Tuesday's price action was interesting and, we believe, rare. The major indices gapped nicely higher at the open and added to their gains until about 9:50 a.m. The market then witnessed a vicious selloff in what looked like a second consecutive day with a failed rally. Intraday rallies that don't hold during a downtrend generally are very bearish and show that investors are selling any kind of strength. Yet on Tuesday, the dip buyers emerged and pulled off quite a buying spree. Some selling set in at 3:00 p.m., perhaps from margin calls.

Stocks saw a nice snapback rally on Wednesday. Crude oil (WTI) was smacked, falling 5.5% to $98.50/barrel, while Brent oil dropped by about the same percentage to $105/barrel. That took a lot of pressure off the bond market, as the 10-year Treasury yield declined 9.5 basis points (bps), the 5-year fell 10.5 bps, and the 2-year dropped 8 bps.

Skyworks Solutions produces semiconductors for wireless handsets and other devices that are used to enable wireless connectivity. Its main products include power amplifiers, filters, switches, and integrated front-end modules that support wireless transmissions. Skyworks' customers are mostly large smartphone manufacturers, but the firm also has a growing presence in nonhandset applications such as wireless routers, medical devices, and automobiles.

Skyworks designs, develops, and produces analog semiconductors primarily focused on the RF chain. The company operates worldwide, with engineering, manufacturing, and sales & service facilities throughout Asia, Europe, and North America. Addressed markets include mobile device, automotive, industrial, connected home, factory automation, medical, wearable technology, smart energy, and others. Key products include amplifiers, attenuators, modulators & demodulators, filters, diodes, front-end modules, switches, and optoelectronic products.