Cirrus is up more than 14% at $19.39. Volume is already 6x the daily average. The fabless chip maker reported better-than-expected earnings last night and raised revenue guidance for the current quarter.

Emulex is up nearly 14% at $8.42. Volume is nearly 3x the daily average. The server and networking company raised its second quarter revenue and EPS estimates last night.

Perfect World is up more than 15% at $10.19. Volume is already more than 5x the daily average. The Chinese online game developer has denied charges that it is being investigated by US and Chinese regulators.

IPG Photonics is up nearly 15% at $45.61. Volume is nearly 4x the daily average. The laser maker broke through its 50-day moving average of around $41/share earlier today.

Paul Ausick

We had many key analyst upgrades and downgrades today, including calls in shares of Baidu, Inc. (NASDAQ: BIDU) and Monsanto Co. (NYSE: MON).  The retail sector did not follow the news,  due to some fears that the holiday season is not going to be as strong as many expected.  Speaking of analyst calls and projections, there are still some extremely lofty upside price targets out there in the automotive sector.

Here are today’s big post-earnings news reactions with prices during the last half-hour of trading: (only show late-day percent change and price): AT&T (NYSE: T) down about -0.1% at $28.97, Cirrus Logic, Inc. (NASDAQ: CRUS) down nearly -17% at $14.21; Polycom, Inc. (NASDAQ: PLCM) down -25%, at $16.46; Phillip Morris International, Inc. (NYSE: PM) up more than 4%, at $68.77; Nokia Corporation (NYSE: NOK) up more than 6%, at $6.50; and  Select Comfort Corporation (NASDAQ: SCSS) up more than 20%, at $19.38.

Several other standouts from today are as follows…

Riverbed Technology, Inc. (NASDAQ: RVBD jumped more than 9.5%, to $24.69, following a better than expected earnings report after markets closed last night.

Amylin Pharmaceuticals, Inc. (NASDAQ: AMLN) rose nearly 13%, to $11.56, after getting approval for wider use of its diabetes drug and posting a smaller than expected third-quarter loss.

Clearwire Corp. (NASDAQ: CLWR) shares are up nearly 13% as well, to $1.57, probably as a result of indications that its spectrum licenses could get some competitive bids.

Buffalo Wild Wings, Inc. (NASDAQ: BWLD) is up nearly 7%, to $62.06, after reporting a 33% rise in income for the third quarter.

After a busy week of economic data, there are no major market moving economic reports due Friday morning.  Look for Fed-head speeches on Friday from Kocherlakota, Fisher, and Yellen throughout the day.  Most importantly, watch for more news out of Europe on just how much the Europeans are going to throw into their European Financial Stability Fund (Europe’s mini-me version of the TARP).

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A brief summary of the news and the after-hours reaction is available on each below.

American Express Company (NYSE: AXP) beat earnings estimates at $1.03 EPS versus $0.95 estimates.  Shares were down 1.2% today and shares are currently down another 1.2% at $45.59 in the after-hours session.

Buffalo Wild Wings Inc. (NASDAQ: BWLD) beats earnings at $0.61 EPS versus $0.63 EPS estimate; revenues rose over 30%; it sees meeting a goal of 13% unit growth and 23% net earnings growth for 2011. The dining, beer, and sports destination also sees 2012 with 12% unit growth and net earnings growth of 20% in 2012.  Shares fell 0.8% on the day but the stock is up 3.3% at $59.81 in the after-hours session.

Cirrus Logic Inc. (NASDAQ: CRUS) beats earnings but guided next quarter below estimates as it is seeing softness in some areas of business due to global economic issues.  Shares were down 5.5% at $17.01 on the regular trading day and shares are down another 12% at $14.73 in after-hours.

Cubist Pharmaceuticals, Inc. (NASDAQ: CBST) beat $200 million in sales for the quarter and shares are up almost 8% at $39.33 after closing down 1.75% today.

eBay Inc. (NASDAQ: EBAY) met its $0.48 EPS target and sees $0.55 to $0.58 EPS versus $0.58 EPS targets in Q4.  Shares were down 2% on the day and down another 4.3% at $31.83 in after-hours trading. 

