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From Briefing.com: 4:20 pm : Equities ended the Wednesday session on a mixed note. The Nasdaq and S&P 500 finished with respective losses of 0.5% and 0.2% while the Dow Jones Industrial Average ended flat. Despite its outperformance, the Dow was unable to settle above its 200-day moving average (15479) for the second day in a row.

Today's affair began on a lower note as stocks succumbed to the pressure exerted by the Japanese yen, which strengthened again overnight. Yen strength has been a considerable headwind for equities since the start of the year as many professionals who borrow in yen to fund their equity positions have found themselves in a bit of a pickle. In 2013, when the yen weakened steadily while equities rallied, the carry trade yielded strong results. This year, however, with the yen climbing and equities sliding, the losses have been compounding.

The dollar/yen pair marked its session low right below the 100.80 level this morning, but rallied sharply off that low. The pair then notched a high of 101.65 after today's better-than-expected ISM Services report before giving up a portion of its gain. Dollar/yen wasn't able to overtake the morning high and finished the New York Session right below the 101.40 level. Meanwhile, yen futures added 0.2%, extending their 2014 gain to 3.8%.

Overall, the lack of defined sector leadership and the presence of some mixed signals made for a sloppy session.

Out of the four top-weighted sectors, consumer discretionary (+0.2%), financials (-0.1%), and technology (+0.01%) outperformed while health care (-0.6%) lagged.

The discretionary sector drew strength from modest gains among retailers. The SPDR S&P Retail ETF (XRT 78.12, +0.25) added 0.3%, but remains down 11.3% so far in 2014. Elsewhere, technology displayed relative strength with some help from large-cap components like Apple (AAPL 512.59, +3.80) and Google (GOOG 1143.20, +5.04).

On the downside, health care (and Nasdaq Composite) struggled to keep pace with the S&P 500 as biotechnology lagged. The iShares Nasdaq Biotechnology ETF (IBB 236.95, -4.06) lost 1.7%, but remains higher by 4.4% this year.

Also of note, the industrial sector finished in-line with the S&P 500, but transports struggled. The Dow Jones Transportation Average lost 0.8% after CH Robinson (CHRW 53.16, -5.48) reported disappointing earnings.

The mixed performance pushed some participants in the direction of volatility protection as the CBOE Volatility Index (VIX 19.58, +0.47) rose 2.5%. Interestingly, the bond market did not reflect a safety bid as Treasuries ended on their lows with the 10-yr yield up four basis points at 2.67%.

Trading volume was a bit above average as 740 million shares changed hands at the NYSE.

Today's economic data included three reports:

The weekly MBA Mortgage Index ticked up 0.4% to follow last week's 0.2% decline.
According to today's ADP National Employment Report, employment in the nonfarm private business sector increased 175K in January. This was slightly below the increase of 178K expected by the Briefing.com consensus. The December reading was revised down to 227,000 from 238,000.
The ISM Non-manufacturing Index for January increased to 54.0 from 53.0. The Briefing.com consensus expected the index to increase to 53.8. Weather conditions, which were blamed for the poor manufacturing report, seemed to have no impact on services sector. Business Activities accelerated in January. The index increased to 56.3 from 54.3.

Tomorrow, Challenger Job Cuts for January will be announced at 7:30 ET while weekly initial claims, December trade deficit, and fourth quarter productivity data will be released at 8:30 ET.

Nasdaq Composite -4.0% YTD
S&P 500 -5.2% YTD
Russell 2000 -5.8% YTD
Dow Jones Industrial Average -6.9% YTD

DJ30 -5.01 NASDAQ -19.97 SP500 -3.56 NASDAQ Adv/Vol/Dec 804/1.99 bln/1809 NYSE Adv/Vol/Dec 1242/740.5 mln/1787

3:30 pm :

