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Last Update: 17-Dec-12 10:46 ET
S&P Information Technology Index (+0.2%) trading just higher today, trailing the broader market
The tech sector is trading higher today, just behind larger gains in the broader market. Semiconductors are showing relative weakness with the SOX trading modestly higher. Within the chip index, RBCN (+3.1%) is a notable standout, while VECO (-1.4%) is a laggard. Among other major indices, the SPY is trading 0.4% higher today, while the QQQ is up 0.1% and the NASDAQ is trading 0.2% higher on the session.
Among tech bellwethers, QCOM (+1.7%) is showing notable strength, while AAPL (-1.1%) is under pressure. There are no tech earnings of note this morning. In news, S (-0.3%) announced it will acquire 100% ownership of CLWR (-12.8%) for $2.97/share and AAPL (-1.3%) announced it has sold over 2 mln of its new iPhone 5 in China, just three days after its launch on December 14. Also, AKAM (-0.2%) announced a CEO succession plan and Elliott Mgmt offered to acquire CPWR (+13.6%) for $11.00 per share in cash. Among rumors, TI (-0.7%) has hired MS (+1.6%) to explore spinoff of fixed line network, according to reports. In notable analyst upgrades this morning in the tech space, Sterne Agee upgraded DIOD (+2.7%) to Buy, INFA (+3.6%) was upgraded to Overweight at Piper Jaffray, and SAP (-0.1%) was upgraded to Mkt Perform at JMP. Among downgrades, AAPL (-1.1%) was downgraded to Neutral at Citigroup and Sterne Agee downgraded TXN (-0.3%) to Underperform. There are no notable names in tech scheduled to report quarterly results today after the close.
Among tech bellwethers, QCOM (+1.7%) is showing notable strength, while AAPL (-1.1%) is under pressure. There are no tech earnings of note this morning. In news, S (-0.3%) announced it will acquire 100% ownership of CLWR (-12.8%) for $2.97/share and AAPL (-1.3%) announced it has sold over 2 mln of its new iPhone 5 in China, just three days after its launch on December 14. Also, AKAM (-0.2%) announced a CEO succession plan and Elliott Mgmt offered to acquire CPWR (+13.6%) for $11.00 per share in cash. Among rumors, TI (-0.7%) has hired MS (+1.6%) to explore spinoff of fixed line network, according to reports. In notable analyst upgrades this morning in the tech space, Sterne Agee upgraded DIOD (+2.7%) to Buy, INFA (+3.6%) was upgraded to Overweight at Piper Jaffray, and SAP (-0.1%) was upgraded to Mkt Perform at JMP. Among downgrades, AAPL (-1.1%) was downgraded to Neutral at Citigroup and Sterne Agee downgraded TXN (-0.3%) to Underperform. There are no notable names in tech scheduled to report quarterly results today after the close.
