The tech sector is trading lower today, just trailing losses in the broader market. Semiconductors are showing relative weakness in the tech space for the second straight session with the Philly Semi Index trading 1.9% higher. MU (-12.2%) is dragging in index lower. Among other major indices, the S&P 500 is trading 1.2%, while the NASDAQ is trading 1.1% lower. The QQQ is also trading 1.1% lower. Among tech bellwethers, INTC (-2.3%) is showing notable weakness.
In earnings last night, XRTX (+8.3%) reported a Q3 beat and MU (-11.8%) reported a mixed Q4 with an EPS miss and slight upside to revs. Also, BCDS (-15.9%) lowered its Q3 guidance.
In news, PANL (+3.1%) announced it has entered into an OLED technology license agreement with Pioneer Corporation. Also, AMZN (-1.2%) is reportedly interested in buying Palm from HPQ (-3.1%).
Among notable analyst upgrades this morning The Benchmark Company upgraded CEVA (+1.1%) to Buy. In downgrades, ALTR (-2.4%) was downgraded to Hold at Auriga, ITRI (-8.8%) was downgraded to Underperform at BofA/Merrill, and MU (-12.2%) was downgraded to Neutral at Wedbush.
No notable names in tech set to report results today after the close.






