The tech sector is trading lower today, slightly outpacing losses in the broader market. Semiconductors are also showing relative weakness, however, with the Philly Semi Index trading 1.8% lower. NXPI (-3.8%) and STM (-3.7%) are notable laggards in that chip index. Among other major indices, the SPY is trading 0.6% lower today, while the QQQ and the NASDAQ are trading 0.4% lower on the session. Among tech bellwethers, AAPL (+1.0%) is showing notable strength, while INTC (-1.7%) is under pressure.
In earnings. late Tuesday night, SMSC (-0.2%) posted a Q1 beat. In news, RNWK (-6.2%) announced its CEO has resigned. Among rumors, there are multiple reports out indicating that AAPL (+1.0%) is preparing for a launch of a smaller iteration of its iPad. Among notable analyst upgrades this morning, CHU (+7.2%) was upgraded to Neutral at HSBC and YNDX (+2.8%) was upgraded to Buy at BofA/Merrill. While in downgrades, Sterne Agee downgraded AMD (-3.0%) to Neutral. There are no notable names in tech scheduled to report quarterly results today after the close.