The tech sector is trading higher today, ahead of gains in the broader market. Semiconductors are showing relative strength in the tech space with the Philly Semi Index trading 2.8% higher. Among chips in the index, AMD (+4.8%) and CRUS (+4.4%) are notable leaders, while VSEA (+0.1%) is not participating in the rally in semis. Among other major indices, the S&P 500 is trading 1.0% higher, while the NASDAQ is trading 1.7% higher. The QQQ, meanwhile, is trading 2.0% higher. Among tech bellwethers, IBM (+5.1%) is showing relative strength following a strong qtr, while telecom giants T (+0.2%) and VZ (-0.1%) are slightly lower.
In earnings last night, IBM (+5.1%) reported a Q2 beat and issued upside FY11 guidance. In news, CSCO (+0.8%) announced additional details on comprehensive action plan that will reduce its global workforce by ~6,500 employees.
Among notable analyst upgrades this morning, Kaufman Bros upgraded AIXG (+5.1%) to Buy and CHKP (-0.9%) was upgraded at BofA/Merrill and Morgan Keegan. There were no notable downgrades this morning in the tech space.
AAPL (+0.5%), VMW (+4.5%), YHOO (+0.7%), and WIT (+2.3%) are notable tech names set to report results today after the close.






