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Last Update: 04-Jan-12 11:07 ET
S&P Tech Sector Down 0.4%, In-line With S&P 500
The tech sector is trading lower today, in-line with the broader market. Semiconductors are showing relative weakness in the tech space with the Philly Semi Index trading 0.8% higher. AVGO (-2.0%) is a notable laggard in the chip index. Among other major indices, the S&P 500 is trading 0.5% lower, while the NASDAQ is trading 0.5% lower and the QQQ is 0.2% lower on the session. Among tech bellwethers, MSFT (+1.2%) is showing strength, while CSCO (-0.6%) is a notable underperformer.
In earnings last night, APKT (-18.7%) and NATI (-6.7%) provided downside Q4 guidance. Elsewhere, PRGS (-7.4%) posted a slight Q4 beat and guided lower.
In news, YHOO (-2.1%) announced the appointment of Scott Thompson as CEO. Thompson served most recently as President of PayPal, a division of eBay EBAY (-3.6%).
Among notable analyst upgrades this morning, CTXS (-0.1%) was upgraded to Outperform at Cowen and LSI (-0.1%) and SYNA (-0.5%) were upgraded at Lazard. Among downgrades, Ticonderoga is downgrading SAP (-0.4%) to Sell, Kaufman downgraded CLWR (-3.8%) to Hold, CACI (-1.1%) was downgraded to Underweight at JP Morgan, APKT (-19.5%) was downgraded at Deutsche Bank, Capstone, and Wedbush, and NTAP (-3.9%) was downgraded to Neutral at Credit Suisse.
There are no notable names in tech scheduled to report results today after the close.
In earnings last night, APKT (-18.7%) and NATI (-6.7%) provided downside Q4 guidance. Elsewhere, PRGS (-7.4%) posted a slight Q4 beat and guided lower.
In news, YHOO (-2.1%) announced the appointment of Scott Thompson as CEO. Thompson served most recently as President of PayPal, a division of eBay EBAY (-3.6%).
Among notable analyst upgrades this morning, CTXS (-0.1%) was upgraded to Outperform at Cowen and LSI (-0.1%) and SYNA (-0.5%) were upgraded at Lazard. Among downgrades, Ticonderoga is downgrading SAP (-0.4%) to Sell, Kaufman downgraded CLWR (-3.8%) to Hold, CACI (-1.1%) was downgraded to Underweight at JP Morgan, APKT (-19.5%) was downgraded at Deutsche Bank, Capstone, and Wedbush, and NTAP (-3.9%) was downgraded to Neutral at Credit Suisse.
There are no notable names in tech scheduled to report results today after the close.
