The tech sector is trading higher today, just ahead of a flat broader market. Semiconductors are showing relative strength as well with the SOX trading 0.4% higher. Within the chip index, IDCC (+2.9%) is a notable standout. Among other major indices, the SPY is trading flat today, while the QQQ and the NASDAQ are trading 0.1% higher on the session. Among tech bellwethers, FB (+3.3%) is showing notable strength, while AAPL (-0.9%) is under pressure.
In tech earnings last night, LSCC (-5.9%) lowered Q4 rev guidance. This morning, CIEN (+3.1%) posted a slight Q4 miss and guided just below consensus at its midpoint. In news, GOOG (+1.3%) released a map app for AAPL (-0.9%) iPhone. Also, S (-0.7%) proposed acquiring CLWR (+13.8%) at a purchase price of $2.90 per. Among rumors, headlines from New York Times just crossed saying YHOO (+0.5%) may look to shake up Board. In notable analyst upgrades this morning in the tech space, AVGO (+0.8%) was upgraded to Buy at Goldman, MCHP (+1.0%) was upgraded to Neutral at Goldman, and RFMD (+7.1%) was upgraded to Overweight at Barclays. Among downgrades, Wunderlich was downgraded ALLT (-14.9%) to Hold, ADI (-0.7%) was downgraded to Neutral at Citigroup, LLTC (-1.2%) was downgraded to Sell at Citigroup, LXK (-6.7%) was downgraded to Sell at Deutsche Bank and IRF (-3.5%) was downgraded to Sell at Goldman. ADBE (-0.9%) and PAY (+0.6%) are two notable names in tech scheduled to report quarterly results today after the close.






