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Last Update: 03-Jan-13 10:34 ET
S&P Information Technology Index (-0.1%) trading just lower today, inline with the broader market
The tech sector is trading slightly lower today, along with losses in the broader market. Semiconductors are showing relative weakness as well with the SOX trading 0.2% lower. Within the chip index, AMD (-2.4%) is a laggard, while WFR (+6.3%) is a notable standout. Among other major indices, the SPY is trading 0.1% lower today, while the QQQ is down 0.03% and the NASDAQ is trading 0.1% lower on the session. Among tech bellwethers, FB (+1.3%) is showing notable strength, while INTC (-1.0%) is under pressure. In tech earnings, MLNX (-16.7%) guided Q4 revs below consensus, while TESS (+2.4%) guided above consensus. In news, AMD (-2.4%) named Devinder Kumar CFO. RMBS (-6.7%) received an unfavorable court ruling in that RMBS barred from using patents to demand royalties from MU (+3.4%) after RMBS destroyed documents. Among notable analyst upgrades this morning in the tech space, ALU (+11.3%) was upgraded to Neutral at Credit Suisse, BRKS (+1.6%) and MKSI (-0.2%) were upgraded to Equal-Weight at Barclays, and CSCO (+0.5%) was upgraded to Outperform at RBC. Among downgrades, BCDS (+0.1%) was downgraded to Neutral at Robert W. Baird, AMD (-2.4%), VLTR (-4.7%), LRCX (-1.8%), LSI (-1.7%), CY (-1.8%), and ALTR (-0.6%) were downgraded at Barclays, SBAC (-1.7%) and AMT (-2.5%) were downgraded to Neutral at Macquarie, ALLT (-21.8%) was downgraded to Perform at Oppenheimer, and BV (-5.4%) was downgraded to Equal-Weight at Morgan Stanley. Also an analyst is out cautious on APKT (-2.4%), believing that it may have lost a contract with VZ (-0.7%).
