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Last Update: 04-Dec-12 10:52 ET
S&P Information Technology Index (-0.4%) trading lower today, trailing the broader market
The tech sector is trading lower today, trailing narrower losses in the broader market. Semiconductors are showing relative strength, however, with the SOX trading only 0.1% lower. Within the chip index, INTC (+1.4%) is a notable standout. Among other major indices, the SPY is trading 0.1% lower today, while the QQQ and the NASDAQ are trading 0.4% lower on the session. Among tech bellwethers, INTC (+1.4%) is showing strength, while AAPL (-1.7%) is showing notable weakness.
In tech earnings last night, EXA (-25.1%) posted a quarterly miss and issued downside guidance. This morning, MSPD (+5.7%) raised guidance, while SYNT (-9.4%) guided below consensus. In news last night, ORCL (-0.6%) announced that it accelerated payment of three quarters of dividends. Likewise, ESIO (+8.9%) and QADA (-0.4%) announced a special dividend. Also, QCOM (-0.5%) confirmed recent reports that the co will take a stake in Sharp. In news this morning, ZNGA (+2.9%) and SYNC (+2.3%) partnered to make in-game currency and access to Zynga games available for consumers with premium pay-TV and internet subscriptions. UEPS (-55.9%) disclosed a DoJ investigation. Also, the Chinese ADR space is seeing some notable pressure this morning following SEC charges against Chinese accounting firm. BIDU (-5.4%), SINA (-7.1%), and YOKU (-5.8%) are a few names showing weakness. Among rumors, S (0.0%) is not likely to make a counter offer for PCS (-7.5%), according to reports. In notable analyst upgrades this morning in the tech space, SBAC (+0.9%) was upgraded to Top Pick at RBC and PTNR (+2.9%) was upgraded to Buy at BofA/Merrill. Among downgrades, DMD (-7.2%) was downgraded to Sell at Goldman, RENN (+0.9%) and CAJ (-1.2%) were downgraded at Deutsche Bank, EXA (-25.1%) was downgraded to Neutral at Robert W. Baird, and SSYS (-2.9%) was downgraded to Neutral at Dougherty. P (+1.8%) is one of the notable names in tech scheduled to report quarterly results today after the close.
In tech earnings last night, EXA (-25.1%) posted a quarterly miss and issued downside guidance. This morning, MSPD (+5.7%) raised guidance, while SYNT (-9.4%) guided below consensus. In news last night, ORCL (-0.6%) announced that it accelerated payment of three quarters of dividends. Likewise, ESIO (+8.9%) and QADA (-0.4%) announced a special dividend. Also, QCOM (-0.5%) confirmed recent reports that the co will take a stake in Sharp. In news this morning, ZNGA (+2.9%) and SYNC (+2.3%) partnered to make in-game currency and access to Zynga games available for consumers with premium pay-TV and internet subscriptions. UEPS (-55.9%) disclosed a DoJ investigation. Also, the Chinese ADR space is seeing some notable pressure this morning following SEC charges against Chinese accounting firm. BIDU (-5.4%), SINA (-7.1%), and YOKU (-5.8%) are a few names showing weakness. Among rumors, S (0.0%) is not likely to make a counter offer for PCS (-7.5%), according to reports. In notable analyst upgrades this morning in the tech space, SBAC (+0.9%) was upgraded to Top Pick at RBC and PTNR (+2.9%) was upgraded to Buy at BofA/Merrill. Among downgrades, DMD (-7.2%) was downgraded to Sell at Goldman, RENN (+0.9%) and CAJ (-1.2%) were downgraded at Deutsche Bank, EXA (-25.1%) was downgraded to Neutral at Robert W. Baird, and SSYS (-2.9%) was downgraded to Neutral at Dougherty. P (+1.8%) is one of the notable names in tech scheduled to report quarterly results today after the close.
