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Last Update: 23-Apr-13 11:02 ET
Technology (XLK +1.1%) trading higher today, just outpacing the broader market
The tech sector is trading higher today, just ahead of gains in the broader market. Semiconductors are showing relative strength as well with the SOX trading 1.4% higher. Within the chip index, VECO (+14.2%) is a notable standout following its announcement of upside metrics. Among other major indices, the SPY is trading 1.0% higher today, while the QQQ is up 1.1% and the NASDAQ is trading 1.0% higher on the session. Among tech bellwethers, TXN (+3.3%) is showing notable strength, while MSFT (-0.2%) is under pressure.
In tech earnings last night, SANM (+12.5%) posted a modest Q3 beat and guided inline, TXN (+3.3%) reported Q1 results at the high end of previous guidance and offered Q2 guidance inline with consensus, NXPI (-1.8%) posted a beat and raise, and STM (+8.8%) reported a miss but offered constructive guidance. This morning, ARMH (+10.2%) and LXK (+12.8%) both posted a beat and offered inline guidance, while XRX (-1.2%) reported a mixed qtr and guided Q2 below consensus and CLS (+3.2%) posted a slight beat and guided inline. In news, AAPL (+1.0%) won a case brought on it by GOOG's (+1.7%) Motorola. In rumors, we are hearing HIMX (-4.4%) may not have won the LCoD design in GOOG (+1.7%) Glass. Among notable analyst upgrades this morning in the tech space, Oppenheimer upgraded VECO (+14.2%) to Outperform and INFA (+4.5%) was upgraded to Neutral at Credit Suisse. Among downgrades, WU (+0.2%) was downgraded to Neutral at Citigroup, RCI (-2.3%) was downgraded to Neutral at Credit Suisse following earnings and CHKP (-0.5%) was downgraded to Sector Perform at Pacific Crest. AAPL (+1.0%), T (+0.3%), BRCM (+0.1%), FTI (+0.7%), JNPR (+2.6%), and VMW (+1.5%) are the notable names in tech scheduled to report quarterly results today after the close.
In tech earnings last night, SANM (+12.5%) posted a modest Q3 beat and guided inline, TXN (+3.3%) reported Q1 results at the high end of previous guidance and offered Q2 guidance inline with consensus, NXPI (-1.8%) posted a beat and raise, and STM (+8.8%) reported a miss but offered constructive guidance. This morning, ARMH (+10.2%) and LXK (+12.8%) both posted a beat and offered inline guidance, while XRX (-1.2%) reported a mixed qtr and guided Q2 below consensus and CLS (+3.2%) posted a slight beat and guided inline. In news, AAPL (+1.0%) won a case brought on it by GOOG's (+1.7%) Motorola. In rumors, we are hearing HIMX (-4.4%) may not have won the LCoD design in GOOG (+1.7%) Glass. Among notable analyst upgrades this morning in the tech space, Oppenheimer upgraded VECO (+14.2%) to Outperform and INFA (+4.5%) was upgraded to Neutral at Credit Suisse. Among downgrades, WU (+0.2%) was downgraded to Neutral at Citigroup, RCI (-2.3%) was downgraded to Neutral at Credit Suisse following earnings and CHKP (-0.5%) was downgraded to Sector Perform at Pacific Crest. AAPL (+1.0%), T (+0.3%), BRCM (+0.1%), FTI (+0.7%), JNPR (+2.6%), and VMW (+1.5%) are the notable names in tech scheduled to report quarterly results today after the close.
