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Last Update: 03-Feb-12 10:40 ET
S&P Tech Sector Over 1% Higher, In-line With S&P 500
The tech sector is trading higher today, just ahead of gains in the broader market. Semiconductors are showing relative strength in the tech space with the Philly Semi Index trading 1.6% higher. POWI (+5.8%) is a notable standout in the chip index. Among other major indices, the SPY and the QQQ are trading 1.2% higher on the session, while the NASDAQ is trading 1.4% higher. Among tech bellwethers, INTC (+2.1%) is showing strength.
In earnings last night, N (+6.5%) and DRIV (+5.2%) posted quarterly beats and offered mixed guidance, INFN (+13.2%) posted a beat, CAVM (-1.7%) reported a beat and guided lower, and TRMB (+7.4%) posted a beat and raise. Elsewhere, APKT (+5.3%) reported a miss and issued downside guidance, while ATML (+1.0%) preannounced lower Q4 revs.
Aside from earnings, there was little notable news in the tech space. Among rumors, however, we are hearing BX (+1.2%) is looking into LBO of BRCD (+1.3%). Among notable analyst upgrades this morning, INFN (+13.2%) was upgraded to Neutral at JP Morgan.
Among downgrades, APKT (+5.2%) was downgraded at Mizuho and Needham, OPEN (-0.4%) was downgraded to Hold at ThinkEquity, and RIMM (-1.2%) was downgraded to Underperform at Jefferies.
In earnings last night, N (+6.5%) and DRIV (+5.2%) posted quarterly beats and offered mixed guidance, INFN (+13.2%) posted a beat, CAVM (-1.7%) reported a beat and guided lower, and TRMB (+7.4%) posted a beat and raise. Elsewhere, APKT (+5.3%) reported a miss and issued downside guidance, while ATML (+1.0%) preannounced lower Q4 revs.
Aside from earnings, there was little notable news in the tech space. Among rumors, however, we are hearing BX (+1.2%) is looking into LBO of BRCD (+1.3%). Among notable analyst upgrades this morning, INFN (+13.2%) was upgraded to Neutral at JP Morgan.
Among downgrades, APKT (+5.2%) was downgraded at Mizuho and Needham, OPEN (-0.4%) was downgraded to Hold at ThinkEquity, and RIMM (-1.2%) was downgraded to Underperform at Jefferies.
