The tech sector is trading higher today, in line with gains in the broader market. Semiconductors are showing relative strength with the Philly Semi Index trading 0.9% higher. WFR (+4.6%) is a notable leader in that chip index. Among other major indices, the SPY, the QQQ, and the NASDAQ are all trading 0.6% higher on the session. Among tech bellwethers, ORCL (+2.2%) is showing notable strength, while QCOM (-1.4%) is under pressure again today. There were no notable names in tech to report earnings last night or this morning. In news, there are reports that DELL (-0.4%) is the 'strategic' $2.15 bln bidder for QSFT (-0.01%). Among rumors, we are hearing renewed takeover chatter on PMCS (+1.3%) and, separately, private equity interest in ASIA (+11.3%).
Among notable analyst upgrades this morning, Oppenheimer and Citigroup upgraded NOK (+4.7%), SAI (+3.2%) was upgraded to Overweight at JP Morgan, SINA (+0.9%) was upgraded to Buy at Credit Agricole, and ORCL (+2.3%) was upgraded to Buy at ThinkEquity While in downgrades, NOK (+4.7%) was downgraded to Neutral at Credit Suisse.