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Last Update: 18-Apr-13 11:03 ET
Technology (XLK -0.1%) is just lower today along with the broader market
The tech sector is trading slight lower on the session, inline with modest losses in the broader market. Semiconductors are showing relative strength, however, with the SOX trading 0.8% higher. Within the chip index, TSM (+7.1%) is a notable standout. Among other major indices, the SPY is trading 0.1% lower today, while the QQQ is down 0.4% and the NASDAQ is trading 0.3% lower on the session. Among tech bellwethers, VZ (+4.1%) is showing notable strength, while FB (-2.5%) is under pressure. In tech earnings last night, SNDK (-3.2%) posted a beat and raise, PLXS (-0.2%) reported a mixed Q2 and guided inline with consensus.
This morning, VZ (+4.1%) posted a beat, TSM (+7.1%) posted a beat and raise, CY (-0.3%) posted a beat, while FCS (+1.9%) reported a bottom line miss, slightly better than expected sales, and inline guidance. Also, ROG (-3.3%) issued downside guidance. Among IPOs, I (+3.0%) priced below its expected range of $21-25 and opened at $17.01. Among M&A, VZ (+4.1%), during this morning's conf call, said it's very interested in acquiring the 45% of VZ Wireless that it doesn't own from VOD (+2.5%). Among notable analyst upgrades this morning in the tech space, ASML (+3.7%) was upgraded to Buy at Deutsche Bank, CHKP (+0.6%) was upgraded to Buy at Standpoint and Stifel upgrades FIO (+2.8%) to Buy. There were no notable downgrades in the tech space. AMD (-0.4%), GOOG (-1.0%), IBM (-0.2%), and MSFT (-0.3%) are the notable names in tech scheduled to report quarterly results today after the close.
This morning, VZ (+4.1%) posted a beat, TSM (+7.1%) posted a beat and raise, CY (-0.3%) posted a beat, while FCS (+1.9%) reported a bottom line miss, slightly better than expected sales, and inline guidance. Also, ROG (-3.3%) issued downside guidance. Among IPOs, I (+3.0%) priced below its expected range of $21-25 and opened at $17.01. Among M&A, VZ (+4.1%), during this morning's conf call, said it's very interested in acquiring the 45% of VZ Wireless that it doesn't own from VOD (+2.5%). Among notable analyst upgrades this morning in the tech space, ASML (+3.7%) was upgraded to Buy at Deutsche Bank, CHKP (+0.6%) was upgraded to Buy at Standpoint and Stifel upgrades FIO (+2.8%) to Buy. There were no notable downgrades in the tech space. AMD (-0.4%), GOOG (-1.0%), IBM (-0.2%), and MSFT (-0.3%) are the notable names in tech scheduled to report quarterly results today after the close.
