The tech sector is trading higher today, outpacing gains in the broader market. Semiconductors are also showing relative weakness with the Philly Semi Index trading only 0.2% higher. POWI (+2.1%) is a notable leader in that chip index. Among other major indices, the SPY is trading 0.01% higher today, while the QQQ and the NASDAQ are trading 0.4% higher on the session. Among tech bellwethers, GOOG (+1.2%) is showing notable strength, while CSCO (-0.9%) is under pressure.
In earnings last night, A (+5.8%) posted a quarterly beat and issued guidance slightly above consensus, whereas this morning ACXM (+4.6%) reported a beat but guided lower. In news, FB increased its IPO price range to $34-38/share from $28-35. ZNGA (+7.2%) is trading higher in sympathy. Among notable analyst upgrades this morning, The Benchmark Company upgraded MIPS (+7.2%) to Buy, JNPR (+4.1%) and JBL (+3.0%) were upgraded to Buy at BofA/Merrill and AKAM (+2.6%) was upgraded to Buy at Janney. While in downgrades, AMAT (-0.4%) was downgraded to Hold at Needham. SINA (-0.2%) is the notable name in tech scheduled to report quarterly results today after the close.






