EmailThe tech sector is trading higher today, in-line with the broader market. Semiconductors are again showing relative strength in the tech space with the Philly Semi Index trading 1.2% higher. Among chips in the index, TER (+3.5%) is a notable leader. Among other major indices, the S&P 500 is trading 0.7% higher, while the NASDAQ is trading 1.0% higher. The QQQ, meanwhile, is trading 0.9% higher. Among tech bellwethers, ORCL (+2.5%) is a standout outperformer.
In earnings last night, ISIL (+2.7%) lowered its Q3 rev guidance and DIOD (+0.8%) lowered margin guidance.
In rumors, we are hearing AAPL (+0.9%) for ADBE (+0.1%) takeover chatter making the rounds. Also there's a renewed rumor out related to Facebook collaboration with LNKD (+2.7%).
Among notable analyst upgrades this morning, CAVM (+4.1%) was upgraded to Outperform at JMP Securities and ISIL (+2.9%) was upgraded to Hold at Citigroup.
In downgrades, QLIK (-3.4%) was downgraded to Equal Weight at Morgan Stanley and SWI (-2.2%) was downgraded to Underweight at Morgan Stanley.
There are no notable names in tech set to report results today after the close.
