The tech sector is trading higher today, along with gains in the broader market. Semiconductors are showing relative strength with the SOX trading 1.4% higher. Within the chip index, TSM (+3.9%) is a notable standout. Among other major indices, the SPY is trading 0.7% higher today, while the QQQ is up 0.8% and the NASDAQ is trading 0.7% higher on the session. Among tech bellwethers, MSFT (+1.8%) is a leader, while FB (-1.2%) is showing notable weakness. There were no earnings of note in the tech space. In news out Wednesday night, OCZ (-5.0%) announced that on November 15, 2012, it received a letter from the SEC indicating that they are conducting an investigation. Also, KITD (-61.8%) announced restatement of prior period financial statements and postponement of third quarter 2012 results. This morning, KITD's former Chairman/CEO urged company to discuss acquisition offer and conduct open and transparent sale process. Among rumors, ALU (+14.0%) is in discussions with GS (+1.5%) over financing, according to reports.
In notable analyst upgrades this morning in the tech space, TI (+2.6%) was upgraded to Neutral at HSBC. Also, National Bank Financial was out with positive comments on RIMM (+12.4%). Among downgrades, AUO (+5.3%) was downgraded to Mkt Perform at Bernstein and KITD (-61.8%) was downgraded to Market Perform at Northland. There are no notable names in tech scheduled to report quarterly results today after the close.






