EmailThe tech sector is trading just lower today, trailing gains in the broader market. Semiconductors are also showing relative weakness with the Philly Semi Index trading -0.04% lower. AVGO (-2.3%) is a notable laggard in that chip index. Among other major indices, the SPY is trading 0.5% higher today, while the QQQ is up 0.2% and the NASDAQ is trading 0.3% higher on the session. Among tech bellwethers, FB (+1.2%) is showing notable strength, while QCOM (-2.6%) is under pressure.
In earnings this morning, NOK (-14.9%) lowered its Q2 operating margin guidance, in addition to announcing job cuts and strategic actions. Also, LSCC (-14.7%) lowered its Q2 guidance. In news, QSFT (+8.1%) announced the receipt of proposal from a strategic bidder to acquire all of the outstanding shares of Quest common stock for $25.50 per share in cash. There are also reports of a possible partnership between SINA (-0.3%) and MSFT (-0.1%). Among rumors, we are hearing renewed GLUU (+4.3%) takeover chatter making the rounds. Among notable analyst upgrades this morning, CHA (+0.2%) was upgraded to Hold at Cantor and Z (+4.8%) was upgraded to Outperform at Pacific Crest. While in downgrades, ADBE (-1.3%) was downgraded to Hold at Jefferies, Robert W. Baird downgraded NOK (-14.9%) to Underperform, and SAPE (-9.1%) was downgraded to Outperform at Raymond James. There are no notable names in tech scheduled to report quarterly results today after the close.
