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Last Update: 15-Feb-12 12:51 ET
S&P Tech Sector Shows Modest Gains, But Is Outpacing the S&P 500
The tech sector is trading higher today, outpacing minor losses in the broader market. Semiconductors are showing relative strength in the tech space; the Philly Semi Index is trading 1.3% higher. CREE (+4.6%) is a notable leader in the chip index. Among other major indices, the SPY is trading 0.1% lower, while the NASDAQ is 0.2% higher and the QQQ is trading 0.3% higher on the session. Among tech bellwethers, AAPL (-0.3%) is showing strength, while T (-0.5%) is under pressure.
In earnings last night, ZNGA (-12.6%) posted a slight beat with inline guidance, while QSFT (-8.8%) reported a mixed qtr and guided above consensus. In news, Third Point, which owns 5.56% of YHOO (-0.8%), disclosed last night its intention to nominate 4 to the Board of YHOO. Elsewhere, SNDK (+2.6%) announced this morning it will acquire FlashSoft, which is expected to become accretive in 2013. Among rumors, LNKD (-0.2%) is reportedly in talks to enter China.
Among notable analyst upgrades this morning, The Benchmark Company upgraded FIO (+3.4%) to Buy and FIS (+1.7%) was upgraded to Neutral at JP Morgan.
Among downgrades, ZNGA (-12.6%) was downgraded at Robert W. Baird, BofA/Merrill, and Barclays. Also, PWAV (-14.6%) was downgraded to Underweight at JP Morgan, RAX (-0.3%) was downgraded to Market Perform at Raymond James, ASIA (-1.8%) was downgraded to Sell at UBS, ORCL (+0.1%) was downgraded to Above Average at Caris, and DELL (-0.1%) was downgraded to Underperform at Sterne Agee.
A (+0.9%), CTL (+0.3%), NTAP (+2.3%), and NVDA (+0.4%) are some notable names in tech scheduled to report results today after the close.
In earnings last night, ZNGA (-12.6%) posted a slight beat with inline guidance, while QSFT (-8.8%) reported a mixed qtr and guided above consensus. In news, Third Point, which owns 5.56% of YHOO (-0.8%), disclosed last night its intention to nominate 4 to the Board of YHOO. Elsewhere, SNDK (+2.6%) announced this morning it will acquire FlashSoft, which is expected to become accretive in 2013. Among rumors, LNKD (-0.2%) is reportedly in talks to enter China.
Among notable analyst upgrades this morning, The Benchmark Company upgraded FIO (+3.4%) to Buy and FIS (+1.7%) was upgraded to Neutral at JP Morgan.
Among downgrades, ZNGA (-12.6%) was downgraded at Robert W. Baird, BofA/Merrill, and Barclays. Also, PWAV (-14.6%) was downgraded to Underweight at JP Morgan, RAX (-0.3%) was downgraded to Market Perform at Raymond James, ASIA (-1.8%) was downgraded to Sell at UBS, ORCL (+0.1%) was downgraded to Above Average at Caris, and DELL (-0.1%) was downgraded to Underperform at Sterne Agee.
A (+0.9%), CTL (+0.3%), NTAP (+2.3%), and NVDA (+0.4%) are some notable names in tech scheduled to report results today after the close.
