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Last Update: 19-Oct-11 11:10 ET
S&P Tech Sector Down Almost One Percent, Trailing Broader Market
The tech sector is trading lower today, trailing slight gains in the broader market. Semiconductors are showing relative weakness in the tech space with the Philly Semi Index trading 0.8% lower. CREE (-7.8%) is a notable laggard in that chip index. Among other major indices, the S&P 500 is trading up 0.1%, while the NASDAQ is trading 0.4% lower. The QQQ, meanwhile, is trading 0.5% lower on the session. Among tech bellwethers, following earnings AAPL (-4.1%) is under notable pressure, while INTC (+4.1%) is outperforming.
In a busy night of earnings in tech last night, AAPL (-4.1%) reported a rare quarterly miss, although it offered uncharacteristically upside guidance. INTC (+4.1%) reported a Q3 beat on both revs and EPS, in addition to offering upside guidance and increasing its buyback. YHOO (+4.3%) posted a Q4 EPS beat with inline revs and guidance. JNPR (-1.0%) reported a top line beat and inline EPS and guidance. LLTC (-5.2%) posted a Q1 miss and guided below consensus. Also, CKP (-23.3%) and PWAV (-43.2%) issued downside guidance.
In news, ONNN (-11.8%) updated the impact of Thailand flood stating it believes that its SANYO Semiconductor division's Thailand operations have been severely damaged by the flood.
Among notable analyst upgrades this morning, Needham upgraded CTXS (+1.9%) to Buy. In downgrades, ALU (-9.4%) was downgraded to Underperform at Jefferies, JNPR (-1.0%) was downgraded to Market Perform at Wells Fargo, and Stifel Nicolaus downgraded RNOW (-3.8%) to Hold.
WDC (-7.2%) and LRCX (-1.2%) are two notable names in tech set to report results today after the close.
In a busy night of earnings in tech last night, AAPL (-4.1%) reported a rare quarterly miss, although it offered uncharacteristically upside guidance. INTC (+4.1%) reported a Q3 beat on both revs and EPS, in addition to offering upside guidance and increasing its buyback. YHOO (+4.3%) posted a Q4 EPS beat with inline revs and guidance. JNPR (-1.0%) reported a top line beat and inline EPS and guidance. LLTC (-5.2%) posted a Q1 miss and guided below consensus. Also, CKP (-23.3%) and PWAV (-43.2%) issued downside guidance.
In news, ONNN (-11.8%) updated the impact of Thailand flood stating it believes that its SANYO Semiconductor division's Thailand operations have been severely damaged by the flood.
Among notable analyst upgrades this morning, Needham upgraded CTXS (+1.9%) to Buy. In downgrades, ALU (-9.4%) was downgraded to Underperform at Jefferies, JNPR (-1.0%) was downgraded to Market Perform at Wells Fargo, and Stifel Nicolaus downgraded RNOW (-3.8%) to Hold.
WDC (-7.2%) and LRCX (-1.2%) are two notable names in tech set to report results today after the close.
