The tech sector is trading lower today, along with losses in the broader market. Semiconductors are showing relative weakness with the SOX trading 0.9% lower. Within the chip index, NXPI (-2.6%) is a notable laggard. Among other major indices, the SPY is trading 0.5% lower today, while the QQQ and the NASDAQ are trading 0.5% lower on the session. Among tech bellwethers, FB (-1.9%) is showing strength, while VZ (-1.1%) is under pressure.
In tech earnings, TIVO (-3.1%) posted a Q2 earnings beat and guided Q3 revs below consensus. This morning, MEI (+3.1%) reported a Q1 beat and raised guidance, while CIEN (-16.6%) posted a Q3 miss and guided lower. In news, G (+0.9%) announced a $2.24/sh special dividend. Also, SAC Capital reported a 5.2% stake in TIVO (-3.1%). Among rumors, Bloomberg discussed LXK's (+2.0%) valuation which may make the company a takeover target. XRX (-0.5%) was named as possible buyer.
In notable analyst upgrades this morning in the tech space, BCOV (+2.6%) was upgraded to Strong Buy at Raymond James. Among downgrades, ANGI (-5.1%) was downgraded to Hold at Canaccord, ERIC (-3.1%) was downgraded to Underperform at Credit Suisse, and KLAC (-1.8%) was downgraded to Neutral at Susquehanna. SAI (+0.2%) is the only notable name in tech scheduled to report quarterly results today after the close.






