The tech sector is trading higher today, outpacing a flat broader market. Semiconductors are showing relative strength as well with the SOX trading 0.1% higher today. Within the chip index, CRUS (+4.3%) is a notable standout. Among other major indices, the SPY is trading flat, while the QQQ and the NASDAQ are trading 0.1% higher on the session. Among tech bellwethers, GOOG (-1.2%) is showing notable weakness, while FB (+2.9%) is a leader.
In tech earnings last night, CRM (+6.6%) reported a Q3 beat and offered inline guidance. In news, CRUS (+4.2%) announced a $200 mln share repurchase program. Also, MIPS (+5.1%) announced the receipt of unsolicited proposal from CEVA (-3.0%). There were no notable analyst upgrades this morning in the tech space. Among downgrades, HPQ (-0.2%) was downgraded at RBC and Mizuho. There are no notable names in tech scheduled to report quarterly results today after the close.






