EmailThe tech sector is trading lower today, roughly inline with losses the
broader market. Semiconductors are showing slight relative weakness in the tech
space with the Philly Semi Index trading 1.1% lower. Among chips in the index,
MU (-3.5%) is a notable laggard, while NVDA (+1.5%) is bucking the trend. Among
other major indices, the S&P 500 is trading 0.9% lower, while the NASDAQ is
trading 0.6% lower. The QQQ, meanwhile, is trading 0.5% lower. Among tech
bellwethers, T (+0.8%) is showing relative strength, while CSCO (-1.9%) is under
pressure.
There were no notable tech names that reported. In news, PANL (+1.8%) announced
that it has entered into a technology license agreement with Panasonic Idemitsu
OLED Lighting. Also, CLGX (+25.1%) formed a committee of independent directors
to explore a wide range of options aimed at enhancing shareholder value
including, but not limited to, cost savings initiatives, an evaluation of the
company's capital structure, possible repurchases of debt and common stock, the
potential disposition of business lines, the potential sale or business
combination of the company and other alternatives.
Among notable analyst upgrades this morning, MIPS (+2.9%) was upgraded to Buy at
Capstone and PTNR (--0.5%) was upgraded to Buy at Citigroup. Also, Ticonderoga
wrote in a note that it's time for MSFT (+0.8%) to significantly raise its
dividend. In downgrades, EMR (-2.7%) was downgraded to Hold at Argus.
There are no notable tech names set to report results today after the close.
than one year.
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