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Last Update: 09-Nov-11 11:09 ET
S&P Tech Sector Down Over Two Percent, In-line With The Broader Market
The tech sector is trading lower today along with losses in the broader market. Semiconductors are showing relative weakness in the tech space once again, with the Philly Semi Index trading only 3.0% lower. RBCN (-5.2%) is a notable laggard in the chip index following its earnings. Among other major indices, the S&P 500 is trading 2.3% lower, while the NASDAQ is trading 2.5% lower and the QQQ is trading 2.3% lower on the session. Among tech bellwethers, ORCL (-3.7%) is the notable underperformer.
In earnings last night, SGI (-6.6%) reported a beat with inline guidance, while PANL (+5.9%) and ATVI (-4.9%) posted beats and offered upside guidance. Also, SINA (-8.7%) posted a mixed Q3 with inline guidance and PLAB (-5.0%) lowered guidance.
In news, YHOO (+0.5%), MSFT (-2.1%) and AOL (-3.1%) announced agreements to improve the process of buying and selling premium online display inventory. Elsewhere, ADBE (-10.7%) restructured its business to align business around Digital Media and Digital Marketing.
Among rumors, we are hearing Alibaba and Softbank are seeking partners for a YHOO (+0.5%) acquisition. Separately, there's an analyst out this morning suggesting a potential STX (-2.5%) for STEC (-14.3%) deal.
Among notable analyst upgrades this morning, Needham upgrades SWI (+0.8%) to Buy. In downgrades, DLB (-6.9%) was downgraded to Neutral at Piper Jaffray, DMAN (-4.6%) was downgraded to Underweight at Morgan Stanley, ADSK (-7.2%) was downgraded to Neutral at BofA/Merrill, NVDA (-3.0%) was downgraded to Market Perform at JMP Securities and, following earnings, ROVI (-33.5%) was downgraded at Collins Stewart, Brean Murray, and Credit Agricole.
CSCO (-2.6%) is the notable names in tech set to report results today after the close.
In earnings last night, SGI (-6.6%) reported a beat with inline guidance, while PANL (+5.9%) and ATVI (-4.9%) posted beats and offered upside guidance. Also, SINA (-8.7%) posted a mixed Q3 with inline guidance and PLAB (-5.0%) lowered guidance.
In news, YHOO (+0.5%), MSFT (-2.1%) and AOL (-3.1%) announced agreements to improve the process of buying and selling premium online display inventory. Elsewhere, ADBE (-10.7%) restructured its business to align business around Digital Media and Digital Marketing.
Among rumors, we are hearing Alibaba and Softbank are seeking partners for a YHOO (+0.5%) acquisition. Separately, there's an analyst out this morning suggesting a potential STX (-2.5%) for STEC (-14.3%) deal.
Among notable analyst upgrades this morning, Needham upgrades SWI (+0.8%) to Buy. In downgrades, DLB (-6.9%) was downgraded to Neutral at Piper Jaffray, DMAN (-4.6%) was downgraded to Underweight at Morgan Stanley, ADSK (-7.2%) was downgraded to Neutral at BofA/Merrill, NVDA (-3.0%) was downgraded to Market Perform at JMP Securities and, following earnings, ROVI (-33.5%) was downgraded at Collins Stewart, Brean Murray, and Credit Agricole.
CSCO (-2.6%) is the notable names in tech set to report results today after the close.
