non-GAAP basis, gross margin expanded by 70 basis points sequentially and 100 basis points year-over-year to 35.1%

"RFMD is capitalizing on the expanding demand for data-rich mobile applications, and our products are at the heart of the high-speed data connections enabling always-on, broadband mobility -- both in the devices and consumer premises equipment, and within the supporting network infrastructure. We are executing on multiple opportunities to increase our dollar content generation-over-generation in the world's leading smartphones, and we are benefiting from increasing participation in the highest volume entry-level platforms and reference designs."

Large Cap Gainers

TI (6.87 +8.36%): Trading higher on peer TEF news: KPN (KKPNY) announced that E-Plus will be sold to Telefonica Deutschland for a consideration of EUR 8.1 bln.
TXN (38.91 +3.98%): Beat on EPS by $0.01, reported revs in-line; guided Q3 EPS, revs in-line; target raised to $40 from $35.50 at Cowen; upgraded to Neutral at Sun Trust Rbsn Humphrey; Cowen raised ests and target to $40 from $35.50.
AMTD (26.99 +3.61%): Beat on EPS by $0.02, beat on revs.

Large Cap Losers

NFLX (248.5 -5.14%): Beat on EPS by $0.10, reported revs in-line; guided Q3 EPS in-line; tgt to $290 from $254; at JPMorgan, to $150 from $130 at Evercore; downgraded to Hold from Buy at Cantor Fitzgerald; tgt $260; downgraded to Sector Perform at Pacific Crest; target raised to $280 from $250 at RBC Capital Mkts; Heard Lazard suggests buying on weakness.
LO (44.17 -4.28%): FDA issued an Advance Notice of Proposed Rulemaking (ANPRM) seeking additional information to help the agency make informed decisions about menthol in cigarettes.
BRCM (31.91 -4.03%): Downgraded to Sector Perform at Pacific Crest; reports earnings after the close.

Mid Cap Gainers

WEN (7.42 +11.08%): Beat on EPS by $0.02, missed on revs; reaffirmed FY13 EPS guidance; announced restructuring/optimization; raised dividend 25% to $0.05.
LXK (38.28 +10.73%): Beat on EPS by $0.08, beat on revs; guided Q3 EPS in-line.
BTU (17.39 +6.56%): Beat on EPS by $0.37, missed on revs; guided Q3 EPS in-line.

Mid Cap Losers

ALGT (94.18 -11.89%): Beat on GAAP EPS by $0.04, reported revs in-line.
STM (8.94 -8.68%): Missed on EPS by $0.06, missed on revs; expects Q3 revs flat qtr/qtr in-line with guidance.
PENN (50.08 -7.22%): Reported Q2 loss of $0.16 per share, may not be comparable to the Capital IQ Consensus Estimate of $0.63, missed on revs; cut EBITDA, EPS and dividend guidance.

12:17PM Power-One stockholders approve acquisition by ABB Ltd (PWER) 6.34 +0.01 : Co announced that at its special meeting of stockholders held today, the stockholders approved the adoption of the merger agreement, pursuant to which ABB (ABB) will acquire Power-One for $6.35 per share of Power-One common stock. The transaction has already received the required antitrust approvals and Power-One and ABB expect to complete the transaction by the end of this week.

Flextronics (FLEX) has created an accelerator business that will provide a broad range of support to early-stage game-changing, disruptive technology companies incorporating hardware and software innovation.

The technology sector is likely to receive some extra attention after Netflix (NFLX 254.41, -7.55), STMicroelectronics (STM 9.20, -0.59), Texas Instruments (TXN 38.80, +1.38), and United Technologies (UTX 103.13, +1.02) reported their quarterly results. Of the four names, only STMicroelectronics came up short on earnings while top line results were more of a mixed bag. Netflix reported in-line revenue and United Technologies saw a 15.9% increase, which fell short of analyst estimates. Meanwhile, STMicroelectronics and Texas Instruments reported year-over-year declines in revenue.

McAfee, a subsidiary of Intel (INTC), announced that the McAfee LiveSafe service is now available for purchase via select retailers, as well as a preinstall on Ultrabooks and PCs.

07:28 am Texas Instruments shares rise 2% following better than expected earnings
Texas Instruments (TXN $38.15 +0.73) reported second quarter earnings of $0.42 per share, excluding a $0.16 gain associated with the transfer of wireless connectivity technology to a customer and higher-than-expected charges associated with previously announced restructuring, which was better than expected, while revenues fell 8.6% year/year to $3.05 billion which was below expectations. "Our revenue ended the quarter as expected, up 6 percent sequentially.

