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Last Update: 16-Dec-11 11:51 ET
S&P Tech Sector Showing Gains, Slightly Outperforming S&P 500
The tech sector is trading higher today, just ahead of gains in the broader market. Semiconductors are showing relative strength in the tech space with the Philly Semi Index trading 1.3% higher. WFR (+5.2%) is the standout in the chip index. Among other major indices, the S&P 500 is trading 0.7% higher, while the NASDAQ is trading 1.1% higher and the QQQ is 0.9% higher on the session. Among tech bellwethers, MSFT (+2.1%) are showing strength, while IBM (-1.6%) is a notable underperformer.
In earnings last night, ADBE (+7.3%) and ACN (-4.9%) reported quarterly beats and provided guidance in-line with consensus. Elsewhere, RIMM (-10.7%) posted Q3 results in-line with the company's preannouncement and provided guidance below consensus.
In news, ZNGA (+0.5%) opened for trading at $11, above its $10 pricing. Elsewhere, SINA (-4.1%) is lower today on news that Beijing officials will require microblogs to register real names of its users. Among rumors, we are hearing WDC (+2.1%) takeover chatter making the rounds. Among notable analyst upgrades this morning, Oppenheimer upgraded LLTC (+1.7%) to Outperform.
Among downgrades, SAP (-1.8%) was downgraded to Neutral at BofA/Merrill and ERIC (-2.6%) was downgraded to Neutral at UBS.
In earnings last night, ADBE (+7.3%) and ACN (-4.9%) reported quarterly beats and provided guidance in-line with consensus. Elsewhere, RIMM (-10.7%) posted Q3 results in-line with the company's preannouncement and provided guidance below consensus.
In news, ZNGA (+0.5%) opened for trading at $11, above its $10 pricing. Elsewhere, SINA (-4.1%) is lower today on news that Beijing officials will require microblogs to register real names of its users. Among rumors, we are hearing WDC (+2.1%) takeover chatter making the rounds. Among notable analyst upgrades this morning, Oppenheimer upgraded LLTC (+1.7%) to Outperform.
Among downgrades, SAP (-1.8%) was downgraded to Neutral at BofA/Merrill and ERIC (-2.6%) was downgraded to Neutral at UBS.
