EmailThe technology sector is trading higher today, just trailing gains in the broader market. Semiconductors are trading inline with the rest of the tech space with the Philly Semi Index trading 0.8% higher. Among chips in the index, CRUS (+4.8%) is a notable outperformer, while SNDK (-0.6%), VSEA (+0.5%) and INTC (+0.5%) are lagging. Among other major indices, the S&P 500 is trading 1.2% higher, while the NASDAQ is trading 0.5% higher. The QQQ, meanwhile, is trading 0.4% higher.
Among tech bellwethers, IBM (+1.9%) is showing relative strength, while GOOG (-2.8%) is under pressure. In news, GOOG (-2.8%) and MMI (+56.9%) announced that they have entered into a definitive agreement under which Google will acquire Motorola Mobility for $40.00 per share in cash, or a total of about $12.5 billion. Smartphone makers RIMM (+4.3%) and NOK (+12.3%) are trading higher on the news.
Among notable analyst upgrades this morning, Kaufman Bros upgrades VIT (+3.5%) to Buy, IBM (+1.9%) and FFIV (+2.3%) were upgraded at Goldman, and VMW (+3.7%) was upgraded at Collins Stewart and Credit Suisse. Also, ORCL (+0.8%) was moved to Top Picks list at FBR Capital. In downgrades this morning, Oppenheimer downgraded MOBI (+6.1%) to Perform and JNPR (-1.0%) and BRCD (+1.4%) were downgraded at Goldman. A (+1.9%) is the notable tech name set to report results today after the close.
