The tech sector is trading lower today, inline with losses in the broader market. Semiconductors are showing relative weakness with the SOX trading 1.0% lower. AMD (-12.2%) is a notable laggard in the chip index. Among other major indices, the SPY is trading 0.7% lower today along with the QQQ (also down 0.7%), while the NASDAQ is trading 0.8% lower on the session. Among tech bellwethers, GOOG (+2.8%) is showing notable strength, while TXN (-2.1%) is lagging.
In earnings last night, GOOG (+2.8%), SNDK (+13.8%), and FSL (-6.0%) all posted a Q2 beats (although FSL guided lower), MSFT (-1.3%) reported a mixed qtr, and AMD (-12.2%) missed qtrly ests. This morning, XRX (-3.1%), posted an inline qtr and guided lower. In news, the SEC announced it is investigating STEC's (-3.0%) CEO for insider trading. Among notable analyst upgrades this morning in the tech space, EBAY (0.0%) was upgraded to Overweight at JP Morgan and SNDK (+13.8%) was upgraded to Above Average at Caris. In downgrades, NOK (-6.5%) was upgraded to Hold at Societe Generale, VZ (-0.2%) was downgraded to Neutral at Credit Suisse, and AMD (-12.2%) was downgraded at Canaccord and Wedbush.






