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Last Update: 13-Dec-11 10:22 ET
S&P Tech Sector Almost One Percent Higher
The tech sector is trading higher today, in line with gains in the broader market. Semiconductors are showing relative weakness in the tech space, however, with the Philly Semi Index trading only 0.3% higher. RBCN (+3.1%) is a notable standout in the chip index. Among other major indices, the S&P 500 is trading 1.0% higher, while the NASDAQ is trading 0.9% higher and the QQQ is 0.8% higher on the session. Among tech bellwethers, MSFT (+1.9%) and GOOG (+1.6%) are showing strength, while INTC (-1.5%) is a notable underperformer.
In news last night, Jive Software's (JIVE) priced its 13.4 mln share IPO at $12, which is above the expected range of $8-$10. It also sold more shares than expected, as it originally planned to offer 11.7 mln shares.
Among notable analyst upgrades this morning, Ticonderoga upgraded RBCN (+3.1%) to Neutral. Also, MXIM (+3.0%) was added to Top Picks Live list at Citigroup. Among downgrades, ADTN (-0.4%) was downgraded at Mizuho and Raymond James, CCOI (-0.8%) was downgraded to Neutral at Citigroup, and CMTL (+0.2%) was downgraded to Neutral at JP Morgan.
There are no notable names in tech scheduled to report results today after the close.
The tech sector is trading higher today, in line with gains in the broader market. Semiconductors are showing relative weakness in the tech space,