EmailThe tech sector is trading just higher today, trailing larger gains in the broader market. Semiconductors are also showing relative weakness with the Philly Semi Index trading 0.6% lower. CREE (-6.1%) is a notable laggard in that chip index. Among other major indices, the SPY is trading 0.7% higher today, while the QQQ is up 0.4% and the NASDAQ is trading 0.5% higher on the session. Among tech bellwethers, QCOM (+1.1%) is showing notable strength, while FB (-4.5%) is again showing weakness.
In earnings, VOD (+2.6%) reported FY12 EPS of GBP0.15 which may not compare to the GBP0.16 CIQ est, while revs increased 1.2% YoY to GBP43.4 bln vs the GBP45.3 bln CIQ est. In news, RRD (-0.4%) announced it would acquire EDGR (+47.2%) for $1.092/share, while EXTR (+1.4%) disclosed it granted an exemption to Soros to acquire additional shares of the common stock. Elsewhere, MS (+2.8%) lowered its estimates on FB very close to the IPO, according to reports.
There are no notable analyst ratings changes this morning. However, STX (-5.9%) and WDC (-4.6%) are under pressure this morning following cautious commentary from Morgan Stanley regarding an increase in channel inventory. ADI (-0.1%) and DELL (+0.1%) are the notable name in tech scheduled to report quarterly results today after the close.
