The tech sector is trading higher today, just ahead of the broader market. Semiconductors are showing relative strength in the tech space with the Philly Semi Index trading 1.3% higher. Among chips in the index, NVDA (+3.2%) is a notable leader. Among other major indices, the S&P 500 is trading 0.3% higher, while the NASDAQ and the QQQ are trading 0.6% higher. Among tech bellwethers, CSCO (+1.8%) is outperforming, while IBM (-0.6%) is under pressure.
In earnings last night, CAVM (-12.4%) and TQNT (+5.6%) issued downside guidance. Also, TIBX (+2.8%) posted a Q3 beat.
In news, HPQ (-4.1%) confirmed it has named Meg Whitman President and CEO. Also, MOTR (+4.3%) announced it hired an advisor to pursue strategic options.
In rumors, we are hearing renewed YHOO (+3.9%) takeover chatter making the rounds.
Among notable analyst upgrades this morning, The Benchmark Company upgraded OTEX (+1.4%) to Hold, TXN (+2.1%) was upgraded to Above Average at Caris and YOKU (+16.2%) was upgraded to Positive at Susquehanna. In downgrades, CAVM (-12.4%) was downgraded to Hold at Deutsche Bank and TQNT (+5.6%) was downgraded to Sector Perform at Pacific Crest.






