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Last Update: 14-Dec-11 10:41 ET
S&P Tech Down 1.2%
The tech sector is trading lower today, trailing lesser losses in the broader market. Semiconductors are showing relative strength in the tech space, however, with the Philly Semi Index trading only 0.7% lower. BRCM (+4.8%) is a standout following upside guidance, while RBCN (-4.1) is a notable laggard in the chip index. Among other major indices, the S&P 500 is trading 0.7% lower, while the NASDAQ is trading 1.3% lower and the QQQ is 1.2% lower on the session. Among tech bellwethers, CSCO (-2.3%) is a notable underperformer.
In earnings last night, SQNS (-29.6%) lowered guidance well below consensus. This morning, BRCM (+4.8%) raised Q4 guidance above consensus.
Among rumors, we are hearing GOOG (-0.8%) for IDCC (+1.1%) making the rounds.
Among notable analyst upgrades this morning, APKT (-2.6%) was upgraded to Outperform at Morgan Keegan and RCI (0.0%) was upgraded to Outperform at RBC Capital. Also, EBAY (-0.7%) was resumed with a Buy at Goldman and added to its Conviction Buy List. Among downgrades, ADTN (-2.1%) was downgraded to Hold at Jefferies, ACOM (-6.1%) was downgraded to Equal Weight at Morgan Stanley, and Needham downgraded VLTR (-3.1%) to Buy.
PAY (-1.6%) is the notable name in tech scheduled to report results today after the close.
In earnings last night, SQNS (-29.6%) lowered guidance well below consensus. This morning, BRCM (+4.8%) raised Q4 guidance above consensus.
Among rumors, we are hearing GOOG (-0.8%) for IDCC (+1.1%) making the rounds.
Among notable analyst upgrades this morning, APKT (-2.6%) was upgraded to Outperform at Morgan Keegan and RCI (0.0%) was upgraded to Outperform at RBC Capital. Also, EBAY (-0.7%) was resumed with a Buy at Goldman and added to its Conviction Buy List. Among downgrades, ADTN (-2.1%) was downgraded to Hold at Jefferies, ACOM (-6.1%) was downgraded to Equal Weight at Morgan Stanley, and Needham downgraded VLTR (-3.1%) to Buy.
PAY (-1.6%) is the notable name in tech scheduled to report results today after the close.
