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Last Update: 03-Nov-11 11:09 ET
S&P Tech Trading One Percent Higher, Outperforming the Market
The tech sector is trading higher today, just ahead of gains in the broader market. Semiconductors are showing relative weakness in the tech space, however, with the Philly Semi Index trading 0.6% lower. WFR (-10.4%) is helping drag down that chip index following earnings. Among other major indices, the S&P 500 is trading 0.5% higher, while the NASDAQ and the QQQ are trading 0.6% higher. Among tech bellwethers, IBM (+1.3%) is a notable outperformer, while AAPL (unchanged) is lagging the market.
In earnings last night, QCOM (+6.6%) reported a Q4 beat and issued better than expected guidance. Elsewhere, CTL (+5.2%), TER (+0.5%), and CACI (+7.6%) also posted quarterly beats, while WBMD (-14.0%) missed Street ests and CLWR (-10.3%) and SWIR (-14.3%) posted mixed qtrs. This morning, FTR (-7.3%) reported a miss and DTV (+5.1%) posted a mixed qtr.
Among notable analyst upgrades this morning, FTNT (+5.5%) was upgraded to Overweight at Morgan Stanley. In downgrades, ONNN (+8.7%) was downgraded to Neutral at Citigroup, CHKP (-0.5%) was downgraded to Equal Weight at Morgan Stanley, and SWIR (-14.3%) was downgraded at RBC, Morgan Keegan, and Raymond James.
SWKS (+5.0%) is a notable name in tech set to report results today after the close.
In earnings last night, QCOM (+6.6%) reported a Q4 beat and issued better than expected guidance. Elsewhere, CTL (+5.2%), TER (+0.5%), and CACI (+7.6%) also posted quarterly beats, while WBMD (-14.0%) missed Street ests and CLWR (-10.3%) and SWIR (-14.3%) posted mixed qtrs. This morning, FTR (-7.3%) reported a miss and DTV (+5.1%) posted a mixed qtr.
Among notable analyst upgrades this morning, FTNT (+5.5%) was upgraded to Overweight at Morgan Stanley. In downgrades, ONNN (+8.7%) was downgraded to Neutral at Citigroup, CHKP (-0.5%) was downgraded to Equal Weight at Morgan Stanley, and SWIR (-14.3%) was downgraded at RBC, Morgan Keegan, and Raymond James.
SWKS (+5.0%) is a notable name in tech set to report results today after the close.
