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From Briefing.com: 4:10 pm : The stock market kicked off April on an upbeat note with the Nasdaq Composite (+1.6%) leading the charge. The S&P 500 (+0.7%) settled at a fresh record high of 1885.52 with eight sectors registering gains while the Dow Jones Industrial Average (+0.5%) lagged.

In the absence of notable pre-market data or earnings, the major averages began the day with a steady climb that was assisted by upbeat action in Europe, where markets in France, Germany, and Great Britain posted solid gains between 0.5% and 0.8%.

For the second day in a row, the Nasdaq began the day in the lead, maintaining its outperformance throughout the session. The early strength of biotechnology (IBB +2.2%) propelled the initial advance while the index was kept near its session high into the afternoon by the daylong outperformance of the technology sector (+1.3%).

The tech sector received considerable support from several of its top components. The largest sector member, Apple (AAPL 541.65, +4.91), rose 0.9% while other large names like Cisco Systems (CSCO 23.10, +0.88), Google (GOOG 1134.89, +20.38), Oracle (ORCL 41.49, +0.58), and Qualcomm (QCOM 80.10, +1.24) gained between 1.4% and 3.9%.

Although the largest sector finished ahead of the broader market, that was not the case with all top-weighed groups. Financials (+0.4%) and energy (+0.5%) lagged while the discretionary space (+1.4%) finished in the lead.

The growth-sensitive discretionary sector was underpinned by momentum names like Amazon.com (AMZN 342.99, +6.62), Netflix (NFLX 364.69, +12.66), and Priceline.com (PCLN 1251.37, +59.48), all of which struggled in March, but started April on an upbeat note. Shares of Ford (F 16.32, +0.72) also contributed, gaining 4.6% after the company reported a 3.0% year-over-year increase in monthly sales.

On the countercyclical side, consumer staples (-0.1%), telecom services (+0.3%), and utilities (-0.7%) ended behind the broader market while health care settled in-line with the S&P 500.

With stocks holding gains throughout the session, participants did not show strong interest in volatility protection, sending the CBOE Volatility Index (VIX 13.10, -0.78) lower by 5.6%.

Treasuries registered modest losses with the benchmark 10-yr yield climbing four basis points to 2.76%.

Participation was on the light side as less than 700 million shares changed hands on the NYSE floor.

Today's economic data was limited to February Construction Spending and the March ISM Index:

Construction spending increased 0.1% in February after falling a downwardly revised 0.2% (from +0.1%) in January while the Briefing.com consensus expected an increase of 0.1%. Extreme winter weather conditions in January and February were blamed for a general downturn in economic data; however, construction, which should feel the brunt of the negative winter effects, was largely in-line with recent trends. Thus, there is no reason to expect construction spending to surge due to pent up demand in the near future.
The ISM Manufacturing Index increased to 53.7 in March from 53.2 in February. The Briefing.com consensus expected the index to increase to 54.0. Extreme winter weather conditions were blamed for a deterioration in the ISM Manufacturing Index in January. Yet, as temperatures returned to normal, the ISM Manufacturing Index remained well below its Q4 2013 averages. This tells us that weakness in manufacturing activities was likely not tied to the adverse weather, but rather caused by cyclical trends.

Tomorrow, the weekly MBA Mortgage Index will be released at 7:00 ET while the March ADP Employment Change will be announced at 8:15 ET (Briefing.com consensus 215K). The day's data will be topped off with the February Factory Orders report (Briefing.com consensus 1.1%), which is set for a 10:00 ET release.

Nasdaq Composite +2.2% YTD
Russell 2000 +2.2% YTD
S&P 500 +2.0% YTD
Dow Jones Industrial Average -0.3% YTD

DJ30 +74.95 NASDAQ +69.05 SP500 +13.18 NASDAQ Adv/Vol/Dec 2095/1.99 bln/652 NYSE Adv/Vol/Dec 2218/694.8 mln/868

3:30 pm :

June gold slipped into negative territory despite a slightly weaker dollar index. The yellow metal pulled back from its session high of $1287.00 per ounce set in morning action and settled 0.3% lower at $1279.90 per ounce, just above its session low of $1279.10 per ounce.
May silver chopped around just above the unchanged line for most of today's floor trade, touching a session high of $19.84 per ounce. However, it retreated into the red in late afternoon action and brushed a session low of $19.68 per ounce moments before closing with a 0.3% loss at $19.69 per ounce.
May crude oil fell below the $100 level ahead of tomorrow's release of inventory data by the EIA. The energy component slipped further into negative territory after pulling back from its session high of $101.42 per barrel. It brushed a session low of $99.55 per barrel and settled at $99.69 per barrel, booking a loss of 1.9%.
May natural gas also traded in the red. It touched a session high of $4.34 per MMBtu and settled 2.3% lower at its session low of $4.27 per MMBtu.

