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Last Update: 19-Jan-12 12:19 ET
S&P Tech Sector Almost 1% Higher, Outperforming Broader Market
The tech sector is trading higher today, ahead of gains in the broader market. Semiconductors are showing relative strength in the tech space with the Philly Semi Index trading 1.8% higher. RBCN (+7.4%) is a standout in the chip index. Among other major indices, the S&P 500 is trading 0.5% higher, while the NASDAQ is trading 0.8% higher and the QQQ is 0.8% higher on the session. Among tech bellwethers, ORCL (+0.6%) and CSCO (+1.8%) are showing strength, while VZ (+0.03%) is a notable underperformer.
In earnings last night, FFIV (+12.6%), XLNX (+0.4%), and PLXS (+10.4%) posted quarterly beats and issued upside guidance. Elsewhere, SANM (-3.1%) reported a miss with slightly downside guidance, while EBAY (+4.2%) posted a beat, but guided lower.
In news, Carl Icahn disclosed an 11.64% stake in WBMD (+2.6%) in an amended 13D filing out last night, up from 9.99% reported on 11/25. Icahn believes co should use its cash to repurchase up to $1 bln in shares at $30.00 in a Dutch auction.
Among a busy day in rumors, we are hearing NTAP (+8.3%) takeover chatter, renewed T (+0.2%) for DISH (+2.6%) chatter, Toshiba for SNDK (+0.8%), and AKAM (+1.8%) takeover chatter making the rounds.
Among notable analyst upgrades this morning, FFIV (+12.6%) was upgraded to Buy at BofA/Merrill and ONNN (+3.4%) was upgraded to Buy at UBS. Among downgrades, XLNX (+0.1%) was downgraded to Hold from Buy at Deutsche Bank and AMAP (-5.1%) was downgraded to Hold at Jefferies.
FLEX (+4.0%), GOOG (+0.7%), IBM (+0.5%), and MSFT (+0.2%) are the notable names in tech scheduled to report results today after the close.
In earnings last night, FFIV (+12.6%), XLNX (+0.4%), and PLXS (+10.4%) posted quarterly beats and issued upside guidance. Elsewhere, SANM (-3.1%) reported a miss with slightly downside guidance, while EBAY (+4.2%) posted a beat, but guided lower.
In news, Carl Icahn disclosed an 11.64% stake in WBMD (+2.6%) in an amended 13D filing out last night, up from 9.99% reported on 11/25. Icahn believes co should use its cash to repurchase up to $1 bln in shares at $30.00 in a Dutch auction.
Among a busy day in rumors, we are hearing NTAP (+8.3%) takeover chatter, renewed T (+0.2%) for DISH (+2.6%) chatter, Toshiba for SNDK (+0.8%), and AKAM (+1.8%) takeover chatter making the rounds.
Among notable analyst upgrades this morning, FFIV (+12.6%) was upgraded to Buy at BofA/Merrill and ONNN (+3.4%) was upgraded to Buy at UBS. Among downgrades, XLNX (+0.1%) was downgraded to Hold from Buy at Deutsche Bank and AMAP (-5.1%) was downgraded to Hold at Jefferies.
FLEX (+4.0%), GOOG (+0.7%), IBM (+0.5%), and MSFT (+0.2%) are the notable names in tech scheduled to report results today after the close.
