The tech sector is trading higher today, outpacing gains in the broader market. Semiconductors are also showing relative strength with the Philly Semi Index trading 3.1% higher. NXPI (+7.5%) is a notable leader in that chip index. Among other major indices, the SPY is trading 1.9% higher today, while the QQQ and the NASDAQ are trading 2.2% higher on the session. Among tech bellwethers, TXN (+4.6%) is showing notable strength.
In earnings last night, ACN (+5.1%) reported a mixed quarter and guided lower. Elsewhere, RIMM (-17.9%) posted a miss and downside guidance, while TIBX (+8.1%) reported a Q2 beat. Also, VCLK (+11.9%) issued upside Q2 revenue guidance. In news, ADBE (+2.7%) announced it will be discontinuing its development of the Flash Player for mobile browsers. ServiceNow NOW (+30.6%) opened for trading at $23.75 after pricing IPO at $18. ]
Among notable analyst upgrades this morning, ORCL (+4.3%) was upgraded to Outperform at RBC. While in downgrades, RIMM (-17.9%) was downgraded at CIBC, Scotia, and Societe Generale, VOD (+0.2%) was downgraded to Hold at Jefferies, and WIT (+4.5%) was downgraded at BofA/Merrill.






