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Last Update: 24-Jan-13 11:37 ET
S&P Information Technology Index (-1.1%) trading lower , trailing the broader market
The tech sector is trading lower today, trailing gains in the broader market. Semiconductors are showing relative strength with the SOX trading only 0.1% lower. Within the chip index, SNDK (+3.6%) and AMD (+3.6%) are notable standouts. Among other major indices, the SPY is trading 0.4% higher today, while the QQQ is down 0.5% and the NASDAQ is trading 0.1% lower on the session. Among tech bellwethers, CSCO (+2.2%) is showing notable strength, while AAPL (-10.2%) is under pressure.
In another busy night in tech earnings, AAPL (-10.2%) posted a relatively inline quarter, but offered disappointing iOS metrics and downside guidance; SNDK (+3.8%) reported a beat and guided below consensus; WDC (+3.8%) posted a beat and issued inline guidance; LRCX (-0.1%) reported a beat and guided just below consensus; and MLNX (+2.5%) reported results inline with its downside preannouncement and guided well below consensus. This morning, XRX (+3.2%) posted a modest Q4 beat and reaffirmed guidance, while NOK (-4.6%) and FCS (+4.6%) posted roughly inline results and AVT (+7.8%) posted a solid beat. In news, DBD (-8.2%) announced its CEO is stepping down immediately. In conjunction, the Co issued downside guidance. Among rumors, VZ (+0.4%) may be in position to take control of Verizon Wireless from JV partner VOD (+2.3%), according to a report. Also, there is chatter than LNVGY (+5.8%) is interested in buying RIMM (+3.8%). Among notable analyst upgrades this morning in the tech space, ASML (+2.5%) was upgraded to Buy at BofA/Merrill and RBC upgraded ADSK (+2.9%) to Outperform. Among downgrades, AAPL (-10.2%) was downgraded at Jefferies and Scotia Capital removed from the Best Ideas List at Morgan Stanley, Wunderlich and Stifel downgraded SYMC (+1.7%) to Hold, ALTR (-4.7%) was downgraded to Market Perform at William Blair, VECO (-1.6%) was downgraded to Neutral at UBS, and MLNX (+2.5%) was downgraded at Pac Crest and Craig-Hallum. T (+0.8%), FLEX (+2.1%), JNPR (+1.7%), KLAC (+0.2%), and MSFT (+1.6%) are the notable names in tech scheduled to report quarterly results today after the close.
In another busy night in tech earnings, AAPL (-10.2%) posted a relatively inline quarter, but offered disappointing iOS metrics and downside guidance; SNDK (+3.8%) reported a beat and guided below consensus; WDC (+3.8%) posted a beat and issued inline guidance; LRCX (-0.1%) reported a beat and guided just below consensus; and MLNX (+2.5%) reported results inline with its downside preannouncement and guided well below consensus. This morning, XRX (+3.2%) posted a modest Q4 beat and reaffirmed guidance, while NOK (-4.6%) and FCS (+4.6%) posted roughly inline results and AVT (+7.8%) posted a solid beat. In news, DBD (-8.2%) announced its CEO is stepping down immediately. In conjunction, the Co issued downside guidance. Among rumors, VZ (+0.4%) may be in position to take control of Verizon Wireless from JV partner VOD (+2.3%), according to a report. Also, there is chatter than LNVGY (+5.8%) is interested in buying RIMM (+3.8%). Among notable analyst upgrades this morning in the tech space, ASML (+2.5%) was upgraded to Buy at BofA/Merrill and RBC upgraded ADSK (+2.9%) to Outperform. Among downgrades, AAPL (-10.2%) was downgraded at Jefferies and Scotia Capital removed from the Best Ideas List at Morgan Stanley, Wunderlich and Stifel downgraded SYMC (+1.7%) to Hold, ALTR (-4.7%) was downgraded to Market Perform at William Blair, VECO (-1.6%) was downgraded to Neutral at UBS, and MLNX (+2.5%) was downgraded at Pac Crest and Craig-Hallum. T (+0.8%), FLEX (+2.1%), JNPR (+1.7%), KLAC (+0.2%), and MSFT (+1.6%) are the notable names in tech scheduled to report quarterly results today after the close.
