In tech earnings last night, INTC (-6.3%) posted relatively mixed Q4 results and offered a muted outlook. XLNX (+2.5%) also reported mixed results and guided lower, whereas WIT (-6.9%) posted modestly better than expected results. In news, SNE (+6.3%) announced the sale of 550 Madison Avenue Building to which it expects to realize a gain on the sale of ~$685 mln to be recorded as operating income. Among rumors, VRNG (+7.7%) received a positive patent ruling in case against GOOG (-0.3%), according to reports. Among notable analyst upgrades this morning in the tech space, PLXS (+0.5%) was upgraded to Overweight at JP Morgan, RIMM (+5.5%) was upgraded to Buy at Jefferies, and CSOD (+4.6%) & QLIK (+3.7%) were upgraded to Buy at Goldman. Also, PANW (+3.2%) was added to the Conviction Buy list at Goldman, while N (-2.1%) was removed. Among downgrades, ULTI (-2.1%) was downgraded to Neutral at Goldman and FNSR (-7.8%) was downgraded to Underperform at Jefferies. There are no notable names in tech scheduled to report quarterly results today after the close.
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