The tech sector is trading lower today, along with losses in the broader market. Semiconductors are showing relative weakness in the tech space with the Philly Semi Index trading 2.0% lower. Among chips in the index, RBCN (-6.1%) and AMD (-4.7%) are notable laggards. Among other major indices, the S&P 500 is trading 1.5% lower, while the NASDAQ is trading 1.6% lower. The QQQ, meanwhile, is trading 1.4% lower. Among tech bellwethers, only AAPL (+0.8%) is showing relative strength, while ORCL (-2.7%) is under notable pressure.
In earnings, CHKP (+2.5%) posted a Q2 beat. Also, WBMD (-30.7%) issued downside guidance.
Among notable analyst upgrades this morning, ERIC (-2.9%) was upgraded to Outperform at Credit Suisse and BTIG upgraded RLD (-5.6%) to Neutral.
In downgrades this morning, LNKD (-4.4%) and SPIL (-3.9%) were downgraded to Neutral at JP Morgan, SMCI (-3.4%) was downgraded to Hold at ThinkEquity, Avian Securities downgraded QLGC (-0.8%) to Negative, and Stifel Nicolaus downgraded ENTR (-15.3%) to Sell.
IBM (-0.9%) is the notable tech name set to report results today after the close.






