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From Briefing.com: 4:10 pm : The S&P 500 ended little changed while the Nasdaq advanced 0.5%.

The S&P notched its high at the open before spending the rest of the session in a steady retreat. The selling intensified during afternoon action, sending the S&P into the red as participants displayed caution ahead of tomorrow's advance second quarter GDP report and the latest policy statement from the Federal Reserve.

Energy and materials lagged from the open, and they finished behind the remaining cyclical sectors. The energy space lost 0.3% as crude oil slipped 1.3% to $103.15 per barrel. Since its July 19th high, the energy component has surrendered almost 5.5%.

Elsewhere, the materials sector opened sharply lower after the largest potash producer, Russia's OAO Uralkali, withdrew from a potash cartel. Potash (POT 31.63, -6.27) and Mosaic (MOS 43.81, -9.15) both lost near 17.0%. Despite opening lower by 1.3%, the broader sector managed to trim its loss to just 0.3%.

Although stocks endured some intraday weakness, the Nasdaq never fell into the red. The outperformance of technology combined with the relative strength of biotechnology helped the index settle in the green. The largest index component, Apple (AAPL 453.32, +5.53), advanced 1.2% with chipmakers also registering comparable gains. The PHLX Semiconductor Index climbed 1.2%.

In addition to technology, industrials and utilities spent the entire day in positive territory. Transportation-related names helped the industrial sector add 0.4% while the utilities space rose 0.3% on the back of solid earnings from NextEra Energy (NEE 86.48, +1.69) and Northeast Utilities (NU 44.57, +0.53).

Today's NYSE trading volume surpassed yesterday's total, but at 678 million shares traded, it remained below its 50-day moving average.

The Conference Board's Consumer Confidence Index weakened a bit in July, dropping from an upwardly revised 82.1 (from 81.4) in June to 80.3. The Briefing.com consensus pegged the index at 81.6.

The slight dip in confidence does not change the overall picture of an improving consumer base. The index likely fell back due to normal volatility after reaching a 5-year high in June. Furthermore, the University of Michigan Consumer Sentiment Index spiked to its highest level since 2007 in July, signaling that the drop in confidence was likely a non-event.

Separately, the May Case-Shiller 20-city Home Price Index rose 12.2% while a 10.5% increase had been expected by the Briefing.com consensus. This followed the previous month's increase of 12.1%.

Tomorrow, the weekly MBA Mortgage Index will be reported at 7:00 ET and the July ADP Employment Change will be released at 8:15 ET. Second quarter GDP will be reported at 8:30 ET and the July Chicago PMI will cross the wires at 9:45 ET. The day will be topped off with the 14:00 ET release of the latest policy statement from the Federal Open Market Committee.DJ30 -1.38 NASDAQ +17.33 SP500 +0.63 NASDAQ Adv/Vol/Dec 1311/1.71 bln/1197 NYSE Adv/Vol/Dec 1525/677.6 mln/1453

3:30 pm :

Sep crude oil fell deeper into negative territory as it was pressured by a stronger dollar index. The energy component retreated from its session high of $103.95 per barrel and settled 1.4% lower at $103.09 per barrel.
Sep natural gas reversed back into negative territory after touching a session high of $3.49 per MMBtu in early morning pit action. It closed 1.2% lower at $3.43 per MMBtu, just above its session low of $3.42 per MMBtu.
Precious metals also traded in the red today.
Aug gold touched a session high of $1328.30 per ounce but slid to a session low of $1316.20 per ounce moments after equity markets opened. It managed to erase some of the loss and settled at $1323.70 per ounce, or 0.4% lower.
Sep silver brushed a session high of $19.84 per ounce in early morning action but pulled-back slightly as the session progressed. It settled at $19.67 per ounce, booking a loss of 1.0%.

4:36PM Nanometrics beats by $0.03, beats on revs; guides Q3 EPS below consensus, revs below consensus (NANO) 15.21 -0.12 : Reports Q2 (Jun) loss of $0.17 per share, excluding non-recurring items, $0.03 better than the Capital IQ Consensus Estimate of ($0.20); revenues fell 35.0% year/year but rose 41% sequentially to $34.6 mln vs the $32.3 mln consensus. Co issues downside guidance for Q3, sees EPS of $(0.14)-(0.03), excluding non-recurring items, vs. $0.04 Capital IQ Consensus Estimate; sees Q3 revs of $36-40 mln vs. $46.4 mln Capital IQ Consensus Estimate.