Excluding legacy wireless, revenue grew 8 percent; our positions in industrial and automotive markets were important contributors to the sequential growth in revenue. Additionally, backlog increased, and with it, visibility into the second half improved. "Analog and Embedded Processing are now 78 percent of revenue, 6 points higher than a year ago. Our legacy wireless products declined to less than 5 percent of revenue and should be below 2 percent in the third quarter. Silicon Valley Analog (formerly National Semiconductor) led our Analog growth and is gaining share, one year ahead of plan. The company issued in-line guidance for the third quarter with EPS of $0.49-0.57 which is in line with expectations, with revenues of $3.09-3.35 billion which is also in line with expectations.

07:24 am Sandisk shares rise 4% following better than expected earnings
Sanmina (SANM $15.99 +0.73) reported third quarter earnings of $0.40 per share, which was better than expected, while revenues fell 3.9% year/year to $1.49 billion, which also topped expectations. Non-GAAP operating income in the third quarter was $49.7 million or 3.3 percent of revenue, compared to $44.1 million or 2.8 percent of revenue in the third quarter fiscal 2012. Cash flow from operations was $66.1 million for the quarter. Inventory turns were 6.9. Cash cycle days were 48.3 days. Guidance: The company issued guidance for the fourth quarter with EPS of $0.37-0.43 which is line with expectations with revenues of $1.475-1.525 billion which is also in line with estimates.

3:14 pm Yahoo! downgraded to Hold at Needham: . Needham downgrades YHOO to Hold from Buy, owing to new questions and implied higher risks in the wake of Third Point selling back the bulk of its YHOO shares and its three directors leaving the Board. Firm says Third Point's exit raises important questions relating to "Why Now?", and they say the use of proceeds from Alibaba is less certain. Firm raises their WACC to 11.6% from 9.6% until some of these risks moderate. This results in a DCF value for YHOO of $29/share, within 5% of yesterday's closing price.

PLX Tech (PLXT) reported second quarter earnings of $0.07 per share, excluding non-recurring items, which beat estimates, while revenues rose 7.2% year/year to $26.9 which was slightly ahead of estimates. The company issued guidance for the third quarter with revenues of $25.5-27.5 million which is less than expected.

exas Instruments (TXN) reported second quarter earnings of $0.42 per share, excluding a $0.16 gain associated with the transfer of wireless connectivity technology to a customer and higher-than-expected charges associated with previously announced restructuring, which was better than expected, while revenues fell 8.6% year/year to $3.05 billion which was below expectations. "Our revenue ended the quarter as expected, up 6 percent sequentially. Excluding legacy wireless, revenue grew 8 percent; our positions in industrial and automotive markets were important contributors to the sequential growth in revenue. Additionally, backlog increased, and with it, visibility into the second half improved. "Analog and Embedded Processing are now 78 percent of revenue, 6 points higher than a year ago. Our legacy wireless products declined to less than 5 percent of revenue and should be below 2 percent in the third quarter. Silicon Valley Analog (formerly National Semiconductor) led our Analog growth and is gaining share, one year ahead of plan. The company issued in-line guidance for the third quarter with EPS of $0.49-0.57 which is in line with expectations, with revenues of $3.09-3.35 billion which is also in line with expectations.

On July 22, 2013, the Court of Appeals of the State of Minnesota reversed the decision, which had vacated a $630.4 million final arbitration award and ordered a rehearing of certain claims in the arbitration between Western Digital (WDC) and Seagate Technology (STX). In the arbitration, Seagate alleged, among other things, misappropriation of eight alleged trade secrets by the Company and a now former employee. The District Court confirmed the arbitration award with respect to each of the five trade secret claims that the Company and the former employee had won at the arbitration, and vacated the arbitration award and ordered a rehearing with respect to the three trade secret claims that the Company and the former employee had lost. The Appellate Court reversed the District Court's decision and remanded for entry of an order and judgment confirming the arbitration award. The Company strongly disagrees with the decision of the Minnesota Court of Appeals, believes that the District Court's decision was correct, and will file a petition for review with the Minnesota Supreme Court. If the Minnesota Supreme Court elects not to hear the Company's petition for review or if the Minnesota Supreme Court affirms the Appellate Court decision, the District Court is expected to enter an order and judgment confirming the $630.4 million final arbitration award, plus post-award interest on the $525 million initial award at the statutory rate of 10% from January 24, 2012. No judgment will be entered while the Company is petitioning the Minnesota Supreme Court for review.