The tech sector is trading higher today, slightly behind gains in the broader market. Semiconductors are showing relative strength, however, with the SOX trading 1.3% higher. Within the chip index, INTC (+3.1%) is a notable standout. Among other major indices, the SPY is trading 0.8% higher today, while the QQQ and the NASDAQ are trading 0.5% higher on the session. Among tech bellwethers, INTC (+3.1%) leads the group, while FB (-1.9%) is showing notable weakness.
In tech earnings last night, RATE (-24.8%) and MCHP (+0.7%) both lowered Q3 guidance. This morning, DBD (-8.2%) cut guidance. In news, YHOO (+1.0%) announced that Henrique de Castro has been hired as COO. Among rumors, S (+1.3%) is not planning a CLWR (-16.2%) takeover following deal with SoftBank, according to reports. In notable analyst upgrades this morning in the tech space, S (+1.3%) was upgraded at Bernstein and Baird, ADS (+1.2%) was upgraded to Outperform at Wells Fargo, and AUO (+9.1%) & LPL (+6.6%) were upgraded at Credit Agricole. Among downgrades, RVBD (+0.6%) was downgraded to Neutral at Citigroup. IBM (+0.5%), INTC (+3.0%), and LLTC (+1.3%) are the notable names in tech scheduled to report quarterly results today after the close.






