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Last Update: 07-Dec-12 10:52 ET
S&P Information Technology Index (-0.5%) trading lower today, trailing the broader market
The tech sector is trading lower today, trailing modest gains in the broader market. Semiconductors are showing relative strength, however, with the SOX trading 0.2% higher. Within the chip index, BRCM (+2.2%) is a leader. Among other major indices, the SPY is trading 0.04% higher today, while the QQQ is down 0.5% and the NASDAQ is trading 0.4% lower on the session. Among tech bellwethers, FB (+1.0%) is a standout, while AAPL (-1.5%) is showing notable weakness.
In tech earnings last night, PANW (-6.4%) posted a slight Q1 beat with guidance modestly above consensus. Elsewhere, CMTL (-8.8%) reported a mixed qtr and lowered guidance. This morning at its analyst conf, CSCO (+0.1%) said they have an opportunity to grow top line revenue at 5-7%, inline with consensus. In news, AMD (-0.9%) amended its wafer supply agreement with GLOBALFOUNDRIES and it lowered its wafer purchase commitments for Q4. AVGO (-1.9^) announced the sales of ~21.5 mln shares from selling stockholders. LLTC (+0.2%) marginally increased its dividend. In notable analyst upgrades this morning in the tech space, DST (+0.7%) was upgraded to Buy at Sterne Agee and TSM (+0.7^) was upgraded to Outperform at Credit Suisse. Among downgrades, DRWI (+2.8%) was downgraded to Hold at Canaccord.
In tech earnings last night, PANW (-6.4%) posted a slight Q1 beat with guidance modestly above consensus. Elsewhere, CMTL (-8.8%) reported a mixed qtr and lowered guidance. This morning at its analyst conf, CSCO (+0.1%) said they have an opportunity to grow top line revenue at 5-7%, inline with consensus. In news, AMD (-0.9%) amended its wafer supply agreement with GLOBALFOUNDRIES and it lowered its wafer purchase commitments for Q4. AVGO (-1.9^) announced the sales of ~21.5 mln shares from selling stockholders. LLTC (+0.2%) marginally increased its dividend. In notable analyst upgrades this morning in the tech space, DST (+0.7%) was upgraded to Buy at Sterne Agee and TSM (+0.7^) was upgraded to Outperform at Credit Suisse. Among downgrades, DRWI (+2.8%) was downgraded to Hold at Canaccord.
