The tech sector is trading flat today, trailing gains in the broader market. Semiconductors are trading roughly in line with the tech space with the Philly Semi Index trading 0.1% higher. CRUS (+3.4%) is a notable leader in the chip index.
Among other major indices, the S&P 500 is trading 0.7% higher, while the NASDAQ is trading 0.1% higher and the QQQ is flat on the session. Among tech bellwethers, INTC (+1.3%) and VZ (+1.4%) are notable underperformers. In earnings last night, STX (+4.2%) guided Q2 and Q3 revenues above consensus.
This morning, PAY (-1.6%) offered Q4 rev guidance above consensus and issued mixed guidance for FY12. In news, GLW (-11.8TLEO
%) lowered its LCD glass volume and capacity guidance at a Credit Suisse Conference. Also, reports indicated that private equity firm THL may be interested in a buyout of YHOO's (+3.7%) US business. Among rumors, we are hearing TLEO (+1.7%) takeover chatter making the rounds.
Among notable analyst upgrades this morning, RIMM (+7.7%) was upgraded to Market Perform at Bernstein, HPQ (+3.1%) was upgraded to Outperform at RBC Capital, and SONS (+8.5%) was upgraded to Outperform at Northland. There were no notable downgrades in the space this morning.
There are no notable names in tech scheduled to report results today after the close.






