EmailThe tech sector is trading higher today, slightly outpacing gains in the broader market. Semiconductors are also trading in-line with strength in the tech space with the Philly Semi Index trading 0.4% higher. Among chips in the index, ALTR (+1.4%) is a notable leader. Among other major indices, the S&P 500 is trading 0.3% higher while the NASDAQ is trading 0.4% higher. The QQQ is trading 0.3% higher. Among tech bellwethers, AAPL (+0.9%) is showing relative strength, while VZ (-1.5%) is under pressure.
In earnings last night, AMAT (+0.2%) reported a slight Q2 beat, but offered guidance just below consensus. Also last night, TTWO (+5.9%) reported a solid beat and provided mixed guidance. TIVO (+3.4%) posted a beat and raise. This morning, CSCO (-0.9%) lowered Q4 revenue guidance.
In rumors, we are hearing LXK (+1.5%) and, separately, JNPR (+0.8%) takeover chatter making the rounds.
Among the more notable analyst upgrades this morning, NTLS (+3.6%) was upgraded to Overweight from Neutral at JP Morgan, FLEX (+3.5%) was upgraded to Outperform at Raymond James, and SPRD (+6.9%) was upgraded at JMP Securities and Canaccord.
In downgrades this morning, SAPE (-0.6%) was downgraded to Neutral from Buy at Goldman and Auriga downgraded JNPR (+0.8%) and NETL (-0.4%) to Hold.
CSC (+0.2%) and NTAP (+0.7%) are the notable tech names set to report results today after the close.
