The tech sector is trading slightly higher today, inline with the broader market. Semiconductors is showing relative weakness in the tech space with the Philly Semi Index trading flat on the session. CREE (+3.6%) is a standout, while MU (-2.4%) is a notable laggard in the chip index. Among other major indices, the S&P 500 is trading 0.2% higher, while the NASDAQ and the QQQ are flat on the session. Among tech bellwethers, INTC (+1.7%) is showing strength, while AAPL (-0.2%) is a notable underperformer.
In earnings, NVLS (+3.1%) and TEL (+1.2%) each reaffirmed guidance. In news last night, LEAP (+5.2%) entered into definitive agreements to acquire spectrum from VZ (+0.8%) for $204 million. The company also announced a stock offering.
Among notable analyst upgrades this morning, LNKD (+4.4%) was upgraded at JP Morgan and Morgan Stanley, PCS (+7.0%) was upgraded to Outperform at William Blair, and TXN (+0.3%) was upgraded to Outperform at JMP Securities. Among downgrades, FTNT (-2.4%) was downgraded to Neutral at Robert W. Baird and ADTN (-2.4%) was downgraded to Sell at Goldman.
SAI (-0.4%) is the notable name in tech scheduled to report results today after the close.






