The tech sector is trading lower today, along with losses in the broader market. Semiconductors are showing relative weakness as well with the SOX trading 0.7% lower. Within the chip index, POWI (-2.9%) is a notable laggard. Among other major indices, the SPY is trading 0.4% lower today, while the QQQ is down 0.6% and the NASDAQ is trading 0.5% lower on the session. Among tech bellwethers, FB (-1.9%) is showing notable weakness, while CSCO (+0.7%) is bucking the trend. In tech earnings, OCLR (-7.2%) issued downside Q1 guidance after the close Friday. Optical related names include: FNSR (-2.1%), JDSU (-2.8%), OPLK (+0.8%), EMKR (-0.7%), and AFOP (-0.6%). In news, PRGS (-11.4%) announced CEO Bhatt will depart in December and GLUU (+3.6%) partnered with Probability PLC for mobile gambling.
In notable analyst upgrades this morning in the tech space, MXIM (+1.1%) was upgraded to Neutral at JP Morgan, SPIL (-0.6%) & UMC (-1.5%) were upgraded at BofA/Merrill and SLAB (+0.6%) was upgraded to Above Average at Caris. Among downgrades, ADTN (-0.4%), RDA (-2.9%) & ISIL (-9.1%) were downgraded at Morgan Stanley, TXN (-0.4%), POWI (-3.0%), LLTC (-1.1%) and ADI (-0.8%) were downgraded at ISI Group, FB (-1.8%) was downgraded to Sell at BTIG Research and TSM (-2.6%) was downgraded to Underperform at BofA/Merrill. There are no notable names in tech scheduled to report quarterly results today after the close.






