S&P Information Tech sector trading +0.2% The tech sector is trading higher today, just ahead of gains in the broader market. Semiconductors are showing relative strength as well with the SOX trading 0.4% higher. Within the chip index, VECO (+3.8%) is a notable standout. Among other major indices, the SPY is trading 0.1% higher today, while the QQQ is up 0.4% and the NASDAQ is trading 0.3% higher on the session. Among tech bellwethers, EBAY (+1.4%) is showing notable strength, while FB (-0.7%) is under pressure.

In tech earnings last night, CBEY (-9.4%) posted a miss and BSFT (-26.2%) reported a slight beat but guided well below consensus. This morning, EPAM (-2.6%) posted a slight beat and guided to the upside, while NIHD (-7.4%) reported a large Q4 miss. Among rumors, P (-5.2%) will cap free mobile listening at 40 hours/month, according to reports. Also, we are hearing chatter related to a potential deal between BBRY (+2.1%) and MSFT (+0.1%). Among notable analyst upgrades this morning in the tech space, INXN (+2.9%) was upgraded to Buy at Goldman. Among downgrades, AMAP (-2.0%) was downgraded to Neutral at Goldman, RVBD (-4.4%) was downgraded to Neutral at Sterne Agee and BSFT (-26.2%) was downgraded at a host of firms. CRM (+1.0%), SPLK (+0.3%), and PANW (+0.1%) is a notable name in tech scheduled to report quarterly results today after the close.

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