EmailThe S&P Technology sector (-1.88%) is lower in the final session of trade in the shortened week and is currently outperforming the losses seen in the broader market (-2.5%).
Sector News: TXN (+1.1%) shares are trading to the upside following its mid-qtr update, where the co guided Q3 EPS to the range of $0.56-$0.60 (vs. $0.60 Capital IQ Consensus), compared to the previous range of $0.55-0.65; co sees revs of $3.23-3.37 billion versus. $3.4-3.7 billion previously and the $3.54 billion consensus. TSRA (-7.1%) shares are weaker after the co guided Q3 revenues of approximately $60 million versus $74.30 million Capital IQ two estimates averages. AAPL (-1.2%), according to reports, won its court battle on sales ban of Samsung's Galaxy tablet in Germany. TZOO (+2.9%) shares got a boost early in the session following a press release that a firm called ChaPaVe Partners planned to commence a tactical tender offer for up to 1.5 mln shares of the outstanding shares of TZOO. Since then, the TZOO CEO has come out to say that they have had no contact with the co claiming the tender offer.
Broker Calls: RIMM (-2%) was downgraded to Underperform from Hold at Jefferies. YOKU (-2.3%) was upgraded to Hold from Sell at Maxim Group. ThinkEquity initiated AXTI (-1.4%) and GTAT (-2.3%) with Buys. Firm initiated CREE (-1.2%), AIXG (-4.7%), and LEDS (+0.2%) with Holds. Finally, the firm initiated RBCN (-4.5%) with a Sell. SYNT (-9.2%) was initiated with a Negative at Susquehanna. CSCO (-1.2%) was upgraded to Sector Perform from Underperform at RBC.
