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Last Update: 03-Jan-12 11:43 ET
S&P Tech Sector Up 2%, Just Ahead Of The Broader Market
The tech sector is trading higher today, slightly outpacing the broader market. Semiconductors are showing relative weakness in the tech space with the Philly Semi Index trading 1.6% higher. STM (+8.6%) is a standout, while SNDK (-2.5%) is a notable laggard in the chip index. Among other major indices, the S&P 500 is trading 2.0% higher, while the NASDAQ is trading 2.1% higher and the QQQ is 2.3% higher on the session. Among tech bellwethers, CSCO (+4.2%) is showing strength, while VZ (-0.5%) is a notable underperformer.
In earnings Friday after the close, TSTC (-19.0%) lowered FY11 guidance. This morning, RMBS (+8.0%) and RVSN (+2.4%) raised its guidance.
In news, RIMM (+9.0%) is higher today attributed to a Financial Post story from overnight suggesting co is "leaning toward new chairman".
Among notable analyst upgrades this morning, Oppenheimer upgraded RVBD (+7.5%) to Outperform, CSCO (+4.2%) was upgraded to Overweight at JP Morgan, ALTR (+2.1%), SMTC (+3.1%) and ATML (+4.3%) were upgraded to Buy at Goldman, MU (+8.1%), LSI (+2.4%), and CYMI (+3.2%) were upgraded to Overweight at Barclays, PAY (+4.3%) was upgraded to Outperform at RBC, and FIO (+13.8%) was upgraded to Overweight at Morgan Stanley.
Among downgrades, AMT (-0.6%) was downgraded to Neutral at JP Morgan, PMCS (-0.2%), MCHP (+1.6%), SNDK (-2.5%) and ISIL (-1.6%) were downgraded at Goldman, and AMAT (+1.1%), INTC (+1.1%), FSL (+2.7%), and MCHP (+1.6%) were downgraded at Barclays.
PRGS (+3.8%) is a notable name in tech scheduled to report results today after the close.
In earnings Friday after the close, TSTC (-19.0%) lowered FY11 guidance. This morning, RMBS (+8.0%) and RVSN (+2.4%) raised its guidance.
In news, RIMM (+9.0%) is higher today attributed to a Financial Post story from overnight suggesting co is "leaning toward new chairman".
Among notable analyst upgrades this morning, Oppenheimer upgraded RVBD (+7.5%) to Outperform, CSCO (+4.2%) was upgraded to Overweight at JP Morgan, ALTR (+2.1%), SMTC (+3.1%) and ATML (+4.3%) were upgraded to Buy at Goldman, MU (+8.1%), LSI (+2.4%), and CYMI (+3.2%) were upgraded to Overweight at Barclays, PAY (+4.3%) was upgraded to Outperform at RBC, and FIO (+13.8%) was upgraded to Overweight at Morgan Stanley.
Among downgrades, AMT (-0.6%) was downgraded to Neutral at JP Morgan, PMCS (-0.2%), MCHP (+1.6%), SNDK (-2.5%) and ISIL (-1.6%) were downgraded at Goldman, and AMAT (+1.1%), INTC (+1.1%), FSL (+2.7%), and MCHP (+1.6%) were downgraded at Barclays.
PRGS (+3.8%) is a notable name in tech scheduled to report results today after the close.
