The tech sector is trading just higher today, inline with slight gains in the broader market. Semiconductors are also showing relative strength with the Philly Semi Index trading 0.6% higher. RBCN (+2.0%) is a notable leader in that chip index. Among other major indices, the SPY, the QQQ, and the NASDAQ are all trading 0.1% lower on the session. Among tech bellwethers, TXN (+1.8%) is showing notable strength, while GOOG (-1.5%) is under pressure.
In earnings last night, TXN (+1.8%) narrowed its Q2 guidance inline with consensus. Also, FNSR (+1.1%) posted a mixed quarter and guided lower. In news, JNPR (-0.2%) announced a $1 bln stock repurchase plan. Elsewhere, CY (+2.1%) announced that it has submitted a proposal to RMTR (+36.5%) to acquire all of its outstanding stock for $2.48/share. FIO (+2.6%) confirmed it entered into an OEM relationship with CSCO (+0.6%). PAY (-6.8%) disclosed update on trial, noting the jury completed its deliberations and returned an unfavorable verdict.
Among notable analyst upgrades this morning, National Securities upgrades TXN (+1.8%) to Buy. While in downgrades, GAME (+1.0%) was downgraded to Neutral at Lazard. There are no notable names in tech scheduled to report quarterly results today after the close.






