The tech sector is trading lower today, while the broader market is performing slightly worse. Semiconductors are showing relative weakness in the tech space with the Philly Semi Index trading 3.5% lower. Among chips in the index, NVDA (-7.0%) is a notable laggard, while VECO (+0.2%) is bucking the trend lower. Among other major indices, the S&P 500 is trading 2.9% lower, while the NASDAQ is down 2.7% and the QQQ are trading 2.4% lower. Among tech bellwethers, ORCL (-3.2%) and GOOG (-3.0%) are under notable pressure.
In earnings last night, RHT (+4.0%) posted a Q2 beat and INTU (-1.2%) reaffirmed. This morning, LOGI (-12.4%) lowered guidance.
Among notable analyst upgrades this morning, YHOO (+0.5%) was upgraded to Buy from Hold at Stifel Nicolaus and INTC (-1.0%) was upgraded to Buy at BofA/Merrill. Among downgrades, Needham downgraded CMTL (-2.1%) to Hold. Also of note, YOKU (-8.3%) was removed from the Conviction Buy List at Goldman.
TIBX (+1.3%) is the notable name in tech set to report results today after the close.






