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Last Update: 15-Apr-13 11:06 ET
Technology (XLK -0.5%) trading lower today, along with the broader market
The tech sector is trading lower today, inline with losses in the broader market. Semiconductors are showing relative weakness as well with the SOX trading 1.1% lower. Within the chip index, WFR (-5.9%) is a notable laggard. Among other major indices, the SPY is trading 0.7% lower today, while the QQQ is down 0.6% and the NASDAQ is trading 0.8% lower on the session. Among tech bellwethers, GOOG (+0.7%) is showing notable strength, while FB (-1.4%) is under pressure.
In tech earnings, CNQR (+2.6%) issued downside Q2 sales guidance and inline EPS guidance this morning. In news, DISH (-6.9%) proposed a merger with S (+14.1%) for $25.5 bln. S shareholders would receive $7.00 per share ($4.76 per share in cash and 0.05953 DISH shares per S share). Meanwhile, PCS (-3.7%) amended agreement to combine with T-Mobile USA (DTEGY -2.2%); under the revised agreement, PCS stockholders will continue to receive an immediate $1.5 bln aggregate cash payment. Elsewhere, PLT (-1.9%) announced its President/CEO is taking temporary leave of absence. Among notable analyst upgrades this morning in the tech space, RBC upgraded GIB (+0.7%) to Outperform. Among downgrades, OPEN (-4.9%) was downgraded to Neutral at JP Morgan, TSM (-1.3%) was downgraded to Equal-Weight at Morgan Stanley and INFY (-2.4%) was downgraded to Neutral at BofA/Merrill. There are no notable names in tech scheduled to report quarterly results today after the close.
In tech earnings, CNQR (+2.6%) issued downside Q2 sales guidance and inline EPS guidance this morning. In news, DISH (-6.9%) proposed a merger with S (+14.1%) for $25.5 bln. S shareholders would receive $7.00 per share ($4.76 per share in cash and 0.05953 DISH shares per S share). Meanwhile, PCS (-3.7%) amended agreement to combine with T-Mobile USA (DTEGY -2.2%); under the revised agreement, PCS stockholders will continue to receive an immediate $1.5 bln aggregate cash payment. Elsewhere, PLT (-1.9%) announced its President/CEO is taking temporary leave of absence. Among notable analyst upgrades this morning in the tech space, RBC upgraded GIB (+0.7%) to Outperform. Among downgrades, OPEN (-4.9%) was downgraded to Neutral at JP Morgan, TSM (-1.3%) was downgraded to Equal-Weight at Morgan Stanley and INFY (-2.4%) was downgraded to Neutral at BofA/Merrill. There are no notable names in tech scheduled to report quarterly results today after the close.
