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Last Update: 12-Apr-13 10:26 ET
Technology (XLK -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, AMD (-2.8%) is a notable laggard. Among other major indices, the SPY is trading 0.3% lower today, while the QQQ is down 0.2% and the NASDAQ is trading 0.3% lower on the session. Among tech bellwethers, VZ (+0.2%) is showing notable strength, while CSCO (-1.4%) is under pressure.
In tech earnings, HRS (-5.3%) issued downside Q1 guidance last night. XXIA (-1.2%) also lowered its Q1 estimates. INFY (-19.2%) posted a mixed Q4 and guided lower, as well. In news, LNKD (-0.9%) acquired Pulse in a deal valued at ~$90 mln. Also, BBRY (+2.5%) announced it would seek SEC and Ontario Securities Commission review of a false and misleading report about retail return rates for the Company's new BlackBerry Z10 smartphone. The Co also stated that says 'Sales of the BlackBerry Z10 are meeting expectations'. Among IPOs, RALY (+28.7%) opened for trading at $17.26 after pricing at $14. Among rumors, AAPL (-0.4%) and Universal Music agreement on streaming iRadio service imminent, according to report. Among notable analyst upgrades this morning in the tech space, Oppenheimer upgraded PANL (+3.9%) to Outperform and Stifel upgraded RLD (+1.6%) and RATE (+4.0%) to Buy. Among downgrades, FISV (-0.7%), EEFT (-5.6%), and FIS (-1.1%) were downgraded to Neutral at Sterne Agee and MSFT (-0.1%) 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, HRS (-5.3%) issued downside Q1 guidance last night. XXIA (-1.2%) also lowered its Q1 estimates. INFY (-19.2%) posted a mixed Q4 and guided lower, as well. In news, LNKD (-0.9%) acquired Pulse in a deal valued at ~$90 mln. Also, BBRY (+2.5%) announced it would seek SEC and Ontario Securities Commission review of a false and misleading report about retail return rates for the Company's new BlackBerry Z10 smartphone. The Co also stated that says 'Sales of the BlackBerry Z10 are meeting expectations'. Among IPOs, RALY (+28.7%) opened for trading at $17.26 after pricing at $14. Among rumors, AAPL (-0.4%) and Universal Music agreement on streaming iRadio service imminent, according to report. Among notable analyst upgrades this morning in the tech space, Oppenheimer upgraded PANL (+3.9%) to Outperform and Stifel upgraded RLD (+1.6%) and RATE (+4.0%) to Buy. Among downgrades, FISV (-0.7%), EEFT (-5.6%), and FIS (-1.1%) were downgraded to Neutral at Sterne Agee and MSFT (-0.1%) was downgraded to Outperform at Credit Agricole. There are no notable names in tech scheduled to report quarterly results today after the close.
