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Last Update: 18-Jan-13 11:05 ET
S&P Information Technology Index (-0.6%) trading lower today, trailing the broader market
The tech sector is trading lower today, just behind narrower losses in the broader market. Semiconductors are showing slight relative weakness with the SOX trading 0.5% lower. Within the chip index, AMD (-6.2%) is a notable laggard. Among other major indices, the SPY is trading 0.2% lower today, while the QQQ is down 0.5% and the NASDAQ is trading 0.4% lower on the session. Among tech bellwethers, VZ (+0.4%) and IBM (+0.4%) are showing notable strength, while INTC (-6.3%) is under pressure.
In tech earnings last night, INTC (-6.3%) posted relatively mixed Q4 results and offered a muted outlook. XLNX (+2.5%) also reported mixed results and guided lower, whereas WIT (-6.9%) posted modestly better than expected results. In news, SNE (+6.3%) announced the sale of 550 Madison Avenue Building to which it expects to realize a gain on the sale of ~$685 mln to be recorded as operating income. Among rumors, VRNG (+7.7%) received a positive patent ruling in case against GOOG (-0.3%), according to reports. Among notable analyst upgrades this morning in the tech space, PLXS (+0.5%) was upgraded to Overweight at JP Morgan, RIMM (+5.5%) was upgraded to Buy at Jefferies, and CSOD (+4.6%) & QLIK (+3.7%) were upgraded to Buy at Goldman. Also, PANW (+3.2%) was added to the Conviction Buy list at Goldman, while N (-2.1%) was removed. Among downgrades, ULTI (-2.1%) was downgraded to Neutral at Goldman and FNSR (-7.8%) was downgraded to Underperform at Jefferies. There are no notable names in tech scheduled to report quarterly results today after the close.
In tech earnings last night, INTC (-6.3%) posted relatively mixed Q4 results and offered a muted outlook. XLNX (+2.5%) also reported mixed results and guided lower, whereas WIT (-6.9%) posted modestly better than expected results. In news, SNE (+6.3%) announced the sale of 550 Madison Avenue Building to which it expects to realize a gain on the sale of ~$685 mln to be recorded as operating income. Among rumors, VRNG (+7.7%) received a positive patent ruling in case against GOOG (-0.3%), according to reports. Among notable analyst upgrades this morning in the tech space, PLXS (+0.5%) was upgraded to Overweight at JP Morgan, RIMM (+5.5%) was upgraded to Buy at Jefferies, and CSOD (+4.6%) & QLIK (+3.7%) were upgraded to Buy at Goldman. Also, PANW (+3.2%) was added to the Conviction Buy list at Goldman, while N (-2.1%) was removed. Among downgrades, ULTI (-2.1%) was downgraded to Neutral at Goldman and FNSR (-7.8%) was downgraded to Underperform at Jefferies. There are no notable names in tech scheduled to report quarterly results today after the close.
