EmailThe tech sector is trading higher today, in line with gains in the broader market. Semiconductors are showing relative strength in the tech space, however, with the Philly Semi Index trading 2.1% higher. Among chips in the index, MRVL (+1.5%) and STM (+3.5%) are notable leaders. Among other major indices, the S&P 500 is trading 1.2% higher while the NASDAQ is trading 1.4% higher. The QQQ, meanwhile, is trading 1.2% higher. Among tech bellwethers, INTC (+2.1%) is showing strength, while CSCO (-0.3%) is under pressure.
In earnings, video game maker COOL (+3.9%) reported a Q2 beat and raised guidance.
In news, HPQ (+0.1%) announced organizational changes that will more closely align its corporate structure with the strategy it announced in March. CMCSA (+1.1%) and MSFT's (+1.3%) Skype reached an agreement for Comcast to offer video chat trial to select customers. Also, AAPL (+1.9%) and NOK (+3.0%) signed a patent license agreement.
In rumors, we are hearing BBBB (+5.2%) and, separately, CMTL (+1.4%) takeover chatter making the rounds.
Among the more notable analyst upgrades this morning, The Benchmark Company upgraded DIOD (+1.5%) to Buy and DMD (+8.8%) was upgraded to Buy at Goldman. In downgrades this morning, CSCO (+0.2%) was downgraded to Underperform and JNPR (+2.2%) was downgraded to Sector Perform at RBC Capital.
There are no notable tech names set to report results today after the close.
