The tech sector is trading lower today, just trailing narrower losses in the broader market. Semiconductors are showing relative strength, however, with the SOX trading 0.1% higher. Within the chip index, AMD (+4.9%) is a notable standout. Among other major indices, the SPY is trading 0.1% lower today, while the QQQ and the NASDAQ are trading 0.2% lower on the session. Among tech bellwethers, VZ (+0.4%) is a leader, while FB (-1.4%) is showing weakness.
In tech earnings last night, SPLK (-6.1%) and OVTI (-7.2%) posted quarterly beats and issued upside guidance, while AVGO (-1.9%) and MENT (+0.9%) reported beats, but offered downside guidance. In news, ZNGA (-8.4%) and FB (-1.4%) entered into an amendment, whereby FB's standard terms and conditions for game developers, will apply to Zynga's use of the Facebook platform through May 13, 2015. Elsewhere, ELRC (+3.6%) and TLAB (+14.2%) declared special dividends. Also, VRSN (-15.2%) announced the US Department of Commerce's approval of newly revised '.com' registry agreement. VRSN's current pricing of $7.85 per domain name registration will continue for the six-year term Among rumors, GRPN (-7.9%) CEO Mason will not be replaced in the near term, according to reports. In notable analyst upgrades this morning in the tech space, BELFB (+2.6%) was upgraded to Buy at Needham and ACTV (+10.5%) was upgraded to Buy from Underperform at BofA/Merrill. Among downgrades, FBR Capital downgraded NTLS (-23.8%) to Underperform.






