The tech sector is trading lower today, ahead of larger losses in the broader market. Semiconductors are showing relative weakness, however, with the SOX trading 1.3% lower. Within the chip index, STM (-2.7%) and MU (-2.7%) are notable laggards. Among other major indices, the SPY is trading 1.2% lower today, while the QQQ is down 0.7% and the NASDAQ is trading 1.0% lower on the session. Among tech bellwethers, GOOG (+0.7%) is bucking the trend, while TXN (-1.7%) is showing notable weakness.
In tech earnings last night, YHOO (+4.5%) and WDC (-4.9%) reported quarterly beats, while TXN (-1.7%) posted a Q3 beat, but guided lower. This morning, ARMH (+7.1%) reported slight upside to Q3 ests and guided inline. Also, XRX (-7.1%) reported a slight Q3 miss and guide. In news, AAPL's (-0.9%) online store is down ahead of today's event scheduled for 1 PM ET. In notable analyst upgrades this morning in the tech space, YHOO (+4.4%) was upgraded to Positive at Susquehanna and CHKP (+0.8%) was upgraded to Overweight at JP Morgan. Among downgrades, NTAP (-3.4%) was downgraded to Neutral at Baird and MSTR (-7.6%) was downgraded to Market Perform at BMO. BRCM (-2.3%), CLS (-1.4%), FB (-0.3%), JNPR (-2.2%), STM (-2.9%), and VMW (-2.1%) are the notable names in tech scheduled to report quarterly results today after the close.






