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From Briefing.com: 4:10 pm : The S&P 500 ended flat after spending the entire session inside of a four-point range. The quiet trading day did little to upset the S&P 500's return for the year as the index will enter tomorrow with a 29.1% year-to-date gain.

Interestingly, while the S&P 500 was challenged by its flat line throughout the session, the Dow Jones Industrial Average held just above its unchanged level for the duration of the day. The price-weighted Dow saw 19 of its 30 components finish in the green, but shares of Disney (DIS 76.23, +1.88) stood out with a 2.5% gain. The noteworthy strength ensued after Guggenheim upgraded the stock to 'Buy' from 'Neutral.'

Fittingly, Disney also provided a measure of support to the discretionary sector (+0.4%), which ended ahead of the remaining nine groups. Retailers and homebuilders factored into the sector's strength as the SPDR S&P Retail ETF (XRT 88.01, +0.44) and iShares Dow Jones US Home Construction ETF (ITB 24.68, +0.07) added 0.5% and 0.3%, respectively.

The discretionary sector was the only area of strength among cyclical groups. The materials sector (+0.04%) eked out a slight gain, but had a limited impact on the broader market due to its small size. Meanwhile, the two top-weighted sectors-financials (-0.1%) and technology (-0.1%)-posted modest losses.

Another growth-sensitive sector, energy (-0.8%), spent the entire day at the bottom of the leaderboard while crude oil fell 1.1% to $99.20 per barrel.

Countercyclical groups fared a bit better as consumer staples (+0.3%), health care (+0.2%), telecom services (+0.04%), and utilities (+0.3%) all posted modest gains.

On a stock-specific note, Twitter (TWTR 60.51, -3.24) endured another rough session after falling 13.0% on Friday. Shares of the social media company slid 5.1%, which narrowed its December gain to 45.6%.

Even though the major averages ended little changed, volatility protection was in demand as the CBOE Volatility Index (VIX 13.53, +1.07) posted its second consecutive gain.

Trading volume was well below average as only 452 million shares changed hands on the floor of the New York Stock Exchange.

The bond market proved to be a one-way street today as Treasuries rallied throughout the session. The 10-yr yield slipped three basis points to 2.97%.

Today's economic data was limited to November Pending Home Sales, which ticked up 0.2% while the Briefing.com consensus expected an increase of 1.5%.

Tomorrow, the October Case-Shiller 20-city Index will be released at 9:00 ET, December Chicago PMI will be reported at 9:45 ET, and the December Consumer Confidence report will cross the wires at 10:00 ET.

Nasdaq +37.6% YTD
Russell 2000 +36.6% YTD
S&P 500 +29.1% YTD
DJIA +26.0% YTD

4:25PM Marvell: KKR discloses 6.8% active stake in 13D filing (MRVL) 13.76 +0.13 : "In addition, without limitation, the Reporting Persons may engage in discussions with management, the board of directors, stockholders of the Issuer and other relevant parties or take other actions concerning any extraordinary corporate transaction (including but not limited to a merger, reorganization or liquidation) or the business, operations, assets, strategy, future plans, prospects, corporate structure, board composition, management, capitalization, dividend policy, charter, bylaws, corporate documents, agreements, de-listing or de-registration of the Issuer."

Large Cap Gainers

DIS (76.07 +2.31%): Upgraded to Buy from Neutral at Guggenheim; tgt raised to $87 from $77.
TSM (17.56 +1.74%): Co has secured a pull in of orders for H2 2014 delivery, according to reports.
SCCO (28.38 +1.68%): Upgraded to Buy from Hold at BB&T Capital Mkts; tgt $34.

Large Cap Losers

TWTR (60.51 -5.08%): Weakness in social media names (FB also lower as reports out over the weekend indicated FB is losing popularity with UK teens).
GG (21.23 -1.67%): Metals/mining stocks trading lower (NEM also lower).

Mid Cap Gainers

RNR (96.01 +4.16%): Co to replace Lender Processing Services (LPS) in the S&P MidCap 400 after the close of trading Jan 2.
NYT (15.65 +1.56%): Move higher attributed to M&A speculation according to China news story circulating.

