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From Briefing.com: 4:10 pm : The major averages settled near their highs as the S&P 500 advanced 0.3% while the Dow Jones Industrial Average outperformed with a gain of 0.6%.

Overall, today's session did not generate too much excitement even with investors receiving more than 200 quarterly reports between yesterday's close and today's open. Outside of some choppy action during the first hour, equity indices climbed steadily throughout the session.

The Dow led from the start, keying off 3M's (MMM 123.49, +0.29) better-than-expected earnings. Meanwhile, the broader industrial sector (+0.7%) finished among the leaders as transports contributed to the strength. The Dow Jones Transportation Average gained 0.9% with airlines leading the pack after Alaska Air (ALK 69.68, +2.65) reported strong results.

Elsewhere, the discretionary sector (+1.0%) also provided leadership as homebuilders rallied in reaction to above-consensus earnings and revenue from PulteGroup (PHM 17.85, +1.17). The broader iShares US Home Construction ETF (ITB 23.18, +0.64) jumped 2.8%. In addition to builders, carmakers also underpinned the sector after Ford (F 17.76, +0.24) beat on earnings and issued upbeat guidance.

While five of six cyclical groups ended with solid gains between 0.5% and 1.0%, the financial sector could not make a sustained move into positive territory until the final hour. The group added just 0.1% after spending the entire session just below its flat line.

On the downside, all four countercyclical groups posted losses. Health care ended just below its flat line while consumer staples (-0.2%) and utilities (-0.2%) registered modest declines. The telecom services space (-1.0%) was the weakest sector of the day, pressured by shares of AT&T (T 34.63, -0.65) after the telecom giant reported a one-cent beat on revenue just below analyst estimates.

Treasuries ended modestly lower with the 10-yr yield up 3.5 basis points at 2.52%.

Trading volume was on the light side as just over 715 million shares changed hands on the floor of the New York Stock Exchange.

Today's economic data was limited to weekly initial claims and the August trade balance report. Problems related to glitches from a computer upgrade in California continued to plague the initial claims data and artificially boosted headline levels. The weekly initial claims level fell to 350,000 from an upwardly revised 362,000 (from 358,000). The consensus expected claims to fall to 341,000.

The Department of Labor stated that there was no way to separate the claims from California that were biasing the data from those in the private sector that lost their jobs as a result of the government shutdown. We have no way of determining the true level of layoffs, but it is likely around 310,000 -- 330,000 since overall labor trends have not changed much over the last couple of months.

Separately, the trade deficit widened to $38.8 billion in August from a downwardly revised $38.6 billion reported in July.

Tomorrow, September durable orders will be reported at 8:30 ET, the final reading of the Michigan Consumer Sentiment Survey will cross the wires at 9:55 ET, and August wholesale inventories will be announced at 10:00 ET.

DJIA +18.4% YTD
S&P 500 +22.9% YTD
Nasdaq +30.1% YTD
Russell 2000 +31.7% YTD

DJ30 +95.88 NASDAQ +21.89 SP500 +5.69 NASDAQ Adv/Vol/Dec 1577/1.93 bln/963 NYSE Adv/Vol/Dec 1751/715.8 mln/1276

3:35 pm :

Dec crude oil rose for the first time in four sessions despite prices dipping to a session low of $95.95 per barrel in morning pit trade. The energy component broke into positive territory in early afternoon floor action and settled with a 0.3% gain at $97.12 per barrel
Nov natural gas dipped to a session low of $3.55 per MMBtu on inventory data that showed a build of 87 bcf when a smaller build of 79-82 bcf was anticipated. However, prices quickly jumped higher and erased the earlier losses. Natural gas held the momentum in afternoon floor action and settled 0.3% higher at $3.63 per MMBtu
Precious metals rose higher today as data this morning showed Initial Claims fell to 350K vs 341K Briefing.com consensus
Dec gold climbed as high as $1352.30 per ounce and settled with 1.2% gain at $1350.30 per ounce
Dec silver popped to a session high of $22.91 per ounce and eventually settled at $22.82 per ounce, or 0.9% higher

4:23PM Applied Micro beats by $0.01, reports revs in-line (AMCC) 13.02 -0.34 : Reports Q2 (Sep) earnings of $0.03 per share, excluding non-recurring items, $0.01 better than the Capital IQ Consensus Estimate of $0.02; revenues rose 19.7% year/year to $55.4 mln vs the $55.02 mln consensus.

