The tech sector is trading lower today, just ahead of losses in the broader market. Semiconductors are showing relative strength in the tech space with the Philly Semi Index trading 2.4% lower. Among chips in the index, STM (-8.2%) is a notable laggard, while CREE (+14.8%) is outperforming. Among other major indices, the S&P 500 is trading 3.9% lower, while the NASDAQ is trading 3.4% lower. The QQQ, meanwhile, is trading 3.2% lower. Among tech bellwethers, MSFT (-5.0%) is under notable pressure.
In earnings last night, CREE (+14.8%) reported a Q4 beat and slightly below consensus guidance, while MOTR (-53.8%) posted a miss, downside guidance, and a CFO transition.
In news, DMD (+7.5%) and GOOG (-3.3%) renewed and expanded their global advertising relationship through new three-year agreement.
Among notable analyst upgrades in tech this morning, VMW (-1.0%) was upgraded to Outperform at FBR Capital, Needham upgraded MXL (-0.4%), SPRD (-1.0%), TQNT (-0.7%), and RFMD (-2.6%), ONNN (-2.2%) was upgraded to Buy at Jefferies, CSCO (-2.0%) was upgraded to Buy at Gleacher, OPEN (+4.9%) was upgraded to Buy at Citigroup, and Credit Suisse upgraded SPIL (-1.3%) and ASX (+1.9%) to Outperform. There were few notable downgrades in the tech space this morning.
CSCO (-2.0%) is the notable tech name set to report results today after the close.






