The tech sector is trading lower today, roughly inline with losses in the broader market. Semiconductors are also showing relative strength, however, with the Philly Semi Index trading 0.2% higher. MU (+2.0%) is a notable leader in that chip index. Among other major indices, the SPY is trading 0.4% lower today, while the QQQ is down 0.1% and the NASDAQ is trading 0.3% lower on the session. Among tech bellwethers, FB (+3.3%) is showing notable strength, while ORCL (-1.3%) is under pressure.
In earnings last night, AGYS (-2.4%) posted a Q4 earnings miss, CMTL (+4.6%) reported a beat and raise, and PRGS (-10.0%) issued downside guidance. Among rumors, we are hearing NOK (+4.2%) takeover chatter making the rounds. Also, there is a VZ (+0.7%)-for-NFLX (+0.9%) rumor circulating.
Among notable analyst upgrades this morning, YHOO (+0.5%) was upgraded to Outperform at Bernstein and FTR (+0.6%) was upgraded to Neutral from Underperform at BofA/Merrill . While in downgrades, NTAP (-2.3%) was downgraded to Equal Weight at Barclays.
There are no notable names in tech scheduled to report quarterly results today after the close.






