EmailThe technology sector is trading slightly higher today. Semiconductors are showing some relative weakness in the tech space with the Philly Semi Index trading 0.7% higher. Among chips in the index, CREE (+8.7%) is a notable leader, while STM (-0.6%) is underperforming. Among other major indices, the S&P 500 is trading 0.8% higher, while the NASDAQ is trading 1.1% higher. The QQQ is also trading 1.3% higher. Among tech bellwethers, CSCO (+2.8%) is showing relative strength, while T (-0.9%) and VZ (-0.6%) are under pressure.
In earnings last night, SYMC (+7.2%) posted a Q1 beat with inline guidance, AKAM (-19.3%) and LRCX (+0.8%) reported slight misses and downside guidance, and QTM (-18.2%) posted a miss and disappointing guidance. This morning, S (-15.8%) reported in-line Q2 revs and MSI (+6.5%) posted a beat and slight upside guidance.
In news, S (-17.3%) and LightSquared announced spectrum hosting and network services agreement. In rumors, we are hearing FTNT (+1.3%) takeover chatter making the rounds.
Among notable analyst upgrades this morning, CSCO (+2.8%) was upgraded to Buy at Goldman, SYMC (+7.3%) was upgraded to Buy from Hold at Wunderlich, EQIX (+9.5%) was upgraded to Buy at Citigroup, CTXS (+3.1%) was upgraded to Overweight at Morgan Stanley, and Needham upgraded AXTI (+20.0%) to Buy. In downgrades this morning, STM (-0.5%) was downgraded to Hold at Jefferies and AKAM (-19.3%) was downgraded to Neutral at Piper Jaffray. IM (1.3%) is a notable tech name set to report results today after the close.
