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Last Update: 08-Feb-12 12:23 ET
S&P Tech Sector Just Above the Unchanged Line, Outperforming S&P 500
The tech sector is trading slightly lower today, along with losses in the broader market. Semiconductors are showing relative strength in the tech space, however, with the Philly Semi Index trading 0.6% higher. NVDA (+2.7%) is showing relative strength, while IDCC (-1.6%) is a notable laggard in the chip index. Among other major indices, the SPY is trading 0.2% lower, while the NASDAQ is 0.3% lower and the QQQ is trading 0.2% lower on the session. Among tech bellwethers, TXN (+0.6%) is showing strength, while QCOM (-0.7%) is under pressure.
In earnings last night, OPEN (-11.7%) posted a quarterly beat, VCLK (+2.3%) posted a beat and raise, and NTGR (-6.0%) reported a slight qtrly beat with inline guidance. This morning, S (-3.5%) posted a bottom line miss with slight upside to the top line, AUO (-2.7%) posted a miss and CTSH (-1.5%) reported slight upside to the qtr and guidance.
In news, RMBS (+8.9%) announced it has signed a patent license agreement with NVDA (+2.7%).
Among rumors, we are hearing renewed MU (+2.2%) and, separately, RIMM (-1.0%) takeover chatter making the rounds. Among notable analyst upgrades this morning, OPEN (-11.7%) was upgraded to Overweight at Piper Jaffray and VSH (+6.0%) was upgraded to Overweight at JP Morgan. Among downgrades, DMD (-6.3%) was downgraded to Underweight at Morgan Stanley, NTGR (-6.0%) was downgraded to Hold at Deutsche Bank and OPEN (-11.7%) was downgraded at Oppenheimer and Credit Suisse.
ONNN (0.0%), CSCO (-0.2%) and IM (+0.4%) are two notable names in tech scheduled to report results today after the close.
In earnings last night, OPEN (-11.7%) posted a quarterly beat, VCLK (+2.3%) posted a beat and raise, and NTGR (-6.0%) reported a slight qtrly beat with inline guidance. This morning, S (-3.5%) posted a bottom line miss with slight upside to the top line, AUO (-2.7%) posted a miss and CTSH (-1.5%) reported slight upside to the qtr and guidance.
In news, RMBS (+8.9%) announced it has signed a patent license agreement with NVDA (+2.7%).
Among rumors, we are hearing renewed MU (+2.2%) and, separately, RIMM (-1.0%) takeover chatter making the rounds. Among notable analyst upgrades this morning, OPEN (-11.7%) was upgraded to Overweight at Piper Jaffray and VSH (+6.0%) was upgraded to Overweight at JP Morgan. Among downgrades, DMD (-6.3%) was downgraded to Underweight at Morgan Stanley, NTGR (-6.0%) was downgraded to Hold at Deutsche Bank and OPEN (-11.7%) was downgraded at Oppenheimer and Credit Suisse.
ONNN (0.0%), CSCO (-0.2%) and IM (+0.4%) are two notable names in tech scheduled to report results today after the close.
