The tech sector is trading higher today, inline with gains the broader market. Semiconductors are also trading inline rest of the tech space with the Philly Semi Index trading 0.7% higher. Among chips in the index, STM (+3.7%) and MRVL (+4.1%) are notable leaders, while VECO (-5.8%) is under pressure. Among other major indices, the S&P 500 is trading 0.7% higher, while the NASDAQ is trading 0.5% higher. The QQQ is also trading 0.7% higher. Among tech bellwethers, INTC (+1.5%) and CSCO (+1.5%) are leaders.
In earnings this morning, AIXG (-11.2%) lowered its outlook for 2011 sales and operating margins and PWRD (-17.4%) lowering its Q3 rev guidance below consensus. In news, KITD (-10.0%) proposed a public offering.
Among notable ratings calls this morning, Oppenheimer upgraded AMAT (+3.0%) to Outperform, SPIL (+5.0%), TSM (+2.8%), and UMC (0.0%) were upgraded to Buy at BofA/Merrill. Also, ARX (+13.0%) was added to the Conviction Buy List at Goldman.
RIMM (+0.8%) is the notable name in tech set to report results today after the close.






