The tech sector is trading slightly lower today, but ahead of losses in the broader market. Semiconductors are showing relative weakness in the tech space, however, with the Philly Semi Index trading 0.3% lower. NXPI (-3.0%) is a notable laggard in the chip index. Among other major indices, the S&P 500 is trading 0.4% lower, while the NASDAQ is trading 0.2% lower and the QQQ is 0.1% lower on the session. Among tech bellwethers, ORCL (+0.7%) is showing strength, while GOOG (-1.0%) is a notable underperformer.
In earnings last night, RFMD (-20.6%) lowered Q3 rev guidance below consensus and GPN (-2.8%) posted a mixed Q2 and raised guidance. This morning, KITD (+5.8%) raised its 2012 outlook.
Among rumors, we are hearing renewed CREE (+0.1%) takeover chatter making the rounds.
Among notable analyst upgrades this morning, SNDK (+2.6%) was upgraded to Buy at Sterne Agee and VOD (-0.2%) was upgraded to Buy at Goldman. Among downgrades, Sterne Agee downgraded INTC (-0.8%) to Neutral, Oppenheimer downgraded RFMD (-20.6%) to Perform, and MOTR (-10.0%) was downgraded to Neutral at JP Morgan.






