The tech sector is trading lower today, inline with losses in the broader market. Semiconductors are showing relative weakness in the tech space with the Philly Semi Index trading 2.4% lower. Among chips in the index, STM (-4.6%) and NVLS (-3.6%) are notable laggards. Among other major indices, the S&P 500 and the NASDAQ are trading 1.3% lower. The QQQ, meanwhile, is trading 1.2% lower. Among tech bellwethers, AAPL (+0.1%) is showing relative strength, while GOOG (-3.1%) is under pressure.
In earnings last night, XXIA (-23.4%), ARX (-17.8%), and MFLX (-6.3%) lowered guidance. In news, LOCM (+17.8%) entered into a GOOG (-3.3%) Services Agreement.
Among notable analyst upgrades this morning, FTR (-0.2%) was upgraded to Add at Citadel and WDC (-1.0%) was upgraded to Outperform at FBN Securities. Also of note, AAPL (+0.1%) ests and target were raised to $500 at Canaccord.
In downgrades this morning, ARX (-17.8%) was downgraded at Oppenheimer and Needham, GOOG (-3.1%) was downgraded to Equal Weight at Morgan Stanley, and XXIA (-23.4%) was downgraded to Hold at Deutsche Bank.
There are no notable tech names set to report results today after the close.






