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Last Update: 22-Dec-11 10:42 ET
S&P Tech Sector Up Modestly
The tech sector is trading higher today, along with gains in the broader market. Semiconductors are showing relative strength in the tech space, however, with the Philly Semi Index trading 2.1% higher. MU (+13.2%) is a standout in the chip index following earnings. Among other major indices, the S&P 500, the QQQ and the NASDAQ are trading 0.6% higher on the session. Among tech bellwethers, INTC (+1.3%) is showing strength, while ORCL (-1.0%) is a notable underperformer.
In earnings last night, MU (+13.2%) posted a Q1 top and bottom line miss, whereas TIBX (+7.3%) reported a Q4 beat. In news, AKAM (+17.6%) announced it will acquire all of the outstanding equity of Cotendo in exchange for a net cash payment of ~$268 mln.
Among notable analyst upgrades this morning, Wunderlich upgraded VMW (+3.0%) to Buy, Mizuho upgraded TIBX (+7.3%) to Buy, JNPR (+6.0%) was upgraded to Outperform at BMO, MU (+13.2%) was upgraded to Outperform at Wedbush and AKAM (+17.6%) was upgraded to Buy at Craig Hallum. Among downgrades, The Benchmark Company downgrades MANH (-5.0%) to Hold.
There are no notable names in tech scheduled to report results today after the close.
The tech sector is trading higher today, along with gains in the broader market. Semiconductors are showing relative strength in the tech space,