EmailThe tech sector is trading lower today along with losses in the broader market. Semiconductors are showing in-line weakness in the tech space with the Philly Semi Index trading 0.7% lower. Among chips in the index, Advanced Micro Devices (AMD -1.9%) is a notable laggard. Among other major indices, the S&P 500 is trading 0.5% lower while the NASDAQ is trading 0.7% lower. The QQQ, meanwhile, is trading 0.8% lower. Among tech bellwethers, T (-0.9%) and VZ (-0.9%) are under pressure.
In earnings last night, VeriFone Systems (PAY -1.6%) reported a Q2 beat and a Q3 raise with in-line FY11 guidance. Also last night, Altera Corp (ALTR -1.5%) reaffirmed Q2 sales guidance.
In news, American Tower (AMT -4.7%) received a subpoena from the SEC requesting certain documents from 2007 through the present, including in particular documents related to the company's tax accounting and reporting.
In rumors, we are hearing Cisco Systems (CSCO -0.8%) for Research in Motion (RIMM -1.2%) takeover chatter making the rounds.
Among the more notable analyst upgrades this morning, Sterne Agee upgraded Avago Technologies (AVGO +0.9%) to Buy, Netgear (NTGR +0.8%) was upgraded to Buy at Lazard, and Aruba Networks (ARUN +2.5%) was upgraded to Overweight at Barclays. In downgrades this morning, Shanda Interactive Entertainment (SNDA -0.9%) was downgraded to Underweight at HSBC Securities, Sterne Agee downgraded Skyworks (SWKS -4.9%) to Neutral, and Kenexa (KNXA -6.7%) was downgraded to Neutral at Longbow.
