EmailThe tech sector is trading lower today, trailing losses in the broader market. Semiconductors are showing relative weakness as well with the SOX trading 0.7% lower. Within the chip index, INTC (-2.5%) is a notable laggard. Among other major indices, the SPY is trading 0.5% lower today, while the QQQ is down 0.6% and the NASDAQ is trading 0.5% lower on the session. Among tech bellwethers, FB (-1.9%) is showing strength, while the aformentioned INTC (-2.5%) is the notable laggard.
In tech earnings, HPQ (+6.5%) reported Q3 EPS in-line with the slight upside preannouncment, missed on revs, and lowered FY12 EPS slightly, in-line. In tech news last night, RMBS (+0.2%) announced a restructuring program. Among rumors, ACOM (+0.8%) is looking for higher bids from two PE firms, according to reports. There were no notable analyst upgrades this morning in the tech space. In downgrades, ADTN (-7.5%) was downgraded to Underperform at Credit Suisse. ADSK (+0.9%) and CRM (-0.2%) are the only notable name in tech scheduled to report quarterly results today after the close.
