In tech earnings, SEAC (-5.8%) posted a beat last night, but guided below consensus. This morning, ADTN (+12.0%) posted a Q1 beat. In news, WDAY (-0.6%) is under pressure as its IPO lockup expired today. Among rumors, we are hearing STX (+2.1%) M&A speculation making the rounds. Among notable analyst upgrades this morning in the tech space, IBM (+1.4%) was upgraded to Buy at UBS and SI (+1.5%) was upgraded to Neutral at Exane BNP. Among downgrades, PCCC (-3.5%) was downgraded to Underperform at Raymond James, TEL (-0.4%) was downgraded to Neutral at BofA/Merrill, IDCC (+0.2%) was downgraded to Market Perform at William Blair and NTAP (-0.5%) was downgraded to Neutral at UBS. Also, FTE (+0.8%) was added to the Conviction Sell List at Goldman. There are no notable names in tech scheduled to report quarterly results today after the close.






