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Last Update: 07-Feb-12 10:45 ET
S&P Tech Sector Just Under The Unchanged Line
The tech sector is trading just lower today, along of losses in the broader market. Semiconductors are showing slight relative weakness in line with the tech space, however, with the Philly Semi Index trading 0.3% lower. IDCC (-6.2%) 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, AAPL (+0.5%) is showing strength, while TXN (-0.7%) and INTC (-0.7%) are under a little pressure.
In earnings last night, RATE (+1.0%) posted a quarterly beat but issued downside guidance, while PMCS (+3.6%) posted a slight miss. Also, IDCC (-6.2%) lowered its guidance. This morning, IT (-3.6%) posted an inline quarter, while VSH (-10.3%) reported a miss.
In news, CSTR (+18.2%) announced that Redbox has agreed to purchase assets of NCR's (+7.4%) entertainment line of business. The acquisition includes the purchase of the DVD kiosks, certain retailer contracts, and DVD inventory from NCR's entertainment line of business.
Among notable analyst upgrades this morning, FN (+6.1%) was upgraded to Overweight at Morgan Stanley. Among downgrades, CYOU (+2.0%) was downgraded to Neutral at Goldman, Stifel Nicolaus downgraded RATE (+1.0%) to Hold, Argus downgrades DRIV (-1.2%) to Hold, and SOHU (-2.9%) was downgraded to Hold at RBS.
NTGR (-1.5%) and VCLK (+0.6%) are two notable names in tech scheduled to report results today after the close.
In earnings last night, RATE (+1.0%) posted a quarterly beat but issued downside guidance, while PMCS (+3.6%) posted a slight miss. Also, IDCC (-6.2%) lowered its guidance. This morning, IT (-3.6%) posted an inline quarter, while VSH (-10.3%) reported a miss.
In news, CSTR (+18.2%) announced that Redbox has agreed to purchase assets of NCR's (+7.4%) entertainment line of business. The acquisition includes the purchase of the DVD kiosks, certain retailer contracts, and DVD inventory from NCR's entertainment line of business.
Among notable analyst upgrades this morning, FN (+6.1%) was upgraded to Overweight at Morgan Stanley. Among downgrades, CYOU (+2.0%) was downgraded to Neutral at Goldman, Stifel Nicolaus downgraded RATE (+1.0%) to Hold, Argus downgrades DRIV (-1.2%) to Hold, and SOHU (-2.9%) was downgraded to Hold at RBS.
NTGR (-1.5%) and VCLK (+0.6%) are two notable names in tech scheduled to report results today after the close.
