The tech sector is trading higher today, along just ahead of gains in the broader market. Semiconductors are showing relative strength as well with the SOX trading 0.5% higher. Within the chip index, AMD (+3.0%) is a notable standout. Among other major indices, the SPY is trading 0.3% higher today, while the QQQ and the NASDAQ are trading 0.4% higer on the session. Among tech bellwethers, ORCL (+1.2%) is showing notable strength, while MSFT (-0.7%) is a laggard.
In tech earnings last night, CMTL (-2.5%) posted a Q4 beat and guided inline with consensus. Elsewhere, PRGS (+9.8%) reported a mixed Q3. In news, INTC (+0.5%) issued a statement in response to unsubstantiated news reports about comments made by CEO Paul Otellini in a meeting with employees. "Intel has a long and successful heritage working with MSFT (-0.7%) on the release of Windows platforms, delivering devices that provide exciting experiences, stunning performance, and superior compatibility. Intel fully expects this to continue with Windows 8." Among rumors, NOK (+0.7%) may look to eliminate its dividend according to a Bloomberg article. The Register is suggesting that OCZ (+9.6%) acquisition talks were held with STX (+0.1%), but the deal collapsed after CEO of OCZ requested seat on STX board of directors as part of merger. In notable analyst upgrades this morning in the tech space, MXIM (+1.6%) was upgraded to Buy at Jefferies. Among downgrades, ALTR (-1.7%) & HPQ (+1.1%) were downgraded at Jefferies. ACN (+0.6%), MU (+0.5%), and RIMM (+0.9%) are the notable names in tech scheduled to report quarterly results today after the close.






