The tech sector is trading just higher today, ahead of slight losses in the broader market. Semiconductors are showing relative weakness with the SOX trading 0.3% lower. Within the chip index, NXPI (-4.8%) is a notable laggard. Among other major indices, the SPY is trading 0.2% lower today, while the QQQ is flat and the NASDAQ is trading just lower on the session. Among tech bellwethers, FB (-1.9%) is showing notable weakness after a Bloomberg article out overnight detailing the SEC questioning the company's mobile growth ahead of the IPO.
In tech earnings last night, GLUU (-11.9%) reiterated Q3 guidance and issued cautious commentary on its gaming outlook. This morning, ADTN (+3.9%) posted a Q3 roughly inline with its negative preannouncement, while OCZ (-35.9%) and AVT (-8.9%) issued guidance well below consensus. ARW (-5.8%) is trading lower on the AVT news. In news, OCZ (-35.2%) appointed Ralph Schmitt as CEO and announced its delaying its 10k. Also, NFLX (+3.0%) CEO Hastings stepped down from MSFT (-0.5%) board.
In notable analyst upgrades this morning in the tech space, QLIK (+5.9%) was upgraded to Buy at UBS. Among downgrades, CNQR (-1.2%) was downgraded to Hold at Wunderlich, BAH (-2.7%) was downgraded to Sell at Lazard, SAI (-1.3%) was downgraded to Neutral at Lazard, SAP (-1.1%) was downgraded to Equal Weight at Barclays, and ZNGA (-2.3%) was downgraded to Neutral at Piper. There are no notable names in tech scheduled to report quarterly results today after the close.






