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Last Update: 07-Jan-13 12:08 ET
S&P Information Technology Index (-0.2%) trading lower today, just ahead of the broader market
The tech sector is trading lower today, just ahead of larger losses in the broader market. Semiconductors are showing relative strength as well with the SOX trading only 0.1% lower. Within the chip index, CRUS (+3.5%) is a notable standout. Among other major indices, the SPY is trading 0.3% lower today, while the QQQ is down 0.1% and the NASDAQ is trading 0.2% lower on the session. Among tech bellwethers, FB (+2.0%) is showing notable strength, while CSCO (-0.8%) is under pressure. In tech earnings, PSEM (-9.8%) lowered Q2 guidance Friday after the close. This morning, DSPG (+5.3%) raised Q4 revenue guidance, while HILL (-12.0%) lowered Q4 guidance. In news, the Consumer Electronics Show got underway last night. NVDA (-3.0%) unveiled the Tegra 4 processor. Among notable analyst upgrades this morning in the tech space, CAJ (-1.6%) was upgraded to Buy at Jefferies, SYMC (-0.4%) was upgraded to Overweight at Barclays, CSOD (+2.1%) was upgraded to Overweight at Barclays, and INTC (+1.3%) was upgraded at Lazard and BMO. Also, MU (+3.4%) was added to Top Picks Live list at Citigroup. Among downgrades, IFNNY (-2.2%) and ASML (-1.5%) were downgraded at BofA/Merrill, AMAT (-1.7%) was downgraded to Underweight at JP Morgan, YHOO (-2.7%) was downgraded to Mkt Perform at Bernstein, EA (-2.2%) was downgraded to Neutral at Sterne Agee, QLIK (-2.3%) and BIDU (-2.6%) were downgraded to Equal-Weight at Barclays and SAP (-0.8%) was downgraded to Neutral at UBS. There are no notable names in tech scheduled to report quarterly results today after the close.
The tech sector is trading lower today, just ahead of larger losses in the broader market. Semiconductors are showing relative strength as well with