The tech sector is trading lower today as it underperforms the broader market. Semiconductors are showing relative weakness as well with the SOX trading 0.5% lower. Within the chip index, WFR (-5.0%) is a notable laggard. Among other major indices, the SPY is trading 0.4% lower today, while the QQQ and the NASDAQ are both down 0.6%. Among tech bellwethers, AAPL (-2.0%) is once again showing notable weakness. Tech earnings continued rolling in last night. ATVI (-0.5%), QCOM (+6.5%) beat on EPS, revs, and issued upside guidance. CTL (+5.8%) beat on EPS, revs, and guided Q4 EPS above consensus. TRLA (-16.8%) beat on EPS and revs. PANL (-18.1%) missed on EPS, revs, and guided lower.
This morning, MWW (+17.5%) reported earnings which may not be comparable to estimates due to restructuring. EBIX (-5.5%) beat on EPS and revs. WIN (-8.9%) posted a slight EPS miss, but beat on revs. In news, AMZN (-1.1%) announced the launch of Amazon wine. In notable analyst upgrades this morning in the tech space, USM (+0.9%) was upgraded to Outperform at Raymond James. JNPR (+0.3%) was upgraded to Hold at Cantor Fitzgerald with a $21 target. ADTN (+0.1%) was upgraded to Buy at Mizuho with a $22 target. Among downgrades, PANL (-18.2%) was downgraded to Neutral at Wedbush. IQNT (-13.0%) was downgraded to Underperform at Oppenheimer. ADSK (-2.4%) was downgraded to Hold at Jefferies. DLB (+0.9%), GRPN (+2.4%), FLTX (+0.7%), NVDA (+0.8%) are the notable names in tech scheduled to report quarterly results today after the close.






