The tech sector is trading higher today, inline with gains in the broader market. Semiconductors are showing slight strength in the tech space with the Philly Semi Index trading 2.7% higher. Among chips in the index, NXPI (+15.7%) and WFR (+13.9%) are outperforming. Among other major indices, the S&P 500 is trading +2.4% higher, while the NASDAQ is trading 3.1% higher. The QQQ, meanwhile, is trading 2.7% higher. Among tech bellwethers, AAPL (+4.3%) and ORCL (+4.2%) are showing relative strength, while VZ (+0.2%) is not participating in the rally.
In earnings last night, TTWO (+3.0%) posted a miss and downside guidance, while YOKU (-13.0%) reported a Q2 beat. This morning, LLNW (-31.8%) posted a miss and downside guidance. In rumors, we are hearing BRCM (+1.1%) for CRUS (+3.5%) takeover chatter making the rounds.
Among notable analyst upgrades this morning, Ticonderoga upgraded GLW (+3.9%) to Neutral, Wunderlich upgraded CEVA (+7.7%) to Buy, and RAX (+9.7%) was upgraded at Piper Jaffray and RBC. In downgrades, LLNW (-31.8%) was downgraded to Neutral at Suntrust and CLWR (-4.6%) was downgraded to Underperform at BofA/Merrill.
No notable tech names are set to report results today after the close.






