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Last Update: 09-Feb-12 11:58 ET
S&P Tech Sector Almost 1% Higher; Outperforming the S&P 500
The tech sector is trading higher today, ahead of marginal losses in the broader market. Semiconductors are showing relative weakness in line with the tech space with the Philly Semi Index trading only 0.1% higher. WFR (+5.9%) is a notable leader in the chip index. Among other major indices, the SPY is trading 0.1% lower, while the NASDAQ and the QQQ are trading 0.1% higher on the session. Among tech bellwethers, AAPL (+3.6%) is showing strength, while ORCL (-0.8%) and CSCO (-0.8%) are under a little pressure.
In earnings last night, CSCO (-0.8%) posted a Q2 beat and offered inline guidance. JNPR (+0.3%) is lower on the report. Elsewhere, TWTC (-0.6%) posted a slight quarterly beat, while AKAM (+9.2%) posted a solid beat and upside guidance. IM (-1.6%) and TQNT (-9.7%) also posted beats but offered disappointing guidance. ATML (-2.1%) posted a top line miss with inline EPS.
In news, ORCL (-0.8%) announced that it has entered into an agreement to acquire TLEO (+17.2%) for $46.00/share. KNXA (+2.5%) and SABA (+4.5%) are up in sympathy.
Among notable analyst upgrades this morning, AVID (+0.8%) was upgraded to Overweight at JP Morgan, ONNN (+4.2%) was upgraded to Outperform at Wedbush.
Among downgrades, CSCO (-0.8%) was downgraded at ISI and MKM, Needham downgraded IM (-1.6%) to Hold, SOHU (-2.5%) was downgraded to Hold at Deutsche Bank, and ATML (-2.1%) was downgraded at Wedbush.
ATVI (+0.1%), NUAN (+1.4%), NXPI (-0.5%), and LNKD (-1.1%) are two notable names in tech scheduled to report results today after the close.
In earnings last night, CSCO (-0.8%) posted a Q2 beat and offered inline guidance. JNPR (+0.3%) is lower on the report. Elsewhere, TWTC (-0.6%) posted a slight quarterly beat, while AKAM (+9.2%) posted a solid beat and upside guidance. IM (-1.6%) and TQNT (-9.7%) also posted beats but offered disappointing guidance. ATML (-2.1%) posted a top line miss with inline EPS.
In news, ORCL (-0.8%) announced that it has entered into an agreement to acquire TLEO (+17.2%) for $46.00/share. KNXA (+2.5%) and SABA (+4.5%) are up in sympathy.
Among notable analyst upgrades this morning, AVID (+0.8%) was upgraded to Overweight at JP Morgan, ONNN (+4.2%) was upgraded to Outperform at Wedbush.
Among downgrades, CSCO (-0.8%) was downgraded at ISI and MKM, Needham downgraded IM (-1.6%) to Hold, SOHU (-2.5%) was downgraded to Hold at Deutsche Bank, and ATML (-2.1%) was downgraded at Wedbush.
ATVI (+0.1%), NUAN (+1.4%), NXPI (-0.5%), and LNKD (-1.1%) are two notable names in tech scheduled to report results today after the close.