4:46PM ON Semiconductor and Studio One Media to jointly develop audio solutions (ONNN) 9.45 +0.05 : Studio One Media has entered into an agreement with ON Semiconductor (ONNN) to develop integrated circuits (ICs) utilizing Studio One's award-winning AfterMaster audio technology and ON Semiconductor's DSP product development expertise. The devices are expected to offer an unprecedented level of audio clarity, depth and loudness for consumer electronic devices such as headphones, televisions, sound bars, computers, home and car stereos, tablets and mobile phones. It is expected that the audio ICs will also be used in a broad number of industrial applications, including business phone systems, police and military radios, intercom systems and many other product categories.

4:15PM AMD Amends Wafer Supply Agreement With GLOBALFOUNDRIES (AMD) 4.07 +0.06 : Co announced that it amended its Wafer Supply Agreement (WSA) with GLOBALFOUNDRIES Inc. for 2014. Under the terms of the amendment, AMD and GLOBALFOUNDRIES agreed on purchase commitments for 2014 and established fixed pricing and other terms of the WSA which apply to products AMD will purchase from GLOBALFOUNDRIES. Under this amendment AMD expects to pay GLOBALFOUNDRIES approximately $1.2 billion in 2014. These purchases contemplate AMD's current PC market expectations and the manufacturing of certain Graphics Processor Units (GPUs) and semi-custom game console products at GLOBALFOUNDRIES in 2014. The 2014 amendment does not impact AMD's 2014 financial goals including gross margin.


3:57PM Riverbed Technology responds to verdict in litigation with Silver Peak: No impact to business or customers (RVBD) 19.83 +0.12 : Co issued the following statement in response to the verdict of infringement of US patent numbers 7,948,921 and 7,945,736 in the US District Court for the District of Delaware:

"The jury found for Riverbed on the issue of literal infringement on the '736 patent, but found for Silver Peak under the doctrine of equivalents. We respectfully disagree with the verdict, and fully expect to prevail before the District Court on post-trial motions. In the meantime, the verdict, which addresses two minor optional features in our RiOS software, will not have any impact on our business or customers. No relief can be granted to Silver Peak that would prevent Riverbed from continuing to manufacture, sell and maintain our Steelhead product."

12:22PM Notable movers of interest (SCANX) : The following are some of today's most notable movers of interest, categorized by market capitalization (large cap over $10 billion and mid cap between $2-10 billion) and ranked by % change (all stocks over 100K average daily volume).

Large Cap Gainers

ISRG (476.04 +8.69%): Announced FDA clearance and U.S. introduction of the da Vinci Xi Surgical System.
MPEL (40.72 +5.36%): Macau Gaming Inspection and Coordination Bureau reported March gross gaming revenue (GGR) +13% YoY, in-line with recent estimates.
CELG (145.35 +4.12%): Co and FORMA Therapeutics announced a novel and expansive multi-year strategic alliance; added to Focus List at Robert W. Baird.

Large Cap Losers

POT (35.07 -3.18%): Downgraded to Hold from Buy at Cantor Fitzgerald.
MCK (174.43 -1.21%): Co's McKesson Specialty Health to acquire majority stake in Oncology Rehab Partners; no financial terms disclosed.

Mid Cap Gainers

INFA (39.7 +5.08%): Upgraded to Overweight from Equal Weight at Barclays; tgt raised to $45 from $44.
BFAM (41.15 +5.22%): Announced its Board of Directors has authorized a stock repurchase program of up to $225 mln of the co's outstanding common stock; initiated with an Outperform at RBC Capital Mkts; tgt $46.
WCC (86.67 +4.15%): Upgraded to Outperform from Mkt Perform at William Blair.

Mid Cap Losers

INVN (22.84 -3.51%): Downgraded to Perform at Oppenheimer.
XON (25.25 -3.96%): Missed on EPS by $0.01, missed on revs; CEO/10% owner bought 243,001 shares at $25.72 worth ~ $6.3 mln.
CLH (53.22 -2.87%): Downgraded to Hold from Buy at KeyBanc Capital Mkts.

