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Author Message   Entrepreneur Kurra Bewarse Username: Entrepreneur Post Number: 3937 Registered: 05-2011 Posted From: 24.164.46.35 Rating: N/A Votes: 0 Posted on Wednesday, January 19, 2022 - 4:21 pm:    Sector Briefing: Technology (160.90 -0.88) The major averages have backed down from their opening highs with six sectors now trading in negative territory, including top-weighted technology (-0.5%). Key factors driving today's performance include: Strong showing from second-largest component Microsoft (MSFT 307.03, +4.38, +1.5%) and gains among roughly half of the sector's members preventing the sector from showing a wider loss. Underperformance among chipmakers despite strong quarterly results and guidance from ASML (ASML 705.11, -10.12, -1.4%). The PHLX Semiconductor Index is down 2.4%, widening this week's loss to 6.7% versus a 3.0% week-to-date loss in the tech sector. Notable movers: Intuit (INTU 549.72, +11.90, +2.2%): best performer in the sector, bouncing off its 200-day moving average (535.17). Xilinx (XLNX 191.63, +3.83, +2.0%): best performer among chipmakers, rising into the top half of yesterday's range. Citrix Systems (CTXS 103.57, +2.57, +2.5%): rising toward its 200-day moving average (106.74). Akamai Tech (AKAM 114.22, +2.14, +1.9%) rallying past its 50-day moving average (113.18) to a two-week high. KeyBanc Capital Markets upgraded the stock to Overweight from Sector Weight with a $140 target. Microsoft (MSFT 307.03, +4.38, +1.5%): rising into the top half of yesterday's range. Adobe (ADBE 517.77, +4.43, +0.9%): trading near yesterday's intraday high. Salesforce (CRM 227.71, +1.65, +0.7%): trading near yesterday's intraday high. PayPal (PYPL 173.61, -0.85, -0.5%): slipping to its lowest level since September 2020. Mastercard (MA 362.56, -3.74, -1.0%): slipping to its 200-day moving average (360.78). Intel (INTC 53.96, -0.80, -1.5%): falling back below its 200-day moving average (54.48). Company announced that it ordered advanced equipment from ASML. Cisco Systems (CSCO 58.78, -0.95, -1.6%): hit a one-month low before rising back above its 50-day moving average (58.91). Goldman Sachs downgraded the stock to Neutral from Buy. NVIDIA (NVDA 254.18, -4.84, -1.9%): slipping to its lowest level since early November. Lam Research (LRCX 661.51, -17.50, -2.6%): falling back below its 50-day moving average (675.20). Skyworks (SWKS 147.18, -4.47, -3.0%): weakest performer in the sector, falling toward its December low (142.00).