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Last Update: 10-Nov-11 11:06 ET
S&P Tech Sector Showing Modest Gains
The tech sector is trading lower today, trailing slight gains in the broader market. Semiconductors are showing slight relative weakness in the tech space with the Philly Semi Index trading only 0.3% lower. CREE (-2.2%) is a notable laggard in the chip index, while STM (+1.9%) is a leader. Among other major indices, the S&P 500 is trading 0.2% higher, while the NASDAQ is trading 0.4% lower and the QQQ is trading 0.6% lower on the session. Among tech bellwethers, CSCO (+5.6%) is a notable leader following its earnings report, while AAPL (-2.7%) is underperforming.
In earnings last night, CSCO (+5.6%) reported a Q1 beat and, on the subsequent conference call, the company guided slightly higher. Also, SPRD (-2.0%) posted a beat and offered above consensus guidance, while PEGA (-21.7%) reported a large miss and downside guidance.
Among notable analyst upgrades this morning, CSCO (+5.6%) was upgraded at Deutsche Bank, Raymond James, and Citigroup. In downgrades, CSC (-6.4%) was downgraded to Underweight at JP Morgan and Brigantine downgrades ARUN (-0.3%) to Hold.
NVDA (0.0%) is the notable names in tech set to report results today after the close.
In earnings last night, CSCO (+5.6%) reported a Q1 beat and, on the subsequent conference call, the company guided slightly higher. Also, SPRD (-2.0%) posted a beat and offered above consensus guidance, while PEGA (-21.7%) reported a large miss and downside guidance.
Among notable analyst upgrades this morning, CSCO (+5.6%) was upgraded at Deutsche Bank, Raymond James, and Citigroup. In downgrades, CSC (-6.4%) was downgraded to Underweight at JP Morgan and Brigantine downgrades ARUN (-0.3%) to Hold.
NVDA (0.0%) is the notable names in tech set to report results today after the close.
