The tech sector is trading just higher today, ahead of slight losses in the broader market. Semiconductors are showing relative strength in the tech space with the Philly Semi Index trading 0.3% higher. Among chips in the index, MU (+5.9%) is a notable leader. Among other major indices, the S&P 500 is trading 0.2% lower, while the NASDAQ is trading relatively flat. The QQQ, meanwhile, is trading 0.2% higher. Among tech bellwethers, ORCL (-3.3%) is under notable pressure, while CSCO (+2.4%) is outperforming.
In earnings last night, SEAC (+2.0%) posted a miss and guided lower.
In news, DRIV (+6.7%) authorized a $100 million share repurchase program. Also, GOOG (+0.5%) acquired Zagat, which is pressuring OPEN (-8.6%).
In rumors, we are hearing ORCL (-3.3%) for HPQ (-0.3%) takeover chatter making the rounds.
Among notable analyst upgrades this morning, CSCO (+2.4%) and JNPR (+1.7%) were upgraded to Buy at Auriga, NCR (+3.2%) was upgraded to Overweight at JP Morgan and SNDK (+4.6%) was upgraded to Positive at Avian. In downgrades, Morgan Keegan downgraded TZOO (-5..2%) to Mkt Perform.
There are no notable names in tech set to report results today after the close. However, TXN (+0.7%) is anticipated to post its mid-qtr update.






