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Last Update: 01-Feb-13 11:03 ET
S&P Information Technology Index (+0.8%) trading higher, along with the broader market
The tech sector is trading higher today, inline with gains in the broader market. Semiconductors are showing relative strength as well with the SOX trading 1.1% higher. Within the chip index, STM (+4.6%) is a notable standout. Among other major indices, the SPY is trading 0.9% higher today, while the QQQ and the NASDAQ are trading 0.8% higher on the session. Among tech bellwethers, VZ (+2.3%) is showing notable strength, while FB (-1.8%) is under pressure.
In tech earnings, ADNC (+25.9%) posted a beat and raise, whereas N (+6.2%) and CAVM (+7.2%) reported beats and offered relatively inline guidance. Also, CTCT (-1.7%) posted a beat but guided lower. In news, CLWR (+0.6%) filed a preliminary statement in connection with its definitive agreement with S (+0.8%) for S to acquire the ~ 50% stake in CLWR that it does not already own for $2.97 per share. Among rumors, SPLK (+1.6%) and NTAP (+0.8%) may be possible takeover targets by IBM (+1.0%), according to reports. Also, DELL (+3.6%) LBO buyout between $15-16/share could be announced by early next week, according to reports. Among notable analyst upgrades this morning in the tech space, VZ (+2.3%) was upgraded to Overweight at Piper, IFNNY (+3.4%) was upgraded to Buy at Jefferies, BMO upgraded ORCL (+1.7%) to Outperform, and ADNC (+25.9%) was upgraded to Hold at Deutsche Bank. Also, ERIC (+4.7%) was added to the Conviction Buy list at Goldman. Among downgrades, BCOV (-23.3%) was downgraded to Outperform at RBC and GLUU (-2.3%) was downgraded to Market Perform at Northland.
In tech earnings, ADNC (+25.9%) posted a beat and raise, whereas N (+6.2%) and CAVM (+7.2%) reported beats and offered relatively inline guidance. Also, CTCT (-1.7%) posted a beat but guided lower. In news, CLWR (+0.6%) filed a preliminary statement in connection with its definitive agreement with S (+0.8%) for S to acquire the ~ 50% stake in CLWR that it does not already own for $2.97 per share. Among rumors, SPLK (+1.6%) and NTAP (+0.8%) may be possible takeover targets by IBM (+1.0%), according to reports. Also, DELL (+3.6%) LBO buyout between $15-16/share could be announced by early next week, according to reports. Among notable analyst upgrades this morning in the tech space, VZ (+2.3%) was upgraded to Overweight at Piper, IFNNY (+3.4%) was upgraded to Buy at Jefferies, BMO upgraded ORCL (+1.7%) to Outperform, and ADNC (+25.9%) was upgraded to Hold at Deutsche Bank. Also, ERIC (+4.7%) was added to the Conviction Buy list at Goldman. Among downgrades, BCOV (-23.3%) was downgraded to Outperform at RBC and GLUU (-2.3%) was downgraded to Market Perform at Northland.
