The tech sector is trading higher today, just ahead of gains in the broader market. Semiconductors are showing relative weakness, however, with the SOX trading 0.1% lower. Within the chip index, MKSI (-1.4%) is a notable laggard. Among other major indices, the SPY is trading 0.2% higher today, while the QQQ is up 0.4% and the NASDAQ is trading 0.3% higher on the session. Among tech bellwethers, MSFT (+0.9%) is showing strength, while TXN (-0.6%) is under pressure. In tech earnings, XRTX (-13.7%) posted a Q3 miss and guided Q4 well below consensus. XRTX customer NTAP (-2.3%) is trading lower in sympathy. Also, FIRE (-2.9%) preannounced upside Q3 guidance. In news, FIRE (-2.9%) announced the resignation of its CEO, who was on medical leave. This morning, PCS (-5.8%) confirmed its merger with DTEGY (+1.0%). Among rumors, AAPL (+0.8%) has begun production on its new mini iPad, which it could unveil on October 10th, according to reports. Also, we are hearing AAPL (+0.8%) for P (+1.3%) making the rounds.
In notable analyst upgrades this morning in the tech space, SMTC (+3.3%) was upgraded to Buy at Lazard. Among downgrades, TXN (-0.3%) was downgraded to Sector Perform at Pacific Crest and BofA/Merril downgraded CBEY (-4.3%) to Underperform. There are no notable names in tech scheduled to report quarterly results today after the close.