4:31PM Ultratech announces that it has moved Ultratech/Cambridge NanoTech to Waltham, Mass (UTEK) 29.46 -0.01 : The new facility will expand its operations for next-generation atomic layer deposition (ALD) equipment development and enable leading-edge scientific research. After acquiring the assets of Cambridge NanoTech last December, Ultratech invested in a new facility to enhance ALD development. With this new facility, Ultratech/Cambridge NanoTech now has greatly enhanced its capability to develop innovative process technology for ALD applications.

4:26PM Intersil beats by $0.06, beats on revs; guides Q3 EPS, revs above consensus (ISIL) 9.25 +0.04 : Reports Q2 (Jun) earnings of $0.14 per share, excluding non-recurring items, $0.06 better than the Capital IQ Consensus Estimate of $0.08; revenues fell 11.2% year/year to $144.8 mln vs the $138.35 mln consensus.

Co issues upside guidance for Q3, sees EPS of $0.15-0.18, excluding non-recurring items, vs. $0.09 Capital IQ Consensus Estimate; sees Q3 revs of $146-152 mln vs. $141.63 mln Capital IQ Consensus Estimate.

4:26PM Power Integrations beats by $0.01, reports revs in-line; guides Q3 revs in-line (POWI) 52.07 +0.87 : Reports Q2 (Jun) earnings of $0.61 per share, $0.01 better than the Capital IQ Consensus Estimate of $0.60; revenues rose 15.2% year/year to $87.9 mln vs the $87.46 mln consensus. Co issues in-line guidance for Q3, sees Q3 revs of $89-94 mln vs. $91.11 mln Capital IQ Consensus Estimate.

Guidance Commentary

Non-GAAP gross margin is expected to be approximately 54 percent.
GAAP gross margin is expected to be approximately 53 percent.
Non-GAAP operating expenses are expected to be approximately $28 million, plus or minus $0.5 million.
GAAP operating expenses are expected to be $33 million, plus or minus $0.5 million.

4:22PM Coherent beats by $0.08, beats on revs (COHR) 57.63 -0.40 : Reports Q3 (Jun) earnings of $0.91 per share, excluding non-recurring items, $0.08 better than the Capital IQ Consensus Estimate of $0.83; revenues rose 8.8% year/year to $213.7 mln vs the $207.72 mln consensus.

"There are a number of interesting opportunities as we finish fiscal 2013 and enter fiscal 2014. We expect to see meaningful orders in our laser annealing business as early as the current quarter and extending into fiscal 2014. We shipped a 3 kilowatt fiber laser prototype to a lead customer and the initial test results are positive. The next phase of testing is field deployment qualification, which is the precursor to a volume commercial order. And finally, we have delivered lasers to a number of customers who are developing processes for strengthened glass cutting."

4:20PM MagnaChip Semi beats by $0.12, reports revs in-line; guides Q3 revs below consensus; board approves new $100 mln stock buyback (MX) 17.36 -0.47 : Reports Q2 (Jun) earnings of $0.71 per share, excluding non-recurring items, $0.12 better than the Capital IQ Consensus Estimate of $0.59; revenues rose 6.3% year/year to $215.3 mln vs the $214.91 mln consensus.

Gross margin was $71.0 million or 33.0%, as a percent of revenue, for the second quarter of 2013. This compares to gross margin of $65.7 million or 32.0% for the first quarter of 2013 and $62.9 million or 31.0% for the second quarter of 2012.

