EmailThe tech sector is trading lower today, worse than the broader market. Semiconductors are showing weakness in the tech space with the Philly Semi Index trading 1.1% lower. Among chips in the index, RBCN (-4.4%) is a notable laggard, while AVGO (+1.3%) is outperforming. Among other major indices, the S&P 500 is trading just lower (-0.6%), while the NASDAQ is trading 1.2% lower. The QQQ, meanwhile, is trading 0.4% lower. Among tech bellwethers, VZ (+0.2%) is showing relative strength, while GOOG (-1.6%) is under pressure.
In earnings last night, PVSW (+12.9%) raised Q4 guidance. This morning, FCS (+1.9%) reported an in-line qtr and IXYS (+4.1%) issued slightly above consensus guidance.
In news, worldwide PC shipments surpassed 85.2 mln units in the second quarter of 2011, a 2.3% increase from the same period last year, according to preliminary results by IT (-1.4%).
Among notable analyst upgrades this morning, BMO Capital Markets upgraded QLIK (-0.5%) to Outperform and ASML (-0.9%) was upgraded to Buy at Deutsche Bank . In downgrades this morning, NTGR (-7.0%) was downgraded to Equal Weight at Barclays.
GOOG (-1.6%) is the notable tech name set to report results today after the close.
