EmailThe tech sector is trading lower today, trailing losses in the broader market. Semiconductors are showing relative weakness with the SOX trading 2.4% lower. CREE (-5.5%) is a notable laggard in the chip index. Among other major indices, the SPY is trading 1.8% lower today, while the QQQ is down 2.3% and the NASDAQ is trading 2.4% lower on the session. Among tech bellwethers, MSFT (-3.4%) is showing notable weakness.
In earnings last night, BAH (-2.9%) lowered its FY13 revenue guidance. There was no significant news in the industry this morning. Among notable analyst upgrades this morning in the tech space, Cantor Fitzgerald upgraded CY (-7.8%) to Hold. In downgrades, VRSN (-4.9%) was downgraded to Neutral at Citigroup, CSRE (-0.3%) was downgraded to Hold at Jefferies, and ATMI (-6.8%) was downgraded to Sell at UBS. BIDU (-4.3%), VMW (-3.3%), WIT (-4.1%), STM (-2.1%), and TXN (-2.3%) are the notable names in tech scheduled to report quarterly results today after the close.
