The tech sector is trading higher today along with gains in the broader market. Semiconductors are showing relative strength in the tech space with the Philly Semi Index trading 3.6% higher. RBCN (+10.9%) is a notable leader in the chip index. Among other major indices, the S&P 500 is trading 3.1% higher, while the NASDAQ is trading 3.5% higher and the QQQ is trading 3.4% higher on the session. Among tech bellwethers, ORCL (+4.5%) is a notable outperformer.
There were no notable earnings reports in the tech sector this morning.
In news, SINA (-0.8%) is under pressure following negative newsletter chatter. In M&A, there is a report out suggesting QTM (+10.0%) and CVLT (+8.1%) may be takeover targets.
Among notable analyst upgrades this morning, ERTS (+6.5%) was upgraded to Buy at Citigroup, Needham upgraded CRM (+6.7%) to Buy and VZ (+2.7%) was upgraded to Buy at UBS. In downgrades, RIMM (+1.9%) was downgraded to Neutral at Sterne Agee. There are no notable names in tech scheduled to report results today after the close.






