The tech sector is trading lower today along with losses in the broader market. Semiconductors are showing relative weakness in the tech space with the Philly Semi Index trading 2.5% lower. MU (-5.9%) is a notable laggard in the chip index. Among other major indices, the S&P 500 is trading 1.9% lower, while the NASDAQ is trading 2.0% lower and the QQQ is trading 2.1% lower on the session. Among tech bellwethers, INTC (-2.6%) and GOOG (-2.5%) are notable underperformers.
In earnings this morning, TECD (-3.7%) reported a Q3 miss. In news, EXPE (-2.8%) and RENN (-4.7%) jointly announced that RENN has sold its investment in LONG (+13.1%) to EXPE for ~$72.4 mln, or $23 per ADS.3 per ADS.
Among notable analyst upgrades this morning, WDC (-2.3%) was upgraded to Overweight at Barclays and CRM (-3.6%) was upgraded to Outperform at Raymond James. In downgrades, RIMM (-5.8%) was downgraded to Underperform at JMP Securities. HPQ (-4.5%), BRCD (-4.5%), and ADI (-2.5%) are a few notable names in tech scheduled to report results today after the close.






