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Last Update: 10-Feb-12 11:17 ET
S&P Tech Sector Down, But Slightly Outperforming the Broader Markets
The tech sector is trading lower today, just ahead of losses in the broader market. Semiconductors are showing relative weakness in line with the tech space, however, with the Philly Semi Index trading 1.6% lower. WFR (-4.7%) is a notable laggard in the chip index. Among other major indices, the SPY is trading 1.0% lower, while the NASDAQ is trading 0.9% lower and the QQQ is trading 0.8% lower on the session. Among tech bellwethers, TXN (-1.2%) and INTC (-0.7%) are under notable pressure.
In earnings last night, LNKD (+14.1%) posted a Q2 beat and offered inline guidance. Elsewhere, NUAN (-13.3%) posted a Q1 miss and issued inline guidance, NXPI (+0.8%) posted an inline qtr with slightly above consensus guidance and ATVI (-1.8%) reported a beat and downside guidance. This morning, ALU (+13.4%) posted a slight beat.
In news, ALBCF (-3.9%) is considering taking Hong Kong unit private, which would give YHOO (+0.4%) stake in Alibaba, according to reports.
Among notable analyst upgrades this morning, JDSU (+2.5%) was upgraded to Outperform at Credit Suisse and PROJ (+1.5%) was upgraded to Outperform at Wells Fargo. Also, ATVI (-1.8%) was added to Conviction Buy List at Goldman.
Among downgrades, NCR (-1.5%) was downgraded to Neutral from Buy at Goldman and EA (-4.4%) and ATVI (-1.8%) were downgraded to Neutral at Macquarie.
In earnings last night, LNKD (+14.1%) posted a Q2 beat and offered inline guidance. Elsewhere, NUAN (-13.3%) posted a Q1 miss and issued inline guidance, NXPI (+0.8%) posted an inline qtr with slightly above consensus guidance and ATVI (-1.8%) reported a beat and downside guidance. This morning, ALU (+13.4%) posted a slight beat.
In news, ALBCF (-3.9%) is considering taking Hong Kong unit private, which would give YHOO (+0.4%) stake in Alibaba, according to reports.
Among notable analyst upgrades this morning, JDSU (+2.5%) was upgraded to Outperform at Credit Suisse and PROJ (+1.5%) was upgraded to Outperform at Wells Fargo. Also, ATVI (-1.8%) was added to Conviction Buy List at Goldman.
Among downgrades, NCR (-1.5%) was downgraded to Neutral from Buy at Goldman and EA (-4.4%) and ATVI (-1.8%) were downgraded to Neutral at Macquarie.
