MID WEEK MARKET HAPPENINGS!

4:30 pm: Equities finished today's session on a mixed note. The Dow and S&P 500 gained 0.5% each, while the Nasdaqunder-performed, and ended flat. However, looking below the surface revealed the sector rotation which took place today. The energy space paced today's advance thanks in part to strong earnings fromValero(VLO 43.77, +4.96). In addition, the 1.1% advance in crude oil also contributed to the sector's strength.

4:43PM Broadcom sees Q1 revenues of approx $1.90 bln +/- 4% (Approx $1.82-1.98 bln), Capital IQ consensus $2.003 bln; sees Non-GAAP product gross margins of flat to down 50 bps q/q (Q4 52.2%) (BRCM)33.71 -0.35 :

4:35PM Unisys beats on the top and bottom line (UIS)18.92 +0.01 : Reports Q4 (Dec) GAAP earnings of $1.67 per share (including pension expense),$0.67 better than the Capital IQ Consensus Estimate of $1.00; revenues fell 0.6% year/year to $979.3 mln vs the $923.9 mln consensus.

International revenue grew 6% in Q4, largely offsetting a 10% decline in U.S. revenue. On a constant currency basis, international revenue grew 7% as increases in Europe and Latin America offset declines in Asia Pacific. The co reported an overall fourth-quarter 2012 gross profit margin of 29.2%, up from 28.4% in the year-ago quarter.

Q4 services revenue declined 4% (3% on a constant currency basis) from the prior-year quarter. Fourth-quarter 2012 services gross profit margin improved slightly to 20.2% from 20.0% a year ago while services operating profit margin declined to 6.6% from 7.6% a year ago. Fourth-quarter 2012 services order signings declined from year-ago levels. Services backlog at December 31, 2012 was $5.1 billion, an 8% decrease from services backlog at December 31, 2011.

Q4 technology revenue grew 16% from the prior-year quarter driven by strong sales of ClearPath software and servers. Reflecting the higher ClearPath sales, fourth-quarter 2012 technology gross profit margin improved to 68.1% from 65.9% in the year-ago quarter and technology operating profit margin improved to 43.9% from 37.7% in the year-ago quarter. Q4 services revenue declined 4% (3% on a constant currency basis) from the prior-year quarter. Fourth-quarter 2012 services gross profit margin improved slightly to 20.2% from 20.0% a year ago while services operating profit margin declined to 6.6% from 7.6% a year ago. Fourth-quarter 2012 services order signings declined from year-ago levels. Services backlog at December 31, 2012 was $5.1 billion, an 8% decrease from services backlog at December 31, 2011. Q4 technology revenue grew 16% from the prior-year quarter driven by strong sales of ClearPath software and servers.

Reflecting the higher ClearPath sales, fourth-quarter 2012 technology gross profit margin improved to 68.1% from 65.9% in the year-ago quarter and technology operating profit margin improved to 43.9% from 37.7% in the year-ago quarter.

4:33PM Jones Lang LaSalle misses by $0.01, beats on revs (JLL)91.82 +0.51 : Reports Q4 (Dec) adjusted earnings of $2.60 per share,$0.01 worse than the Capital IQ Consensus Estimate of $2.61; revenues rose 8.8% year/year to $1.25 bln vs the $1.21 bln consensus.

4:31PM Avalon Rare Metals' Nechalacho Project feasibility study on track for completion in Q2 2013 (AVL) 1.23 -0.02 : Co provided progress report on the Company's Feasibility Study and related work on the Nechalacho Rare Earth Elements Project at Thor Lake, NWT. The Feasibility Study for the Project, including the operations at Thor Lake and Pine Point, NWT and Geismar Louisiana remains on schedule for completion in Q2 2013. Capital and Operating cost estimates are largely complete for those components of the Project where engineering design work is finished. Design criteria for the Pine Point Hydrometallurgical plant have been prepared and design work is now advancing on schedule.

