EmailThe tech sector is trading lower today, trailing narrower losses in the broader market. Semiconductors are showing relative weakness as well with the SOX trading 1.3% lower. Within the chip index, VECO (-9.4%) is a notable laggard. Among other major indices, the SPY is trading 0.3% lower today, while the QQQ is down 0.7% and the NASDAQ is trading 0.6% lower on the session. Among tech bellwethers, FB (-6.1%) is under notable pressure following a negative Barron's article out over the weekend, while GOOG (+1.5%) is bucking the trend. There were no tech earnings of note this morning. In news, AAPL (-1.3%) reported selling 5 mln iPhones in its first weekend of sales. This was below what many expected.
Elsewhere, TIVO (+6.1%) announced a settlement of patent litigation With VZ (0.0%). VZ will provide TIVO total compensation worth at least $250.4 mln and both cos agreed to dismiss all pending litigation with prejudice. Also, LMLP (+81.8%) was acquired by DRIV (+1.1%) for $3.45/share in cash. The acquisition is expected to be accretive to DRIV's earnings in its 2013 fiscal year. In notable analyst upgrades this morning in the tech space, RBCN (+3.4%) was upgraded to Neutral at Goldman. Among downgrades, ATML (-4.7%) was downgraded to Neutral at UBS, FNSR (-4.5%) was downgraded to Mkt Perform at Raymond James, and VECO (-9.3%) was downgraded to Sell at Goldman. PAYX (-0.1%) and RHT (-1.2%) are the only notable names in tech scheduled to report quarterly results today after the close.
