The tech sector is trading higher today, along with gains in the broader market. Semiconductors are showing inline strength with the SOX trading 0.5% higher. Within the chip index, AMD (+6.6%) is a notable standout. Among other major indices, the SPY is trading 0.4% higher today, while the QQQ is up 0.6% and the NASDAQ is trading 0.5% higher on the session. Among tech bellwethers, AAPL (+1.2%) is a leader, while INTC (-2.1%) is showing notable weakness.
In tech earnings last night, WDAY (-1.7%) posted a beat and raise, while TIVO (-0.7%) reported an inline Q3 and guided inline with consensus. In news, NCR (+1.3%) confirmed an agreement to acquire RTLX (0.0%) for a cash purchase price of $30 per share. Also, VMW (+0.7%) authorized the purchase of up to $250 mln of its stock. In notable analyst upgrades this morning in the tech space, RIMM (+6.7%) was upgraded to Buy at Goldman, MCRS (+2.0%) was upgraded to Buy at Compass Point and PLT (+4.0%) was upgraded to Overweight at JP Morgan. Among downgrades, ATVI (-2.2%) was downgraded to Neutral at Sterne Agee and CREE (-5.2%) was downgraded to Hold at Deutsche Bank. AVGO (+1.6%) and OVTI (+1.3%) are the only notable names in tech scheduled to report quarterly results today after the close.