Apr gold rallied sharply to a session high of $1274.50 per ounce at pit trade open on today's January ADP Employment Change reading of 175K. TheBriefing.com consensus expected an increase of 178K. However, the precious metal gave up the earlier gains and fell to a session low of $1251.80 per ounce when data showed that the ISM Non-manufacturing Index increased to 54.0 in January from 53.0 in December (Briefing.com consensus was 53.8). Gold eventually settled with a 0.4% gain at $1257.00 per ounce.
Mar silver also popped to a session high of $20.33 per ounce in early morning pit trade but pulled back as the session progressed. It traded in a consolidative pattern near the $19.80 per ounce level and settled at $19.81 per ounce, or 2.0% higher.
Mar crude oil pulled back from its session high of $98.14 per barrel set at floor trade open and dipped to a session low of $96.80 per barrel following inventory data that showed a build of 0.44 mln barrels when a build of 2.3-2.6 mln barrels was anticipated. Distillate inventories fell by 2.36 mln while consensus called for a draw of 1.5-1.6 mln. The energy component traded slightly above the unchanged line in afternoon action and settled 0.1% higher at $97.38 per barrel.
Mar natural gas rose as high as $5.74 per MMBtu in overnight trade, a new four-year high, but reversed course when floor trade opened. It fell into negative territory and brushed a session low of $4.99 per MMBtu moments before settling with a 6.1% loss at $5.04 per MMBtu.

4:58PM Cisco and Samsung enter into patent cross-license agreement (CSCO) 7.46 -0.92 : CSCO and Samsung Electronics Co., Ltd. today announced they have entered into a patent cross-license agreement, effective immediately. Both companies gain access to each other's industry-leading patent portfolios under the agreement, which covers a broad range of products and technologies.

The mutually beneficial agreement covers the two companies' existing patents as well as those filed over the next 10 years. This type of patent agreement reduces the risk of potential litigation and instead puts the focus on innovation for future products and services

4:52PM Sierra Wireless beats by $0.01, beats on revs; guides Q1 EPS below consensus, revs above consensus (SWIR) : Reports Q4 (Dec) earnings of $0.10 per share, $0.01 better than the Capital IQ Consensus Estimate of $0.09; revenues rose 8.4% year/year to $118.6 mln vs the $114.95 mln consensus. Co issues mixed guidance for Q1, sees EPS of $0.01-0.04 vs. $0.05 Capital IQ Consensus Estimate; sees Q1 revs of $117-121 mln vs. $111.14 mln Capital IQ Consensus Estimate.

4:23PM SolarWinds beats by $0.07, beats on revs; guides Q1 EPS in-line, revs above consensus; guides FY14 EPS above consensus, revs above consensus (SWI) 42.59 +2.13 : Reports Q4 (Dec) earnings of $0.41 per share, $0.07 better than the Capital IQ Consensus Estimate of $0.34; revenues rose 32.1% year/year to $97.1 mln vs the $91.65 mln consensus.

Co issues mixed guidance for Q1, sees EPS of 0.34-0.36 vs. $0.35 Capital IQ Consensus Estimate; sees Q1 revs of 92-94 vs. $91.92 mln Capital IQ Consensus Estimate.

Co issues upside guidance for FY14, sees EPS of 1.55-1.65 vs. $1.54 Capital IQ Consensus Estimate; sees FY14 revs of 408-420 vs. $405.83 mln Capital IQ Consensus Estimate.

4:18PM KLA-Tencor announces it is now scheduled to present at the Goldman Sachs 2014 Technology and Internet Conference on Tuesday, Feb. 11, 2014 at 2:00 p.m. PST (KLAC) 60.93 +0.64 :

4:18PM Atmel misses by $0.01, misses on revs (ATML) 8.19 -0.01 : Reports Q4 (Dec) earnings of $0.10 per share, excluding non-recurring items, $0.01 worse than the Capital IQ Consensus Estimate of $0.11; revenues rose 2.3% year/year to $353.2 mln vs the $357.4 mln consensus.
Revenue for our microcontroller business increased during 2013, with the core microcontroller business generating robust growth," said Steve Laub, Atmel's President and Chief Executive Officer. "We are well positioned for 2014 with multiple growth drivers tied to our extensive new product introductions and significant margin expansion from ongoing operational initiatives."

4:13PM Twitter beats by $0.03, beats on revs; guides Q1 revs above consensus; guides FY14 revs above consensus (TWTR) 65.97 -0.35 :

Reports Q4 (Dec) earnings of $0.02 per share, $0.03 better than the Capital IQ Consensus Estimate of ($0.01). TWTR Monthly Active Users 241 mln compared to 231.7 mln at the end of SepQ and 185 mln at the end of prior year DecQ.

Revenue for the fourth quarter of 2013 totaled $243 million, an increase of 116% compared to $112 million in the same period last year.

