The tech sector is trading lower today, trailing losses in the broader market. Semiconductors are also showing relative weakness with the Philly Semi Index trading 1.6% higher. WFR (-4.4%) is a notable laggard in that chip index. Among other major indices, the SPY is trading 0.7% lower today, while the QQQ and the NASDAQ are trading 1.0% lower on the session. Among tech bellwethers, FB (+2.2%) is showing notable weakness, while T (+0.6%) and ORCL (+0.6%) are bucking the trend.
In earnings last night, TIVO (-5.4%) posted a Q1 miss and guided lower. This morning, CIEN (+6.8%) reported a Q2 beat and guided inline with ests. In news, FFIV (-7.1%) announced its EVP of sales left the company and Cricket Wireless (LEAP (+2.3%)) announced that it will begin offering the iPhone.
Among notable analyst upgrades this morning, ZNGA (+4.4%) was upgraded to Outperform at Robert W. Baird, ALTR (-0.9%) was upgraded to Overweight at Morgan Stanley, SAP (+0.8%) was upgraded to Buy at UBS, OVTI (+3.7%) & SNCR (+0.8%) were upgraded to Overweight at JP Morgan and VOCS (0.0%) was upgraded to Outperform at FBR. While in downgrades, TSM (-1.4%) was downgraded Goldman. SAI (-1.0%) and OVTI (+3.7%) were notable names in tech scheduled to report quarterly results today after the close.






