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Last Update: 18-Oct-11 14:03 ET
S&P Tech Sector Modestly Higher, Lagging the Broader Market
The tech sector is trading modestly higher today, trailing gains in the broader market. Semiconductors are showing relative strength in the tech space, however, with the Philly Semi Index trading 1.1% higher. NVDA (+2.5%) is a notable leader in that chip index. Among other major indices, the S&P 500 is trading 0.3% higher, while the NASDAQ is trading 0.1% higher The QQQ, meanwhile, is trading up 0.6% on the session. Among tech bellwethers, IBM (-5.1%) is under notable pressure.
In earnings last night, IBM (-5.1%) reported a Q3 EPS beat with in-line revenues and raised FY11 guidance. Elsewhere, VMW (+6.0%) posted a beat and upside guidance. Also, IM (-7.8%) issued downside guidance, while SFSF (-0.7%) issued upside guidance. This morning, CHKP (+0.7%) and EMC (+5.1%) posted Q3 beats.
In news, NUAN (-2.1%) announces proposed $600 mln offering of senior convertible debentures, but did raise Q4 guidance.
Among notable analyst upgrades this morning, TEL (+0.1%) was upgraded to Overweight at JP Morgan. Also, VMW (+6.0%) was added to Conviction Buy List at Goldman.
In downgrades, MOLX (+1.3%) was downgraded to Neutral at JP Morgan, VMW (+6.0%) was downgraded to Hold at Jefferies, and IBM (-5.1%) was downgraded to at BMO Capital and FBN Securities.
AAPL (+0.2%), INTC (+0.3%), JNPR (+3.2%), and YHOO (-1.3%) are the notable names in tech set to report results today after the close.
In earnings last night, IBM (-5.1%) reported a Q3 EPS beat with in-line revenues and raised FY11 guidance. Elsewhere, VMW (+6.0%) posted a beat and upside guidance. Also, IM (-7.8%) issued downside guidance, while SFSF (-0.7%) issued upside guidance. This morning, CHKP (+0.7%) and EMC (+5.1%) posted Q3 beats.
In news, NUAN (-2.1%) announces proposed $600 mln offering of senior convertible debentures, but did raise Q4 guidance.
Among notable analyst upgrades this morning, TEL (+0.1%) was upgraded to Overweight at JP Morgan. Also, VMW (+6.0%) was added to Conviction Buy List at Goldman.
In downgrades, MOLX (+1.3%) was downgraded to Neutral at JP Morgan, VMW (+6.0%) was downgraded to Hold at Jefferies, and IBM (-5.1%) was downgraded to at BMO Capital and FBN Securities.
AAPL (+0.2%), INTC (+0.3%), JNPR (+3.2%), and YHOO (-1.3%) are the notable names in tech set to report results today after the close.
