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Last Update: 14-Oct-11 10:44 ET
S&P Tech Sector Over One Percent Higher, Outperforming Broader Market
The tech sector is trading higher today, outpacing gains in the broader market. Semiconductors are showing relative weakness, however, with the Philly Semi Index trading only 0.3% lower. LRCX (-1.6%) is a notable laggard in that chip index. Among other major indices, the S&P 500 is trading 1.0% higher, while the NASDAQ is trading 1.2% higher. The QQQ, meanwhile, is trading 1.4% higher. Among tech bellwethers, GOOG (+6.2%) is showing notable strength.
In earnings, GOOG (+6.2%) posted a sizeable Q3 beat (EPS $0.95 better than the consensus of $8.77 and net revs rose 37% year/year to $7.51 bln vs. the $7.21 bln consensus). Elsewhere, MCHP (-4.3%) guided Q2 lower, while SAP (+2.6%) issued upside guidance.
In news, ZYNGA disclosed that it will move forward with its IPO. COOL (+5.0%) and GLUU (+6.9%) are trading higher on the news.
Among rumors, there's renewed GOOG (+6.2%) for AKAM (-1.1%) chatter making the rounds. Separately, we are hearing NTCT (+4.6%) takeover speculation.
Among notable analyst upgrades this morning, RAX (+1.2%) was upgraded to Buy at Goldman, NTES (+1.6%) was upgraded to Overweight at Piper Jaffray, and BRCM (+2.6%) was upgraded to Outperform at Baird. In downgrades, FXCM (-7.1%) was downgraded to Sell at Citigroup and ADTN (+6.6%) was upgraded to Buy at Jefferies.
In earnings, GOOG (+6.2%) posted a sizeable Q3 beat (EPS $0.95 better than the consensus of $8.77 and net revs rose 37% year/year to $7.51 bln vs. the $7.21 bln consensus). Elsewhere, MCHP (-4.3%) guided Q2 lower, while SAP (+2.6%) issued upside guidance.
In news, ZYNGA disclosed that it will move forward with its IPO. COOL (+5.0%) and GLUU (+6.9%) are trading higher on the news.
Among rumors, there's renewed GOOG (+6.2%) for AKAM (-1.1%) chatter making the rounds. Separately, we are hearing NTCT (+4.6%) takeover speculation.
Among notable analyst upgrades this morning, RAX (+1.2%) was upgraded to Buy at Goldman, NTES (+1.6%) was upgraded to Overweight at Piper Jaffray, and BRCM (+2.6%) was upgraded to Outperform at Baird. In downgrades, FXCM (-7.1%) was downgraded to Sell at Citigroup and ADTN (+6.6%) was upgraded to Buy at Jefferies.
