EmailThe tech sector is trading lower today, but ahead of larger losses in 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, MU (-3.4%) is a notable laggard. Among other major indices, the S&P 500 is trading 1.1% lower while the NASDAQ is trading 0.8% lower. The QQQ, meanwhile, is trading 0.8% lower. Among tech bellwethers, AAPL (+0.3%) is showing continued strength, while HPQ (-1.6%) is under pressure.
In earnings last night, GAME (+4.6%) reported Q1 EPS in-line, but beat on revs. Also, NVLS (+1.0%) reaffirmed and narrowed EPS guidance at its mid qtr update.
In news last night, AMSC (-18.2%) announced that it would delay reporting Q4 and fiscal year end financial results and cut 10% of its workforce. This morning, YHOO (-2.8%) and Alibaba reached agreement.
Among the more notable analyst upgrades this morning, Hudson Square Research upgraded T (-0.5%) to Buy. In downgrades this morning, NOK (-0.3%) was downgraded at Goldman, WestLB, Bernstein, and Canaccord, SQNS (-9.4%) was downgraded to Hold at Needham, and VZ (-1.3%) was downgraded to Sell at Hudson Square.
No notable tech names are set to report results today after the close.