E*TRADE FInancial Corporation (NASDAQ: ETFC) is now up after having been down.  It appears to have met the $0.16 estimate but revenues were light; shares closed down 2.6% on the day but are back up almost 2% at $9.52 in after-hours.  No word on any merger, again.

Riverbed Technology, Inc. (NASDAQ: RVBD) may be getting its mojo back… It beat earnings and guided higher.  After falling 2.8% on the day shares are up over 11% at $25.10 in the after-hours and the 52-week range is $12.57 to $44.70.

Western Digital Corporation (NYSE: WDC) was down 9% today on Thai flood concerns and shares are down another 2% at $24.00 in the after-hours session despite $1.01 EPS.  The floods could impact they key quarter ahead.

Wynn Resorts Ltd. (NASDAQ: WYNN) was down over 5% on its own today and now the high-end casino operator posted $1.05 EPS versus $1.15 estimates even though revenues were in line and up 29%.  Shares are down another 5.2% at $123.48.

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JON C. OGG

We have covered brief moves on the news and then added in the moves with color.

Apple Inc. (NASDAQ: AAPL) just blew out earnings so much that it is not even worth noting how great the quarter was.  Massive, and with some $76 billion in cash.  Shares were up 0.8% at $376.85 and the stock is now at an all-time again in after-hours on a 5.9% gain of $22+ at $398.10.

Chipotle Mexican Grill, Inc. (NYSE: CMG) has risen and risen, but we are seeing give-backs with a bit of Montezuma’s Revenge tonight… Shares are down 4.7% at $318.00 in the after-hours on what appears to be soft earnings.

Cintas Corporation (NASDAQ: CTAS) beat earnings and gave guidance that meets or beats estimates.  Shares closed up 1.4% at $30.86 but the stock is up more than 7% at $33.08 in the after-hours.

Cirrus Logic Inc. (NASDAQ: CRUS) is rising on Apple and it was up 5.8% to $17.14 in normal trading and up another 5% at $18.03 in the after-hours.

CSX Corporation (NYSE: CSX) is up 1.6% at $25.90 in the after-hours after just beating estimates and backing prior guidance.

Fortinet Inc. (NASDAQ: FTNT) grew revenues 35%, grew billings 22% and grew earnings 88%, but shares are getting smacked.  After almost a 1% gain today shares are down 21% at $21.25 in the after-hours session.  Ouch.

Government Properties Income Trust (NYSE: GOV) did not report earnings but it said it was selling 5 million shares of common stock in the REIT after the close to reduce amounts outstanding under its revolving credit facility and for general business purposes.  Shares are down over 3% at $25.56 in the after-hours session.

Intuitive Surgical, Inc. (NASDAQ: ISRG) is selling more DaVinci robotic systems.  It was up 3.5% at $374.90 before earnings.  Revenue was up 21% to $426 million and earnings were $2.91 EPS, sending shares up another 6% or $23+ to $397.80 in the after-hours.

Riverbed Technology, Inc. (NASDAQ: RVBD) should change its name on Wednesday to River-Dead… Shares closed up 6.7% at $41.40 but the after hours session has shares down a massive 25% at $30.90 after missing revenue estimates and after announcing two acquisitions.  The company saw softness in the EMEA region.  It has also traded more than 3 million shares since the closing bell.  This marks a severe blow when you consider how much it has gained.

VMware, Inc. (NYSE: VMW) rose 5.2% to $106.02, a new year high today.  Shares are up more than 6.5% more at $112.90 after beating earnings and revenues and giving solid guidance.  Earnings almost tripled.  This news also has majority owner and former parent EMC Corporation (NYSE: EMC) up 2% at $27.95 after the close.

Yahoo! Inc. (NASDAQ: YHOO) closed up 1.2% at $14.59 but shares are soft after a revenue miss and on light guidance.  The good news is that Carol Bartz continues to trim costs.  The bad news is that costs are not translating to higher revenues.  The stock is down 1.65% at $14.35 after the close on more than 1.4 million shares since the 4PM bell.

