EmailThe tech sector is trading slightly lower today, inline with the broader market. Semiconductors are showing relative weakness in the tech space with the Philly Semi Index trading 0.2% lower. Among chips in the index, NXPI (-8.7%) is a notable laggard, while SNDK (+1.9%) is outperforming. Among other major indices, the S&P 500 is trading 0.4% lower, while the NASDAQ is trading 0.1% lower. The QQQ, meanwhile, is trading 0.1% lower. Among tech bellwethers, VZ (-0.8%) is showing relative weakness.
In earnings last night, MMI (-1.1%) reported a beat, but guided lower, KLAC (-3.8%) posted a beat with inline guidance, STEC (-37.7%) reported a slight miss with downside guidance, and IM (+7.2%) posted a mixed quarter.
In news, YHOO (-1.9%), ALBCF (+3.6%), and SFTBY (-4.2%) reached an agreement on Alipay. Among notable ratings changes this morning, STEC (-37.7%) was downgraded at JP Morgan, ThinkEquity, The Benchmark Company, FBN, and Northland, CTCT (-10.8%) was downgraded at RBC, Stifel, and Baird, and VPRT (-31.8%) was downgraded at Oppenheimer, Piper, and Cowen.
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