EmailThe tech sector is trading just higher today, outpacing the broader market. Semiconductors are showing relative strength with the Philly Semi Index trading 0.9% higher. AMAT (+3.5%) is a notable leader in that chip index. Among other major indices, the SPY is trading 0.1% lower today, while the QQQ is up 0.1% and the NASDAQ is marginally higher on the session. Among tech bellwethers, CSCO (+2.5%) is showing notable strength, while GOOG (-0.6%) is under pressure.
In earnings last night, ADBE (-5.8%) reported a slight quarterly beat, but offered downside guidance. Meanwhile, JBL (+6.2%) posted an inline quarter and issued guidance below consensus. In news last night, AMAT (+3.5%) named Gary Dickerson as President. Among notable analyst upgrades this morning, CSCO (+2.5%) was upgraded to Outperform at BMO Capital and AMAT (+3.5%) upgraded to Overweight at Barclays. While in downgrades, APKT (-6.7%) was downgraded to Hold at Jefferies, Needham downgraded CRUS (-1.1%) to Buy, and ADBE (-5.8%) was downgraded at JMP Securities and Atlantic Equities.
MU (+1.3%) is the notable name in tech scheduled to report quarterly results today after the close.