Mid Cap Losers

HAR (81.95 -1.69%): Trading lower following reports that Google (GOOG) and Apple (AAPL) are planning to develop car entertainment systems.

8:32AM Real Goods Solar and Green Lantern Capital Partner to develop 4.5 MW of solar projects in Vermont (RSOL) 2.81 : RGS Energy, the commercial and utility division of RSOL, has joined forces with Green Lantern Capital to co-develop seven solar projects totaling 4.5 megawatts (MW) in Vermont.

RGS Energy will design, install, monitor and maintain the solar power systems. Co expects to begin construction in summer of 2014 and complete it by November.
On an annual basis, the solar power systems will be designed to generate more than 5.3 million kilowatt hours of electricity. Over the next 25 years, the solar energy produced would offset more than 204 million pounds of carbon dioxide emissions.
The new solar projects will also help Vermont reach its goal of 20% renewable energy by 2017.

8:18AM SunEdison announces redemption of $550 mln senior notes and $200 mln second lien; expected to lower annual interest expense by more than $35 mln (SUNE) 12.80 :

Co announced that it has completed the redemption of all $550 mln outstanding aggregate principal amount of its 7.75% senior notes due 2019, and its $200 mln second lien term loan with an interest rate of 10.75%. These redemptions follow the company's successful, upsized offering of $600 mln of 2.00% Convertible Senior Notes due October 1, 2018, and $600 mln of 2.75% Convertible Senior Notes due January 1, 2021.
Lower interest expense associated with the company's convertible debt offering, relative to the extinguished debt, will result in a net savings of more than $35 mln per year.

In U.S. corporate news:

Apple (AAPL 557.34, -2.75): -0.5% after the company urged its shareholders to vote against the buyback proposal presented by Carl Icahn.
Crocs (CROX 14.68, +1.35): +10.1% after the company announced an affiliate of Blackstone (BX 31.35, 0.00) agreed to purchase $200 million of newly-issued CROX stock.

7:03AM Nokia announced that Jesper Ovesen is to step down as Executive Chairman of Nokia Solutions and Networks (NOK) 8.06 : Mr. Ovesen is due to step down from his Executive Chairman role upon the closing of the transaction whereby Nokia is selling substantially all of its Devices & Services business to Microsoft, which is expected to take place during the first quarter of 2014. Mr. Ovesen will continue to serve in an advisory role for a period after the closing of the Microsoft transaction. As before, NSN CEO Mr. Suri reports to the NSN Board.

7:01AM ReneSola signs memorandum of intent to sell three utility-scale projects in China (SOL) 3.36 :

Co announced it signed a Memorandum of Intent to sell three utility-scale projects in Western China, with a total capacity of 60MW, to Jiangsu Akcome Solar Science & Technology Co., on December 30, 2013.
Co also announced its collaboration with Solar Power Systems of Mexico in implementing a 192KW project for glass manufacturer Vidrio Formas in Lerma, Edo, Mexico. ReneSola Signs Memorandum of Intent to Sell Three Utility-Scale Projects in China.

China Sunergy (CSUN) has completed the sale of a solar farm project to Lightsource Renewable Energy, which is a UK solar energy generator. The Project, located in the southwest of Cornwall in the UK was connected to the grid at the end of March of this year and now generates enough local green electricity to power over 1500 households.

eMemory and Semiconductor Manufacturing International (SMI) announced that they plan to expand the deployment of their current collaboration on SMIC's eNVM platform development.

6:18AM Trina Solar signs investment framework agreement to develop 1GW solar power plant project in Xinjiang, Western China (TSL) 13.15 :

Co announced that it has signed an investment framework agreement with the local government authority of Turpan Prefecture to develop a 1GW ground-mounted solar power plant project in western China's Xinjiang Region.
Under the agreement, the solar power plants totaling 1GW are scheduled to be built in multiple phases over a four year time frame starting from early 2014. The commencement of each phase of development is subject to certain conditions, including approvals from the local government and State Grid.
The first two phases of the project, with installed capacity of 300 MW, are scheduled to be completed and connected to the grid by the end of 2014, subject to receipt of the required approvals. Upon receiving approval for phase one, Trina Solar will also invest in the construction of a PV module production facility in the local area to supply modules to the solar power plants.

