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Last Update: 28-Oct-11 11:38 ET
S&P Tech Sector Shows Modest Gains; Broader Market Flat
The tech sector is trading slightly lower today, roughly inline with losses in the broader market. Semiconductors are trading inline with the tech space as the Philly Semi Index is trading 0.2% lower. VECO (+10.5%) is again a notable leader in that chip index for the second straight session, while STM (-2.9%) is a notable laggard. Among other major indices, the S&P 500 is trading 0.3% lower, while the NASDAQ and the QQQ are trading 0.2% lower on the session. Among tech bellwethers, T (+1.2%) is a notable outperformer, while MSFT (-1.3%) is underperforming.
In notable tech earnings last night, AMD (+9.6%) and BIDU (+5.4%) posted beats and guided above consensus. Elsewhere, IM (-1.8%) and KLAC (+0.2%) reported inline quarters (KLAC guided to the downside), while NCR (+2.4%) and ERTS (-1.2%) posted beats and raised guidance.
In news, HPQ (+2.9%) announced its decision to keep its PC division and SNDK (+1.3%) announced $500 mln stock repurchase program. Also there were reports that progress on the potential YHOO (-0.9%) buyout has stopped and CLWR (+6.0%) secured a new deal with S (+5.0%). Among rumors, there is renewed SNDK (+1.3%) takeover chatter making the rounds, as well as an article out discussing potential M&A for BRCD (+5.2%).
Among notable analyst upgrades this morning, AMD (+9.6%) was upgraded to Outperform from Market Perform at Wells Fargo. In downgrades, PMCS (-10.5%) was downgraded to Neutral at JP Morgan following last night's earnings, NANO (-15.0%) was downgraded to Neutral at Piper Jaffray following last night's earnings, and PCS (-4.2%) was downgraded to Underperform at BofA/Merrill.
In notable tech earnings last night, AMD (+9.6%) and BIDU (+5.4%) posted beats and guided above consensus. Elsewhere, IM (-1.8%) and KLAC (+0.2%) reported inline quarters (KLAC guided to the downside), while NCR (+2.4%) and ERTS (-1.2%) posted beats and raised guidance.
In news, HPQ (+2.9%) announced its decision to keep its PC division and SNDK (+1.3%) announced $500 mln stock repurchase program. Also there were reports that progress on the potential YHOO (-0.9%) buyout has stopped and CLWR (+6.0%) secured a new deal with S (+5.0%). Among rumors, there is renewed SNDK (+1.3%) takeover chatter making the rounds, as well as an article out discussing potential M&A for BRCD (+5.2%).
Among notable analyst upgrades this morning, AMD (+9.6%) was upgraded to Outperform from Market Perform at Wells Fargo. In downgrades, PMCS (-10.5%) was downgraded to Neutral at JP Morgan following last night's earnings, NANO (-15.0%) was downgraded to Neutral at Piper Jaffray following last night's earnings, and PCS (-4.2%) was downgraded to Underperform at BofA/Merrill.
