The tech sector is trading flat on the session today, just behind slight gains in the broader market. Semiconductors are showing moderate strength with the SOX trading 0.2% higher. Within the chip index, WFR (+2.9%) is a notable standout, while KLAC (-4.0%) is under pressure. Among other major indices, the SPY is trading 0.1% higher today, while the QQQ is up 0.1% and the NASDAQ is trading 0.2% higher on the session. Among tech bellwethers, GOOG (+0.9%) is showing strength, while AAPL (-0.4%) and T (-0.4%) are under a little pressure.
In tech earnings, PWRD (-4.4%) posted a Q2 earnings miss and guided Q3 revs below consensus. In news, LXK (+15.5%) announced a restructuring actions and planned an additional $100 mln in share repurchases during the remainder of 2012. Among rumors, NYTimes discussed that AAPL (-0.4%) may have a case against GOOG (+0.9%) following the Samsung decision. Elsewhere, we are hearing renewed DGIT (+6.7%) takeover speculation.
There were no notable analyst upgrades this morning in the tech space. In downgrades, APH (-1.6%) was downgraded to Neutral at BofA/Merrill and ASML (-3.2%) and KLAC (-4.0%) were downgraded to Sell at Deutsche Bank. There are no notable names in tech scheduled to report quarterly results today after the close.






