S&P Information Technology Index trading -0.5% The tech sector is trading lower today, just trailing narrower losses in the broader market. Semiconductors are showing relative weakness as well with the SOX trading 1.2% lower. Within the chip index, CRUS (-3.9%) is a notable laggard. Among other major indices, the SPY is trading 0.3% lower today, while the QQQ is down 0.3% and the NASDAQ is trading 0.5% lower on the session. Among tech bellwethers, QCOM (+0.4%) and ORCL (+0.4%) are bucking the trend, while AAPL (-1.8%) is under pressure.

In tech earnings last night, CRM (+4.8%) reported a solid Q4 beat and guided inline, SPLK (+4.8%) posted beat with upside guidance, OVTI (-12.6%) topped Q3 estimates but guided well below consensus, and PANW (+0.3%) reported a slight beat and guided inline. In news, FB (-1.4%) confirmed its purchase of MSFT's (-0.8%) Atlas Advertiser Suite. Among notable analyst upgrades this morning in the tech space, ADSK (+1.0%) was upgraded to Buy at Jefferies and ALU (-1.5%) was upgraded to Mkt Perform at Bernstein. Among downgrades, MCRS (-2.2%) was downgraded to Hold at Jefferies and OVTI (-12.7%) was downgraded to Mkt Perform at Raymond James. There are no notable names in tech scheduled to report quarterly results today after the close.

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