EmailThe tech sector is trading lower today, roughly inline with losses in the broader market. Semiconductors are also showing relative weakness, however, with the Philly Semi Index (SOX) trading 1.3% lower. VECO (+4.3%) is a notable laggard in the chip index. Among other major indices, the SPY is trading 0.5% lower today, while the QQQ and the NASDAQ are trading 0.6% lower on the session. Among tech bellwethers, FB (-3.1%) is showing notable weakness.
In earnings, JCOM (+5.5%) increased its Q2 guidance. In news, PRGS (-1.4%) announced the appointment of Melissa Cruz as Chief Financial Officer and the election of Phil Pead as Non-Executive Chairman. Also of note, MSFT (-1.0%) announced it will make an announcement at 12:00 Pacific Time (3:00 pm ET). Among rumors, AAPL's (+0.3%) iPhone 5, with design changes, has entered into production according to reports from AppleInsider.
Among notable analyst upgrades this morning in the tech space, Oppenheimer upgraded WNS (+4.2%) to Outperform and QCOM (-1.7%) was upgraded to Hold at Societe Generale. In downgrades, SNDK (-1.5%) was downgraded to Neutral at Robert W. Baird, FBR Capital downgraded TXN (-1.7%) to Underperform, and SSNC (-2.0%) was downgraded to Outperform at Raymond James. There are no notable names in tech scheduled to report quarterly results today after the close.
