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Last Update: 02-Nov-12 10:39 ET
S&P Information Technology Index (-0.4%) trading lower today, trailing the broader market
The tech sector is trading lower today as it underperforms the broader market. Semiconductors are showing relative weakness as well with the SOX trading 0.8% lower. Within the chip index, INTC (+0.7%) is a notable standout. Among other major indices, the SPY is trading flat, while the QQQ is up 0.1%, and the NASDAQ is trading 0.2% lower on the session. Among tech bellwethers, AAPL (-0.8%) is once again showing notable weakness.
An avalanche of tech earnings were reported after yesterday's close. ROVI (+10.0%) beat on earnings, revs, and guided EPS above consensus. LNKD (+2.3%) beat on earnings, revs, and guided revs in-line. ATML (-4.0%), IN (+10.6%) beat on earnings and missed on revs. OPEN (-4.9%), YELP (-11.0%) beat on earnings and guided in-line. SWKS (-11.1%) beat on earnings and guided EPS below consensus. WIT (-1.4%) reported EPS in-line and missed on revs. EQIX (+4.3%) missed on earnings and revs. This morning, SSYS (-8.2%) beat on earnings, revs, and guided EPS above consensus while revs are expected to be in-line. EXLS (-6.1%) beat on earnings, and raised full-year guidance. IT (-4.9%) missed on earnings and narrowed full-year revs guidance in-line. In news, VZ (+0.2%) announces tender offer for 8.95% notes due 2039 and potential partial redemption of certain notes. MVIS (-0.5%) filed for a $25 mln mixed securities shelf offering and filed for an offering of 2.1 mln shares of common stock that may be issued upon the exercise of warrants that were sold in connection with the public offering completed on June 20, 2012. EBAY (+0.2%) is planning on China partnership with Xiu.com, according to reports.
Looking at M&A rumors, Bloomberg discusses that NFLX (+2.0%) valuation may be too high for a sale. In notable analyst upgrades this morning in the tech space, USM (+1.9%) and PCCC (+6.3%) were both upgraded to Market Perform at Raymond James. Among downgrades, ACTV (-44.8%) was downgraded at Barrington Research, Citigroup, Northland Securities, and Raymond James. CYOU (+0.8%), SOHU (-1.9%), TEL (+0.2%) are the notable names in tech scheduled to report quarterly results before Monday's open.
An avalanche of tech earnings were reported after yesterday's close. ROVI (+10.0%) beat on earnings, revs, and guided EPS above consensus. LNKD (+2.3%) beat on earnings, revs, and guided revs in-line. ATML (-4.0%), IN (+10.6%) beat on earnings and missed on revs. OPEN (-4.9%), YELP (-11.0%) beat on earnings and guided in-line. SWKS (-11.1%) beat on earnings and guided EPS below consensus. WIT (-1.4%) reported EPS in-line and missed on revs. EQIX (+4.3%) missed on earnings and revs. This morning, SSYS (-8.2%) beat on earnings, revs, and guided EPS above consensus while revs are expected to be in-line. EXLS (-6.1%) beat on earnings, and raised full-year guidance. IT (-4.9%) missed on earnings and narrowed full-year revs guidance in-line. In news, VZ (+0.2%) announces tender offer for 8.95% notes due 2039 and potential partial redemption of certain notes. MVIS (-0.5%) filed for a $25 mln mixed securities shelf offering and filed for an offering of 2.1 mln shares of common stock that may be issued upon the exercise of warrants that were sold in connection with the public offering completed on June 20, 2012. EBAY (+0.2%) is planning on China partnership with Xiu.com, according to reports.
Looking at M&A rumors, Bloomberg discusses that NFLX (+2.0%) valuation may be too high for a sale. In notable analyst upgrades this morning in the tech space, USM (+1.9%) and PCCC (+6.3%) were both upgraded to Market Perform at Raymond James. Among downgrades, ACTV (-44.8%) was downgraded at Barrington Research, Citigroup, Northland Securities, and Raymond James. CYOU (+0.8%), SOHU (-1.9%), TEL (+0.2%) are the notable names in tech scheduled to report quarterly results before Monday's open.