5:56AM Crocs announced that an investment fund affiliated with Blackstone (BX) has agreed to purchase $200 mln of newly issued series A convertible preferred stock; CEO McCarvel announced retirement; sees Q4 EPS and revs at low end of prior ranges (CROX) 13.33 :

Co announced that an investment fund affiliated with Blackstone has agreed to purchase $200 mln of newly issued series A convertible preferred stock. In connection with the investment, Crocs intends to revise its capital structure to accommodate a $350 mln stock repurchase program approved by its board of directors.
This includes using the net proceeds of ~$180 mln from the Preferred Stock as well as excess cash to fund the repurchase plan.
The Preferred Stock will have a 6.0% cash dividend rate and is convertible into shares of common stock at a conversion price of $14.50 per share. This conversion price represents a 9% premium to the closing price of $13.33 per share on December 27, 2013, and a 10% premium to the 30-day average closing price of $13.19 per share.
On an as-converted basis, the Preferred Stock will represent 13.8 mln common shares, or approximately 13% of the fully-diluted common shares outstanding after giving effect to the issuance.

Parametric Sound (PAMT) announced that, at a special meeting of stockholders held on December 27, 2013, Parametric stockholders overwhelmingly voted to approve the proposal to issue shares of Parametric common stock in connection with the merger contemplated by the Agreement and Plan of Merger dated August 5, 2013 among Parametric, VTB Holdings and Paris Acquisition and the corresponding change of control of Parametric which will result from the merger. The special meeting of stockholders was held pursuant to notice and a proxy statement that was filed with the SEC on December 3, 2013 and mailed to stockholders entitled to vote at the meeting beginning on December 3, 2013. The proxy statement contains additional information concerning the terms of the merger agreement. The Company also announced it has received a letter from NASDAQ informing Parametric that its application for listing its common stock on the NASDAQ Global Market has been approved. The Company's common stock currently trades on the NASDAQ Capital Market. The transition to the more senior and stringent Global Market tier will be effective upon completion of the merger and is expected to be seamless to stockholders. The post-merger trading symbol is expected to remain as "PAMT".
Trina Solar (TSL) announced that it has signed an investment framework agreement with the local government authority of Turpan Prefecture to develop a 1GW ground-mounted solar power plant project in western China's Xinjiang Region. Under the agreement, the solar power plants totaling 1GW are scheduled to be built in multiple phases over a four year time frame starting from early 2014. The commencement of each phase of development is subject to certain conditions, including approvals from the local government and State Grid. The first two phases of the project, with installed capacity of 300 MW, are scheduled to be completed and connected to the grid by the end of 2014, subject to receipt of the required approvals. Upon receiving approval for phase one, Trina Solar will also invest in the construction of a PV module production facility in the local area to supply modules to the solar power plants.
Apple (AAPL) disclosed "While the Board and management oppose this shareholder proposal, they are fully committed to returning cash to shareholders. The Board and management team believe that capital should be returned to shareholders on an efficient and sustained basis, and that the evaluation of capital return should be performed regularly and carefully with the best long-term interest of the business and shareholders in mind." "The Company is updating perspectives on its capital return program for 2014 and beyond. The Company is collecting input from a very broad base of shareholders, believing that the input of all shareholders is important and should be considered holistically. The evaluation of the capital return program continues to be thoughtful, deliberate, and consistent with a conservative financial policy that supports risk-taking and innovation. Consistent with its pattern for the last two years, the Company is on track to complete its regular review and thorough analysis and to announce any changes to the current program by March or April of 2014...approval of Proposal No. 10 requires the affirmative vote of a majority of the shares present or represented by proxy and voting at the Annual Meeting and a majority of the shares required to constitute the quorum..The Board recommends a vote against proposal no. 10."