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JON C. OGG

This is a much different list from our true tech-value stocks for the rest of this year.  We have identified how much these shares have dropped from their highs, but we have also looked at basic data concerning a forward P/E ratio for next year’s earnings and broken out the return on equity from Finviz.  When you look at the consensus analyst price target, the companies look even cheaper in most cases.  There is one caveat that has to be considered and that is that analysts will have to lower estimates through next week for the year ahead and that will of course change the valuations.  We are not looking for any immediate gains solely based on value.  The idea is to identify those situations where the drop has been enough and where the bad news may be close to priced in ahead of time.

Analog Devices Inc. (NYSE: ADI)  recently closed at $36.56, down 15% from its 52-week high; about 10% of that loss has been in recent days. The company has a forward price to earnings multiple of 12 and a 27% return on equity (ROE).  Analysts still have a consensus target north of $45.00 versus a 52-week high of $43.28.

Applied Materials Inc. (NASDAQ: AMAT) recently closed at $12.64, down 26% from its 52-week high. The company has a forward price to earnings multiple of 9.2 and a 20.5% return on equity (ROE). Analysts have a consensus target of about $15.75.  As the big daddy of chip cap-ex, the Novellus news hit here as well.  The forward estimates are almost always low for Applied, so there is no reason to jump the gun thinking that large earnings multiple expansion is heading this way.  In fact, value is often a value trap here in Applied Materials and in many cap-ex stocks in the sector.

Advanced Micro Devices, Inc. (NYSE: AMD) recently closed at $6.34, down 32% from its 52-week high. The company has a forward price to earnings multiple of 8.4 and a 61% return on equity (ROE).  The big problem with AMD remains relevance.  This is the turnaround that just never seems to really turn around.  The math has looked “cheap for a while” and the value trap argument seems to prevail.

Cirrus Logic Inc. (NASDAQ: CRUS) recently closed at $16.30, down well over 30% from its 52-week high and almost $10 shy of its $26.00 consensus analyst target. The company has a forward price to earnings multiple of 10 and a return on equity (ROE) of 62%.  With a $1.1 billion market cap, our biggest concern is that it is in the class of companies which could have “big hits and bad misses” when it comes to living up to earnings expectations.

Intel Corporation (NASDAQ: INTC) recently closed at $22.48, down just over 5% from its 52-week high. The company has a forward price to earnings multiple of 9.4 and a return on equity of 27%.  Intel has recently embarked on new initiative from tablets to security and to embedded systems.  Unfortunately, Intel falls into the same “tech utility” category and its nature is now entirely different from in the past.

SanDisk Corp. (NASDAQ: SNDK) recently closed at $41.18, down 23% from its 52-week high. The company has a forward price to earnings multiple of 8.4 and a 25% return on equity.  The reason SanDisk trades with a cheap multiple is because the company’s leadership in flash memory is subject to great swings throughout the business cycle.  Another issue is that when SanDisk is in the middle of its 52-week range like this it offers a technical no-man’s land.  This is one that may not be dirt cheap value nor a value trap.

Texas Instruments Inc. (NYSE:  TXN) recently closed at $31.00, down over 15% from its 52-week high. The company has a forward price to earnings multiple of 11.2 and a 31% return on equity.  With a large acquisition in the hopper, all we can do is consider the “value” on a standalone basis with serious caveats.

Xilinx Inc. (NASDAQ: XLNX) recently closed at $33.92 versus a 52-week high of $35.42, still well under 10% from highs.  The company has a forward price to earnings multiple of 14 and a 28% return on equity.  Unfortunately, this one just does not jump out in the screens other than its return on equity.

So, here are the comparable issues to consider.  Microchip Technology Inc. (NASDAQ: MCHP) is now down about 20% from its 52-week highs, while Novellus Systems, Inc. (NASDAQ: NVLS) was down more than 20% from its 52-week highs.  As you can see, some chip stocks named here are down a similar amount but others still have a way to go.  It is very possible that “value” in semiconductors may still be more of a value trap until things normalize.

