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Last Update: 21-Oct-11 10:37 ET
S&P Tech Sector Showing Notable Gains
The tech sector is trading higher today, inline with gains in the broader market. Semiconductors are showing relative strength in the tech space with the Philly Semi Index trading 3.4% higher. ALTR (+9.8%) is a notable leader in that chip index. Among other major indices, the S&P 500 is trading 1.8% higher, while the NASDAQ is trading 1.7% higher The QQQ is also trading 1.8% higher on the session. Among tech bellwethers, INTC (+2.4%) and CSCO (+2.2%) are showing relative strength.
In earnings last night, MSFT (+0.3%) reported inline Q1 earnings and better-than-expected revenues. Elsewhere, SNDK (+7.0%) and SYNA (+19.0%) reported EPS beats and inline revs, STX (+20.3%) and FLIR (-1.8%) posted mixed qtrs (although STX said it was, for the most part, unaffected by the Thai floods), CLS (+2.3%) reported a Q3 beat and guided slightly lower, APKT (-16.7%) reported a qtr inline with its preannouncement but was cautious on the call, ALTR (+9.9%) reported a miss and offered downside guidance, and FSL (5.9%) and SYNA (+18.8%) posted beats. This morning, VZ (-0.2%) posted an inline Q3 and reaffirmed guidance.
In news, JBL (+2.9%) authorized a repurchase of up to $100 mln shares of common stock.
Among notable analyst upgrades this morning, SYNA (+19.0%) was upgraded at Sterne Agee, Needham and Craig Hallum and STX (+20.3%) was upgraded at Robert W. Baird and ThinkEquity.
In downgrades, Needham downgraded FLIR (-1.8%) to Hold and CALX (-10.7%) was downgraded to Neutral at UBS.
In earnings last night, MSFT (+0.3%) reported inline Q1 earnings and better-than-expected revenues. Elsewhere, SNDK (+7.0%) and SYNA (+19.0%) reported EPS beats and inline revs, STX (+20.3%) and FLIR (-1.8%) posted mixed qtrs (although STX said it was, for the most part, unaffected by the Thai floods), CLS (+2.3%) reported a Q3 beat and guided slightly lower, APKT (-16.7%) reported a qtr inline with its preannouncement but was cautious on the call, ALTR (+9.9%) reported a miss and offered downside guidance, and FSL (5.9%) and SYNA (+18.8%) posted beats. This morning, VZ (-0.2%) posted an inline Q3 and reaffirmed guidance.
In news, JBL (+2.9%) authorized a repurchase of up to $100 mln shares of common stock.
Among notable analyst upgrades this morning, SYNA (+19.0%) was upgraded at Sterne Agee, Needham and Craig Hallum and STX (+20.3%) was upgraded at Robert W. Baird and ThinkEquity.
In downgrades, Needham downgraded FLIR (-1.8%) to Hold and CALX (-10.7%) was downgraded to Neutral at UBS.
