The tech sector is trading lower today, in line with losses in the broader market. Semiconductors are showing relative weakness in the tech space with the Philly Semi Index trading 1.2% lower. Among chips in the index, RBCN (-5.6%) is a notable laggard, while NVDA (+3.0%) is outperforming. Among other major indices, the S&P 500 is trading 1.2% lower, while the NASDAQ is trading 1.3% lower. The QQQ, meanwhile, is trading 1.4% lower. Among tech bellwethers, AAPL (+1.0%) is showing relative strength, while ORCL (-3.1%) and CSCO (-2.3%) are under pressure.
In news, WIN (-0.7%) entered into a definitive agreement to acquire PAET (+20.8%) for 0.46 share of WIN. Also, PRGS (-2.6%) announced its CEO decided to step down. In rumors, we are hearing renewed YHOO (-0.6%) privatization chatter making the rounds.
Among notable analyst upgrades this morning, Oppenheimer upgraded EMC (-1.2%) to Outperform, FIRE (-0.3%) was upgraded to Equal Weight at Morgan Stanley, and VOD (-2.1%) was upgraded to Buy from Neutral at UBS. In downgrades this morning, BCSI (-5.1%) was downgraded to Neutral from Buy at Lazard and JMP Securities downgraded IRF (-4.0%) to Mkt Perform.
There are no notable tech name set to report results today after the close.






