The tech sector is trading higher today, trailing larger gains in the broader market. Semiconductors are trading inline with the rest of the tech space with the Philly Semi Index trading 1.7% higher. Among chips in the index, STM (+4.1%) is a notable leader, while MRVL (-0.3%) is lagging. Among other major indices, the S&P 500 is trading 2.2% higher, while the NASDAQ is trading 1.9% higher. The QQQ, meanwhile, is trading 1.6% higher. Among tech bellwethers, IBM (+1.7%) is showing notable strength.
In earnings last night, IDTI (+1.8%) lowered its Q2 guidance. This morning, SGI (+2.6%) reported inline FY12 guidance, while CALX (-6.8%) issued downside Q3 guidance.
In news, IDCC (-0.5%) announced its Board continues to thoroughly explore and evaluate a broad range of potential strategic alternatives for the co, which may include a sale, to a single buyer or consortium of buyers, of the co or select assets of the co. This morning, RLRN (+5.9%) entered into an amendment to the merger agreement with Permira Funds, in which public shareholders are to receive $16.60/share in cash and co-founders will receive $15/share in cash.
In M&A chatter, Merriman is out suggesting RLD (+15.2%) would be an attractive takeover candidate.
Among notable analyst upgrades this morning, NCIT (+6.0%) was upgraded to Market Perform at Wells Fargo. In downgrades, COMV (+2.5%) was downgraded to Neutral at Macquarie.
ACN (+4.5%), JBL (+3.4%), and SNX (+3.0%) are the tech names set to report results today after the close.






