EmailThe tech sector is trading just lower today, along with losses in the broader market. Semiconductors are showing relative strength, however, with the SOX trading 0.3% higher. Within the chip index, BRCM (+2.5%) is a notable leader. Among other major indices, the SPY is trading 0.2% lower today. The QQQ and the NASDAQ are trading also 0.2% lower on the session. Among tech bellwethers, FB (+3.7%) is once again showing strength, while CSCO (-1.4%) is under pressure.
In earnings last night, NVDA (+0.1%) and FIO (+29.0%) both posted a quarterly beats and raised guidance, while SPRD (-11.4%) missed estimates and UBNT (-41.4%) guided sharply lower. In news, IBM (-0.3%) may be interested in RIMM's (+5.9%) enterprise division, according to reports. Also, FB (+3.5%) is trading higher after NFLX (-0.6%) CEO, also a Director at FB, disclosed buying $1 mln in FB stock.
Among rumors, Bloomberg discussed takeover potential for LEAP (+3.8%). Among notable analyst upgrades this morning in the tech space, SMI (-4.1%) was upgraded to Overweight from Neutral at HSBC, Needham upgraded JIVE (-1.8%) to Buy, and BRCM (+2.5%) and SPIL (+1.8%) were upgraded at Bernstein. In downgrades, CVG (-2.8%) was downgraded to Neutral at Baird, TSRA (-1.1%) and YHOO (-5.2%) were downgraded at BofA/Merrill, SSNC (-8.8%) was downgraded to Hold at Jefferies, FXCM (-3.9%) was downgraded to Neutral at Citigroup, UBNT (-41.4%) was downgraded at several firms including Deutsche Bank, and SOHU (-3.0%) was downgraded to Neutral at UBS.
