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Last Update: 05-Dec-12 11:31 ET
S&P Information Technology Index (-1.3%) trading lower today, trailing the broader market
The tech sector is trading lower today, trailing narrower losses in the broader market. Semiconductors are trading ahead of the rest of the tech space with the SOX trading only 0.8% lower. Within the chip index, ALTR (-3.9%) and SPRD (-3.9%) are showing weakness, while STM (+2.9%) is a notable standout. Among other major indices, the SPY is trading 0.3% lower today, while the QQQ is down 1.2% and the NASDAQ is trading 0.9% lower on the session. Among tech bellwethers, AAPL (-3.9%) is under notable pressure, while CSCO (+0.7%) is bucking the trend.
In tech earnings last night, P (-17.4%) posted a quarterly beat, but issued downside guidance. Also, ALTR (-3.6%) and TIBX (-22.2%) guided below consensus. TYPE (+0.5%), on the other hand, raised guidance. In news, FB (+0.4%) will become a component of the NASDAQ-100 Index. CGNX (+0.3%) and IDCC (+1.0%) were the latest to announce a special dividend. Also, COR Clearing is raising margin requirements on AAPL (-3.9%), according to reports.
In notable analyst upgrades this morning in the tech space, PAY (+4.4%) was upgraded to Buy at UBS. Among downgrades, ADTN (-4.9%) was downgraded to Sell at Citigroup, NVDA (-2.4%) was downgraded to Perform at Oppenheimer, and INTC (-0.9%) was downgraded to Underperform at Raymond James. SAI (+0.8%) and SNPS (-0.9%) are two notable names in tech scheduled to report quarterly results today after the close.
In tech earnings last night, P (-17.4%) posted a quarterly beat, but issued downside guidance. Also, ALTR (-3.6%) and TIBX (-22.2%) guided below consensus. TYPE (+0.5%), on the other hand, raised guidance. In news, FB (+0.4%) will become a component of the NASDAQ-100 Index. CGNX (+0.3%) and IDCC (+1.0%) were the latest to announce a special dividend. Also, COR Clearing is raising margin requirements on AAPL (-3.9%), according to reports.
In notable analyst upgrades this morning in the tech space, PAY (+4.4%) was upgraded to Buy at UBS. Among downgrades, ADTN (-4.9%) was downgraded to Sell at Citigroup, NVDA (-2.4%) was downgraded to Perform at Oppenheimer, and INTC (-0.9%) was downgraded to Underperform at Raymond James. SAI (+0.8%) and SNPS (-0.9%) are two notable names in tech scheduled to report quarterly results today after the close.
