The tech sector is trading higher today, along with gains in the broader market. Semiconductors are showing relative strength as well with the SOX trading 2.7% higher. Within the chip index, SNDK (+7.8%) is a notable standout. Among other major indices, the SPY is trading 1.4% higher today, while the QQQ and the NASDAQ are trading 1.5% higher on the session. Among tech bellwethers, CSCO (+2.6%) is showing notable strength.
In tech earnings, PAY (-10.3%) posted a Q3 earnings beat but missed revenue and guided below consensus. Elsewhere, VRNT (+3.5%) reported a Q2 beat and lowered guidance and OCZ (-21.6%) preannounced downside Q2 revenues. In news, EPIQ (+1.8%) increased its dividend. Also, Z (-2.9%) announced plans for a 3.5 mln share offering. In notable analyst upgrades this morning in the tech space, ATVI (+4.1%) was upgraded to Overweight from Neutral at Piper Jaffray. Among downgrades, Needham, Craig Hallum, and FBN downgraded OCZ (-21.6%), Oppenheimer downgraded CNQR (-0.2%) to Perform, DCM (-0.2%) was downgraded to Neutral at Goldman and NOK (-1.5%) was downgraded to Sell at Deutsche Bank and Societe Generale. There are no notable names in tech scheduled to report quarterly results today after the close.






