EmailThe tech sector is trading just lower today, but outperforming the losses in the broader market. Semiconductors are showing relative weakness in the tech space, however, with the Philly Semi Index trading 1.4% lower. Among chips in the index, MU (-3.1%) and TSM (-1.8%) are notable laggards. Among other major indices, the S&P 500 is trading 0.3% lower, while the NASDAQ is trading 0.3% lower. The QQQ is also trading 0.2% lower. Among tech bellwethers, GOOG (+0.6%) and INTC (+0.4%) are showing relative strength, while CSCO (-1.3%) is under pressure.
In earnings, HTCH (+19.4%) issued upside guidance. In news, GOOG (+0.6%) is nearing launch of a travel search engine, according to reports. Also, KNXA (+8.5%) and TLEO (-0.3%) entered into a settlement agreement and other related documents resolving all outstanding litigations between the parties.
In rumors, we are hearing renewed AKAM (+0.5%), and separately NVLS (-2.1%), takeover chatter making the rounds.
There were few notable analyst upgrades this morning, however, GOOG (+0.6%), BIDU (-0.9%), OPEN (-1.8%), and EBAY (-0.5%) were initiated with Buy ratings at Collins Stewart.
In downgrades this morning, NTCT (-0.8%) was downgraded to Hold at Kaufman and INTU (-1.1%) was downgraded to Equal Weight at Morgan Stanley. Also, OVTI (-6.2%) is under pressure following a note out from FBR saying that it may not be included in the upcoming iPhone.
There are no notable tech names set to report results today after the close.