Co issues downside guidance for Q3, sees Q3 revs of $215-225 mln vs. $229.34 mln Capital IQ Consensus; Gross margin 33-34%.

board approves new $100 mln stock repurchase program

4:16PM Silicon Image beats by $0.01, beats on revs; guides Q3 revs in-line (SIMG) 5.45 +0.06 : Reports Q2 (Jun) earnings of $0.08 per share, excluding non-recurring items, $0.01 better than the Capital IQ Consensus Estimate of $0.07; revenues rose 15.5% year/year to $73.7 mln vs the $71.91 mln consensus. Co issues in-line guidance for Q3, sees Q3 revs of $78-81 mln vs. $82.64 mln Capital IQ Consensus Estimate.

Gross Margin: approximately 56-57%
GAAP operating expenses: approximately $38 million
Non-GAAP operating expenses: approximately $35 million
Non-GAAP tax rate: approximately 30% of non-GAAP pre-tax income

4:12PM Riverbed Technology -- Earnings Mover -- (RVBD) : Extends after hours slump back near its July low at 15.50.

4:08PM Riverbed Technology beats by $0.01, misses on revs (RVBD) 17.53 +0.21 : Reports Q2 (Jun) earnings of $0.23 per share, excluding non-recurring items, $0.01 better than the Capital IQ Consensus Estimate of $0.22; GAAP rev rose 25.9% year/year to $250 mln vs the $257.72 mln consensus; adj. rev was $255 mln.

"Total non-GAAP revenue increased twenty-eight percent year-over-year, with growth across all major product lines, geographies, and verticals. Riverbed's core revenue, excluding OPNET, grew 7% sequentially to $215 million in the second quarter. Non-GAAP revenue from the acquired OPNET products was $40 million, as we still have work to do integrating the two companies. Our market expanding products outside of WAN optimization and OPNET grew almost 50% compared to last year, and we believe our multi-product strategy to deliver unmatched application performance will allow us to accelerate the company's revenue growth."

4:05PM Anadigics beats by $0.01, beats on revs (ANAD) 2.37 +0.06 : Reports Q2 (Jun) loss of $0.14 per share, $0.01 better than the Capital IQ Consensus Estimate of ($0.15); revenues rose 37.8% year/year to $34.6 mln vs the $31.75 mln consensus.

Commentary: We continue to make operational progress by increasing yields in our manufacturing processes and transitioning our product portfolio to our more efficient ILD technology. For the third quarter, based on current bookings and revenue visibility, we expect continued sales growth in the range of 4 - 8%." Note: Unclear if this is year/year or sequential rev growth guidance. On a sequential basis, this would equate to Q3 revs of about $36-37.4 mln. CapIQ consensus is for Q3 revs of $37.7 mln.

4:05PM Extreme Networks beats by $0.01, beats on revs; guides Q1 EPS in-line, revs in-line (EXTR) 4.06 +0.05 : Reports Q4 (Jun) earnings of $0.07 per share, $0.01 better than the Capital IQ Consensus Estimate of $0.06; revenues fell 9.4% year/year to $79.5 mln vs the $74.61 mln consensus.

Co issues in-line guidance for Q1, sees EPS of $0.02-0.06 vs. $0.05 Capital IQ Consensus Estimate; sees Q1 revs of $72-77 mln vs. $70.63 mln Capital IQ Consensus Estimate.

PMCS (-7%) inline EPS but missed on rev

GLW (-3.2%) beat on both lines; sees Q3 EPS growth y/y

VSH (-4.2%) missed slightly on EPS but rev was inline; guides Q3 inline with est

In rumors, CHL (+0.2%) China Mobile execs met with AAPL (+1.5%) in China, according to reports. Yesterday OLED (+1.2%) shares saw quick drop on increased volume before recovering; move attributed to headlines that Samsung SSNLF may buy OLED specialist Novaled which is a competitor to Universal Display. RBCN (+9.1%) hearing Sterne Agee out positive; discussing potential AAPL (+1.5%) deal and sapphire screens

SNDK (-2.3%) was downgraded by Goldman to Neutral from Buy

Spreadtrum Communications (SPRD) has reached mass production of its first WCDMA baseband chipset, the SC7701B.

Cadence Design Systems (CDNS) announced that MStar Semiconductor has licensed the Tensilica Xtensa DPU for a new SOC design for the home entertainment and home networking market segments.

DSP Group (DSPG) announced that its DECT VoIP chipset has been selected to power Yealink's W52P next-generation advanced DECT IP telephones.

