Cantor Morning News | Tech/Media/Telco

Tech performed generally on par with market yesterday with SOX outperforming slightly. RIMM finished up 3.5% after news that Saudi Arabia won’t be blocking BlackBerry service.

HPQ closed down 8% as Hurd’s departure was not received well. In a research note Barclay’s Ben Reitzes argued that a buyback could boost investors’ confidence in the company. He also noted that HPQ trades at a discount to DELL and IBM.

In a note yesterday iSupply warned about a possible shortage of DRAM chips in 2^nd half of 2010, citing equipment availability. The firm specifically mentioned MU as one of the companies that could benefit from the shortage.

After the close yesterday VSAT traded down 7% after numbers. 17,800 traded, vwap $32.8142. Broke below 50 and 200 day moving averages. NUAN traded down 9% after numbers. 7 day short position. Broke below 50 and 200 day moving averages after numbers.

Taiwan-based notebook makers Quanta Computers and Compal Electronics both saw July shipments dropping over 20% due to weak demand out of US and Europe.

Macro/Technicals

S&P Futures : 1118.20; -.66%
Resistance: 1120, 1141, 1157;
Support: 1115, 1100;
SOX: 354.05; +.65
VIX : 22.14; +1.8

Leaders: ASYS +13.3%, GSAT +7%, IMN +7%, MTSN +6%
Laggards: DISH -11%, HPQ -8%, VECO -6.9%, LSCC -6.3%

Active Names

Enterprise/Service/ SW: BR, CIEN, MSFT, RNWK, ARBA

PCs/Devices/Net: BIDU, DELL, ADCT, YHOO, MOT, HPQ, UNTD

Semis/Circuits: Storage: IDTI, MU, VLTR, WFR, TQNT

Network Products: CSCO, BRCD, PLCM, FTR

Telco: CVC, GNCMA, ETM, VZ, T, TWX, ROIAK, VSAT

Electronic components: APH, TNB, ENS, AVX, ENTG

Media: AOL, CVC, SIRI, PLA, VMED

Smaller Caps: BDE, ADPT, LNET, RTEC, CRNT, VTSSD

Sector News, M&A, Capital Raises

IGOI iGo announces acquisition of Adapt Mobile ltd. Adapt Mobile is currently generating annualized revenue of approximately $2.0M. Total consideration for the Adapt Mobile acquisition was $900,000 in cash.

HPQ WSJ is extremely cautious on Hewlett-Packard. A "Heard on the Street" column says that ex-CEO Mark Hurd's successor has a hard act to follow

GOOG Google Korea office raided by National Police Agency in Seoul – Yonhap

GOOG Google struggled, struggles with its stance on privacy – WSJ

RIMM Saudi telecoms regulator to allow BlackBerry service to continue beyond 48-hour deadline – Reuters

GOOG Google buying Jambool – TechCrunch. Sources say Google will pay $55M plus $15-20M in an earn out for the company,

TXN is first licensee of ARM Holdings next-gen Cortex-A series processor core. "Eagle" is to be announced later this year.

Research Away

PSEM upgraded to Strong Buy from Outperform at Raymond James

AKAM upgraded to Buy from Neutral at Goldman, target to $49 from $47

NUAN downgraded to Neutral from Buy at Goldman, target to $17.50 from $19.50

NTLS downgraded to Market Perform from Outperform at Wells Fargo

Conferences

Conferences/Company meetings

Canaccord Adams Global Growth Conference - Aug 10, 2010 - Aug 12, 2010

Oppenheimer & Co. Telecommunication, Media & Technology Conference - Aug 10, 2010 - Aug 11, 2010

Pacific Crest Securities Technology Leadership Forum - Aug 08, 2010 - Aug 10, 2010

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