EmailThe tech sector is trading lower today, trailing gains in the broader market. Semiconductors are showing inline weakness with the SOX trading 0.2% lower. VECO (-3.8%) is a notable laggard in the chip index, while IDCC (+14.1%) is the standout leader. Among other major indices, the SPY is trading 0.4% higher today, while the QQQ is up 0.1% and the NASDAQ is trading 0.1% lower on the session. Among tech bellwethers, FB (-2.3%) is showing notable weakness.
In earnings last night, DRIV (-25.4%) and EA (-0.1%) reported quarterly miss and provide below consensus guidance, while FTR (+10.7%) and SIMG (+26.0%) posted qtrly beats and BMC (-5.3%) reported a miss and offered in line guidance. This morning, AMT (+0.4%) reported an inline qtr and guided lower. Among rumors, there were reports that LNVGY (+6.6%) may be interested in purchasing NOK (+4.1%). A LNGVY exec dissmissed the rumor this morning. Among notable analyst ratings changes this morning in the tech space, DRIV (-25.4%) was downgraded to Mkt Perform at Raymond James, BMC (-5.2%) was downgraded at Credit Suisse and Raymond James, and TECD (-3.8%) was downgraded to Underperform at BofA/Merrill. DOX (-0.4%) and TTEC (-0.1%) are the notable names in tech scheduled to report quarterly results today after the close.