4:17PM KLA-Tencor beats by $0.03, reports revs in-line; co will guide on CC at 17:00 (KLAC) 63.73 -0.68 : Reports Q1 (Sep) earnings of $0.68 per share, excluding non-recurring items, $0.03 better than the Capital IQ Consensus Estimate of $0.65; revenues fell 8.7% year/year to $658.3 mln vs the $655.77 mln consensus.

"KLA-Tencor delivered solid results for the first quarter of fiscal year 2014, generating revenue and EPS in the upper half of the guided range for the period, and new orders well above the upper end of the range...Our results demonstrate strong operational execution and financial performance as we address our customers' most critical yield challenges at the leading edge. With our market leadership and customer focus, we believe we will benefit from opportunities for continued growth as our customers execute their next-generation technology investments at the leading edge."

Co will guide on conference call beginning at 17:00

4:16PM Western Digital reports EPS in-line, revs in-line (WDC) 70.54 +0.43 : Reports Q1 (Sep) earnings of $2.05 per share, in-line with the Capital IQ Consensus Estimate consensus of $2.05; revenues fell 5.7% year/year to $3.8 bln vs the $3.79 bln consensus.

4:16PM Ingram Micro reports EPS in-line, misses on revs (IM) 23.42 -0.28 : Reports Q3 (Sep) earnings of $0.53 per share, excluding non-recurring items, in-line with the Capital IQ Consensus Estimate consensus of $0.53; revenues rose 12.4% year/year to $10.15 bln vs the $10.52 bln consensus.

Non-GAAP operating income for the 2013 third quarter was $135 million (1.33 percent of total sales). This compares with non-GAAP operating income for the 2012 third quarter of $103 million (1.14 percent of total sales).
For the 2013 fourth quarter, the company currently expects gross margin to be up sequentially by high single digit basis points and worldwide revenue to increase over the 2013 third quarter in-line with historical seasonality.

4:16PM QLogic beats by $0.04, reports revs in-line (QLGC) : Reports Q2 (Sep) earnings of $0.23 per share, $0.04 better than the Capital IQ Consensus Estimate of $0.19; revenues fell 4.5% year/year to $112.6 mln vs the $112.04 mln consensus.

4:12PM Freescale Semi reports EPS in-line, beats on revs; guides Q4 revs below consensus (FSL) 16.42 +0.30 : Reports Q3 (Sep) earnings of $0.20 per share, in-line with the Capital IQ Consensus Estimate consensus of $0.20; revenues rose 7.5% year/year to $1.08 bln vs the $1.07 bln consensus.

GAAP gross margin was 43.6%. It generated Q3 EBITDA of $236 mln.

Guidance: Co issues downside guidance for Q4, sees Q4 revs of $1.03-$1.07 bln vs. $1.08 bln Capital IQ Consensus Estimate. Gross margin is expected to be flat with Q3.

4:06PM Monolithic Power beats by $0.01, reports revs in-line; guides Q4 revs in-line (MPWR) 27.57 -0.48 : Reports Q3 (Sep) earnings of $0.33 per share, excluding non-recurring items, $0.01 better than the Capital IQ Consensus Estimate of $0.32; revenues rose 13.2% year/year to $65.3 mln vs the $65.13 mln consensus.
Co issues in-line guidance for Q4, sees Q4 revs of $61-65 mln vs. $63.79 mln Capital IQ Consensus Estimate.

4:05PM Micros Systems beats by $0.01, beats on revs; reaffirms FY14 EPS guidance, revs guidance (MCRS) 51.80 -0.65 : Reports Q1 (Sep) earnings of $0.50 per share, excluding non-recurring items, $0.01 better than the Capital IQ Consensus Estimate of $0.49; revenues rose 5.0% year/year to $314.72 mln vs the $310.35 mln consensus.

"We are pleased with our revenue growth in this environment, with especially strong growth in the United States and Canada."

Co reaffirms guidance for FY14, sees EPS of $2.46-2.50, excluding non-recurring items, vs. $2.45 Capital IQ Consensus Estimate; sees FY14 revs of $1.295-1.32 bln vs. $1.31 bln Capital IQ Consensus Estimate.

