EmailThe tech sector is trading slightly lower today, just behind moderate gains in the broader market. Semiconductors are showing slight weakness in the tech space with the Philly Semi Index trading 0.2% lower. Among chips in the index, ALTR (-5.3%) is a notable laggard, while CRUS (+4.8%) is outperforming. Among other major indices, the S&P 500 is trading just higher (+0.1%), while the NASDAQ is trading 0.2% lower. The QQQ, meanwhile, is trading 0.1% lower. Among tech bellwethers, AAPL (+2.9%) is showing relative strength after its blowout Q3, while MSFT (-1.2%) is under pressure.
In earnings last night, AAPL (+2.9%) reported a much better-than-expected qtr and issued conservative guidance. Elsewhere, ALTR (-5.3%) reported an inline qtr, guided higher, and increased its dividend; VMW (+2.0%) posted a beat and upside guidance; YHOO (-6.2%) and RVBD (-22.6%) reported slight misses; and FTNT (-19.9%) reported a moderate beat. This morning, EMC (+1.5%) reported a beat and raise.
In news, Z (+117.3%) opened for trading at $60 after pricing at $20.
Among notable analyst upgrades this morning, RVBD (-22.6%) was upgraded to Outperform at Robert W. Baird, VMW (+2.0%) was upgraded to Neutral at Credit Suisse, AUO (+2.0%) and LPL (+4.2%) were upgraded to Outperform at Bernstein, Stifel Nicolaus upgraded FTNT (-19.9%) to Buy. In downgrades this morning, Avian Securities downgraded BRCD (-2.9%) to Neutral.
INTC (+0.3%), STX (+0.2%), and QCOM (+1.4%) are the notable tech name set to report results today after the close.