Advertising revenue totaled $220 million, an increase of 121% year-over-year.
Mobile advertising revenue was more than 75% of total advertising revenue.
Data licensing and other revenue totaled $23 million, an increase of 80% year-over-year.
International revenue totaled $66 million, an increase of 200% year-over-year. International revenue was 27% of total revenue.
MAUs
Average Monthly Active Users (MAUs) were 241 million as of December, 31, 2013, an increase of 30% year-over-year.
Mobile MAUs reached 184 million in the fourth quarter of 2013, an increase of 37% year-over-year, representing 76% of total MAUs.
Timeline views reached 148 billion in the fourth quarter of 2013, an increase of 26% year-over-year.
Advertising revenue per thousand timeline views reached $1.49 in the fourth quarter of 2013, an increase of 76% year-over-year.
Co issues upside guidance for Q1, sees Adjusted EBITDA in the range of $10-16 bln, Capital IQ consensus $17 mln, sees Q1 revs of $230-240 mln vs. $215.69 mln Capital IQ Consensus Estimate. Co issues upside guidance for FY14, sees adjusted EBITDA between $150-180 mln, Capital IQ consensus $43 mln, sees FY14 revs of $1.15-1.20 bln vs. $1.13 bln Capital IQ Consensus Estimate.

4:12PM TTM Tech beats by $0.05, beats on revs; guides Q1 EPS below consensus, revs below consensus (TTMI) 7.92 : Reports Q4 (Dec) earnings of $0.27 per share, excluding non-recurring items, $0.05 better than the Capital IQ Consensus Estimate of $0.22; revenues fell 4.1% year/year to $366.1 mln vs the $360.6 mln consensus.
Co issues downside guidance for Q1, sees EPS of $0.03-0.09, excluding non-recurring items, vs. $0.14 Capital IQ Consensus Estimate; sees Q1 revs of $290-310 mln vs. $320.90 mln Capital IQ Consensus Estimate.

4:08PM FEI acquires Lithicon AS of Trondheim, Norway and Canberra, Australia for $68 mln; acquisition is projected to add ~ 1% to 2% to FEI's revs for the balance of 2014; co expects the acquisition to be accretive to GAAP earnings in 2015 and slightly dilutive to GAAP earnings in 2014 (FEIC) 90.76 -0.44 : FEIC announced that it has acquired Lithicon AS of Trondheim, Norway and Canberra, Australia. Lithicon provides leading-edge digital rock technology services and pore-scale micro computed tomography (microCT) equipment to oil and gas companies worldwide. In conjunction with the acquisition, FEI has obtained the helical scan microCT product and associated software from the Australian National University (ANU), through a licensing and development agreement.

Lithicon is the result of the 2013 integration of two of the world's leading digital core imaging and analysis companies: Digitalcore Pty Ltd of Canberra, Australia and Numerical Rocks AS of Trondheim, Norway.
The company combines Digitalcore's unique core imaging and processing expertise with Numerical Rocks' next-generation multiphase flow modeling capabilities to give it a leadership position in the emerging digital rock analysis market.
The purchase price was $68 million. It was paid for with funds from FEI's European operations which otherwise would be subject to U.S. taxation if repatriated.
The acquisition is projected to add approximately 1% to 2% to FEI's revenues for the balance of 2014.
FEI expects the acquisition to be accretive to GAAP earnings in 2015 and slightly dilutive to GAAP earnings in 2014.

4:08PM FormFactor beats by $0.03, reports revs in-line (FORM) 6.09 -0.18 : Reports Q4 (Dec) loss of $0.20 per share, excluding non-recurring items, $0.03 better than the Capital IQ Consensus Estimate of ($0.23); revenues rose 1.9% year/year to $48.55 mln vs the $48.44 mln consensus.

4:07PM TriQuint Semi beats by $0.03, reports revs in-line; guides Q1 EPS below consensus, revs below consensus; guides FY14 EPS in-line (TQNT) 8.07 -0.23 : Reports Q4 (Dec) earnings of $0.16 per share, $0.03 better than the Capital IQ Consensus Estimate of $0.13; revenues rose 14.6% year/year to $267.7 mln vs the $266.03 mln consensus.

