The tech sector is trading modestly higher today, ahead of 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, BRCM (+9.7%) is the notable leader, while STM (-9.7%) is underperforming. Among other major indices, the S&P 500 is trading lower (-0.4%), while the NASDAQ is trading 0.2% lower. The QQQ, meanwhile, is trading up around 0.2%. Among tech bellwethers, AAPL (+1.3%) is again showing relative strength, while ORCL (-0.1%) is under pressure.
In earnings last night, TXN (+0.9%) reported a slightly better-than-expected qtr with inline guidance, BRCM (+9.7%) and SANM (+22.2%) posted a beats with upside guidance, and STM (-9.7%) missed and guided lower. This morning, ARMH (-1.9%) reported a slight beat and issued inline guidance and LXK (+17.4%) and ACIW (+3.6%) posted a beat with inline guidance.
In news, IDCC (+2.8%) filed a complaint against NOK (+2.3%), Huawei and ZTE with International Trade Commission. In rumors, we are hearing AMD (+1.3%) takeover chatter making the rounds.
Among notable analyst upgrades this morning, Ticonderoga upgraded FFIV (+2.3%) to Buy, VLTR (+15.6%) and VCLK (-0.8%) were upgraded to Overweight at Piper Jaffray, S (-0.7%) was upgraded to Outperform at RBC Capital, and FNSR (+9.5%) was upgraded to Buy at Citigroup. In downgrades this morning, Needham downgrades NVDA (-2.2%) to Sell.
ERTS (-1.1%) and JNPR (+3.2%) are the notable tech names set to report results today after the close.






