The tech sector is trading higher today, trailing gains in the broader
market. Semiconductors are showing relative weakness in the tech space with the
Philly Semi Index trading 0.2% lower. AMD (-12.6%) is dragging in index lower.
Among other major indices, the S&P 500 is trading 1.0% higher, while the NASDAQ
is trading 0.1% higher. The QQQ, meanwhile, is trading 0.3% lower. Among tech
bellwethers, ORCL (+2.1%) is showing notable strength.
In earnings last night, AMD (-12.6%) lowered its Q3 revenue guidance. Also, TXI
(+0.9%) reported a relatively inline quarter.
In news, SYNA (+1.0%) appointed Rick Bergman as President and CEO. NOK (+4.3%)
shut down a factory in Romania and cut ~3500 jobs. Also, HPQ (+3.4%) reportedly
hired GS (+3.2%) to fight possible activist investors.
Among notable analyst upgrades this morning, MSI (+1.4%) was upgraded to
Positive at Avian. In downgrades, The Benchmark Company downgraded MIPS (-5.0%)
to Hold. AMD (-12.6%) was also downgraded at BofA/Merrill, Macquarie, Longbow,
and ThinkEquity.
MU (-3.7%) is the notable name in tech set to report results today after the
close.






