The tech sector is trading higher today, just ahead of the broader market. Semiconductors are showing strength in line with the tech space with the Philly Semi Index trading 3.2% higher. Among chips in the index, NXPI (+9.2%) and NETL (+8.7%) are notable leaders. Among other major indices, the S&P 500 is trading 2.6% higher, while the NASDAQ is trading 2.9% higher. The QQQ, meanwhile, is trading 3.2% higher. Among tech bellwethers, CSCO (+16.8%) is outpacing the rest after reporting strong results.
In earnings last night, CSCO (+16.8%) posted a beat and issued upside guidance. Also, OTEX (-16.3%) posted a miss. In news, AMSC (-7.0%) announced that it has reduced its global workforce by ~30 % and its annualized expenses by ~$30 million since March 31, 2011.
Among notable analyst upgrades this morning, CSCO (+16.8%) was upgraded at Stifel and Wunderlich, TI (+4.0%) was upgraded to Neutral at JP Morgan, ERTS (+8.5%) was upgraded to Outperform at Cowen, ALTR (+4.2%) was upgraded at Barclays, and ARMH (+5.5%) was added to Conviction Buy list at Goldman. In downgrades, Longbow downgraded LLTC (+1.9%), TXN (+2.3%), ISIL (+1.1%), and MXIM (+2.7%).
NVDA (+4.8%) is the notable tech name set to report results today after the close.