11:46AM Stocks/ETFs that traded to new 52 week highs/lows this session - New highs (202) outpacing new lows (26) (SCANX) : Stocks that traded to 52 week highs: AA, ABFS, ABG, AEGN, AGTC, ALK, ALL, ALV, AMKR, ARW, ASGN, ASMI, ASX, AVT, AXDX, BAH, BAS, BCPC, BCR, BDBD, BDX, BFAM, BKU, BLDR, BPZ, BRCD, BWEN, BXE, CBI, CBT, CCC, CDW, CENX, CLD, CMRE, CNQ, CORT, COV, CPF, CRK, CRS, CRWN, CSTM, CYT, DAN, DD, DHIL, DLPH, DMLP, DOC, DORM, DV, DVN, DW, DXYN, EIX, ELY, EMES, EOG, EQM, ESCA, ETE, EVK, FL, FLIR, FNHC, FORTY, FSL, GAIA, GLW, GPOR, GSIG, GSOL, HAS, HBI, HBOS, HCA, HEES, HI, HOLI, HP, HRL, IDSA, IFN, ISSI, IVAC, IVZ, JNJ, KED, KEG, KND, LBY, LDL, LEA, LLL, LM, LVLT, LXK, M, MAR, MCRL, MCS, MD, MDT, MGA, MGPI, MKL, MLHR, MLM, MPWR, MRCY, MRVL, MSFT, MTX, MXIM, NBCB, NGLS, NJ, NLS, NP, NRF, NSIT, NTK, NVDQ, NWE, NYT, OILT, ORAN, ORBK, ORCL, OSK, PATK, PDS, PESI, PLCM, PLL, PMC, PPC, PRSC, QCOM, R, RBA, RCAP, RCL, RFMD, RJF, RUSHB, RYAAY, SAFM, SAN, SCI, SEM, SGMA, SKX, SLCA, SNDK, SOHO, SPB, STKL, STS, STZ, SUBK, SUP, SXL, TAX, TBI, TEP, TFX, THG, THO, THRM, TLMR, TOWR, TQNT, TRGP, TSM, TSN, TSRA, TTGT, TTM, TV, TXI, UGI, UNT, URI, USMO, VAC, VC, VE, VGR, VLP, VPFG, VRNT, VSEC, VVC, WBC, WDC, WDR, WES, WG, WLB, WSM

Stocks that traded to 52 week lows: ANAD, ATOS, BGC, CHCI, CRMB, CTHR, DRNA, EVRY, GMET, GRAM, GYRO, LGCY, LODE, MDCO, MDWD, MLVF, NEWL, NSR, OIBR, ORCT, PMCT, REPH, RIBT, RTGN, UNXL, WHX

ETFs that traded to 52 week highs: DVY, EIS, ENZL, EWI, EWK, EWN, EWP, EWQ, EZU, IEO, IGE, IHI, IOO, MES, SOXX, XES

ETFs that traded to 52 week lows: VXZ

10:26AM Floor Talk: March Review (TALKX) : After enduring a cautious start to the year, equity investors had to deal with continued volatility as the first quarter drew to a close. The Dow Jones Industrial Average and S&P 500 registered March gains of 0.8% and 0.7%, respectively, while the Nasdaq and Russell 2000 did not fare as well. The tech-heavy Nasdaq fell 2.5% while the small-cap Russell 2000 lost 0.8%. For the quarter, the Nasdaq, Russell 2000, and S&P 500 posted respective gains of 0.5%, 0.8%, and 1.3%, while the Dow lost 0.7%.

Overall, the month featured quite a bit of chop even though the key averages maintained relatively narrow ranges. The S&P 500 added nearly 13 points after being confined to a 50-point range with the bulk of the action taking place within a 30-point band.

The stock market held in tough even as the continued stand-off between Russia and Ukraine and Janet Yellen's first press conference as Fed Chair kept uncertainty running high. In addition, the underperformance of biotechnology and other momentum-favorite names knocked the market down, but not out.

Ukraine Watch Continues

Even though the standoff between Russia and Ukraine continued throughout the month, the stock market only suffered a few brief hiccups as the situation escalated.

The closely-watched referendum in Crimea on March 16 went as expected with the vote to be annexed to Russia showing a huge inclination (95.5% of votes cast) to join the Russian Federation. Remarkably, equity markets, which looked unnerved about the referendum going into the weekend, rallied sharply after the vote took place.

A sense that a worst-case economic scenario might not unfold after all and the recognition that military force had not been used, engendered a relief rally-or really more of a short-covering move-that was seen across the western world.

Fed Buys Less, Talks More

On March 19, the Federal Open Market Committee announced another taper, lowering the size of its monthly asset purchases to $55 billion ($25 billion in agency mortgage-backed securities and $30 billion in longer-term Treasuries). Furthermore, the FOMC elected to drop the 6.5% unemployment threshold from forward guidance, instead choosing to focus on a 'wide range of information' about jobs and inflation.

