Story Stocks®
Archive
Last Update: 21-Dec-12 10:52 ET
S&P Information Technology Index (-1.0%) trading lower today, just behind the broader market
he tech sector is trading lower today, trailing slightly narrower losses in the broader market. Semiconductors are showing relative weakness as well with the SOX trading 1.5% lower. Within the chip index, MU (-8.5%) is a notable laggard. Among other major indices, the SPY is trading 0.8% lower today, while the QQQ and the NASDAQ are trading 1.1% lower on the session. Among tech bellwethers, FB (-1.9%) and MSFT (-1.8%) are showing notable weakness.
In tech earnings last night, RIMM (-14.5%) reported a narrower-than-expected Q3 loss. Elsewhere, MU (-8.7%) posted a miss, CAMP (-3.5%) reported a slight beat and guided inline, RHT (+3.8%) reported a slight beat and TIBX (+3.7%) posted a beat. In news, PGI (+0.4%), PACT (+2.9%), and SNDK (+0.8%) announced stock repurchase programs. In notable analyst upgrades this morning in the tech space, IFNNY (+0.7%) was upgraded to Overweight at JP Morgan. Among downgrades, ELOQ (-0.3%) was downgraded to Neutral at JP Morgan, RIMM (-14.5%) was downgraded at Credit Agricole and National Bank Financial, and MU (-8.5%) was downgraded to Outperform at Credit Agricole.
he tech sector is trading lower today, trailing slightly narrower losses in the broader market. Semiconductors are showing relative weakness as well