The tech sector is trading slightly higher today, trailing larger gains in the broader market. Semiconductors are showing relative weakness with the SOX trading 0.1% lower. Within the chip index, STM (-2.6%) is a notable laggard. Among other major indices, the SPY is trading 0.3% higher today, while the QQQ is up 0.3% and the NASDAQ is trading 0.4% higher on the session. Among tech bellwethers, GOOG (+1.4%) is once again showing notable strength, while ORCL (-0.7%) is under pressure. In tech earnings last night, PAYX (-2.9%) posted a slight Q1 beat, while RHT (-2.4%) reported a modest Q2 miss. RHT also offered guidance just below consensus. This morning, FDS (-4.5%) posted a slight Q4 beat and issued inline guidance. Also, IFNNY (-6.5%) issued downside guidance. In news, the US PTO grants VRNG (+0.9%) a patent for Mobile video dating service.
Among rumors, we are hearing renewed takeover chatter on JIVE (+0.6%). In notable analyst upgrades this morning in the tech space, TIVO (+4.2%) was upgraded to Buy at Lazard. Among downgrades, PAYX (-2.9%) was downgraded at Citi and UBS, CGNX (-5.9%) was downgraded to Underweight at Piper, CSGS (-1.8%) was downgraded to Neutral at Citigroup, AXE (-3.9%) was downgraded to Underperform at Credit Suisse, ADP (-1.1%) was downgraded to Neutral at UBS, NOK (+0.7%) was downgraded to Underperform at BMO and LPL (-1.6%) was downgraded to Mkt Perform at Bernstein. JBL (+1.0%) and SNX (+0.4%) are the only notable names in tech scheduled to report quarterly results today after the close.






