EmailThe tech sector is trading lower today, roughly inline with losses the broader market. Semiconductors are showing slight relative weakness in the tech space with the Philly Semi Index trading 1.6% lower. Among chips in the index, STM (-4.4%) is a notable laggard, while VSEA is unchanged. Among other major indices, the S&P 500 is trading 1.2% lower, while the NASDAQ is trading 1.4% lower. The QQQ, meanwhile, is trading 1.1% lower. Among tech bellwethers, MSFT (+0.4%) is showing relative strength, while GOOG (-2.0%) is under pressure.
In earnings last night, A (-0.3%) posted a beat with inline guidance while HSFT (+3.6%) reported a slight beat with upside guidance.
In news, RLRN (+23.4%) and the Permira Funds announced they have entered into a definitive merger agreement under which a company formed at the direction of the Permira Funds will acquire RLRN for $14.85 per share in cash. In rumors, we are hearing LVLT (-1.5%) for LLNW (+2.2%) takeover chatter making the rounds.
Among notable analyst upgrades this morning, Collins Stewart upgraded S (+0.6%) to Buy, FN (+15.9%) was upgraded to Overweight at JP Morgan, and VMW (-0.3%) was upgraded to Overweight at Barclays.
In downgrades, RIMM (-3.0%) was downgraded to Sell at Societe Generale.
DELL (+0.8%) and ADI (-1.4%) are the notable tech names set to report results today after the close.
