EmailThe tech sector is trading lower today, roughly inline with losses in the broader market. Semiconductors are showing relative weakness in the tech space with the Philly Semi Index trading 3.4% lower. Among chips in the index, WFR (-10.5%) and STM (-6.5%) are notable laggards. Among other major indices, the S&P 500 is trading 2.8% lower, while the NASDAQ is trading 2.9% lower. The QQQ, meanwhile, is trading 2.5% lower. Among tech bellwethers, CSCO (-2.6%) and ORCL (-2.4%) are under pressure.
In earnings last night, ONNN (-8.5%) reported a mixed quarter with inline guidance, ENTR (-33.9%) posted a mixed Q2, and ATVI (+0.1%) reported a beat and raise. This morning, TDC (+2.7%) posted a beat and raise.
In news, WWWW (+28.6%) announced it acquired Network Solutions in addition to mixed earnings. In rumors, we are hearing NOK (-4.8%) for CIEN (-4.0%) takeover chatter making the rounds.
Among notable analyst upgrades this morning, Collins Stewart upgraded EMC (-2.8%) to Buy, Stifel Nicolaus upgraded S (-6.9%) to Hold, FIRE (+8.8%) was upgraded to Buy at UBS, FTR (-5.6%) was upgraded to Outperform at Raymond James, and Morgan Keegan upgraded WXS (-1.4%) to Outperform. In downgrades this morning, ENTR (-33.9%) was downgraded at JP Morgan and Lazard and NCIT (-41.7%) was downgraded at Wells Fargo and Stifel.
LNKD (+7.1%) is the notable tech name set to report results today after the close.
