EmailThe tech sector is trading lower today, trailing narrower losses in the broader market. Semiconductors are showing relative weakness as well with the SOX trading 1.3% lower. Within the chip index, SNDK (-3.6%) is a notable laggard. Among other major indices, the SPY is trading 0.3% lower today, while the QQQ and the NASDAQ are both trading 0.6% lower on the session. Among tech bellwethers, TXN (-2.6%) is showing notable weakness, while T (+0.6%) is bucking the trend. In tech earnings last night, JBL (-9.2%) posted a mixed Q4 and guided lower. Elsewhere, SNX (-4.4%) reported a slight Q3 miss and guided lower. In news, YHOO (-0.1%) named Ken Goldman as CFO. He was formerly from FTNT (-6.7%). Also, PANL (+2.4%) contracted with Duksan Hi-Metal to provide manufacturing services for OLED host material.
There were no notable analyst upgrades this morning in the tech space, but there were plenty of downgrades. IFNNY (-3.8%) was downgraded to Underperform at Jefferies, Needham downgraded SNX (-4.4%) to Buy, SNDK (-3.6%) was downgraded to Market Perform at JMP, EA (-4.0%) was downgraded to Neutral at BofA/Merrill, Oppenheimer downgraded TXN (-2.6%) to Perform, CVG (-3.9%) was downgraded to Neutral at Macquarie, PAYX (-0.7%) was downgraded to Equal Weight at First Analysis, Canaccord downgraded MRVL (-2.4%) to Hold, Avian downgraded TXN (-2.6%) to Neutral, and MRVL (-2.4%) & INTC (+0.2%) were downgraded at Caris. There are no notable names in tech scheduled to report quarterly results today after the close.
