The tech sector is trading 0.3% today after a recent reversal in the market, about in line with slight gains in the broader market. Semiconductors are showing relative weakness in the tech space with the Philly Semi Index trading 0.7% lower. Among chips in the index, BRCM (-2.8%) and MRVL (-2.2%) are notable leaders. Among other major indices, the S&P 500 is trading 0.2% higher while the NASDAQ is trading 0.1% higher. The QQQ, meanwhile, is trading 0.2% higher. Among tech bellwethers, ORCL (+1.4%) and MSFT (+1.3%) are showing strength, while GOOG (-1.0%) and HPQ (-1.0%) are under pressure.
In earnings, TSEM (+4.8%) issued upside guidance this morning. In news, HON (+0.6%) agreed to acquire ELMG (+32.4%) for $33/share. In rumors, we are hearing renewed NVLS (-1.1%) takeover hatter making the rounds.
Among the more notable analyst upgrades this morning, Needham upgraded TTMI (+4.5%) to Strong Buy and Wedbush upgraded ARUN (-2.1%) to Outperform. Also of note, WIFI (+21.4%) was initiated with Buy ratings (or their equivalents) at four firms. In downgrades this morning, NOK (-1.6%) was downgraded to Hold at Wunderlich, and FCS (-7.2%) and DIOD (-2.6%) were downgraded to Neutral at Robert Baird.
There are no notable tech names set to report results today after the close.






