The tech sector is trading higher today, ahead of gains in the broader market. Semiconductors are showing relative strength as well with the SOX trading 1.6% higher. Within the chip index, CRUS (+6.1%) is a notable standout. Among other major indices, the SPY is trading 0.6% higher today, while the QQQ is up 0.9% and the NASDAQ is trading 0.8% higher on the session. Among tech bellwethers, FB (+3.0%) is showing strength, while VZ (-1.3%) is under pressure.
In tech earnings last night, TSRA (+0.4%) guided Q3 revenues above consensus, although it does include a $20 mln payment related to an arbitration award. In news, AAPL's (+1.6%) iPhone 5 pre-sales sold out in an hour late last night. There were no notable analyst upgrades this morning in the tech space. Among downgrades, however, SYNA (-1.8%) was downgraded to Neutral at Lazard, LVLT (-1.6%) was downgraded to Underperform at Raymond James, and T (-0.9%) & VZ (-1.3%) were downgraded to Hold at Stifel.






