The tech sector is trading higher today, along with gains in the broader market. Semiconductors are showing relative strength with the SOX trading 0.5% higher. Within the chip index, STM (+5.3%) is a notable standout. Among other major indices, the SPY is trading 0.3% higher today, while the QQQ and the NASDAQ are trading 0.2% higher on the session. Among tech bellwethers, FB (+5.8%) is showing notable strength following Zuckerberg's interview last night.
In tech earnings, TXN (-0.5%) narrowed its Q3 rev guidance inline with consensus. Elsewhere, GCOM (-18.8%) posted a Q4 beat and issued downside guidance and XRTX (-11.6%) preannounced downside Q3 resutls. In news, FB (+5.8%) CEO Zuckerberg presented at the Disrupt conference after the close. He said that Wall St. is underestimating the Co's potential in mobile. Also, STEC (-4.8%) disclosed that PwC has resigned as its auditor. Among rumors, AOL (+1.5%) has spoken to Marissa Mayer about possible YHOO (+2.0%) merger, according to reports.
In notable analyst upgrades this morning in the tech space, SYNC (+1.2%) was upgraded to Neutral at Citigroup and RCI (+2.7%) was upgraded to Buy from Neutral at BofA/Merrill. Among downgrades, Needham downgraded SYNA (-6.2%) to Hold, and ADP (-1.3%) & PAYX (-0.6%) were downgraded to Underperform at Jefferies. There are no notable names in tech scheduled to report quarterly results today after the close. However, AAPL (-0.2%) is holding an event at 1 ET at which the company is expected to unveil its newest iPhone.






