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Last Update: 12-Mar-13 11:09 ET
S&P Information Technology Index (-0.44%) trading lower today, trailing the broader market
The tech sector is trading lower today, just ahead of larger losses in the broader market. Semiconductors are showing relative strength, however, with the SOX trading 0.4% higher. Within the chip index, MLNX (+6.0%) is a dragging the SOX higher. Among other major indices, the SPY is trading just lower today, while the QQQ is down 0.2% and the NASDAQ is trading 0.3% higher on the session. Among tech bellwethers, QCOM (+0.2%) and TXN (+0.2%) are bucking the trend, while EBAY (-1.1%) is under pressure following its latest comps.
In tech earnings last night, PWRD (-6.4%) posted a slight Q4 miss. In news, CRM (-1.9%) announced a proposed $1 bln offering of convertible senior notes due 2018. CDNS (-3.0%) announced it will acquire Tensilica for ~$380 mln in cash. The deal is expected to be slightly dilutive to non-GAAP EPS in FY13. GLUU (+19.4%) announced the availability of the company's first real-money mobile gambling offering through Probability plc in the UK. Among rumors, we are hearing NCTY () may go private. Also, LNKD (-0.5%) will buy Pulse newsreader for more than $50 mln, according to reports. Among notable analyst upgrades this morning in the tech space, VNTV (+1.9%) was upgraded to Outperform at Raymond James and ISIL (+4.3%) was upgraded to Buy at B. Riley Caris. Among downgrades, RHT (-4.0%) was downgraded to Neutral at Citigroup, DA Davidson downgraded CDNS (-3.0%) to Neutral, AVG (-6.1%) was downgraded to Equal-Weight at Morgan Stanley, INFY (-1.5%) was downgraded to Negative at Susquehanna and PWRD (-6.4%) was downgraded to Neutral at Citigroup. There are no notable names in tech scheduled to report quarterly results today after the close.
In tech earnings last night, PWRD (-6.4%) posted a slight Q4 miss. In news, CRM (-1.9%) announced a proposed $1 bln offering of convertible senior notes due 2018. CDNS (-3.0%) announced it will acquire Tensilica for ~$380 mln in cash. The deal is expected to be slightly dilutive to non-GAAP EPS in FY13. GLUU (+19.4%) announced the availability of the company's first real-money mobile gambling offering through Probability plc in the UK. Among rumors, we are hearing NCTY () may go private. Also, LNKD (-0.5%) will buy Pulse newsreader for more than $50 mln, according to reports. Among notable analyst upgrades this morning in the tech space, VNTV (+1.9%) was upgraded to Outperform at Raymond James and ISIL (+4.3%) was upgraded to Buy at B. Riley Caris. Among downgrades, RHT (-4.0%) was downgraded to Neutral at Citigroup, DA Davidson downgraded CDNS (-3.0%) to Neutral, AVG (-6.1%) was downgraded to Equal-Weight at Morgan Stanley, INFY (-1.5%) was downgraded to Negative at Susquehanna and PWRD (-6.4%) was downgraded to Neutral at Citigroup. There are no notable names in tech scheduled to report quarterly results today after the close.
