The tech sector is trading lower today, trailing slight losses in the broader market. Semiconductors are showing relative weakness with the Philly Semi Index trading 0.8% lower. VECO (-2.8%) is a notable laggard in the chip index. Among other major indices, the SPY is trading 0.2% lower today, while the QQQ is down 0.6% and the NASDAQ is trading 0.5% lower on the session. Among tech bellwethers, FB (+1.8%) is showing strength, while ORCL (-2.2%) is under notable pressure. In earnings last night, HPQ (+6.2%) reported a quarterly beat, issued mixed guidance and announced a major restructuring plan.
Elsewhere, NTAP (-12.3%) posted a slight beat, but offered downside guidance. In news, PAY (-1.8%) announced a licensing, marketing and implementation agreement that advances PayPal (EBAY (+1.0%)) acceptance at large retailers nationwide. Among notable analyst upgrades this morning, CACI (+0.4%) was upgraded to Neutral at JPMorgan. While in downgrades, NTAP (-12.3%) was downgraded at RBC and Brean Murray. PAY (-1.8%) is the notable name in tech scheduled to report quarterly results today after the close.






