EmailThe tech sector is trading lower today, just ahead of losses in the broader market. Semiconductors are trading in line with weakness in the tech space with the Philly Semi Index trading 1.5% lower. Among chips in the index, STM (-4.2%) and TSM (-3.8%) are notable laggards. Among other major indices, the S&P 500 is trading 0.8% lower while the NASDAQ is trading 0.7% lower. The QQQ, meanwhile, is trading 0.6% lower. Among tech bellwethers, INTC (-1.9%) is under notable pressure.
In earnings last night, NSM (+0.1%) missed Q4 EPS by $0.01, but beats on revenues. Its guidance was limited due to its acquisition by TXN (-2.1%). Elsewhere, RLD (-14.6%) posted a large Q4 beat. Also, DIOD (-12.7%) reaffirmed Q2 rev guidance and lowered GMs guidance due to mix shift.
In news, VRGY (+10.8%) is trading higher following disclosure that the DoJ terminated waiting period under the HSR Act. In M&A, we are hearing NOK (-1.0%) is in discussions for potential stake sale in Nokia Siemens Network.
Among the more notable analyst upgrades this morning, MU (-0.4%) was upgraded to Outperform at Wells Fargo, and SFSF (-3.9%) was upgraded to Above Average at Caris. In downgrades this morning, PLXS (-6.3%) was downgraded to Outperform at Raymond James.