Co issues downside guidance for Q1, sees EPS of ($0.13)-($0.11) vs. $0.04 Capital IQ Consensus Estimate; sees Q1 revs of $170-180 mln vs. $224.57 mln Capital IQ Consensus Estimate.
Co cites seasonality and a large customer's inventory correction in Mobile Device products.
Co issues in-line guidance for FY14, sees EPS to meet or beat $0.49 vs. $0.49 Capital IQ Consensus Estimate. Looking at 2014 as a whole, we expect revenue growth in the mid single digits as strong growth in premium filters is partially offset by significant reductions in lower margin amplifiers and non-strategic foundry revenue. Revenue seasonality should be roughly similar to 2013 with about 40% of revenue coming in the first half of the year. Non-GAAP gross margin is expected to grow about 500 basis points from 2013 levels due to these product mix changes and cost reductions in operations. Operating expenses are expected to decline modestly from 2013. We currently believe non-GAAP earnings per share will meet or beat the current analyst consensus of $0.49.

4:07PM Cadence Design acquires Forte Design Systems; transaction is expected to be slightly accretive to co's 2014 results of operations and accretive in 2015 and beyond; terms of the transaction were not disclosed (CDNS) 13.74 -0.07 : Co announced that it has entered into a definitive agreement to acquire Forte Design Systems, a provider of SystemC-based high-level synthesis and arithmetic IP. The acquisition is expected to close within 30 days. Taking into account the effects of merger accounting, the transaction is expected to be slightly accretive to Cadence's 2014 results of operations and accretive in 2015 and beyond. Terms of the transaction were not disclosed.

4:05PM IRobot beats by $0.02, reports revs in-line; guides Q1 EPS below consensus, revs below consensus; guides FY14 EPS below consensus, revs above consensus (IRBT) 34.38 +0.14 : Reports Q4 (Dec) earnings of $0.11 per share, $0.02 better than the Capital IQ Consensus Estimate of $0.09; revenues rose 25.4% year/year to $126.3 mln vs the $125.8 mln consensus.

Co issues downside guidance for Q1, sees EPS of $0.13-0.17 vs. $0.27 Capital IQ Consensus Estimate; sees Q1 revs of $110-113 mln vs. $122.07 mln Capital IQ Consensus Estimate.
Co issues mixed guidance for FY14, sees EPS of $1.00-1.15 vs. $1.25 Capital IQ Consensus Estimate; sees FY14 revs of $560-570 mln vs. $557.88 mln Capital IQ Consensus Estimate.

Large Cap Gainers

NVO (41 +3.59%): Co and Zosano Pharma entered into a license agreement to deliver semaglutide for the treatment of type 2 diabetes using Zosano's microneedle patch system
PCAR (56.69 +2.96%): Upgraded to Outperform from Neutral at Robert W. Baird
TM (115.45 +2.63%): Continued strength on strong Q3 results; Consumer Reports survey ranked Toyota brand #1

Large Cap Losers

CTSH (92.14 -5.02%): Reported Q4 EPS of $1.15 ex items (in-line), revs rose 20.9% yoy to $2.36 bln vs $2.36 bln estimate; sees Q1 EPS of $1.18 ex items (in-line), revs of at least $2.42 bln vs $2.42 bln estimate; sees FY14 EPS of $5.02 ex items vs $5.08 estimate, revs flat at $10.3 bln vs $10.39 bln estimate
EL (65.84 -4.84%): Beat quarterly EPS by $0.03 ($1.09 ex items vs $1.06 estimate), revs rose 2.9% yoy to $3.02 bln vs $3.03 bln estimate; sees Q3 EPS of $0.52-0.55 vs $0.63 estimate, revs +6-7% to ~$2.43-2.45 bln vs $2.5 bln estimate; reaffirmed FY14 EPS guidance, lowered top end of FY14 rev guidance
CERN (54.16 -4.31%): Reported Q4 EPS of $0.39, revs rose 12.0% yoy to $795.3 mln vs $793.82 mln estimate; sees Q1 EPS of $0.36-0.37 vs $0.38 estimate, revs of $770-810 mln vs $780.95 mln estimate; sees FY14 EPS of $1.62-1.67 vs $1.66 estimate, revs of $3.2-3.4 bln vs $3.33 bln estimate

Mid Cap Gainers

DATA (91.87 +15.66%): Beat quarterly EPS by $0.20 ($0.20 vs $0.00 estimate), revs rose 95.0% yoy to $81.5 mln vs $67.04 mln estimate; sees Q1 revs of $61-63 mln vs $60.08 mln estimate, sees FY14 revs of $320-325 mln vs $307.64 mln estimate; target raised at JMP Securities, JP Morgan, and Deutsche Bank, among others
MYGN (30.24 +11.26%): Beat quarterly EPS by $0.20 ($0.66 vs $0.46 estimate), revs rose 36.9% yoy to $204.1 mln vs $175.13 mln estimate; sees FY14 EPS of $2.09-2.12 vs $1.96 estimate, revs of $740-750 mln vs $703.16 mln estimate
LVLT (34.34 +9.33%): Missed quarterly EPS by $0.01 ($0.06 vs $0.07 estimate), revs fell 0.7% yoy to $1.6 bln vs $1.59 bln estimate

