The tech sector is trading higher today, outpacing losses the broader market. Semiconductors are showing notable relative strength in the tech space with the Philly Semi Index trading 1.6% higher.
Among chips in the index, NETL (+50.2%) is a notable leader. Among other major indices, the S&P 500 is trading 0.4% lower, while the NASDAQ is trading roughly flat. The QQQ, meanwhile, is trading 0.1% higher. Among tech bellwethers, ORCL (-3.6%) is under notable pressure. There were no earnings of significance this morning in the tech space. In news, BRCM (-1.5%) agreed to acquire NETL (+50.2%) for $50/share. NETL peer CAVM (+5.9%) is trading higher on the news.
Among notable analyst upgrades this morning, IFNNY (+3.7%) was upgraded to Buy at UBS, and MRVL (+2.3%), ONNN (+0.6%), LLTC (+0.9%), and MXIM (+2.4%) were upgraded to Positive at Susquehanna. Also of note, ORCL (+1.2%) was added to Conviction Buy List at Goldman. Among downgrades, Wunderlich downgraded CREE (-2.3%) to Sell, NIHD (-3.0%) was downgraded to Equal Weight at Morgan Stanley, and DGIT (-3.2%) was downgraded to Neutral at Piper Jaffray.
There are no notable names in tech set to report results today after the close.






