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Last Update: 23-Jan-13 10:35 ET
S&P Information Technology Index (+1.1%) trading higher today, ahead of the broader market
The tech sector is trading higher today, ahead of slight losses in the broader market. Semiconductors are showing relative weakness as well with the SOX trading only 0.3% higher. Within the chip index, however, CREE (+16.9%) is a notable standout. Among other major indices, the SPY is trading 0.1% lower today, while the QQQ is up 0.6% and the NASDAQ is trading 0.3% higher on the session. Among tech bellwethers, GOOG (+5.8%) and IBM (+5.8%) are showing notable strength, while CSCO (-0.7%) is under pressure. In a busy night in tech earnings, GOOG (+5.8%) posted a solid earnings beat; IBM (+5.8%) reported a slight beat and guided ahead of consensus; TXN (-1.4%) posted a modest revenue beat and issued guidance below consensus; RFMD (+2.7%) posted a slight beat and raise; and AMD (+8.2%) reported a slight Q4 beat and guided below consensus. This morning, SAP (+1.5%) reported results in line with its preannouncement, CHKP (+0.8%) posted a mixed Q4, SYMC (+3.4%) posted a Q3 beat, and MSI (-2.6%) reported a slight beat with modestly downside guidance. In news, PERI (-8.7%) is showing notable weakness this morning following a cautious Bloomberg TV report. Among rumors, we are hearing Z (+3.1%) takeover chatter making the rounds. Among notable analyst upgrades this morning in the tech space, ALU (+4.6%) was upgraded to Neutral at Citigroup, N (+3.4%) was upgraded to Buy at Lazard and VZ (-0.5%) was upgraded at Canaccord and Hudson Square. Also, MLNX (-0.3%) was initiated with an Overweight at Piper Jaffray. Among downgrades, ELLI (-7.5%) was downgraded at William Blair. AAPL (+1.2%), JEC (-0.9%), SNDK (-0.4%), LRCX (-0.7%), and WDC (-0.8%) are the only notable names in tech scheduled to report quarterly results today after the close.
The tech sector is trading higher today, ahead of slight losses in the broader market. Semiconductors are showing relative weakness as well with the