The tech sector is trading higher today, just outpacing gains in the broader market. Semiconductors are also showing relative strength with the Philly Semi Index trading 2.2% higher. SPRD (+10.6%) is a notable leader in that chip index. Among other major indices, the SPY is trading 1.2% higher today, while the QQQ is up 1.5% and the NASDAQ are trading 1.4% higher on the session. Among tech bellwethers, QCOM (+2.4%) is showing notable strength, while FB (-5.1%) is under pressure.
There were no notable earnings reports in tech this morning. In news, LCRY (+56.4%) is to be acquired by TDY (+0.9%) for $14.30 per share in cash. Also, FB (-5.1%) may soon introduce its own smartphone and it may purchase Opera for $1 bln, and RIMM (+3.0%) is prepping for layoffs according to reports. Among notable analyst upgrades this morning, SAI (+3.1%) was upgraded to Outperform at Raymond James, SPRD (+11.2%) was upgraded to Overweight at JP Morgan and BRCM (+3.3%) was upgraded to Outperform at Credit Agricole. While in downgrades, WDC (-1.3%) and STX (-1.3%) were downgraded to Equal Weight at Barclays.
There are no notable names in tech scheduled to report quarterly results today after the close.