4:04PM Microsoft -- Earnings Mover -- (MSFT) : Jumps more than 4% after reporting back vacillating above its Oct/Aug highs at 35.20 (close 33.72)

4:03PM Lattice Semi beats by $0.02, beats on revs; guides Q4 revs below consensus (LSCC) 4.20 -0.04 : Reports Q3 (Sep) earnings of $0.07 per share, $0.02 better than the Capital IQ Consensus Estimate of $0.05; revenues rose 23.0% year/year to $87.2 mln vs the $84.8 mln consensus. Co issues downside guidance for Q4, sees Q4 revs of approx $79-82 mln vs. $83.52 mln Capital IQ Consensus Estimate. Gross margin percentage is expected to be approximately 53% plus or minus 2%.

3:13PM ARM Holdings: IBM (IBM) announced earlier that it has licensed a broad range of ARM Cortex processors from ARMH (ARMH) 46.71 +0.26 : IBM (IBM) announced that it has licensed a broad range of ARM Cortex processors from ARM Holdings. IBM plans to offer the new microprocessors to its custom-chip clients.

Large Cap Gainers

CTXS (59.51 +6.13%): Beat on EPS by $0.01, reported revs in-line; guided Q4 EPS below consensus, revs below consensus; Board of directors authorized $500 mln increase to share repurchase program; target raised to $83 from $76 at FBR Capital; downgraded to Neutral from Positive at Susquehanna; tgt lowered to $76 from $83 at FBR Capital.
ABB (25.75 +4.68%): Beat on EPS by $0.01, beat on revs.
ALXN (115.29 +5.13%): Beat on EPS by $0.04, beat on revs; raised FY13 guidance above consensus; FDA granted Breakthrough Therapy designation to cPMP replacement therapy for patients with molybdenum cofactor deficiency (MoCD) type A.

Large Cap Losers

CAM (54.13 -13.83%): Missed on EPS by $0.03, missed on revs; guided Q4 EPS below consensus.
SYMC (21.58 -12.35%): Beat on EPS by $0.06, missed on revs; guided Q3 EPS below consensus, revs below consensus; guided FY14 revs below consensus; target lowered to $22 from $26 at FBR Capital; tgt lowered to $26 from $30 at RBC Capital Mkts; upgraded to Buy from Hold at Standpoint Research; downgraded at BofA/Merrill.
XRX (9.76 -9.04%): Beat on EPS by $0.01, missed on revs; guided Q4 EPS below consensus (lowered FY13 EPS guidance).

Mid Cap Gainers

AEM (30.22 +16.86%): Beat on EPS by $0.28, beat on revs; raised 2013 gold production expectations, lower total cash cost expectations; upgraded to Outperform from Mkt Perform at BMO Capital Mkts; initiated with a Hold at Canaccord Genuity; upgraded to Buy from Hold at Desjardins.
GNRC (48.13 +15.01%): Beat on EPS by $0.27, beat on revs; raised FY13 guidance on strong demand and a modest impact from Baldor acquisition.
MDSO (118.8 +15.42%): Beat on EPS by $0.07, reported revs in-line; guided FY13 revs in-line.

Mid Cap Losers

TKR (53.3 -11.36%): Missed on EPS by $0.34, missed on revs; guided FY13 EPS below consensus, revs below consensus.
CVA (18 -11.05%): Beat on EPS by $0.01, reported revs in-line; lowered FY13 EPS below consensus.
AKAM (46.27 -10.8%): Beat on EPS by $0.04, beat on revs; announced new $750 mln share repurchase program; sees Q4 rev in the range of $412-430 mln vs $423 mln consensus; downgraded to Neutral from Outperform at Macquarie.

Smith Micro Software (SMSI) has partnered with In Motion Technology to deliver secure, reliable wireless connectivity for both in-vehicle and hand-held mobile devices used by public safety agencies.

Cree (CREE) introduced two new XLamp LED Arrays to enable high-lumen applications ranging from wallpacks to canopy lighting with one CXA LED family.

International Rectifier (IRF) introduced the IRAM630-1562F Intelligent Power Module featuring Power Factor Correction and inverter stage

Semtech (SMTC) introduced the SX1276/77/78 devices, which integrate Semtech's new LoRa (long range) technology.

