EmailThe tech sector is trading just higher today, ahead of moderate losses in the broader market. Semiconductors are showing relative strength with the SOX trading 0.5% higher. Within the chip index, IDCC (+6.9%) is a notable standout. Among other major indices, the SPY is trading 0.2% lower today, while the QQQ is up 0.2% and the NASDAQ is trading 0.1% lower on the session. Among tech bellwethers, QCOM (+1.9%) is leading the pack, while FB (-1.8%) is once again showing notable weakness. There was another flurry of tech earnings last night, and none were bigger than AAPL (-0.3%), which posted a relatively inline quarter and offered downside guidance. AMZN (+3.2%) was the other big name to report; it reported a slight miss.
Elsewhere, N (+13.4%) posted a beat, IM (+0.7%), CTCT (-24.0%), and FSL (+1.6%) posted beats and lower guides, MXIM (+5.6%) and SYNA (+11.5%) reported beats and guided inline, and KLAC (-0.3%) and CA (-7.8%) reported a miss and issued downside guidance. This morning, ERIC (-5.0%) posted a Q3 revenue shortfall. Among rumors, there was a report out late yesterday that AAPL (-0.3%) was prepping to enter the streaming radio mkt, which would impact P (-2.3%). In notable analyst upgrades this morning in the tech space, SAP (+0.4%) was upgraded to Buy at BofA/Merrill and N (+13.4%) was upgraded to Outperform at Northland. Among downgrades, CTCT (-24.0%) was downgraded at Needham, Lazard and Credit Suisse, FSL (+1.8%) was downgraded to Neutral at Piper, PLXS (-2.1%) was downgraded to Hold at Deutsche Bank, and Feltl & Co. downgraded SYNA (+11.6%) to Sell.
