EmailThe tech sector is trading lower and is the worst performing S&P sector today. Semiconductors are showing relative strength in the tech space, however, with the Philly Semi Index trading 0.3% lower. Among chips in the index, MRVL (+6.4%) is a notable leader, while RBCN (-3.1%) is lagging. Among other major indices, the S&P 500 is trading 0.6% lower, while the NASDAQ is trading 0.6% lower. The QQQ, meanwhile, is trading 0.5% lower. Among tech bellwethers, ORCL (+0.04%) is showing relative strength, while IBM (-2.7%) is under pressure.
In earnings last night, HPQ (-20.1%) reported an inline quarter and guided lower, CRM (-0.7%) and ADSK (-10.5%) posted beats with slightly upside guidance, MRVL (+6.4%) posted an inline quarter and guidance, and INTU (+9.3%) reported a beat with inline guidance.
In news, HPQ (-20.1%) confirmed it will acquire Autonomy and evaluate strategic alternatives for its PSG. In rumors, we are hearing continued M&A interest in IDCC (-1.2%) making the rounds.
Among notable analyst upgrades this morning, RIMM (+4.5%) was upgraded to Hold at Jefferies and Needham upgraded DELL (+2.7%) to Buy. In downgrades, HPQ (-20.1%) was downgraded at a host of firms including Needham and Deutsche Bank.
