The tech sector is trading higher today, inline with gains the broader market. Semiconductors are showing relative strength in the tech space with the Philly Semi Index trading 3.1% lower. Among chips in the index, NXPI (+8.8%) is a notable leader. Among other major indices, the S&P 500 is trading 1.6% higher, while the NASDAQ is trading 1.7% higher. The QQQ, meanwhile, is trading 1.3% higher. Among tech bellwethers, ORCL (+2.0%) is an outperformer after lagging yesterday.
In earnings last night, PAY (+3.4%) posted a beat and guided higher. Elsewhere, ALTR (-0.2%) revised guidance lower, NVDA (+6.7%) guided higher.
In news, YHOO (+3.2%) appointed Timothy Morse interim Chief Executive Officer, effective immediately, replacing Carol Bartz, who has been removed by the Board from her role as CEO. Also, SAP (+2.5%) announced it will acquire 3-D visualization software maker Right Hemisphere and there are reports of a GOOG (+1.4%) China license renewal.
In rumors, we are hearing YHOO (+3.2%) takeover chatter. Also, there is IBM (+0.9%) for STEC (+3.8%) and, separately, CSCO (+1.3%) for APKT (+4.9%) takeover chatter making the rounds.
Among notable analyst upgrades this morning, SAPE (+4.2%) was upgraded to Outperform at BMO Capital, Dougherty upgraded SSYS (+13.9%) to Buy, and TXN (+3.0%) was upgraded to Average at Caris. In downgrades, Wunderlich downgraded VDSI (-9.2%) to Hold.
There are no notable names in tech set to report results today after the close.






