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Last Update: 21-Dec-11 12:53 ET
S&P Tech Sector Down Almost 3%, Far Underperforming the S&P 500
The tech sector is trading lower today, trailing gains in the broader market. Semiconductors are showing weakness inline with the tech space with the Philly Semi Index trading 2.2% lower. WFR (-6.2%) is a notable laggard in the chip index. Among other major indices, the S&P 500 is trading 0.7% lower, while the NASDAQ is trading 2.1% lower and the QQQ is 2.3% lower on the session. Among tech bellwethers, ORCL (-13.5%) is a notable underperformer following quarterly results.
In earnings last night, ORCL (-13.5%) reported a Q2 earnings and revenue miss, but did add a $5 bln stock buyback. On the company's conference call, ORCL provided guidance below consensus. ORCL's miss sent the tech space lower on fears of a worse-than-expected IT outlook. Elsewhere, JBL (-5.2%) posted a slight miss and guided just below consensus.
In news, RIMM (+11.2%) reportedly turned down takeover bids from AMZN (-3.9%) and other companies this summer.
Among notable analyst upgrades this morning, PLCM (+0.5%) was upgraded to Buy at Citigroup, FIO (+0.9%) was upgraded to Neutral at Sterne Agee and RIMM (+11.2%) was upgraded at Jefferies and ThinkEquity.
Among downgrades, ORCL (-13.5%) was downgraded at Canaccord and Credit Agricole, Oppenheimer downgraded TDC (-6.7%) to Perform and Argus downgraded T (-0.1%) to Hold.
MU (-3.9%) and TIBX (-13.5%) are notable names in tech scheduled to report results today after the close.
In earnings last night, ORCL (-13.5%) reported a Q2 earnings and revenue miss, but did add a $5 bln stock buyback. On the company's conference call, ORCL provided guidance below consensus. ORCL's miss sent the tech space lower on fears of a worse-than-expected IT outlook. Elsewhere, JBL (-5.2%) posted a slight miss and guided just below consensus.
In news, RIMM (+11.2%) reportedly turned down takeover bids from AMZN (-3.9%) and other companies this summer.
Among notable analyst upgrades this morning, PLCM (+0.5%) was upgraded to Buy at Citigroup, FIO (+0.9%) was upgraded to Neutral at Sterne Agee and RIMM (+11.2%) was upgraded at Jefferies and ThinkEquity.
Among downgrades, ORCL (-13.5%) was downgraded at Canaccord and Credit Agricole, Oppenheimer downgraded TDC (-6.7%) to Perform and Argus downgraded T (-0.1%) to Hold.
MU (-3.9%) and TIBX (-13.5%) are notable names in tech scheduled to report results today after the close.
