EmailThe tech sector is trading higher today, just trailing gains in the broader market. Semiconductors are showing inline strength with the SOX trading 0.6% higher. RBCN (-2.9%) is a notable laggard in the chip index, while HITT (+4.2%) is showing strength. Among other major indices, the SPY is trading 1.0% higher today, while the QQQ is up 0.8% and the NASDAQ is trading 0.7% higher on the session. Among tech bellwethers, T (+1.6%) is showing strength, while FB (-14.6%) is showing notable weakness.
In earnings last night, FB (-14.6%) posted a modest beat but failed to provide guidance. Elsewhere, KLAC (+1.7%) and IM (-1.0%) reported qtrly beats, but also issued downside guidance, N (+14.7%) posted a beat and raise, APKT (-13.5%) posted an inline qtr and cut guidance significantly, and CA (-7.9%) reported mixed results and offered downside guidance. This morning, CLS (-1.4%) posted a mixed qtr and guidance towards the downside. In news, AUTH (+62.4%) entered into agreement to be acquired by AAPL (-0.3%) for $8/share. Also, there's renewed takeout speculation surrounding OCZ (+24.6%).
Among notable analyst upgrades this morning in the tech space, Mizuho upgraded INFA (+6.9%) to Buy, S (+5.4%) was upgraded to Buy at UBS, PCS (-0.1%) and XXIA (+20.8%) were upgraded to Buy at Deutsche Bank, Stifel Nicolaus upgraded SBAC (+2.2%) to Buy. In downgrades, APKT (-13.5%) was downgraded at Raymond James and Pac Crest, Argus downgraded PLCM (+3.0%) to Hold, and QLGC (-20.1%) was downgraded at Caris and Stifel.
