The tech sector is trading modestly higher today, ahead of losses in the broader market. Semiconductors are showing relative weakness with the SOX trading 0.3% lower. Within the chip index, AMD (-4.8%) is a notable laggard. Among other major indices, the SPY is trading 0.4% lower today, while the QQQ is down 0.2% and the NASDAQ is trading 0.3% lower on the session. Among tech bellwethers, FB (+7.3%) is showing notable strength.
In tech earnings last night, CSCO (+6.6%) reported a slight Q1 beat and offered conservative guidance. GA (+3.4%) and RENN (-2.4%) posted Q3 beats, but RENN guided lower. Also, ENVI (-17.0%) lowered Q3 guidance below consensus. This morning, MBT (-2.4%) posted a Q3 beat. In news, UBNT (-3.2%) CFO announced his departure from the company. Also of note, a large portion of FB's (+7.2%) IPO lockup expired today. In notable analyst upgrades this morning in the tech space, CSCO (+6.6%) was upgraded to Outperform at Pacific Crest. Among downgrades, SI (-1.1%) was downgraded to Sector Perform at RBC. NTAP (+3.0%) is the notable name in tech scheduled to report quarterly results today after the close.






