The tech sector is trading higher today, outpacing a roughly flat broader market. Semiconductors are also showing relative strength with the Philly Semi Index trading 1.1% higher. IDCC (+28.2%) is helping boost that chip index after its deal with INTC (+0.4%). Among other major indices, the SPY is trading 0.1% lower today, while the QQQ is up 0.5% and the NASDAQ is trading 0.4% higher on the session. Among tech bellwethers, FB (+5.2%) is showing notable strength, while ORCL (-3.1%) is under pressure.
There were no earnings reports of note this morning in the tech space.
In news, IDCC (+28.2%) announced that certain of co's subsidiaries have signed a definitive agreement to sell to INTC (+0.4%) roughly 1,700 patents and patent applications for $375 million in cash. The company also announced to double its share repurchase plan and reaffirmed Q2 revenue guidance.
Among rumors, we are hearing a finance deal circulating for CLWR (-3.4%).
Among notable analyst upgrades this morning, PAY (+5.7%) was upgraded to Buy at UBS. While in downgrades, RMBS (-6.7%) was downgraded to Neutral at JP Morgan.
There are no notable names in tech scheduled to report quarterly results today after the close. However, MSFT (-0.8%) is scheduled to hold an event this afternoon, at which many suspect will be related to a MSFT tablet.






