EmailThe tech sector is trading higher today, roughly inline with gains in the broader market. Semiconductors are showing relative weakness with the SOX trading 0.2% lower. WFR (-4.7%) is a notable laggard in the chip index. Among other major indices, the SPY is trading 0.4% higher today, while the QQQ is up 0.5% and the NASDAQ is trading 0.3% higher on the session. Among tech bellwethers, CSCO (+2.4%) is showing strength, while MSFT (-2.3%) is showing weakness.
In earnings this morning, ARW (-0.2%) missed Q2 EPS by $0.02, reported revs in-line, and guided Q3 in-line. DBD (-12.1%) also posted a mixed Q2, but guided below consensus. In news, T (+1.2%) announced it increases repurchase authorization by an additional 300 mln shares. This morning, ORCL (+0.5%) acquired Xsigo. Among rumors, there are reports suggesting AAPL (+2.1%) may unveil its newest iPhone and iPad mini on September 12. Also, OCZ (+2.7%) is showing strength on continued M&A speculation.
Among notable analyst upgrades this morning in the tech space, CIEN (+0.3%) was upgraded to Hold at Jefferies, SPIL (+5.8%) was upgraded to Overweight at HSBC, and SAI (+3.6%) was upgraded to Neutral at Susquehanna. In downgrades, IFNNY (-0.9%) was downgraded to Hold at Jefferies, EQIX (-3.0%) was downgraded to Neutral at Citigroup, GPN (-0.6%) was downgraded to Neutral at Cowen, and EA (-1.2%) was downgraded to Neutral at Longbow. STX (+1.9%), FISV (-0.2%), and CRUS (+1.5%) are the notable names in tech scheduled to report quarterly results today after the close.
