The tech sector is trading slightly lower today, along with losses in the broader market. Semiconductors are showing relative weakness, however, with the SOX trading 0.5% lower. Within the chip index, AMD (-7.9%) is a notable laggard. Among other major indices, the SPY is trading 0.1% lower today, while the QQQ is flat and the NASDAQ is trading 0.1% lower on the session. Among tech bellwethers, T (-0.7%) is showing notable weakness, while GOOG (+0.6%) is showing strength.
In tech earnings, JDAS (+0.3%) announced it will reaffirm its FY12 outlook at today financial analyst meeting. In news, OCZ (-6.5%) announced the resignation of its CEO and appointed Alex Mei as interim CEO and AMD (-7.7%) announced the resignation of its CFO. This morning, STEC (+0.1%) announced it CEO is also stepping down. Elsewhere, TWC (+0.3%) will sell its 7.8% stake in CLWR (-3.9%) according to the WSJ. Also, NUAN (-0.4%) announced it will acquire DITC (+75.8%) for $1.45/share. In notable analyst upgrades this morning in the tech space, JIVE (+5.0%) was upgraded to Outperform at Wells Fargo and BRCM (+1.4%) was upgraded to Outperform at RBC. Also of note, FFIV (+6.4%) is higher today on positive comments from Piper. Among downgrades, INTC (-0.6%), TXN (-1.5%), ADI (-1.1%) & NVDA (-0.1%) were downgraded to Sector Perform at RBC. Similarly, Miller Tabak downgraded the semi sector to Neutral. Also, Stifel Nicolaus downgraded OCZ (-6.5%) to Hold. There are no notable names in tech scheduled to report quarterly results today after the close.






