The tech sector is trading much lower today, trailing losses in the broader market. Semiconductors are showing relative weakness in the tech space with the Philly Semi Index trading 5.1% lower. Among chips in the index, CREE (-10.3%) is the notable laggard. Among other major indices, the S&P 500 is trading 4.2% lower, while the NASDAQ is trading 4.6% lower. The QQQ, meanwhile, is trading 3.9% lower. Among tech bellwethers, ORCL (-7.7%) and IBM (-5.4%) are under notable pressure.
In earnings last night, NTAP (-18.4%) posted a top line miss and downside guidance, while JDSU (-10.7%) an IRF (-12.7%) reported a slight beat with downside guidance. On the other hand, CACI (-0.6%) posted a beat and upside guidance and TECD (-1.1%), this morning, posted a beat. Also of note, SINA (+4.3%) posted a mixed quarter, but offered encouraging sub data from Weibo.
Among notable analyst ratings changes this morning, NOK (-5.2%) was upgraded to Hold at Jefferies.
HPQ (-5.4%) and CRM (-6.3%) are the notable tech names set to report results today after the close.






