The tech sector is trading higher today, just ahead of gains in the broader market. Semiconductors are showing relative strength in the tech space with the Philly Semi Index trading 1.0% higher. Among chips in the index, NETL (+2.9%) and ALTR (+2.9%) are notable leaders, while CREE (-3.5%) is under pressure. Among other major indices, the S&P 500 and the NASDAQ are trading 0.3% higher. The QQQ, meanwhile, is trading 0.6% higher. Among tech bellwethers T (+1.6%) and GOOG (+1.6%) are showing relative strength, while MSFT (-0.2%) is lagging.
In rumors, there was a report over the weekend that suggested that HPQ (+3.9%) could be a takeover target for ORCL (+0.9%) following its Autonomy purchase.
Among notable analyst upgrades this morning, HPQ (+3.9%) was upgraded to Buy at Auriga and RAX (+2.5%) was upgraded to Outperform at Raymond James. Elsewhere, MSFT (-0.2%) was downgraded to Neutral at Davenport. There are no notable tech names set to report results today after the close.






