The tech sector is trading just higher today, ahead of slight losses in the broader market. Semiconductors are showing relative strength in the tech space with the Philly Semi Index trading 1.2% higher. Among chips in the index, AMD (+14.2%) is a notable leader, while MKSI (-3.8%) is underperforming. Among other major indices, the S&P 500 is trading just lower (-0.2%), while the NASDAQ is trading 0.2% higher. The QQQ, meanwhile, is trading 0.3% higher. Among tech bellwethers, INTC (+1.1%) is showing relative strength, while VZ (-2.8%) is under pressure.
In earnings last night, MSFT (-0.1%) beat on the bottom line with in-line revs. Elsewhere, AMD (+14.4%) reported an inline qtr and guidance and CYMI (+2.4%) had a top line beat, but issued downside guidance, while WDC (+8.2%), SNDK (+9.1%), SWKS (+16.4%), and APKT (+5.2%) posted beats. This morning, XRX (-2.3%), CLS (+11.4%), and VZ (-2.8%) reported slightly better than expected qts.
In news, HPQ (+1.7%) authorized a $10 bln buyback.
Among notable analyst upgrades this morning, KLIC (+6.8%) was upgraded to Buy from Hold at Jefferies and AMD (+14.4%) was upgraded at Wells Fargo, Raymond James, and Canaccord. In downgrades this morning, MSFT (-0.1%) was downgraded to Market Perform from Outperform at William Blair and AVID (-25.3%) downgraded to Neutral at JP Morgan following earnings.






