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Last Update: 07-Mar-13 11:01 ET
S&P Information Technology Index (-0.1%) trading just lower, trailing the broader market
The tech sector is trading lower today, behind gains in the broader market. Semiconductors are showing relative strength, however, with the SOX trading 0.6% higher. Within the chip index, MLNX (+4.5%) is a notable standout. Among other major indices, the SPY is trading 0.1% higher today, while the QQQ is flat and the NASDAQ is trading marginally higher on the session. Among tech bellwethers, FB (+1.4%) is showing notable strength, while AAPL (-0.8%) and EBAY (-0.8%) are under pressure. In tech earnings last night, NQ (+11.7%) and SMTC (+7.4%) posted qtrly beats and issued upside guidance. This morning, DANG (-2.2%) posted a slight Q4 beat, while CIEN (+13.5%) reported a beat and guided inline with consensus. Also, DIOD (+2.1%) raised Q1 gudiance. In news, DELL (-0.4%) issued a Special Committee statement regarding Carl Icahn's demand that Dell pursue leveraged recapitalization: 'Special Committee is currently conducting a robust ‘go-shop' process to determine if there are third parties interested in proposing alternative transactions'. Among notable analyst upgrades this morning in the tech space, SAP (+1.3%) was upgraded to Overweight at HSBC, WFR (+2.6%) was upgraded to Buy at Goldman, PANW (+0.1%) was upgraded to Outperform at Northland Capital, LVLT (+7.0%) was upgraded to Mkt Perform at Raymond James and MLNX (+4.5%) was upgraded to Mkt Outperform at JMP. Among downgrades, VNET (-2.9%) was downgraded to Neutral at JPMorgan. FNSR (+4.3%), P (+1.4%), and WDAY (-1.1%) are notable names in tech scheduled to report quarterly results today after the close.
The tech sector is trading lower today, behind gains in the broader market. Semiconductors are showing relative strength, however, with the SOX