The tech sector is trading lower today, just trailing the broader market. Semiconductors are showing relative weakness with the Philly Semi Index trading 1.4% lower. MKSI (-3.0%) is a notable laggard in that chip index. Among other major indices, the SPY is trading 0.3% lower today, as are both the QQQ and the NASDAQ on the session. Among tech bellwethers, FB (+3.4%) is showing notable strength, while TXN (-1.2%) and IBM (-1.2%) are under pressure.
In earnings this morning, QLIK (+1.8%) issued Q2 revenue guidance that fell below consensus, while CKSW (-8.6%) guided Q2 revs and EPS below consensus. In news, Friday after the close, YHOO (0.0%) and FB (+3.4%) announced that they have entered into definitive agreements that launch a new advertising partnership, extend and expand distribution arrangements, and settle all pending patent claims between the companies. Elsewhere, YOKU (+0.3%) entered into licensing agreement with NBCUniversal International Television Distribution in China.
There were no notable analyst upgrades this morning in the tech space. In downgrades, however, SWI (-7.7%) was downgraded to Mkt Perform at FBR Capital and LRCX (-0.6%) was downgraded to Outperform Credit Agricole. Also, LNKD (-4.7%) is under pressure today following analyst comments regarding a new job board on FB (+3.4%). There are no notable names in tech scheduled to report quarterly results today after the close.






