EmailThe tech sector is trading higher today, just trailing gains in the broader market. Semiconductors are showing relative weakness in the tech space with the Philly Semi Index trading 0.8% higher. WFR (-1.2%) is a notable laggard in that chip index ahead of its earnings tonight. Among other major indices, the S&P 500 is trading 1.7% higher, while the NASDAQ is trading 1.3% higher The QQQ, meanwhile, is trading 0.9% higher on the session. Among tech bellwethers, IBM (+2.1%) is a notable outperformer, while INTC (-0.1%) is lagging.
In earnings last night, SANM (+5.9%) and JDSU (+8.5%) posted quarterly beats on the top and bottom lines, but guided lower. Elsewhere, NVTL (-17.1%) posted a slight beat, but guided shy of consensus. This morning, CTSH (-0.6%) reported a beat and offered upside guidance, while VG (-12.8%) reported a mixed Q3 and SNE (-6.3%) posted a miss and downside guidance.
Among rumors, we are hearing VRSN (+0.2%) takeover chatter and, separately, JNPR (+0.7%) for RVBD (+5.2%) making the rounds again.
Among notable analyst upgrades this morning, ARMH (+1.3%) was upgraded to Outperform at BMO Capital, FXCM (+6.0%) was upgraded to Neutral at Citigroup, PCS (+12.0%) was upgraded to Overweight at JP Morgan, and SOHU (+2.6%) was upgraded to Buy at Deutsche Bank.
In downgrades, INTC (-0.1%) was downgraded to Market Perform at BMO Capital, NXPI (+1.8%) was downgraded to Equal Weight at Morgan Stanley, GLW (+2.0%) was downgraded to Underweight at JP Morgan, and SAI (-1.5%) was downgraded to Underperform at RBC Capital.
CACI (+2.0%), CTL (-0.5%), and QCOM (+2.8%) are the notable names in tech set to report results today after the close.
