The tech sector is trading marginally higher today, trailing gains in the broader market. Semiconductors is showing relative weakness within the tech space with the Philly Semi Index trading 0.1% lower. Yet, MRVL (+7.6%) is a notable leader in the chip index. Among other major indices, the S&P 500 is trading 0.4% higher, while the NASDAQ is trading 0.1% higher and the QQQ is trading 0.7% lower on the session. Among tech bellwethers, CSCO (+0.6%) is showing relative strength, while VZ (-0.7%) is underperforming.
In earnings last night, CRM (-8.7%) reported a Q3 beat and guided Q4 EPS inline and revenues above expectations. Elsewhere, BCSI (+8.5%) posted a beat with upside guidance, INTU (+1.8%) reported a beat with mixed guidance, and MRVL (+7.6%) posted a slight beat and issued downside guidance.
In news, HPQ (+3.6%) added Relational Investor founder Ralph Whitworth to its Board, his firm also took a 1% stake in the company according to reports.
Among notable analyst upgrades this morning, HPQ (+3.6%) was upgraded to Buy at Sterne Agee and BCSI (+8.5%) was upgraded at Sterne Agee and Miller Tabak. In downgrades, MRVL (+7.6%) was downgraded to Hold at Craig Hallum.






