The tech sector is trading lower today, ahead of larger losses in the broader market. Semiconductors are showing relative strength in the tech space with the Philly Semi Index trading only 3.2% lower. Among chips in the index, WFR (-7.9%) and AMD (-7.6%) are notable laggards. Among other major indices, the S&P 500 is trading 3.8% lower while the NASDAQ is trading 4.0% lower. The QQQ, meanwhile, is trading 3.3% lower. Among tech bellwethers, ORCL (-4.4%) and CSCO (-4.2%) are showing relative weakness, while INTC (+0.1%) is bucking the trend.
In earnings, TDS (-9.0%) and USM (-5.4%) reported upside Q2 earnings with in-line revenues. Also, BSFT (+21.7%) posted a beat and raise.
Among notable analyst upgrades this morning, INTC (+0.1%) was upgraded to Buy at Standpoint, ATML (-4.0%) was upgraded to Outperform at FBR Capital, EMC (-2.4%) and NTAP (-3.8%) were upgraded to Buy at Auriga, and PAY (-4.4%) and CTL (-3.7%) were upgraded to Strong Buy at Raymond James. In downgrades this morning, TXN (-2.3%) was downgraded to Mkt Perform at FBR Capital, ARW (-4.7%) was downgraded to Neutral at Goldman, and FFIV (-5.7%) was downgraded to Neutral from Buy at Suntrust.
There are no notable tech names set to report results today after the close.






