The tech sector is trading just higher today, trailing gains in the broader market. Semiconductors are showing relative weakness in the tech space with the Philly Semi Index trading 0.7% lower. Among chips in the index, MRVL (-3.9%) and AMD (-2.0%) are notable laggards. Among other major indices, the S&P 500 is trading 0.7% higher, while the NASDAQ is trading 0.3% higher. The QQQ, meanwhile, is trading 0.2% higher. Among tech bellwethers, ORCL (+2.3%) and VZ (+1.7%) are showing strength, while GOOG (-1.2%) is under pressure.
In earnings, RIMM (-22.4%) reported a mixed Q1 and issued downside guidance and a share repurchase. Also, JRJC (-19.4%) posted a Q1 beat, but lowered FY11 revenue guidance. In news, DOX (-0.7%) announces announced it has entered into a definitive agreement to acquire all of Bridgewater Systems' outstanding common shares for CAD8.20 per share in cash.
Among the more notable analyst upgrades this morning, CIEN (-1.7%) was upgraded to Neutral at UBS and IGTE (+0.9%) was upgraded to Buy at Sidoti. In downgrades this morning, JRJC (-19.4%) was downgraded to Market Perform at Rodman & Renshaw, RIMM (-22.4%) was downgraded at several firms including Citigroup and JP Morgan, and CLS (-8.3%) was downgraded to Sell at Citigroup.
There are no notable tech names set to report results today after the close.






