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Last Update: 02-Feb-12 10:27 ET
S&P Tech Sector Trading Modestly Higher, Slightly Outpacing S&P 500
The tech sector is trading higher today, ahead of gains in the broader market. Semiconductors are showing strength in line with the tech space with the Philly Semi Index trading 0.7% higher. MKSI (+6.6%) is a notable standout in the chip index. Among other major indices, the SPY and the QQQ are trading 0.3% higher on the session. Among tech bellwethers, QCOM (+2.8%) is showing strength, while AAPL (-0.1%) and IBM (-0.1%) are under a little pressure.
In earnings last night, QCOM (+2.8%) posted a quarterly beat and offered upside guidance. Elsewhere, JDSU (-5.4%) also posted a beat, but reported guidance inline with consensus, CNQR (+10.0%) posted a beat with mixed guidance, EA (+8.4%) posted a beat with downside guidance, and OTEX (+14.7%) reported a beat. This morning, ADS (+1.3%) posted a bottom line beat with inline revs and below consensus Q1 guidance.
In news last night, Facebook (FB) filed to go public, confirming much of the speculation ahead of the highly anticipated S-1 filing.
Among notable analyst upgrades this morning, DELL (+2.2%) was upgraded to Overweight at JPMorgan, RDWR (+1.8%) was upgraded to Outperform at RBC Capital, Stifel Nicolaus upgraded OTEX (+14.7%) to Buy, and CNQR (+10.0%) was upgraded to Buy at UBS.
Among downgrades, JDSU (-5.4%) was downgraded to Neutral at UBS, CTL (-2.1%) was downgraded to Neutral at Goldman and Needham downgraded ISIL (-5.7%) to Hold.
APKT (+2.3%), CAVM (+2.3%), and NVLS (+0.3%) are a few notable names in tech scheduled to report results today after the close.
In earnings last night, QCOM (+2.8%) posted a quarterly beat and offered upside guidance. Elsewhere, JDSU (-5.4%) also posted a beat, but reported guidance inline with consensus, CNQR (+10.0%) posted a beat with mixed guidance, EA (+8.4%) posted a beat with downside guidance, and OTEX (+14.7%) reported a beat. This morning, ADS (+1.3%) posted a bottom line beat with inline revs and below consensus Q1 guidance.
In news last night, Facebook (FB) filed to go public, confirming much of the speculation ahead of the highly anticipated S-1 filing.
Among notable analyst upgrades this morning, DELL (+2.2%) was upgraded to Overweight at JPMorgan, RDWR (+1.8%) was upgraded to Outperform at RBC Capital, Stifel Nicolaus upgraded OTEX (+14.7%) to Buy, and CNQR (+10.0%) was upgraded to Buy at UBS.
Among downgrades, JDSU (-5.4%) was downgraded to Neutral at UBS, CTL (-2.1%) was downgraded to Neutral at Goldman and Needham downgraded ISIL (-5.7%) to Hold.
APKT (+2.3%), CAVM (+2.3%), and NVLS (+0.3%) are a few notable names in tech scheduled to report results today after the close.
