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Last Update: 09-Jan-12 10:48 ET
S&P Tech Sector Near Flat-Line; In-Line With Broader Market
The tech sector is trading flat, basically in-line with the broader market. Semiconductors are showing relative strength in the tech space, however, with the Philly Semi Index trading 1.6% higher. AVGO (+6.3%) is a standout in the chip index. Among other major indices, the S&P 500 and the NASDAQ are trading 0.2% higher, while the QQQ is roughly flat on the session. Among tech bellwethers, AAPL (+1.0%) and CSCO (+1.1%) are showing strength, while GOOG (-2.0%) is a notable underperformer.
In earnings, TESS (+7.5%) issued upside guidance this morning. In news, PANL (+5.5%) is trading higher after its top holder, Discovery Capital, disclosed buying ~$3 mln in stock.
Among notable analyst upgrades this morning, AKAM (-0.8%) was upgraded to Hold at Jefferies, FCS (+4.7%) and BRCM (+3.0%) were upgraded to Buy at Deutsche Bank and OPEN (+6.3%) was upgraded to Overweight at Barclays.
Among downgrades, BMO downgraded ORCL (-0.1%) and INFA (-1.6%) to Market Perform, SPRD (+4.2%), CNQR (-2.8%), TYPE (-2.3%), and FIRE (-2.0%) were downgraded at Jefferies, VRSN (-1.3%) was downgraded to Underperform at BofA/Merrill, and AKAM (-0.8%) was downgraded to Sell at Citigroup.
OCZ (+1.7%) and SMSC (-0.4%) are two notable names in tech scheduled to report results today after the close.
In earnings, TESS (+7.5%) issued upside guidance this morning. In news, PANL (+5.5%) is trading higher after its top holder, Discovery Capital, disclosed buying ~$3 mln in stock.
Among notable analyst upgrades this morning, AKAM (-0.8%) was upgraded to Hold at Jefferies, FCS (+4.7%) and BRCM (+3.0%) were upgraded to Buy at Deutsche Bank and OPEN (+6.3%) was upgraded to Overweight at Barclays.
Among downgrades, BMO downgraded ORCL (-0.1%) and INFA (-1.6%) to Market Perform, SPRD (+4.2%), CNQR (-2.8%), TYPE (-2.3%), and FIRE (-2.0%) were downgraded at Jefferies, VRSN (-1.3%) was downgraded to Underperform at BofA/Merrill, and AKAM (-0.8%) was downgraded to Sell at Citigroup.
OCZ (+1.7%) and SMSC (-0.4%) are two notable names in tech scheduled to report results today after the close.
