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Last Update: 15-Nov-11 12:41 ET
S&P Tech Sector Trading Just Over One Percent Higher
The tech sector is trading higher today, ahead of modest gains in the broader market. Semiconductors are showing relative strength in the tech space with the Philly Semi Index trading 0.7% higher. VECO (-2.9%) was a notable laggard in the chip index. Among other major indices, the S&P 500 and the NASDAQ are trading 0.7% higher, while the QQQ is trading +1.0% higher on the session. Among tech bellwethers, AAPL (+2.3%) and INTC (+2.8%) are notable leaders, while IBM (+0.6%) is underperforming.
In earnings, TSEM (-3.2%) reported a Q3 miss and guided lower. In news last night, Huawei acquired SYMC's (+0.9%) stake in Huawei Symantec joint venture for $530 mln.
Among notable analyst upgrades this morning, A (+0.9%) was upgraded to Buy at BofA/Merrill and RVBD (+3.1%) was upgraded to Outperform at RBC Capital. Also, JPM was out positive on BRCM (+2.4%), believing that the co won business for Windows Phone-7 smartphones.
In downgrades, STX (-0.3%) was downgraded to Hold at Deutsche Bank and Needham downgraded OVTI (-1.6%) and, separately, WDC (-3.6%) to Hold.
A (+0.9%) and DELL (+1.5%) are notable names in tech scheduled to report results today after the close.
In earnings, TSEM (-3.2%) reported a Q3 miss and guided lower. In news last night, Huawei acquired SYMC's (+0.9%) stake in Huawei Symantec joint venture for $530 mln.
Among notable analyst upgrades this morning, A (+0.9%) was upgraded to Buy at BofA/Merrill and RVBD (+3.1%) was upgraded to Outperform at RBC Capital. Also, JPM was out positive on BRCM (+2.4%), believing that the co won business for Windows Phone-7 smartphones.
In downgrades, STX (-0.3%) was downgraded to Hold at Deutsche Bank and Needham downgraded OVTI (-1.6%) and, separately, WDC (-3.6%) to Hold.
A (+0.9%) and DELL (+1.5%) are notable names in tech scheduled to report results today after the close.
