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Last Update: 22-Mar-13 10:41 ET
S&P Information Technology Index (+0.52%) trading higher today along with the broader market
he tech sector is trading higher today, in line with gains in the broader market. Semiconductors are showing relative strength with the SOX trading 1.1% higher. Within the chip index, MU (+10.4%) is a notable standout following earnings. Among other major indices, the SPY is trading 0.6% higher today, while the QQQ is up 0.6% and the NASDAQ is trading 0.5% higher on the session. Among tech bellwethers, QCOM (+0.9%) is showing notable strength, while ORCL (-0.7%) is under pressure for the second straight session.
In tech earnings, TIBX (-15.5%) posted a slightly lower Q1 revs, inline EPS and downside guidance, while MU (+11.1%) posted upside quarterly sales. In news, CRM (+1.7%) announced a four-for-one stock split. TECD (-4.1%) restated prior financial statements, which will reduce previously reported consolidated operating income by ~$30-40 mln. Among IPOs, WSTC (has yet to open) priced below its expected range, while MRIN (+28.1%) priced above its expected range. Among rumors, there were reports that BX (-0.3%) is currently studying DELL (-0.1%) buyout, but decision is not certain. Among notable analyst upgrades this morning in the tech space, ADTN (+2.8%) was upgraded to Mkt Perform at Raymond James, PANW (0.0%) was upgraded to Buy at B. Riley Caris and SPRD (+2.2%) was upgraded to Buy at BofA/Merrill. Among downgrades, INFA (-3.8%) was downgraded to Neutral at Nomura, RAX (-1.1%) was downgraded to Sector Perform at Pacific Crest, PLT (-2.0%) was downgraded to Neutral at Sidoti and TIBX (-15.5%) was downgraded at Susquehanna, FBN, and Atlantic. There are no notable names in tech scheduled to report quarterly results today after the close.
In tech earnings, TIBX (-15.5%) posted a slightly lower Q1 revs, inline EPS and downside guidance, while MU (+11.1%) posted upside quarterly sales. In news, CRM (+1.7%) announced a four-for-one stock split. TECD (-4.1%) restated prior financial statements, which will reduce previously reported consolidated operating income by ~$30-40 mln. Among IPOs, WSTC (has yet to open) priced below its expected range, while MRIN (+28.1%) priced above its expected range. Among rumors, there were reports that BX (-0.3%) is currently studying DELL (-0.1%) buyout, but decision is not certain. Among notable analyst upgrades this morning in the tech space, ADTN (+2.8%) was upgraded to Mkt Perform at Raymond James, PANW (0.0%) was upgraded to Buy at B. Riley Caris and SPRD (+2.2%) was upgraded to Buy at BofA/Merrill. Among downgrades, INFA (-3.8%) was downgraded to Neutral at Nomura, RAX (-1.1%) was downgraded to Sector Perform at Pacific Crest, PLT (-2.0%) was downgraded to Neutral at Sidoti and TIBX (-15.5%) was downgraded at Susquehanna, FBN, and Atlantic. There are no notable names in tech scheduled to report quarterly results today after the close.
