The tech sector is trading slightly lower today, inline with losses in the broader market. Semiconductors are showing relative weakness in the tech space with the Philly Semi Index trading 1.3% lower. Among chips in the index, MU (-3.0%) is a notable laggard, while VSEA (+0.3%) is outperforming. Among other major indices, the S&P 500 is trading just lower (-0.5%), while the NASDAQ is trading 0.4% lower. The QQQ, meanwhile, is trading 0.4% lower. Among tech bellwethers, MSFT (+0.5%) is showing relative strength, while VZ (-1.1%) is under pressure.
In earnings last night, SLAB (-13.1%) reported a Q2 EPS beat and a revs miss.
In news, RIMM (-2.8%) announced today that Don Morrison, currently on temporary medical leave, is planning to retire from his position as COO. Also, RIMM is reducing its global workforce across all functions by approximately 2,000 employees.
Among notable analyst upgrades this morning, MSI (+0.9%) was upgraded to Buy at Jefferies and INTU (+1.2%) was upgraded to Buy from Neutral at UBS. In downgrades this morning, MRCY (-2.3%) was downgraded to Neutral from Buy at Merriman and CSC (-3.2%) downgraded to Neutral from Buy at Goldman.
BRCM (-1.7%) and TXN (-1.4%) are notable tech names set to report results today after the close.






