The tech sector is trading higher today, ahead of the broader market. Semiconductors are showing relative weakness in the tech space, however, with the Philly Semi Index trading 1.1% lower. Among chips in the index, VECO (-5.5%) is a notable laggard. Among other major indices, the S&P 500 is trading flat on the session, while the NASDAQ is trading 0.1% lower. The QQQ, meanwhile, is trading 0.3% higher. Among tech bellwethers, MSFT (+1.5%) is showing notable strength.
In earnings last night, ACN (+3.0%) and JBL (+8.7%) both posted Q4 beats and modest upside guidance. Elsewhere, SNX (+11.5%) reported a beat and in-line guidance, while SMSC (-3.0%) and PRGS (-6.4%) posted roughly inline quarter with downside guidance.
In news, MSFT (+1.5%) signed an agreement with Samsung Electronics to cross-license the patent portfolios of both companies. In rumors, we are hearing renewed IDCC (+6.0%) and, separately, CREE (-2.2%) takeover chatter making the rounds.
Among notable analyst upgrades this morning, SNX (+11.5%) was upgraded to Outperform at Raymond James. In downgrades, Avian downgraded LSI (-4.2%) to Neutral.
TXI (+2.0%) is the tech names set to report results today after the close.






