EmailThe tech sector is trading flat in current trade, better than the modest losses seen in the broader market. Semiconductors are showing relative weakness in the tech space, however, with the Philly Semi Index trading 1.1% lower. Among chips in the index, KLAC (-2.1%) and NVLS (-2.0%) are notable laggards. Among other major indices, the S&P 500 is trading 0.2% lower while the NASDAQ is flat. The QQQ, meanwhile, is trading 0.2% higher. Among tech bellwethers, GOOG (+1.8%) and AAPL (+1.5%) are showing strength, while HPQ (-2.1%) and CSCO (-1.6%) are under pressure.
In earnings, NTCT (-15.7%), AEIS (-12.1%), and RVSN (-4.8%) issued downside guidance. In news, SFSF (-1.3%) announced settlement of co's unfair competition suit against Halogen, MRVL (+0.1%) increased its share repurchase program by $500 million, and BIDU (+1.1%) signed a deal with MSFT (+0.1%) to offer English search results.
Among the more notable analyst upgrades this morning, SNDK (+1.4%) was upgraded to Buy at Deutsche Bank, CLWR (+4.7%) was upgraded to Outperform at Credit Suisse, and GOOG (+1.8%) was upgraded to Overweight at Evercore. Also of note, FSL (+1.4%) was initiated with the equivalents of Buy ratings at a host of firms including Oppenheimer, Piper Jaffray, JP Morgan, and Citigroup.
In downgrades this morning, LPL (-0.2%) and AUO (-7.0%) were downgraded to Neutral at Goldman, RVBD (-1.5%) was downgraded to Perform at Oppenheimer, and SAI (-4.8%) was downgraded to Negative at Susquehanna.
There are no notable tech names set to report results today after the close.
