The tech sector is trading just higher today, in line with gains in the broader market. Semiconductors are showing relative weakness in the tech space, however, with the Philly Semi Index trading 0.2% lower. Among chips in the index, NVLS (-3.8%) and STM (-2.7%) are notable leaders. Among other major indices, the S&P 500 is trading 0.3% higher while the NASDAQ and the QQQ are trading 0.1% higher. Among tech bellwethers, HPQ (+1.3%) and CSCO (+1.1%) are showing strength, while ORCL (-1.0%) is under pressure.
In earnings, FNSR (-19.0%) reported inline Q4 EPS, a Q4 revenue miss, and offered downside guidance. Also, RBCN (-2.2%) reaffirmed Q2 guidance.
Among the more notable analyst upgrades this morning, AMD (-1.5%) was upgraded to Outperform at FBR Capital, RIMM (+0.6%) was upgraded to Positive at Avian, CELL (+4.7%) was upgraded to Buy at Jefferies, Brigantine upgraded CRNT (+1.3%) to Buy, TNDM (+2.3%) was upgraded to Market Perform at Raymond James, XLNX (+0.1%) and ALTR (-0.2%) were upgraded to Equal Weight at Morgan Stanley, and YOKU (+7.0%) was upgraded to Buy from Neutral at Goldman. Also of note, Oppenheimer is upgrading its strategic outlook for the wireless sector.
In downgrades this morning, INTC (+0.2%) was downgraded to Market Perform at FBR Capital and FNSR (-19.0%) was downgraded to Neutral at Credit Suisse.
RIMM (+0.6%) is the most notable tech name set to report results today after the close.






