The tech sector is trading higher today, ahead of slight gains in the broader market. Semiconductors are showing relative strength with the SOX trading 0.6% higher. Within the chip index, WFR (+7.5%) is again a notable standout. Among other major indices, the SPY is trading 0.1% higher today, while the QQQ and the NASDAQ are trading 0.3% higher on the session. Among tech bellwethers, CSCO (+2.4%) is showing notable strength, while T (-0.7%) is under moderate pressure today.
In earnings last night, SGI (+22.7%) posted a mixed quarter, but offered upside guidance. CTL (+2.2%) reported upside EPS and inline revs, while the company generally guided inline. This morning, HIMX (+5.4%) raised its guidance, while FXCM (-7.2%) posted a mixed quarter, CCOI (-4.7%) missed ests and OSIS (+6.9%) posted a beat. In news, VRNG (-3.5%) announced a $31 mln offering, as well as announced that it had entered into a Patent Purchase Agreement with NOK (+3.4%). Among rumors, Samsung shot down recent speculation that it was interested in RIMM (+1.8%).
Among notable analyst upgrades this morning in the tech space, CSCO (+2.4%) was upgraded to Overweight at Piper Jaffray, it was also added to Conviction Buy List. On the other end, NTAP (-1.2%) was downgraded to Hold at Cantor. NVDA (+0.8%) is the only notable name in tech scheduled to report quarterly results today after the close.






