The tech sector is trading lower today, trailing narrower losses in the broader market. Semiconductors are showing relative weakness as well with the SOX trading 0.7% lower. Within the chip index, MU (-2.9%) is a notable laggard. Among other major indices, the SPY is trading 0.2% lower today, while the QQQ and the NASDAQ are trading 0.3% lower on the session. Among tech bellwethers, FB (-1.5%) is showing notable weakness, while MSFT (+0.9%) is bucking the trend. In tech earnings, ADBE (+1.2%) posted an in-line Q3, but guided Q4 lower. This morning, SWKS (-8.1%) preannounced Q4 guidance at the higher end of prior guidance, but fell short of heightened expectations.
In news, TRLA (+6.0%) opened for trading at $22.10 after pricing IPO at $17. Among rumors, P (+2.3%) was discussed as a takeover target with GOOG (-0.4%) and AMZN (-0.5%) as possible buyers in a Bloomberg report. In notable analyst upgrades this morning in the tech space, CEL (+4.1%) was upgraded to Equal Weight at Barclays and ADBE (+1.2%) was upgraded to Outperform at RBC. Among downgrades, INAP (-4.6%) was downgraded to Sector Perform at RBC, TSM (-1.1%) was downgraded to Neutral at Susquehanna, and KNXA (0.0%) was downgraded to Mkt Perform at Raymond James. ORCL (-0.5%) and TIBX (-0.2%) are the only notable names in tech scheduled to report quarterly results today after the close.