EmailThe tech sector is trading lower today, trailing losses in the broader market. Semiconductors are showing relative weakness with the Philly Semi Index trading 1.5% lower. MU (-4.3%) is a notable laggard in the chip index follwoing its earnings report last night. Among other major indices, the SPY is trading 0.4% lower today, while the QQQ and the NASDAQ are trading 0.6% lower on the session. Among tech bellwethers, FB (+1.0%) is showing notable strength, while INTC (-1.1%) and TXN (-1.1%) are showing weakness.
In earnings last night, RHT (-0.4%) reported a quarterly beat, but provided disappointing bookings and guidance figures. Meanwhile, MU (-4.3%) posted a mixed quarter. Among rumors, there is a Bloomberg report discussing RAX (-0.3%) as a takeover target.
Among notable analyst upgrades this morning, EGOV (+2.0%) was upgraded to Buy at Dougherty. While in downgrades, NIHD (-5.5%) was downgraded to Market Perform at Wells Fargo and WXS (-2.2%) was downgraded to Sell at Citigroup. There are no notable names in tech scheduled to report quarterly results today after the close.
