The tech sector is trading slightly lower today, ahead of losses in the broader market. Semiconductors are showing relative weakness in tech the Philly Semi Index trading 0.2% lower. Among chips in the index, STM (-2.0%) is a notable laggard, while NVDA (+4.5%) is an outperformer. Among other major indices, the S&P 500 is trading 0.6% lower, while the NASDAQ is trading 0.2% lower. The QQQ is also trading 0.2% lower. Among tech bellwethers, IBM (+0.8%) is showing relative strength, while T (-1.2%) is under pressure.
In earnings last night, PLT (+6.1%) posted a Q1 beat with inline guidance, whereas OPWV (-16.3%) reported a Q1 miss. This morning, PCS (-32.4%) posted a miss, CTSH (+4.7%) reported a beat and upside guidance, and KLIC (-5.2%) posted a beat, but guided lower.
In news, SONE (-1.1%) announced that its Board of Directors, after thorough consideration and consultation with its legal and financial advisors, has rejected ACIW's (+1.4%) previously announced proposal to acquire S1.
In rumors, we are hearing CREE (+1.3%) hired an advisor to review strategic alternatives and, separately, RVBD (+3.5%) takeover chatter making the rounds.
Among notable analyst upgrades this morning, SOHU (+4.9%) was upgraded at Credit Suisse and Nomura, Kaufman upgraded TQNT (+5.3%) to Buy, and TTWO (+1.1%) was upgraded to Neutral at Cowen. There were no notable downgrades this morning in tech.
Also, there are no notable tech names set to report results today after the close.






