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Last Update: 05-Jan-12 11:12 ET
S&P Tech Sector Down Modestly, Outperforming The S&P 500
The tech sector is trading slightly lower today, ahead of losses in the broader market. Semiconductors are showing relative strength in the tech space, however, with the Philly Semi Index trading 0.3% higher. MRVL (+4.7%) is a standout in the chip index. Among other major indices, the S&P 500 is trading 0.7% lower, while the NASDAQ is trading 0.3% lower and the QQQ is 0.2% lower on the session. Among tech bellwethers, ORCL (+0.6%) is showing strength, while CSCO (-1.3%) is a notable underperformer.
In earnings last night, STX (+5.7%) and OCLR (+14.0%) issued upside guidance. WDC (+4.6%) is higher in sympathy with STX. This morning, PLXS (+6.3%) narrowed guidance above consensus, while ROG (-4.9%) and MSPD (+2.1%) lowered guidance.
In news, MRVL (+4.5%) announced its the new Foresight Platform has been designed into the next generation of GOOG (-1.2%) TVs.
Among rumors, we are hearing IBM (-1.2%) for RHT (+0.8%) takeover chatter making the rounds.
Among notable analyst upgrades this morning, NOK (+4.2%) was upgraded to Outperform at Credit Suisse, LSI (+5.6%) was upgraded to Outperform at Wedbush, and APKT (+2.9%) was upgraded to Strong Buy at Raymond James.
Among downgrades, The Benchmark Company downgraded GOOG (-1.2%) to Hold and YHOO (-1.6%) was downgraded to Hold at Jefferies.
GPN (-1.1%) is the notable name in tech scheduled to report results today after the close.
In earnings last night, STX (+5.7%) and OCLR (+14.0%) issued upside guidance. WDC (+4.6%) is higher in sympathy with STX. This morning, PLXS (+6.3%) narrowed guidance above consensus, while ROG (-4.9%) and MSPD (+2.1%) lowered guidance.
In news, MRVL (+4.5%) announced its the new Foresight Platform has been designed into the next generation of GOOG (-1.2%) TVs.
Among rumors, we are hearing IBM (-1.2%) for RHT (+0.8%) takeover chatter making the rounds.
Among notable analyst upgrades this morning, NOK (+4.2%) was upgraded to Outperform at Credit Suisse, LSI (+5.6%) was upgraded to Outperform at Wedbush, and APKT (+2.9%) was upgraded to Strong Buy at Raymond James.
Among downgrades, The Benchmark Company downgraded GOOG (-1.2%) to Hold and YHOO (-1.6%) was downgraded to Hold at Jefferies.
GPN (-1.1%) is the notable name in tech scheduled to report results today after the close.