Mid Cap Losers

DDD (63.99 -15.53%): Sees FY13 adjusted EPS fo $0.83-0.87 (lowered from $0.93-1.03) vs $0.96 estimate, revs of $513-514 mln vs $514.5 mln estimate; sees FY14 adjusted EPS of $0.73-0.85 vs $1.27 estimate, revs of $680-720 mln vs $372.7 mln estimate
BWLD (127.3 -9.56%): Beat quarterly EPS by $0.03 ($1.10 vs $1.07 estimate), revs rose 12.4% yoy to $341.5 mln vs $347.56 mln estimate; reaffirmed 20% net earnings grwoth goal for 2014
CHRW (53.3 -9.11%): Missed quarterly EPS by $0.06 ($0.62 vs $0.68 estimate), revs rose 6.1% yoy to $3.15 bln vs $3.26 bln estimate

8:48AM 3D Systems sees 2013 revs guidance of $513-514 mln vs $514.5 mln Capital IQ Consensus Est, within the prior $500-530 mln range, lowers its EPS guidance to $0.83-0.87 vs $0.96 consensus, from $0.93-1.03. Co sees 2014 EPS of $0.73-0.85 vs $1.27 consensus, sees revenue guidance at $680-720 mln v s$672.7 mln consensus (DDD) 75.77 : Co announced that it anticipates its full year revenue to be in the range of $513-514 mln, within its previously raised revenue guidance range of $500-530 mln on over 30% organic revenue growth and over 50% total revenue growth for Q4 of 2013. Compared to its expectations, the co experienced much stronger professional 3D printers and materials demand and softer on-demand parts and consumer demand during Q4.

As a result, the co expects to report its December backlog nearly doubled sequentially to $28 mln which included multiple advanced manufacturing 3D printers orders that it plans to deliver over the next year. These are preliminary, unaudited results based on current expectations and actual results may differ. The co expects to report that its gross profit margin remained materially unchanged despite expanding unfavorable mix pressure that resulted in a slight decrease for the quarter.

Accordingly, the company expects its non-GAAP earnings per share to be in the range of $0.83 to $0.87, below its previously expected guidance of $0.93 to $1.03 and its GAAP earnings per share to be in the range of $0.43 to $0.45.

Consistent with management's prior comments and actions, the co expects to report that its non-GAAP earnings per share compressed as a result of a substantial increase to its R&D expenditure related to its accelerated new product developments, a step up in sales and marketing expenses related to its rapid products channel expansion and higher costs related to its acquisition concentration during the quarter.

"Consistent with our previous comments, during Q4 we made very significant R&D, manufacturing and marketing investments designed to accelerate revenue growth that resulted in substantially compressed earnings for the fourth quarter," said Avi Reichental, President and Chief Executive Officer, 3DS.

"As we previously stated, we are willing to tolerate earnings reduction and even slight gross profit margin compression during this period to substantially accelerate our growth rate and market share. We firmly believe that these accelerated investments that already resulted in the announcement of 24 new products over the past nine weeks position the co to double its revenue over the next couple of years on organic growth of at least 30% going forward and to achieve greater earnings power and profitability over the long term."

7:16AM Extreme Networks misses by $0.01, misses on revs; guides Q3 EPS below consensus, revs in-line (EXTR) 7.04 : Reports Q2 (Dec) earnings of $0.14 per share, excluding non-recurring items, $0.01 worse than the Capital IQ Consensus Estimate of $0.15; revenues rose 96.2% year/year to $148.3 mln vs the $151.64 mln consensus.

Non-GAAP Gross margin for Q2 was 56.4%, an increase of two percentage points year over year and a decrease of two percentage points quarter over quarter.
Inventory ending Q2 was $62.9 mln, a (net) increase of $32.5 mln from Q1 of fiscal 2014 and represents 85 days of inventory, a decrease of 14 days from Q1 of fiscal 2014.
Co recorded $33.7 mln of inventory as part of the Enterasys acquisition on October 31, 2013.

