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Last Update: 23-Jan-12 11:45 ET
S&P Tech Sector Up Slightly, Outperforming The S&P 500
The tech sector is trading slightly higher today, just ahead of gains in the broader market. Semiconductors are showing relative weakness in the tech space, however, with the Philly Semi Index trading 0.1% lower. RBCN (+4.0%) is a standout, while VECO (-2.5%) is a notable laggard in the chip index. Among other major indices, the S&P 500, the NASDAQ, and the QQQ are trading 0.1% higher on the session. Among tech bellwethers, INTC (+1.8%) and AAPL (+1.5%) are showing strength, while VZ (-1.5%) is a notable underperformer.
In earnings, IRF (-1.7%) lowered guidance this morning. In news, RIMM (-6.4%) named Thorsten Heins as President and CEO, unseating incumbent Co-CEOs Mike Lazaridis and Jim Balsillie.
Among rumors, we are hearing CSCO (-0.8%) for FNSR (-1.5%) takeover chatter making the rounds.
Among notable analyst upgrades this morning, RIMM (-6.4%) was upgraded to Hold at Deutsche Bank. Among downgrades, FBR Capital downgrades CNQR (-2.7%) to Mkt Perform, ARW (-2.2%) and AVT (-1.4%) were downgraded to Outperform at Raymond James, Stifel Nicolaus downgrades MFLX (-3.0%) to Hold, RIMM (-6.4%) was downgraded to Hold at ThinkEquity, and HRS (-0.3%) was downgraded to Equal Weight at Barclays.
STM (0.0%), VMW (-2.4%), WDC (-1.1%), and TXN (-1.3%) are the notable names in tech scheduled to report results today after the close.
In earnings, IRF (-1.7%) lowered guidance this morning. In news, RIMM (-6.4%) named Thorsten Heins as President and CEO, unseating incumbent Co-CEOs Mike Lazaridis and Jim Balsillie.
Among rumors, we are hearing CSCO (-0.8%) for FNSR (-1.5%) takeover chatter making the rounds.
Among notable analyst upgrades this morning, RIMM (-6.4%) was upgraded to Hold at Deutsche Bank. Among downgrades, FBR Capital downgrades CNQR (-2.7%) to Mkt Perform, ARW (-2.2%) and AVT (-1.4%) were downgraded to Outperform at Raymond James, Stifel Nicolaus downgrades MFLX (-3.0%) to Hold, RIMM (-6.4%) was downgraded to Hold at ThinkEquity, and HRS (-0.3%) was downgraded to Equal Weight at Barclays.
STM (0.0%), VMW (-2.4%), WDC (-1.1%), and TXN (-1.3%) are the notable names in tech scheduled to report results today after the close.
