The tech sector is trading higher today, inline with gains in the broader market. Semiconductors are showing relative strength, however, with the SOX trading 1.7% higher. NXPI (+6.9%) is a notable leader in the chip index. Among other major indices, the SPY is trading 0.7% higher today, while the QQQ and the NASDAQ are trading 0.8% higher on the session. Among tech bellwethers, CSCO (+2.2%) is showing notable weakness, while GOOG (-0.8%) is trending lower.
In earnings last night, LEAP (-22.3%) and TWTC (-2.7%) posted a qtrly misses, while JDAS (-1.6%) reported a mixed Q2 and BSFT (+29.5%) posted a beat. This morning, NUAN (-0.6%) reported a Q3 beat. In news, HTCH (+0.8%) named Richard Penn President and CEO and Wayne M. Fortun was appointed Chairman of the board.
Among notable analyst upgrades this morning in the tech space, AMAT (+3.2%), LSI (+4.3%), FLEX (+6.6%) and FSL (+8.8%) were upgraded at Goldman. In downgrades, LEAP (-22.3%) was downgraded at Baird and Hudson Square, while ATML (+3.8%) and SANM (-2.5%) were downgraded to Neutral at Goldman. RAX (+2.5%) is the notable name in tech scheduled to report quarterly results today after the close.