Guidance:
Co issues mixed guidance for Q3, sees EPS of $0.01-0.06, excluding non-recurring items, vs. $0.08 Capital IQ Consensus Estimate; sees Q3 revs of $140-155 mln vs. $152.62 mln Capital IQ Consensus Estimate.

7:12AM Group 1 Auto reports EPS in-line, beats on revs (GPI) 62.04 : Reports Q4 (Dec) earnings of $1.08 per share, in-line with the Capital IQ Consensus Estimate consensus of $1.08; revenues rose 17.6% year/year to $2.28 bln vs the $2.23 bln consensus.
Key metrics:

New vehicle revenues increased 16.9% on 17.4% more unit sales.
New vehicle gross profit increased 14.6%.
Retail used vehicle gross profit increased 7.8% on 18.9% higher revenues, as the Company retailed 18.3% more units.
Parts and service gross profit increased 17.1% on 15.9% higher revenues.
Same Store parts and service revenues grew 7.5%.
Same Store finance and insurance (F&I) gross profit per retail unit rose 7.4% or $96 to $1,388. Within this growth, U.S. Same Store F&I gross profit per retail unit improved $110 to $1,436.
Operating margin (adjusted) on a Same Store basis improved to 3.2%.

Share Repurchase update
Group 1 repurchased 55,655 shares of its common stock at an average share price of $63.82 during the fourth quarter of 2013. The Company's remaining common stock share repurchase authorization is $71.4 million.

Altera Corporation (ALTR) and Wind River today announced that as a result of their strategic partnership, the companies have developed and deployed tools and solutions for Altera's SoC FPGA devices. Wind River's industry-leading operating systems and development tools support Altera's multi-core ARM processor-based SoC platforms

Gigamon (GIMO) reported fourth quarter earnings of $0.18 per share, which is higher than expected, while revenues rose 35.1% year/year to $43.1 million which is higher than expected Non-GAAP gross margins of 81% in the fourth quarter of fiscal 2013, compared to 79% in the fourth quarter of fiscal 2012. GIMO generated $22.5 mln in cash from operations. Commentary: "In the quarter we added 92 new customers, including 15 Fortune 1000 companies, continued to expand our portfolio of pervasive visibility and traffic intelligence solutions and laid the foundation for continued growth in 2014."
Xoom (XOOM) reported fourth quarter earnings of $0.06 per share, excluding non-recurring items, which is higher than expected, while revenues rose 44.6% year/year to $32.1 million which is ahead of estimates. The company issued downside guidance for the first quarter with EPS of $(0.08)-(0.05), excluding non-recurring items, which is below estimates and revenues of $33-34 million which is lower than expected. The company issued fiscal year 2014 guidance with EPS of $0.03-0.10, excluding non-recurring items, which is below estimates and revenues of $155-160 million which is above estimates. The company announced it has acquired BlueKite, a technology company that develops solutions and applications to improve the way people around the world pay their bills. Xoom acquired BlueKite for approximately $15 million in cash and equity. BlueKite has built a robust technology platform for cross-border bill payments and mobile phone top ups. This acquisition will allow Xoom to offer adjacent services to their burgeoning money transfer offerings, with the ability to pay bills for their loved ones, as well as top-up mobile phones. By facilitating safe, reliable and accurate cross-border bill payments, Xoom will be able to help its customers take even better care of family members back in their home country. Guatemala City-based BlueKite currently has 30 employees.
Tableau Software (DATA) reported fourth quarter earnings of $0.20 per share, which his higher than expected, while revenues rose 95.0% year/year to $81.5 million which is higher than expected. The company sees Q1 revs of $61-63 million which is higher than expected. The company sees Q1 operating loss of $6-8 million. The company sees fiscal year 2014 revenues of $320-325 million which is higher than expected and non-GAAP operating loss of $15-20 million.
Oclaro (OCLR) reported second quarter loss of $0.29 per share, which is worse than expected, while revenues fell 8.2% year/year to $102.9 million which his higher than expected. Non-GAAP gross margin was 17% compared to 13% in 1Q14. Adjusted EBITDA was negative $10.7 million for the second quarter of fiscal 2014, compared with negative $19.6 million in the first quarter of fiscal 2014. Guidance: The company issues guidance for the third quarter with revenues of $93-$103 million which is in line with estimates. The company sees non-GAAP gross margin of 13-17% and adjusted EBITDA of ($13.0) - ($9.0) million.