7:26AM Corning beats by $0.01, beats on revs; sees Q3 EPS growth YoY (GLW) 15.39 : Reports Q2 (Jun) core earnings of $0.32 per share, excluding non-recurring items, $0.01 better than the Capital IQ Consensus Estimate of $0.31; revenues rose 11.1% year/year to $2.02 bln vs the $1.98 bln consensus.

Co issues upside guidance for Q3, sees EPS of expects YoY growth (Q3 2012 $0.34) vs. $0.34 Capital IQ Consensus Estimate.

Display Technologies segment core sales were $670 mln, a 21% increase compared with a year ago, and stronger than originally anticipated.

LCD glass price declines were more moderate than in the first quarter and were within the range the company anticipated. Total glass volume from Corning's wholly owned business and Samsung Corning Precision Materials Co., Ltd. increased by a mid- single digit percentage sequentially and about 20% on a year-over-year basis. Year-over-year core earnings for the segment increased approximately 11%.

Core gross margin in the quarter was 43%*, a significant improvement over the second quarter of 2012.

Guidance: In the third quarter, Corning expects to achieve its fourth consecutive quarter of year-over-year earnings growth. (Q3 2012 $0.34 -- cons $0.34). The company also anticipates its LCD glass volume should be consistent to up slightly compared with the strong second quarter performance. Corning expects its volumes in the second half to be driven by global retail TV demand, especially for 50-inch or larger LCD television models.

Third quarter LCD glass price declines are anticipated to be moderate, and consistent with the previous quarter. Specialty Materials segment sales are expected to improve about 10% sequentially. The company expects sales to begin ramping for this new product in the third quarter. Industry market research indicates that touch- enabled notebooks represent the next wave of opportunity for cover glass technologies.Core equity earnings from Dow Corning are expected to be down approximately 50% versus the second quarter due to price pressure and cost in inventories.

Amkor (AMKR $4.25 -0.16) reported second quarter of $0.14 per share, which was better than expected, while revenues rose 8.6% year/year to $746 million which missed expectations. The company issued guidance for the third quarter with EPS of $0.04-0.13 which was below expectations, with revenues $715-765 million which is below expectations

Natl Instruments (NATI) reported second quarter earnings of $0.18 per share, which missed expectations, while revenues rose 1.3% year/year to $296 million which was worse than expected. The company's GAAP EPS was $0.03 below the midpoint of its guidance range and non-GAAP EPS was $0.04 below the midpoint of its guidance range given on April 25, including a $0.01 per share loss on foreign exchange the company did not anticipate. EBITDA, or Earnings Before Interest, Taxes, Depreciation and Amortization, was $35 million, or $0.28 per share for Q2. The company issued guidance for the third quarter with EPS of $0.10-0.22 which was below expectations, with revenues of $265-295 million which is below expectations. For perspective, National Instruments recognized approximately $27 million in revenue from its largest customer in Q3 2012 and the company anticipates recognizing less than $5 million in revenue from this customer in Q3 2013. NI expects gross margins to increase approximately 250 to 300 basis points sequentially in Q3. Looking out to Q4, National Instruments is adjusting its spending plans to reflect the more difficult industry conditions. The company currently expects its total non-GAAP operating expenses will decline sequentially in Q4 and that non-GAAP operating expenses will be approximately $181million, plus or minus $3 million in Q4. National Instruments expects this to result in a significantly improved operating margin in Q4.

Xoom (XOOM) announced an international remittance service for mobile virtual network operators (MVNOs) on the Sprint (S) network. Beginning July 29, MVNOs using the Sprint network can offer Xoom's money transfer service to their subscribers. This agreement allows the MVNO's customers to sign up for Xoom from their mobile phone, and send money to friends and family in Latin America, the Philippines, India, Europe, Canada, Australia and South Africa.

Sourcefire (FIRE) reported second quarter earnings of $0.20 per share, excluding non-recurring items, which was better than expected, whilke revenues rose 28.6% year/year to $65.1 million which topped expectations. The company announced on July 23rd it is being acquired by Cisco (CSCO) for $76/share in cash.