EmailThe tech sector is trading lower today, roughly inline with losses in the broader market. Semiconductors are showing relative weakness, however, as the SOX trading 1.2% lower. Within the chip index, VECO (-5.5%) is a notable standout. Among other major indices, the SPY is trading 0.3% lower today, while the QQQ is down 0.2% and the NASDAQ is trading 0.4% lower on the session. Among tech bellwethers, INTC (-1.2%) and TXN (-1.1%) are showing notable weakness. There were no notable earnings this morning in the tech space. In news, however, CMVT (+0.9%) agreed to be acquired by VRNT (+0.7%). Also, YTEC (+3.9%) entered into merger agreement for 'going private' transaction for $3.90 per share.
Among notable analyst upgrades this morning in the tech space, WNS (-0.9%), WU (-2.2%), FISV (+0.4%), BR (-0.7%), EXLS (-1.8%), HPY (+1.8%), and VRTU (+1.7%) were upgraded at JP Morgan, GOOG (+1.2%) was upgraded to Overweight at Morgan Stanley, and S (+2.0%) was upgraded to Buy at BofA/Merrill. In downgrades, Stifel Nicolaus downgraded YHOO (-0.3%) to Hold, VECO (-5.8%) was downgraded to Hold at Deutsche Bank, SYNT (-4.9%) and GPN (-2.5%) were downgraded at JP Morgan, and IFNNY (-0.7%) was downgraded to Neutral at Citigroup. GRPN (+1.6%) is the only notable name in tech scheduled to report quarterly results today after the close.