While the Fed took away from its asset purchases, it added to its directive, resulting in the longest policy statement on record. As a result, the wordy document introduced an element of confusion, which was on full display when Ms. Yellen gave an unexpectedly direct answer to a question during her first press conference as Fed Chair.

When asked what the Fed means by "considerable time" for keeping the current target range for the federal funds rate after the asset purchase program ends, Fed Chair Yellen said "probably six months." The remark was met with aggressive selling as the fed funds futures market saw the expectations for the first hike shift to April 2015 from July.

Interestingly, Fed Chair Yellen reminded investors of the Fed's data dependency while distancing herself from the 'six months' comment during a conference in Chicago on March 31. At that event, Ms. Yellen said the Fed remains short of its employment and inflation goals and that the economy requires "considerable support for some time."

Biotech Sputters

The broad-based rally that was observed in 2013 received significant support from biotechnology. This powered the health care sector to a 38.7% gain in 2013 while the iShares Nasdaq Biotechnology ETF (IBB) soared 65.5% during the same period.

Although the biotech industry group began the year on a strong note, the ETF marked its 2014 high in late February before spending the next six weeks in a retreat that accelerated as March drew to a close.

IBB lost 10.6% in March, but was able to preserve a 4.1% gain for the quarter versus a 5.4% quarterly increase for the broader health care sector.

Discretionary Stocks Lag

Elsewhere, the consumer discretionary sector, which led all sectors in 2013 with a 41.0% gain, lost 2.9% in March, finishing the month at the bottom of the leaderboard. Like biotechnology, the space saw a change in leadership as many momentum names that climbed steadily in 2013, headed in the opposite direction.

Amazon.com (AMZN) surged 59.0% in 2013, but fell 7.1% in March
Netflix (NFLX) led the S&P 500 in 2013 with a 291.9% gain, but was among notable laggards in March, falling 21.0%
Priceline.com (PCLN) fell 11.0% in March after enjoying a blistering 87.4% gain in 2013

Homebuilders also weighed on the sector as the benchmark 10-yr yield climbed from 2.64% to 2.72%, thus impacting affordability. The iShares Dow Jones US Home Construction ETF (ITB) lost 7.9%.

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8:21AM Broadcom announces NETGEAR (NTGR) has selected Broadcom's StrataConnect system-on-chip to power the new generation of NETGEAR ProSAFE Gigabit Smart Switch solutions (BRCM) 31.48 : Co announced that NETGEAR (NTGR) has selected Broadcom's StrataConnect system-on-chip (SoC) to power the new generation of NETGEAR ProSAFE Gigabit Smart Switch solutions. Broadcom's highly integrated SoCs provide NETGEAR with the innovation required to cost-effectively deliver business-class, future-proof switch solutions optimized for use in small to medium sized businesses (SMBs). Broadcom will demonstrate its StrataConnect solutions at Interop, Las Vegas, April 1 -- 3, 2014, booth #1239. their chat experiences. Available for download later today from the respective app stores for the Android, BlackBerry and iOS platforms, BBM will now offer stickers that BBM users can add to their BBM chats.

NVDA +1.6% ( product marketing VP sees improved 2014, according to reports; upgraded to Mkt Outperform from Mkt Perform at JMP Securities ),

JASO +1.3% (JA Solar initiated with an Outperform at Northland Securities), SSYS +1.1% (initiated with a Buy at UBS),

8:07AM Marvell to appeal patent decision; court denies request for injunction and pre-judgment interest (MRVL) 15.75 : Co announced that on March 31, 2014, the United States District Court for the Western District of Pennsylvania issued its judgment on the remaining motions in a lawsuit brought by Carnegie Mellon University against Marvell and Marvell Semiconductor , Marvell's U.S. operating subsidiary.

The Court rejected CMU's motion for an injunction which would block Marvell from selling chips that the jury found to be infringing. The Court also rejected CMU's demand for ~$326 million in pre-judgment interest, and substantially scaled back CMU's request for enhanced damages.

Based on these decisions, the Court calculated the damages, including enhancement, to total ~$1.54 bln. The Court held that under its decision, CMU is entitled to post judgment interest and an on-going royalty. Under the schedule set by the Court, the parties now have until April 15, 2014 to propose terms of a final judgment, consistent with the Court's orders.

Microsemi (MSCC) has implemented significant FPGA design infrastructure support with the opening of three new technical support design centers, and by training and certifying more than 200 distributor partner field application engineers worldwide