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Last Update: 29-Jan-13 10:58 ET
S&P Information Technology Index (-0.5%) trading lower today, trailing the broader market
The tech sector is trading lower today, trailing narrower losses in the broader market. Semiconductors are showing relative weakness as well with the SOX trading 0.7% lower. Within the chip index, AMD (-2.5%) is a notable laggard. Among other major indices, the SPY is trading 0.1% lower today, while the QQQ is down 0.5% and the NASDAQ is trading 0.6% lower on the session. Among tech bellwethers, AAPL (+1.5%) is showing notable strength, while FB (-3.5%) is under pressure following cautious commentary from DB. In tech earnings this morning, YHOO (-1.5%) reported a beat and guided inline, STX (-8.3%) posted a slight beat and guided lower, SANM (-15.7%) and BMC (-8.5%) both missed qtrly results and guidance, and VMW (-19.5%) posted a beat but issued downside guidance.
This morning, EMC (-6.7%) reported a slight beat and guided lower and GLW (+0.5%) reported a beat, while LXK (-9.1%) posted a miss and guided below consensus. In news, SWIR (+13.8%) entered into agreement to sell assets of AirCard business to NTGR (-8.5%) for $138 mln in cash plus. Also, AAPL (+1.4%) announced a 128GB version of the fourth generation iPad. Among rumors, we are hearing a RIMM (-8.2%) and LNVGY (+4.6%) deal could be imminent. Among notable analyst upgrades this morning in the tech space, ERIC (+0.9%) was upgraded to Buy at Deutsche Bank, Wunderlich upgraded PLXT (+1.7%) to Buy and SWIR (+14.2%) was upgraded at RBC. Also, Maxim initiated coverage on the SaaS group with a positive overall view with LPSN (-0.3%) and ELLI (-0.4%) as top picks. Among downgrades, Wunderlich and Morgan Stanley downgraded VMW (-19.5%), BT (-2.6%) was downgraded to Neutral at BofA/Merrill, Wunderlich downgraded FTNT (-6.0%) to Hold, EQIX (-2.4%) was downgraded to Neutral at Citigroup, BMC (-8.5%) was downgraded to Neutral at Cowen and NTGR (-8.5%) was downgraded at RBC. BRCM (-0.5%), FSL (-0.7%), and UIS (-4.0%) are notable names in tech scheduled to report quarterly results today after the close.
This morning, EMC (-6.7%) reported a slight beat and guided lower and GLW (+0.5%) reported a beat, while LXK (-9.1%) posted a miss and guided below consensus. In news, SWIR (+13.8%) entered into agreement to sell assets of AirCard business to NTGR (-8.5%) for $138 mln in cash plus. Also, AAPL (+1.4%) announced a 128GB version of the fourth generation iPad. Among rumors, we are hearing a RIMM (-8.2%) and LNVGY (+4.6%) deal could be imminent. Among notable analyst upgrades this morning in the tech space, ERIC (+0.9%) was upgraded to Buy at Deutsche Bank, Wunderlich upgraded PLXT (+1.7%) to Buy and SWIR (+14.2%) was upgraded at RBC. Also, Maxim initiated coverage on the SaaS group with a positive overall view with LPSN (-0.3%) and ELLI (-0.4%) as top picks. Among downgrades, Wunderlich and Morgan Stanley downgraded VMW (-19.5%), BT (-2.6%) was downgraded to Neutral at BofA/Merrill, Wunderlich downgraded FTNT (-6.0%) to Hold, EQIX (-2.4%) was downgraded to Neutral at Citigroup, BMC (-8.5%) was downgraded to Neutral at Cowen and NTGR (-8.5%) was downgraded at RBC. BRCM (-0.5%), FSL (-0.7%), and UIS (-4.0%) are notable names in tech scheduled to report quarterly results today after the close.
