The tech sector is trading slightly lower today, inline with losses the broader market. Semiconductors are showing slight relative weakness in the tech space with the Philly Semi Index trading 0.6% lower. Among chips in the index, AMAT (-3.4%) is a notable laggard, while AMD (+1.1%) and MU (+3.2%) are outperforming. Among other major indices, the S&P 500 is trading 1.5% lower, while the NASDAQ is off 1.6%. QQQ is trading 1.4% lower. Among tech bellwethers, GOOG (+0.3%) is showing relative strength, while AAPL (-1.7%) is under pressure.
In earnings last night, AMAT (-3.9%) posted a beat, but guided lower. In news, AAPL's (-1.7%) CEO Steve Jobs announced his retirement. Current COO Tim Cook is set to take over Jobs' role and Jobs was elected the company's Chairman. Elsewhere, RLRN (+5.7%) announced that it received an unsolicited, non-binding proposal from Plato Learning for $15.50 per share in cash. Also ACIW (-2.2%) increased its offer for SONE (+1.9%) to $6.20/share plus 0.1064 ACI shares, up from $5.70 per share plus 0.1064 ACI shares. AMD (+1.1%) named Rory Read President and CEO.
Among notable analyst upgrades this morning, SNCR (-1.1%) was upgraded to Outperform at Robert W. Baird, GAME (+10.5%) was upgraded to Buy at Deutsche Bank, and Stifel Nicolaus upgraded FFIV (+0.9%) to Buy. In downgrades, HPQ (-2.4%) was downgraded to Sector Perform from Outperform at RBC Capital Markets.
There are no notable tech names set to report results today after the close.






