The tech sector is trading higher today, alongside gains in the broader market. Semiconductors are showing relative strength in the tech space with the Philly Semi Index trading 1.1% higher. Among chip stocks in the index, Advanced Micro Devices (AMD +0.87%) and Taiwan Semi (TSM +1.5%) are notable leaders. Among other major indices, the S&P 500 is trading 0.9% higher, while the NASDAQ is trading 1.2% higher. The QQQ is also trading 1.2% higher. Among tech bellwethers, Google (GOOG +2.5%) is showing strength, while Cisco (CSCO -0.2%) is under pressure.
In earnings last night, Standard Micro Systems (SMSC +9.04%) beat Q1 EPS by $0.18, beat on revs, and guided Q2 EPS in-line and revs above consensus. In other news, YOKU.com (YOKU +20.8%) Premium officially launched a deal with Warner Bros.
Among the more notable analyst upgrades this morning, Seagate (STX +1.4%) was upgraded to Outperform at FBN Securities, Canaccord Genuity upgraded Omnivision Technologies (OVTI +9.6%) to Buy, and Internat Rectifier Corp (IRF +4.8%) was upgraded to Strong Buy at Raymond James. Also of note, LinkedIN (LNKD +9.6%) was initiated with a Buy at UBS, Morgan Stanley, and BofA/Merrill. In downgrades this morning, Motorola Mobility Holdings (MMI -3.6%) was downgraded to Underperform from at BMO Capital. Synnex Corp (SNX +0.8%) is the only notable tech name set to report results today after the close.






