The tech sector is trading higher today, inline with gains in the broader market. Semiconductors are showing relative strength with the Philly Semi Index trading 0.8% higher. MU (+5.5%) is a notable leader in that chip index. Among other major indices, the SPY, the QQQ and the NASDAQ are all trading 0.3% higher on the session. Among tech bellwethers, FB (+1.6%) is showing notable strength, while T (-0.6%) is under pressure.
In earnings last night, FIRE (-3.9%) raised its Q2 guidance, but announced that its CEO has taken a medical leave of absence. In news, MSFT (-0.5%) announced a non-cash accounting charge. As a result of its 2012 impairment review, a write down of its Online Services Division goodwill of ~$6.2 bln is required. Among notable analyst upgrades this morning, NTGR (+4.8%) was upgraded to Overweight at Barclays. While in downgrades, ADTN (-2.1%), IDCC (-1.5%), and RIMM (-1.9%) were downgraded at Barclays, and IM (-1.8%) and TWTC (-2.8%) were downgraded at Raymond James. TWTC (-2.8%) was also removed from Top Picks Live list at Citigroup. There are no notable names in tech scheduled to report quarterly results today after the close.






