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Last Update: 10-Jan-12 13:10 ET
S&P Tech Sector Showing Gains, Slightly Underperforming The S&P 500
The tech sector is trading higher today, trailing gains in the broader market. Semiconductors are trading in line with the tech space, with the Philly Semi Index trading 0.6% higher. CRUS (+13.3%) is the standout in the chip index. Among other major indices, the S&P 500, the NASDAQ, and the QQQ are trading 1.1% higher. Among tech bellwethers, ORCL (+0.6%) is showing strength, while GOOG (-0.2%) is underperforming.
In earnings last night, SMSC (-3.3%) posted a miss and guided lower and OCZ (-8.5%) reported a mixed qtr and guided higher. Elsewhere, JNPR (+0.3%) lowered guidance, while CRUS (+13.3%) and ELX (+14.6%) issued upside guidance. In news, WBMD (-26.1%) announced the termination of discussions regarding potential corporate transaction. In addition, its CEO resigned and the company guided lower.
Among rumors, we are hearing YHOO (+0.9%) for AOL (+1.0%), and separately DELL (+1.6%) for RAX (+0.8%), takeover chatter making the rounds.
Among notable analyst upgrades this morning, Wunderlich upgraded VDSI (+12.2%) to Buy, Oppenheimer upgraded VIT (+5.9%) to Outperform, JNPR (+0.3%) was upgraded to Overweight at Piper Jaffray, ELX (+14.6%) was upgraded to Sector Perform at Pacific Crest, and Stifel Nicolaus upgraded CRUS (+13.3.%) to Buy.
Among downgrades, XRX (+0.4%) was downgraded to Equal Weight at Barclays, SUPX (-1.7%) was downgraded to Neutral at Lazard, and JNPR (+0.3%) was downgraded to Neutral at BofA/Merrill.
SNX (+0.7%) is the notable name in tech scheduled to report results today after the close.
In earnings last night, SMSC (-3.3%) posted a miss and guided lower and OCZ (-8.5%) reported a mixed qtr and guided higher. Elsewhere, JNPR (+0.3%) lowered guidance, while CRUS (+13.3%) and ELX (+14.6%) issued upside guidance. In news, WBMD (-26.1%) announced the termination of discussions regarding potential corporate transaction. In addition, its CEO resigned and the company guided lower.
Among rumors, we are hearing YHOO (+0.9%) for AOL (+1.0%), and separately DELL (+1.6%) for RAX (+0.8%), takeover chatter making the rounds.
Among notable analyst upgrades this morning, Wunderlich upgraded VDSI (+12.2%) to Buy, Oppenheimer upgraded VIT (+5.9%) to Outperform, JNPR (+0.3%) was upgraded to Overweight at Piper Jaffray, ELX (+14.6%) was upgraded to Sector Perform at Pacific Crest, and Stifel Nicolaus upgraded CRUS (+13.3.%) to Buy.
Among downgrades, XRX (+0.4%) was downgraded to Equal Weight at Barclays, SUPX (-1.7%) was downgraded to Neutral at Lazard, and JNPR (+0.3%) was downgraded to Neutral at BofA/Merrill.
SNX (+0.7%) is the notable name in tech scheduled to report results today after the close.
