The tech sector is trading higher today, inline with gains in the broader market. Semiconductors are showing slight relative strength in the tech space with the Philly Semi Index trading 1.7% higher. NXPI (+4.0%) and NVLS (+4.0%) are notable leaders in that index. Among other major indices, the S&P 500 and the NASDAQ are trading 1.5% higher, while the QQQ is trading 1.3% higher. Among tech bellwethers, ORCL (+1.9%) is again showing notable strength, while VZ (-0.1%) is lagging.
In earnings, EXFO (-7.3%) reported a Q4 beat and issued downside guidance. This morning, ASML (+8.4%) posted a beat and in-line guidance, while INFY (+8.7%) reported a beat and guided Q3 above consensus.
Among rumors, AMD (+2.1%) takeover chatter is making the rounds. Also, we are hearing that PANL (+2.9%) may be a supplier to AAPL's (+1.8%) upcoming iPad 3.
Among notable analyst upgrades this morning, NOK (+3.7%) was upgraded to Neutral at Nomura. In downgrades, Goldman downgraded VPRT (-5.0%), DMD (-5.3%), and WBMD (-2.5%), JP Morgan downgraded BRCD (-2.5%), LXK (-1.1%), QLGC (-2.5%), STX (+2.8%), XRX (+0.1%) and FLIR (-1.1%), and The Benchmark Company downgraded RAX (+0.3%) to Hold.
No notable names in tech are set to report results today after the close.