The ETF that rules in chipland is the Semiconductor HOLDRs (NYSE: SMH).  With a price of $32.88, its 52-week trading range is $24.14 to $39.99.  An 11% discount from the 52-week high may entice some buyers, but there is still room to argue that this highly unbalanced ETF may not be close enough to “cheap” as of yet as Intel and Texas Instruments both have more than 20% of the weighting here.

Earnings season is upon us.

Jon Ogg & Jim Berdou

Affymax, Inc. (NASDAQ: AFFY) is up 7% to $6, relative to a 52-week range of $4.90 – $26.20.

Celldex Therapeutics, Inc. (NASDAQ: CLDX) is up 7% premarket to $4.95, relative to a 52-week range of $2.91 - $9.49. The gain comes after news of successful phase II clinincal trails of the company’s brain cancer drug.

Cirrus Logic, Inc. (NASDAQ: CRUS) is up 5% to $14.52 after being upgraded by Jefferies to “buy.”

Gold Mountain Coffee Roasters Inc. (NASDAQ: GMCR) is up 11.2% on heavy volume premarket after friday’s spike, which came as a result of announced accounting errors within the company.

Netflix, Inc. (NASDAQ: NFLX) is up $3.00 premarket after announcing a new plan which will allow users to stream programming over the internet for $7.99 a month. Shares of NFLX are at $176, relative to a 52-week range of $48.52-$184.74.

Novell, Inc. (NASDAQ: NOVL) has just announced it has agreed to be acquired by Attachmate Corporation. The stock is up $0.41 to $6.00, relative to a 52-week range of $3.84 – $6.53.

-Michael B. Sauter

Applied Signal Technology, Inc. (NASDAQ: APSG) Cut to Hold at Stifel Nicolaus.
ArcelorMittal (NYSE: MT) Cut to Neutral at UBS.
Ariba Inc. (NASDAQ: ARBA) Raised to Buy at Roth Capital.
ARM Holdings plc (NASDAQL: ARMH) Started as Sell at Societe Generale.
Atwood Oceanics, Inc. (NYSE: ATW) Cut to Market Perform at Wells Fargo.
Central European Distribution Corp. (NASDAQ: CEDC) Started as Buy at Goldman Sachs.
Ciena Corp. (NASDAQ: CIEN) Raised to Overweight at Barclays.
Cirrus Logic Inc. (NASDAQ: CRUS) Raised to Buy at Jefferies.
Financial Engines, Inc. (NASDAQ: FNGN) Started as Buy at Needham.
Green Mountain Coffee Roasters Inc. (NASDAQ: GMCR) Raised to Buy at BofA/ML.
Massey Energy Co. (NYSE: MEE) Cut to Market Perform at FBR.
Public Storage (NYSE: PSA) Raised to Buy at UBS.
SanDisk Corporation (NASDAQ: SNDK) Raised to Outperform at Baird.
Solarfun Power Holdings Co., Ltd. (NASDAQ: SOLF) Raised to Buy at Auriga.
Teradyne Inc. (NYSE: TER) Raised to Buy at Citi.

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JON C. OGG

Ambac Financial Group, Inc. (NYSE: ABK) is at it again, but keep in mind that the stock has been very volatile and often moves away from the initial trend in the last few days.  Shares are indicated up 4% at $1.02.

Amylin Pharmaceuticals, Inc. (NASDAQ: AMLN) is trying to recover a tad after yesterday’s implosion that took away about half of its value.  Shares closed at $11.03 and the stock is indicated up around $11.20 in early indications.

Cirrus Logic Inc. (NASDAQ: CRUS) met estimates but it looks like guidance is soft; shares are down 3.5% at $15.75 in the early indications.

eBay Inc. (NASDAQ: EBAY) is surging after last night’s earnings beat, in part due to a large buyback coming.  Shares are up 7% at $27.34 in early trading versus a 52-week range of $19.06 to $28.37.

Kellogg Company (NYSE: K) has lowered expectations for the year due to weaker than expected performance and likely due to higher commodity costs.  Shares are indicated down by about 35 at $48.58 and the 52-week trading range is $47.28 to $56.00.

Netflix, Inc. (NASDAQ: NFLX) is up over 9% at $163.20 in active trading after beating earnings and exceeding subscriber additions.  The 52-week range here is $47.56 to $174.40 and we have so far seen at least two analyst upgrades.