4:26PM Keryx Biopharma announces $55 mln proposed public offering of common stock (KERX) 8.36 +2.30 : Co intends to use the net proceeds from the sale of common stock to fund pre-launch/launch inventory build-up and select pre-commercial/commercial activities related to Zerenex, and other general corporate purposes. J.P. Morgan is acting as the sole book-running manager in the offering. Washington Real Estate Investment Trust Announces 2013 Strategic Initiatives, Expected CEO Retirement at End of 2013; Co sees Fy13 FFO's of $1.82-1.90 vs $1.91 Capital IQ Consensus Est (WRE)

4:20PM Ventrus Biosciences announces proposed public offerings of common stock and Series A Convertible Preferred Stock; sizes of offerings not disclosed (VTUS) 3.28 +0.55 : Co announced that it is concurrently offering to sell shares of its common stock in an underwritten public offering, and shares of its Series A Convertible Preferred Stock in a separate underwritten public offering. The Series A is non-voting and each share of Series A is convertible into 10 shares of Ventrus common stock, provided that conversion will be prohibited if, as a result, the holder and its affiliates would own more than 9.98% of the total number of Ventrus shares of common stock then outstanding. All of the shares in these offerings are to be sold by Ventrus. Ventrus also intends to grant the underwriter a 30-day option to purchase up to an additional 15% of the shares of common stock sold in the common stock public offering to cover over-allotments, if any. William Blair & Company, L.L.C. is acting as the sole underwriter of these offerings.

4:19PM CapitalSource beats by $0.03; Net interest income increased 4% y/y to $98.5 mln (CSE)15.25 +0.22 : Reports Q4 (Dec) earnings of $0.16 per share, excluding items, $0.03 better than the Capital IQ Consensus Estimate of $0.13. Net Interest Margin was 4.84%, a decrease of 13 basis points from the prior quarter, primarily due to lower yields on average balances for new loans and investments. Loans and Leases increased $441 million as funded loan and lease production of $843 million, compared to $623 million in the prior quarter, raised full year loan growth to $909 million. Loan loss provision was $1.4 million, compared to $0.3 million in the prior quarter. Key Tronic reports Q2 EPS of $0.33 vs $0.30 last year; revs rose 12% to $94.6 mln (KTCC)11.91 -0.03 : For Q3 of FY13, the Co expects to report revenue in the range of $83-90 mln, and earnings in the range of $0.24-0.30 per diluted share. The expected earnings range assumes an effective tax rate of 25%, reflecting the US government's recent renewal of research and development tax credits.

4:18PM NewLink Genetics Announces Proposed Public Offering of Common Stock; size of offering not disclosed (NLNK)11.40 -0.08 : Co announced that it intends to offer and sell shares of its common stock in an underwritten public offering. The Company expects to grant the underwriters a 30-day option to purchase up to an additional 15% of the shares of common stock offered in the public offering. Jefferies & Company, Inc. and Stifel Nicolaus Weisel are acting as joint book-running managers in the offering.

4:17PM Ryland Group beats by $0.05, beats on revs (RYL) 41.31 +1.48 : Reports Q4 (Dec) earnings of $0.56 per share, excluding $.01 in disc. ops.,$0.05 better than the Capital IQ Consensus Estimate of $0.51; revenues rose 68.4% year/year to $440.1 mln vs the $405.75 mln consensus.

• New orders increased 64.1% to 1,493 units for the fourth quarter of 2012 from 910 units for the fourth quarter of 2011.
• New order dollars rose 82.0% to $425.9 million for the fourth quarter of 2012 from $234.0 million for the same period in 2011;
• Closings increased 58.9% to 1,567 units for the quarter ended December 31, 2012, compared to 986 units for the same period in the prior year;
• Backlog rose 61.4% to 2,391 units at December 31, 2012, from 1,481 units at December 31, 2011;
• Active communities increased 12.8% to 238 communities at December 31, 2012, from 211 communities at December 31, 2011;
• Average closing price increased 5.9% to $270,000 for the quarter ended December 31, 2012, from $255,000 for the same period in 2011;
• Housing gross profit margin was 20.0% for the fourth quarter of 2012, compared to 18.1% for the fourth quarter of 2011;