The tech sector is trading lower today, in line with losses in the broader market. Semiconductors are trading just ahead of the rest of the tech space with the Philly Semi Index trading 1.3% lower. Among chips in the index, MRVL (+6.0%) is a notable laggard, while KLAC (+0.8%) is showing strength. Among other major indices, the S&P 500 is trading 1.6% lower, while the NASDAQ is trading 1.7% lower. The QQQ, meanwhile, is trading 1.6% lower. Among tech bellwethers, GOOG (-0.4%) is showing relative strength, while HPQ (-3.0%) is under pressure.
In earnings, LRAD (-4.9%) guided Q2 revenues below the single analyst est.
Among notable analyst upgrades this morning, LRCX (+2.0%), KLAC (+0.8%), and ASML (-1.1%) were upgraded at Citigroup and Oppenheimer upgraded MSCC (+2.6%) to Outperform. Also, MICC (-1.7%) was added to Conviction Buy list at Goldman. In downgrades this morning, TDC (-3.2%) was downgraded to Hold at KeyBanc and AMD (-1.7%) was downgraded to Underperform at JMP Securities.
NVLS (+0.3%) is the notable tech name set to report results today after the close.






