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Last Update: 31-Oct-11 11:39 ET
S&P Tech Sector Down One Percent, Outperforming S&P 500
The tech sector is trading lower today, just ahead of losses in the broader market. Semiconductors are showing relative weakness in the tech space, however, with the Philly Semi Index trading 1.8% lower. WFR (-8.7%) is a notable laggard in that chip index. Among other major indices, the S&P 500 is trading 1.4% lower, while the NASDAQ is trading 1.1% lower The QQQ, meanwhile, is trading 1.0% lower on the session. Among tech bellwethers, AAPL (+0.5%) is a notable outperformer, while ORCL (-1.6%) is lagging.
In earnings this morning, SOHU (-9.9%) reported a mixed quarter and guidance, while CYOU (-13.7%) posted a slight beat and inline guidance.
In news, YHOO (-5.3%) is to consider a buyback and dividend rather than sale of company, according to reports. Among rumors, there is chatter of an outside investment in YOKU (-5.9%) making the rounds.
Among notable analyst upgrades this morning, BRCM (-1.2%) was upgraded to Outperform at JMP Securities, CRM (-2.7%) was downgraded to Equal Weight at Global Equity Research, and JNPR (+0.4%) was upgraded to Outperform at RBC Capital. In downgrades, Sterne Agee downgraded SNDK (-4.0%) to Neutral.
LEAP (+0.7%) was the notable names in tech set to report results today after the close.
In earnings this morning, SOHU (-9.9%) reported a mixed quarter and guidance, while CYOU (-13.7%) posted a slight beat and inline guidance.
In news, YHOO (-5.3%) is to consider a buyback and dividend rather than sale of company, according to reports. Among rumors, there is chatter of an outside investment in YOKU (-5.9%) making the rounds.
Among notable analyst upgrades this morning, BRCM (-1.2%) was upgraded to Outperform at JMP Securities, CRM (-2.7%) was downgraded to Equal Weight at Global Equity Research, and JNPR (+0.4%) was upgraded to Outperform at RBC Capital. In downgrades, Sterne Agee downgraded SNDK (-4.0%) to Neutral.
LEAP (+0.7%) was the notable names in tech set to report results today after the close.
