EmailThe tech sector is trading higher today, inline with gains in the broader market. Semiconductors are showing inline strength with the SOX trading 1.8% higher. RBCN (-7.5%) is a notable laggard in the chip index, while STM (+8.7%) is showing strength. Among other major indices, the SPY is trading 1.8% higher today, while the QQQ and the NASDAQ are trading 1.9% higher on the session. Among tech bellwethers, TXN (+3.0%) is a leader, while FB (-0.1%) is showing weakness again.
In earnings last night, SYNA (+14.9%) posted a slight beat and guided below consensus, ATVI (-4.7%) reported a beat but issued downside guidance, and LNKD (+14.3%) posted a slight beat and raise. Elsewhere, OPEN (+17.3%) reported a slight beat and offered inline guidance, and ONNN (-5.1%) posted a miss and issued downside guidance. This morning, IT (+5.8%) posted a slight beat and guided inline. In news, AOL (+3.1%) announced a $550 mln share buyback. Also, ONNN (-5.1%) announced its CFO resigned.
Among notable analyst upgrades this morning in the tech space, OPEN (+17.3%) was upgraded to Outperform at Oppenheimer, TDC (+5.2%) was upgraded at Sterne Agee and Hillard Lyons, and DWRE (+9.5%) was upgraded to Buy at Goldman. In downgrades, Oppenheimer downgraded VSAT (-9.5%) to Perform, ARBA (-0.1%) and INTU (+1.3%) were downgraded to Equal Weight at Barclays, SCOR (-23.8%) was downgraded to Hold at Deutsche Bank, NOK (+4.2%) was downgraded to Sell at Goldman, and CNQR (-2.8%) was downgraded to Sell at Goldman.
