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Last Update: 26-Oct-11 11:55 ET
S&P Tech Sector Trading Lower; IBM Hired New CEO
The tech sector is trading lower today, trailing slight losses in the broader market. Semiconductors are showing relative strength in the tech space, however, with the Philly Semi Index trading only 0.5% lower. CRUS (+5.8%) is a notable leader in that chip index following insider purchases, while VECO (-4.9%) is lagging. Among other major indices, the S&P 500 is trading 0.1% lower, while the NASDAQ is trading 0.8% lower. The QQQ, meanwhile, is trading 1.3% lower on the session. Among tech bellwethers, MSFT (-2.2%) is under notable pressure, while VZ (+1.3%) and T (+1.2%) are bucking the trend.
In earnings last night, BRCM (-3.4%) reported a modest Q3 beat, but guided lower, while FFIV (+11.9%) beat Q4 estimates and guided inline with consensus. Elsewhere, SMCI (+11.5%) posted inline quarterly results and guidance, while FTI (-2.7%) reported a mixed Q3 and guided slightly lower. This morning, SAP (+1.6%), ADP (-3.7%), and S (-11.3%) posted slight beats.
In news, IBM's (-0.5%) board of directors elected Virginia Rometty as CEO, effective January 1, 2012. Also, S (-11.3%) announced a tentative agreement with CLWR (+20.1%) on its LTE network. This is seen as a precursor to a potential commercial deal. Among rumors, there's renewed CSCO (-1.5%) for JDSU (+1.4%) takeover chatter making the rounds. Separately, there's been speculation that SINA (-6.7%) is planning to spin off its Weibo business.
Among notable analyst upgrades this morning, MKM Partners upgraded FFIV (+11.9%) to Buy. In downgrades, TLAB (-2.9%) was downgraded to Underweight at JP Morgan and YOKU (-9.2%) was downgraded to Neutral at Susquehanna.
AKAM (-0.5%), CA (-1.4%), LSI (+0.4%), SYMC (-1.9%) and TQNT (+0.3%) are the notable names in tech set to report results today after the close
In earnings last night, BRCM (-3.4%) reported a modest Q3 beat, but guided lower, while FFIV (+11.9%) beat Q4 estimates and guided inline with consensus. Elsewhere, SMCI (+11.5%) posted inline quarterly results and guidance, while FTI (-2.7%) reported a mixed Q3 and guided slightly lower. This morning, SAP (+1.6%), ADP (-3.7%), and S (-11.3%) posted slight beats.
In news, IBM's (-0.5%) board of directors elected Virginia Rometty as CEO, effective January 1, 2012. Also, S (-11.3%) announced a tentative agreement with CLWR (+20.1%) on its LTE network. This is seen as a precursor to a potential commercial deal. Among rumors, there's renewed CSCO (-1.5%) for JDSU (+1.4%) takeover chatter making the rounds. Separately, there's been speculation that SINA (-6.7%) is planning to spin off its Weibo business.
Among notable analyst upgrades this morning, MKM Partners upgraded FFIV (+11.9%) to Buy. In downgrades, TLAB (-2.9%) was downgraded to Underweight at JP Morgan and YOKU (-9.2%) was downgraded to Neutral at Susquehanna.
AKAM (-0.5%), CA (-1.4%), LSI (+0.4%), SYMC (-1.9%) and TQNT (+0.3%) are the notable names in tech set to report results today after the close
