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Last Update: 22-Feb-12 11:57 ET
S&P Tech Sector Trades Modestly Lower, Basically In-line With the Broader Market
The tech sector is trading lower today, slightly ahead of gains in the broader market. Semiconductors are showing inline weakness in the tech space with the Philly Semi Index trading 0.3% lower. WFR (-3.0%) is a notable laggard in the chip index, while RBCN (+3.5%) is showing strength. Among other major indices, the SPY is trading 0.4% lower, while the NASDAQ and the QQQ are 0.5% lower on the session. Among tech bellwethers, ORCL (+0.5%) is showing strength, while CSCO (-1.1%) is under pressure.
In earning, DELL (-6.6%) posted a relatively inline quarter and issued mixed guidance. Elsewhere, INTU (+6.6%) reported a Q2 beat and issued inline to above consensus guidance, while BRCD (+4.8%) posted a beat, but issued slightly downside guidance and FIRE (+22.6%) posted a beat and raise. Also, CELL (-9.4%) lowered guidance
In news, RCI (+0.3%) increased its dividend and authorized a buyback. Among downgrades, DELL (-6.6%) was downgraded at Citigroup and Needham, YHOO (-1.9%) was downgraded to Underperform at Credit Agricole, and WBMD (-3.8%) was downgraded to Sell at Goldman
HPQ (-1.3%), MANT (-0.9%), and ADI (-0.4%) are some notable names in tech scheduled to report results today after the close.
In earning, DELL (-6.6%) posted a relatively inline quarter and issued mixed guidance. Elsewhere, INTU (+6.6%) reported a Q2 beat and issued inline to above consensus guidance, while BRCD (+4.8%) posted a beat, but issued slightly downside guidance and FIRE (+22.6%) posted a beat and raise. Also, CELL (-9.4%) lowered guidance
In news, RCI (+0.3%) increased its dividend and authorized a buyback. Among downgrades, DELL (-6.6%) was downgraded at Citigroup and Needham, YHOO (-1.9%) was downgraded to Underperform at Credit Agricole, and WBMD (-3.8%) was downgraded to Sell at Goldman
HPQ (-1.3%), MANT (-0.9%), and ADI (-0.4%) are some notable names in tech scheduled to report results today after the close.
