The tech sector is trading higher today, along with gains in the broader market. Yet, semiconductors are showing relative weakness with the Philly Semi Index trading only 0.6% higher. WFR (-0.9%) is a notable laggard in that chip index. Among other major indices, the SPY is trading 1.3% higher today, while the QQQ and the NASDAQ are trading 1.0% higher on the session. Among tech bellwethers, MSFT (+2.3%) and QCOM (+2.0%) are showing notable strength.
In earnings last night, LXK (-10.2%) became the latest tech company to lower Q2 guidance. This morning, IGTE (+3.9%) posted a Q2 miss. Also, IMOS (+6.6%) cut Q2 rev guidance. In news last night, APKT (+3.5%) announced a stock repurchase program of up to $200 mln. Among notable analyst upgrades this morning in the tech space, FTE (+5.0%) was upgraded to Hold at Deutsche Bank. In downgrades, FIS (+0.6%) was downgraded to Neutral at Robert W. Baird, SIGM (-2.2%) was downgraded to Sell at UBS, ASML (+1.2%) was downgraded to Neutral at Nomura, and TSS (-0.7%) was downgraded to Equal Weight at Barclays.






