The tech sector is trading higher today, ahead of slight losses the broader market. Semiconductors are trading in line with strength in the tech space with the Philly Semi Index trading 0.4% higher. Among chips in the index, CREE (+3.3%) is a notable leader. Among other major indices, the S&P 500 is trading 0.2% lower, while the NASDAQ and the QQQ are trading 0.4% higher. Among tech bellwethers, ORCL (+6.5%) is a notable leader, while MSFT (-1.7%) under pressure.
In earnings last night, ORCL (+6.5%) posted a slightly better-than-expected Q1 and guided earnings inline with consensus and revs just below the Street ests. ADBE (+2.9%), on the other hand, reported a slight miss for its Q3, but offered upside guidance. This morning, MPWR (-1.1%) lowered its Q3 guidance.
In news, MSFT (-1.7%) raised its quarterly dividend by 25% to $0.20/share. In rumors, we are hearing JDSU (-0.2%) takeover chatter making the rounds.
Among notable analyst upgrades this morning, ADSK (+6.8%) and ROVI (+5.2%) were upgraded to Overweight at JP Morgan. Also of note, Goldman raised its tgt on AAPL (+1.2%) to $520 from $480. In downgrades, VRSN (0.0%) and DOX (-0.5%) were downgraded to Neutral at JP Morgan.
RHT (+0.6%) is the notable name in tech set to report results today after the close.






