The tech sector is trading just lower today, roughly inline with the broader market. Semiconductors are showing relative strength in the tech space, however, with the Philly Semi Index trading 0.2% higher. Among chips in the index, NVLS (-3.2%) is a notable laggard, while NXPI (+3.3%) is a leader. Among other major indices, the S&P 500 is trading 0.1% lower, while the NASDAQ is virtually unchanged. The QQQ, meanwhile, is trading 0.1% higher. Among tech bellwethers, CSCO (+1.4%) is showing relative strength, while GOOG (-1.0%) is showing weakness.
In earnings last night, NVLS (-3.0%) narrowed guidance to the low end and lowered its bookings outlook. Also, SAI (-11.7%) posted a miss and guided lower, while CIEN (+19.5%) reported a surprise profit.
In news, BCSI (+9.4%) and shareholder Elliot International entered into a standstill agreement. In rumors, there was a report of GLUU (+15.4%) takeover speculation.
Among notable analyst upgrades this morning, Needham upgraded CTSH (+1.0%) to Strong Buy, CELL (+6.1%) was upgraded to Buy at Citigroup, and TRMB (+3.8%) was upgraded to Overweight at Piper Jaffray. Also, QCOM (+0.4%) was added to Top Picks Live list at Citigroup. In downgrades, Stifel Nicolaus downgraded BAH (-6.4%) to Hold.
There are no notable tech names set to report results today after the close.






