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Last Update: 22-Jan-13 10:09 ET
S&P Information Technology Index (-0.2%) trading lower today, just behind the broader market
The tech sector is trading lower today, just trailing narrower losses in the broader market. Semiconductors are showing relative weakness with the SOX trading 0.6% lower. Within the chip index, SPRD (-1.7%) is a notable laggard. Among other major indices, the SPY is trading 0.1% lower today, while the QQQ and the NASDAQ are trading 0.2% lower on the session. Among tech bellwethers, FB (+3.1%) is showing notable strength, while ORCL (-1.1%) and TXN (-1.0%) are under pressure.
In tech earnings, VZ (+0.7%) posted an EPS miss with in-line revenues. In news, SIMO (+3.1%) announced the authorization of a new share repurchase program and also approved its first quarterly cash dividend. Among rumors, RIMM (+9.6%) may consider sale of software licenses or hardware production as part of strategic review, according to reports. Among notable analyst upgrades this morning in the tech space, ASML (+0.7%) was upgraded at Deutsche Bank and ABN Amro and RIMM (+9.8%) was upgraded to Sector Outperform at Scotia Capital. Among notable downgrades, Benchmark downgraded ARMH (-2.2%) to Hold. GOOG (-0.9%), IBM (+0.2%), AMD (+1.0%), CA (-0.8%), and TXN (-1.0%) are the only notable names in tech scheduled to report quarterly results today after the close.
The tech sector is trading lower today, just trailing narrower losses in the broader market. Semiconductors are showing relative weakness with the