8:19AM FormFactor announces the appointment of Mike Slessor as president and as a member of the co's Board of Directors, and CEO Tom St. Dennis as Executive Chairman of the Board (FORM) 6.17 : St. Dennis' new role follows the decision of Carl Everett, current Chairman of the Board, to not run for re-election to the FormFactor Board at the 2014 Annual Meeting of Stockholders. Everett will assume the role of Lead Independent Director. All appointments are effective October 24, 2013.

Since October 2012 Slessor has served as senior vice president and general manager of the company's MicroProbe Product Group.

8:05AM SanDisk prices $1.3 bln principal amount of Convertible Senior Notes due in 2020 (SNDK) 68.24 : The size of the offering of the notes was increased from the previously announced aggregate principal amount of $1.0 bln. The notes were priced at 100% of the aggregate principal amount and will bear interest at a rate of 0.50% per annum.

Xilinx (XLNX) will present and showcase how it is democratizing Smarter Systems with ARM at ARM TechCon 2013.

ARM (ARMH) and Spreadtrum (SPRD) announced a sweeping license agreement providing Spreadtrum with the full range of ARM Artisan physical IP, including POP IP, for the broad range of IC foundry and process varieties of 28nm that ARM supports to deliver the most flexible manufacturing options.

XMOS and Silicon Labs (SLAB) announced a technology partnership that allows XMOS to integrate energy friendly ARM technology into its xCORE multicore microcontrollers to produce the next wave in programmable system-on-chip products.

4:18AM NXP Semi beats by $0.03, misses on revs; guides Q4 EPS in-line, revs in-line (NXPI) 36.03 : Reports Q3 (Sep) earnings of $0.85 per share, $0.03 better than the Capital IQ Consensus Estimate of $0.82; revenues rose 6.8% year/year to $1.25 bln vs the $1.26 bln consensus. Co issues in-line guidance for Q4, sees EPS of $0.85-1.02 vs. $0.91 Capital IQ Consensus Estimate; sees Q4 revs of $1.22-1.29 bln vs. $1.25 bln Capital IQ Consensus Estimate.

08:00 am F5 Networks shares rise 2% following better than expected earnings
F5 Networks (FFIV $88.40 +2.09) reported fourth quarter earnings of $1.26 per share, which is better than expected, while revenues rose 9.0% year/year to $395.3 million which is higher than expected. The company issued guidance for the first quarter with EPS of $1.17-1.20 which is in line with expectations with revenues of $390-400 million which is above expectations.

07:59 am Symantec shares rise 5% following better than expected earnings
Symantec (SYMC $21.65 -2.97) reported second quarter earnings of $0.50 per share, excluding non-recurring items, which is better than expected, while revenues fell 3.6% year/year to $1.64 billion which is below consensus. The company issued guidance for the third quarter with EPS of $0.41-0.43 which is below expectations with revenues of $1.63-1.67 billion which is below expectations.

The company issued downsdie guidance for fiscal year 2014 with revenues down 3-4%, which equates to approximately $6.63-6.70 billion which is below expectations. The company sees non-GAAP EPS to be between -1.0 and 1.5% compared to the prior fiscal year.

07:58 am TriQuint Semi shares plunge 10% following downside guidance
TriQuint Semi (TQNT $7.49 -0.82) reported third quarter earnings of $0.16 per share, excluding non-recurring items, which is better than expected, while revenues rose 24.9% year/year to $250.8 million which is line with consensus. Mobile Devices market revenue grew 53% sequentially and 42% over the same period a year ago.

Gross margin for the third quarter was 38.0%, up sequentially from 31.3% due to higher revenue and improved factory utilization. The company issued downside guidance for the fourth quarter with EPS of $0.12 and $0.14, excluding non-recurring items, which is below expectations with revenues of $260-270 million which is below expectations. Fourth quarter revenue is currently 88% booked to the midpoint of this guidance. Non-GAAP gross margin is expected to be between 35% and 36%.

Symantec (SYMC) reported second quarter earnings of $0.50 per share, excluding non-recurring items, which is better than expected, while revenues fell 3.6% year/year to $1.64 billion which is below consensus. The company issued guidance for the third quarter with EPS of $0.41-0.43 which is below expectations with revenues of $1.63-1.67 billion which is below expectations. The company issued downsdie guidance for fiscal year 2014 with revenues down 3-4%, which equates to approxmately $6.63-6.70 billion which is below expectations. The company sees non-GAAP EPS to be between -1.0 and 1.5% compared to the prior fiscal year.