The tech sector is trading much higher today, along with gains in the broader market.
Semiconductors are showing relative strength in the tech space with the Philly Semi Index trading 4.7% higher. RBCN (+18.1%) is a notable leader in the chip index. Among other major indices, the S&P 500 and the NASDAQ are trading 3.6% higher, while the QQQ is up 3.4% on the session. Among tech bellwethers, CSCO (+5.7%), ORCL (+5.6%), and INTC (+5.3%) are notable outperformers.
In earnings last night, OVTI (-6.5%) posted a Q2 beat but guided well below consensus. In news, reports suggest that private equity firm Silver Lake, possibly in a bid with MSFT (+2.4%), offered to purchase a minority stake in YHOO (+1.2%) for $16.60/share. Also, the FCC will let T (+2.6%) withdraw its application for T-Mobile (DTEGY +6.0%) merger, according to reports.
Among notable analyst upgrades this morning, LEAP (+13.1%) was upgraded to Outperform from Sector Perform at RBC Capital. Also, SNDK (+6.0%) was named a long Research Tactical Idea at Morgan Stanley. Among downgrades, GLW (0.0%) was downgraded to Underperform from Outperform at Credit Agricole. There are no notable names in tech scheduled to report results today after the close.






