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Last Update: 11-Mar-13 10:33 ET
S&P Information Technology Index (-0.5%) 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 weakness as well with the SOX trading 0.7% lower. Within the chip index, WFR (-2.5%) is a notable laggard. Among other major indices, the SPY is trading 0.1% lower today, while the QQQ and the NASDAQ are trading 0.3% lower on the session. Among tech bellwethers, FB (+2.4%) is showing notable strength, while INTC (-1.4%) is under pressure.
In tech earnings this morning, RENN (-2.6%) posted an inline qtr and guided below consensus. In news, Icahn entered into a confidentiality agreement with DELL (+1.0%). T (-0.4%) confirmed it will launch BBRY (+5.7%) Z10 March 22 For $199.99. ST-Ericsson, a joint venture of STM (-1.5%) and ERIC (+1.2%), announced that Didier Lamouche, president and chief executive officer, has decided to resign from the Company to pursue other opportunities. Among rumors, Bloomberg discussed that CPWR (+0.7%) may be a possible takeover target. Also, we are hearing renewed LNVGY (-3.7%)-for-BBRY (+5.7%) rumor making the rounds. Among notable analyst upgrades this morning in the tech space, ROVI (+0.5%) was upgraded to Overweight at Piper and NXPI (+0.2%) was upgraded to Positive at Susquehanna. Among downgrades, NVDA (-1.4%) was downgraded to Negative at Susquehanna, ADBE (-1.1%) and INTU (-2.1%) were downgraded to Neutral at BofA/Merrill, MANH (-1.8%) was downgraded to Mkt Perform at Raymond James, ALTR (-1.1%) was downgraded to Neutral at UBS, DANG (-2.9%) was downgraded to Neutral at Piper and AAPL (-1.3%) was downgraded to Outperform at Credit Agricole. There are no notable names in tech scheduled to report quarterly results today after the close.
In tech earnings this morning, RENN (-2.6%) posted an inline qtr and guided below consensus. In news, Icahn entered into a confidentiality agreement with DELL (+1.0%). T (-0.4%) confirmed it will launch BBRY (+5.7%) Z10 March 22 For $199.99. ST-Ericsson, a joint venture of STM (-1.5%) and ERIC (+1.2%), announced that Didier Lamouche, president and chief executive officer, has decided to resign from the Company to pursue other opportunities. Among rumors, Bloomberg discussed that CPWR (+0.7%) may be a possible takeover target. Also, we are hearing renewed LNVGY (-3.7%)-for-BBRY (+5.7%) rumor making the rounds. Among notable analyst upgrades this morning in the tech space, ROVI (+0.5%) was upgraded to Overweight at Piper and NXPI (+0.2%) was upgraded to Positive at Susquehanna. Among downgrades, NVDA (-1.4%) was downgraded to Negative at Susquehanna, ADBE (-1.1%) and INTU (-2.1%) were downgraded to Neutral at BofA/Merrill, MANH (-1.8%) was downgraded to Mkt Perform at Raymond James, ALTR (-1.1%) was downgraded to Neutral at UBS, DANG (-2.9%) was downgraded to Neutral at Piper and AAPL (-1.3%) was downgraded to Outperform at Credit Agricole. There are no notable names in tech scheduled to report quarterly results today after the close.
