The tech sector is trading slightly higher today, trailing larger gains in the broader market. Semiconductors are showing relative weakness as well with the SOX trading only 0.2% higher. Within the chip index, SPRD (-1.7%) is a notable laggard. Among other major indices, the SPY is trading 0.7% higher today, while the QQQ and the NASDAQ are trading 0.3% higher on the session. Among tech bellwethers, FB (+0.8%) is showing strength, while INTC (-0.8%) is showing notable weakness. In tech earnings, OIIM (-4.0%) and INFA (-22.8%) each lowered Q3 guidance. QLIK (-7.4%), TIBX (-1.5%), and SPLK (-1.1%) are under pressure in sympathy with INFA. In news, AMAT (-0.1%) announced a workforce restructuring. This morning, FB (+0.8%) announced it reached 1 bln users. Among rumors, SNDK (+2.0%) takeover chatter is making the rounds.
In notable analyst upgrades this morning in the tech space, EBAY (+2.7%) was upgraded to Buy at Nomura and BCDS (+6.8%) was upgraded to Mkt Perform at Raymond James. Among downgrades, ADTN (-1.7%) & PLCM (-3.0%) were downgraded to Neutral at UBS, MANT (-3.8%), BAH (-5.5%), CACI (-4.4%), and NCIT (+1.0%) were downgraded at Wells Fargo, ARUN (-1.9%) was downgraded to Neutral at Goldman, and S (-2.8%) was downgraded to Underperform at Robert W. Baird. There are no notable names in tech scheduled to report quarterly results today after the close. However, ORCL (+0.1) is hosting its analyst day after the close.






