The tech sector is trading just higher today, but trailing gains in the broader market, while the Philly Semi Index trading 0.3% higher. Among chips in the index, TSM (+0.3%) is a notable laggard. Among other major indices, the S&P 500 is trading 0.4% higher while the NASDAQ is trading 0.1% higher. The QQQ is also trading 0.1% higher. Among tech bellwethers, HPQ (+1.3%) is showing strength, while MSFT (-0.7%) is under pressure.
In earnings last night, SNX (-1.8%) reported a Q2 EPS beat, but issued downside guidance. Also, EXFO (-16.4%) and PRGS (+0.3%) posted misses and downside guidance. This morning, ADSK (+0.9%) reaffirmed guidance.
Among the more notable analyst upgrades this morning, Oppenheimer upgraded AUDC (+9.8%) to Outperform, GIB (+3.1%) was upgraded to Outperform at RBC, Wedbush upgraded DOX (+1.4%) to Outperform, and SNDA (+0.8%) was upgraded to Hold at Deutsche Bank. In downgrades this morning, ARMH (+0.1%) was downgraded to Equal Weight from Overweight at Morgan Stanley.
There are no notable tech names set to report results today after the close.






