The tech sector is trading lower today, trailing gains in the broader market. Semiconductors are showing relative weakness in the tech space with the Philly Semi Index trading 1.1% lower. Among chips in the index, MU (-5.8%) is a notable laggard, while AVGO (+9.2%) is outperforming. Among other major indices, the S&P 500 is trading 0.2% higher, while the NASDAQ is trading 0.3% lower. The QQQ, meanwhile, is trading 0.3% lower. Among tech bellwethers, CSCO (-1.2%) is showing relative weakness, while GOOG (+0.9%) is outperforming.
In earnings last night, AVGO (+9.2%) posted a beat with inline guidance.
In news, RENN (+0.7%) and MSN China (MSFT -1.0%) announced a strategic partnership. In rumors, we are hearing SNE (-3.7%) for OVTI (-2.0%) takeover chatter making the rounds.
Among notable analyst upgrades this morning, CACI (+0.9%) was upgraded to Hold at Jefferies. In downgrades, FIS (-2.0%) was downgraded to Underweight at JP Morgan and SANM (-5.7%) & BHE (-5.8%) were downgraded at RBC.
AMAT (-1.7%) is the notable tech name set to report results today after the close.






