EmailThe tech sector is trading lower today, trailing losses in the broader market. Semiconductors are showing relative weakness in the tech space with the Philly Semi Index trading 3.1% lower. Among chips in the index, NETL (-7.3%) and RBCN (-5.4%) are notable laggards. Among other major indices, the S&P 500 is trading 1.2% lower, while the NASDAQ is trading 1.7% lower. The QQQ, meanwhile, is trading 1.7% lower. Among tech bellwethers, only T (+0.3%) is showing relative strength, while CSCO (-3.1%) and ORCL (-3.2%) are under pressure.
In earnings last night, ERTS (-1.1%) reported a beat and raise, while JNPR (-19.6%) posted a miss and guided lower. Elsewhere, WBSN (-12.3%) reported a mixed Q2, LLTC (-4.5%) reported a slightly better Q4, but guided lower, and RFMD (+5.3%) reported a modest beat with inline guidance. This morning, GLW (-6.5%) posted a beat.
Among notable analyst upgrades this morning, Brean Murray upgraded ERTS (-1.0%) to Buy. In downgrades this morning, JNPR (-19.6%) was downgraded at Oppenheimer, Piper Jaffray, and JP Morgan among others, and STM (-1.9%) was downgraded to Hold at Deutsche Bank. SYMC (-2.6%), AKAM (-3.3%) and LRCX (-2.6%) is the notable tech name set to report results today after the close.
