EmailStory Stocks®
Archive
Last Update: 09-Oct-12 10:53 ET
S&P Information Technology Index (-0.8%) 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 1.1% lower. Within the chip index, WFR (-2.1%) is a notable laggard. Among other major indices, the SPY is trading 0.2% lower today, while the QQQ is down 1.0% and the NASDAQ is trading 0.7% lower on the session. Among tech bellwethers, INTC (-2.0%) is showing notable weakness.
In tech earnings last night, SCSC (-4.6%) issued downside Q1 guidance. This morning, VDSI (-23.4%) issued downside Q3 guidance and lowered FY12 guidance, ISIL (-0.4%) guided Q3 below consensus, SMCI (-2.9%) reported that it now sees Q1 at the low end of guidance, and ORBK (-10.1%) lowered Q3 rev guidance well below the Street.
Among rumors, FB (+0.1%) will team up with retailers to test 'want button', according to reports.
In notable analyst upgrades this morning in the tech space, ALLT (+3.3%) was upgraded to Buy at Jefferies Among downgrades, INTC (-2.0%) was downgraded to Underperform at Bernstein, BIDU (-4.5%) was downgraded to Underperform at Credit Suisse and PRGS (-3.5%) was downgraded from Buy at Mizuho. ADTN (-0.7%) is the only notable name in tech scheduled to report quarterly results today after the close.
In tech earnings last night, SCSC (-4.6%) issued downside Q1 guidance. This morning, VDSI (-23.4%) issued downside Q3 guidance and lowered FY12 guidance, ISIL (-0.4%) guided Q3 below consensus, SMCI (-2.9%) reported that it now sees Q1 at the low end of guidance, and ORBK (-10.1%) lowered Q3 rev guidance well below the Street.
Among rumors, FB (+0.1%) will team up with retailers to test 'want button', according to reports.
In notable analyst upgrades this morning in the tech space, ALLT (+3.3%) was upgraded to Buy at Jefferies Among downgrades, INTC (-2.0%) was downgraded to Underperform at Bernstein, BIDU (-4.5%) was downgraded to Underperform at Credit Suisse and PRGS (-3.5%) was downgraded from Buy at Mizuho. ADTN (-0.7%) is the only notable name in tech scheduled to report quarterly results today after the close.
