Last Update: 08-Jan-13 10:25 ET
S&P Information Technology Index (-0.2%) trading lower today with of the broader market
The tech sector is trading lower today, just ahead of larger losses in the broader market. Semiconductors are showing relative weakness, however, with the SOX trading 0.5% lower. Within the chip index, HITT (-4.6%) is a notable laggard. Among other major indices, the SPY is trading 0.5% lower today, while both the QQQ and the NASDAQ are down 0.4% on the session. Among tech bellwethers, INTC (+1.3%) is showing notable strength, while T (-1.2%) is under pressure. In tech earnings, PLXS (-4.9%), UCTT (-6.2%), and CY (-8.2%) lowered guidance, while PERI (+20.5%) issued above consensus guidance. In news, T (-1.2%) announced that it sold more than 10 mln smartphones in Q4. Among notable analyst upgrades this morning in the tech space, MKSI (+1.0%) was upgraded to Buy at BofA/Merrill. Also, ERIC (-4.5%) was named the Top Pick for 2013 at Cowen. Among downgrades, UMC (-1.2%) was downgraded to Neutral at Credit Suisse, FIO (-8.0%) and EMC (-1.7%) were downgraded to Market Perform at William Blair, HRS (-2.3%) was downgraded to Underweight at JP Morgan, and HITT (-4.5%) was downgraded to Sell at Goldman. 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 weakness, however,