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Last Update: 17-Nov-11 10:54 ET
S&P Tech Sector Down Modestly, Underperforming the S&P 500
The tech sector is trading lower today, trailing slight losses in the broader market. Semiconductors are showing relative weakness in the tech space with the Philly Semi Index trading 1.8% lower. AMAT (-5.7%) and MRVL (-4.6%) are the notable laggards in the chip index. Among other major indices, the S&P 500 is trading 0.1% lower, while the NASDAQ is trading 0.3% lower and the QQQ is trading 0.6% lower on the session. Among tech bellwethers, VZ (+0.9%) and IBM (+0.9%) are showing relative strength, while INTC (-0.5%) and MSFT (-0.5%) are underperformers.
In earnings last night, NTAP (-12.2%) reported a mixed Q2 and guided Q3 below consensus, while AMAT (-5.7%) posted a Q4 beat and downside guidance. Elsewhere, Chinese companies YOKU (-19.3%) reported a mixed qtr with downside guidance and QIHU (+5.6%) posted a beat with upside guidance.
In news, GOOG (-0.4%) introduced Google Music, a digital streaming music service that works on the Android platform.
Among notable analyst upgrades this morning, Oppenheimer upgraded MU (-1.9%) to Outperform, HOLI (+8.6%) was upgraded to Overweight at Piper Jaffray, and Brigantine upgraded RIMM (-1.4%) to Buy. Also, AMT (+1.1%) was added to the Conviction Buy List at Goldman.
In downgrades, RMBS (+14.1%) was downgraded to Neutral at JPMorgan, DGIT (-10.1%) was downgraded to Underweight at Piper Jaffray, MRVL (-4.8%) was downgraded to Underperform at JMP Securities, and Collins Stewart and Raymond James downgraded NTAP (-12.2%).
CRM (-1.2%) and MRVL (-4.6%) are the two notable names in tech scheduled to report results today after the close.
In earnings last night, NTAP (-12.2%) reported a mixed Q2 and guided Q3 below consensus, while AMAT (-5.7%) posted a Q4 beat and downside guidance. Elsewhere, Chinese companies YOKU (-19.3%) reported a mixed qtr with downside guidance and QIHU (+5.6%) posted a beat with upside guidance.
In news, GOOG (-0.4%) introduced Google Music, a digital streaming music service that works on the Android platform.
Among notable analyst upgrades this morning, Oppenheimer upgraded MU (-1.9%) to Outperform, HOLI (+8.6%) was upgraded to Overweight at Piper Jaffray, and Brigantine upgraded RIMM (-1.4%) to Buy. Also, AMT (+1.1%) was added to the Conviction Buy List at Goldman.
In downgrades, RMBS (+14.1%) was downgraded to Neutral at JPMorgan, DGIT (-10.1%) was downgraded to Underweight at Piper Jaffray, MRVL (-4.8%) was downgraded to Underperform at JMP Securities, and Collins Stewart and Raymond James downgraded NTAP (-12.2%).
CRM (-1.2%) and MRVL (-4.6%) are the two notable names in tech scheduled to report results today after the close.
