The tech sector is trading lower today along with losses in the broader market. Semiconductors are showing relative weakness in the tech space with the Philly Semi Index trading 2.3% lower. NXPI (-9.1%) is a notable laggard in that chip index. Among other major indices, the S&P 500 is trading 1.7% lower, while the NASDAQ is trading 1.8% lower. The QQQ, meanwhile, is trading 1.9% lower on the session. Among tech bellwethers, CSCO (-3.9%) is a notable underperformer.
In earnings last night, IDTI (-2.6%) reported upside Q2 earnings, while LEAP (+17.6%) reported a wider-than-expected loss and SBAC (+3.0%) posted a miss and FY12 guidance ahead of expectations. This morning, NXPI (-9.1%), VSH (-3.8%), and PCS (-7.2%) reported quarterly misses, while FIS (-4.1%) posted a slight beat.
In news, YHOO (-4.9%) announced a definitive agreement to acquire ICLK (+21.1%) for $9.00 per share.
Among notable analyst upgrades this morning, LPL (+0.8%) and AUO (+2.8%) was upgraded to Overweight at HSBC Securities. In downgrades, ALU (-7.2%) was downgraded to Neutral at JPMorgan, NVDA (-3.7%) was downgraded to Hold at Canaccord Genuity, and ACN (-3.4%) was downgraded to Equal Weight at Barclays. JDSU (-3.7%) and SANM (-2.5%) are the notable names in tech set to report results today after the close.






