EmailThe tech sector is trading lower today, trailing a relatively flat broader market. Semiconductors are showing in line weakness in the tech space with the Philly Semi Index trading 0.8% lower. Among chips in the index, CREE (-5.8%) is a notable laggard, while LLTC (+0.8%) is showing relative strenght. Among other major indices, the S&P 500 is trading relatively flat, while the NASDAQ is trading 0.7% lower. The QQQ, meanwhile, is trading 0.8% lower. Among tech bellwethers, VZ (+1.4%) is showing relative strength, while CSCO (-1.4%) is under pressure.
In earnings last night, DELL (-9.5%) posted a slightly better than expected quarter, but offered guidance below consensus. Elsewhere, ADI (+0.5%) and BCSI (-24.9%) reported a misses and downside guidance. BCSI also appointed a new CEO. PLAB (+25.6%), on the other hand, posted a Q3 beat.
In rumors, we are hearing CSCO (-1.4%) for FTNT (+1.6%) takeover chatter making the rounds.
Among notable analyst ratings changes this this morning, BCSI (-24.9%) was downgraded at Needham and Sterne Agee, TXN (-0.4%) was downgraded to Hold at ThinkEquity, AIXG (-11.1%) was downgraded to Hold at Deutsche Bank, HPQ (-4.4%) was downgraded to Market Perform at BMO Capital, and DRIV (-7.5%) was downgraded to Underweight at Morgan Stanley.
NTAP (-3.4%) is the most notable tech name set to report results today after the close.