Netlist Inc. (NASDAQ: NLST) is up after yesterday’s patent award news around the cloud.  Shares closed at $3.41 and are up 11% at $3.79.

Nokia Corporation (NYSE: NOK) is up after beating earnings expectations and on further job cuts.  Shares are indicated up almost 7% around $11.55 to $11.60.

The Children’s Place Retail Stores, Inc. (NASDAQ: PLCE) is getting hit after it lowered guidance.  Shares are down close to 10% and just above $46.00 after closing at $51.88 yesterday.

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JON C. OGG

Abercrombie & Fitch Co. (NYSE: ANF) Raised to Accumulate at Standpoint.
Aruba Networks, Inc. (NASDAQ: ARUN) Cut to Hold at Stifel Nicolaus.
Cirrus Logic Inc. (NASDAQ: CRUS) Cut to Hold at Stifel Nicolaus.
DigitalGlobe, In.c (NYSE: DGI) Raised to Buy at Canaccord.
Encana Corp. (NYSE: ECA) Raised to Outperform at Macquarie.
Gap Inc. (NYSE: GPS) Started as Buy at Standpoint.
Motorola Inc. (NYSE: MOT) Cut to Hold at Standpoint.
Open Text Corp. (NASDAQ: OTEX) Raised to Outperform at Morgan Keegan.
SIRIUS XM Radio Inc. (NASDAQ: SIRI) Started as Buy at Maxim Group.
Symantec Corporation (NASDAQ: SYMC) Started as Buy at Standpoint.

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JON C. OGG

Atheros Communications Inc. (NASDAQ: ATHR) beat expectations on the surface, but the drop here appears to be tied to weaker PC-related revenues.  There have been under 100,000 shares traded so far, but the stock is trading down 6.75% at $28.40 versus a 52-week range of $21.77 to $43.90 and a close yesterday of $30.46.

Cirrus Logic Inc. (NASDAQ: CRUS) is lower after a 118% gain in revenue to $81.9 million slightly beat Thomson Reuters estimates; Revenue guidance was put at $98 to $106 million, above estimates of $86+ million.  As this is a seller of chips for iPad and iPhone, this wasn’t good enough.  Shares are down 5.7% at $16.48 on over 350,000 shares.  The 52-week range is $4.44 to $18.85.

Goldman Sachs Group Inc. (NYSE: GS) is trading lower by 3% at $141.20 on about 1 million shares after the investment banking giant posted lower income.  Keep in mind that there is already talk that the earnings may have been sand-bagged.

International Business Machines Corp. (NYSE: IBM) was light on the top-line and its raised guidance for 2010 was slightly under consensus.  Shares are down almost 5% at $123.80 on almost 100,000 shares.

MGIC Investment Corporation (NYSE: MTG) is up this morning after a surprise profit after what may have been 3 years worth of losses.  Shares are trading up almost 5% at $8.20 on over 300,000 shares.  Its 52-week range is $3.72 – $13.80.

Nokia Corporation (NYSE: NOK) must really need a new CEO to lead the company after all of its troubles.  Rumors and reports of a new CEO search have shares up 2.5% at $9.04 on almost 700,000 shares.

SandRidge Energy, Inc. (NYSE: SD) is showing an unexpected rop for a day-two indication now that it has closed on its Arena Resources buyout.  While on thin volume, we show shares down 2% at $6.30 in the pre-market trading.

Texas Instruments Inc. (NYSE: TXN) is getting slapped after meeting expectations.  Shares are down 5.7% at $24.10 on about 140,000 shares.

Tupperware Brands Corporation (NYSE: TUP) is getting hit hard after its Q2 earnings miss.  Shares are down 11.25% at $38.40 on only about 25,000 shares.  Traders may want to watch shares of Newell Rubbermaid Inc. (NYSE: NWL) for any downward sympathy, although no shares of Newell have yet traded this morning.

Zions Bancorp. (NASDAQ: ZION) is getting clipped after an unexpected wider loss.  Shares are down 8.4% at $19.62 on about 200,000 shares.

JON C. OGG