The tech sector is trading higher today, ahead of gains in the broader market. Semiconductors are showing relative strength in the tech space with the Philly Semi Index trading 2.3% higher. Among chips in the index, KLAC (+6.0%) and MU (+3.7%) are notable leaders. Among other major indices, the S&P 500 is trading 1.1% higher, while the NASDAQ is trading 1.4% higher. The QQQ, meanwhile, is trading 1.3% higher. Among tech bellwethers, INTC (+2.3%) and CSCO (+2.3%) are showing relative strength, while VZ (-0.8%) is under pressure.
In earnings last night, OCZ (+14.6%) posted a beat and raised guidance. Also, AFFX (-17.6%) preannounced a downside Q2 and TSRA (-5.8%) lowered guidance. In news, MCZ (+10.7%) announced a MSFT (+1.6%) Xbox 360 publisher license agreement.
Among notable analyst upgrades this morning, STX (+3.7%) and WDC (+3.3%) were upgraded to Overweight at JP Morgan and ASML (+4.4%) and KLAC (+6.0%) were upgraded to Buy at UBS.
In downgrades this morning, RADS (+1.7%) was downgraded to Hold at Needham, IBM (-0.6%) was downgraded at Well Fargo and Davenport, and T (-0.4%) was downgraded to Neutral at Macquarie.
There are no notable tech names set to report results today after the close.






