RF Micro (RFMD +0.4%) has been received a two-notch upgrade of sorts from Raymond James, getting lifted to Strong Buy from Market Perform. Rival Skyworks (SWKS -0.9%) has been upgraded to Strong Buy from Outperform.
Nokia (NOK +3%) has been upgraded to Outperform by RBC, and has received a two-notch upgrade to Buy by Berenberg. The company has already received a slew of upgrades since the Microsoft deal was announced.
Himax (HIMX +4%) has been started at Outperform by Northland.
iGate (IGTE -11.1%) tumbles after "terminating the employment" of CEO Phaneesh Murthy. The company says Murthy's failure to report a relationship with a"subordinate employee" constituted a violation of both company policy and the CEO's employment contract. (PR)
Tech outsourcing stocks are on watch after a stark revenue warning from Infosys rattles the sector. Cognizant Technology Solutions (CTSH) is down 4.8% premarket, while iGATE (IGTE) and Syntel (SYNT) haven't opened up yet for trading.
IGate (IGTE +9.1%) pops after its Q1 revenues soared by 247% Y/Y to $263M, up from $76M in Q1 2011. Net income was also higher, rising a greater-than-anticipated 35% as the surge in revenue compensated for slightly weaker margins.
iGate (IGTE +3.5%) gains after RBC initiates coverage with an Outperform rating, noting the potential for 25% annualized EPS growth over the next few years, even assuming a depressed budgeting environment.
India-based outsourcing firm Patni Computer Systems (PTI) jumps 15% after reporting better-than-expected Q3 results. Net profit fell 41%, but the decline was not as bad as analysts had feared. iGATE (IGTE +2.5%), which took control of Patni in a joint deal with private equity firm Apax Partners earlier this year, also trades higher on the news.