Technology Sector The tech sector - XLK - is trading just higher today, outpacing slight losses in the broader market. Semiconductors are showing relative strength as well with the SOX trading 0.4% higher. Within the chip index, AMD (+2.3%) is a notable standout. Among other major indices, the SPY is trading 0.1% lower today, while the QQQ is up 0.4% and the NASDAQ is trading 0.3% higher on the session. Among tech bellwethers, AAPL (+2.1%) is showing notable strength, while FB (-0.5%) is under pressure.

This morning in tech earnings,

  • SOHU (-2.4%) reported a beat but guided lower 
  • CYOU (-11.9%) topped Q4 ests, guided lower, and announced its CFO resigned 
  • ACIW (-6.2%) guided FY13 below consensus 
In news, YELP (+3.6%) will partner with YHOO (+0.6%) on local search results. Carl Icahn issued a letter to AAPL (+2.1%) shareholders; 'we see no reason to persist with our non-binding proposal, especially when the company is already so close to fulfilling our requested repurchase target'.

Among M&A in the tech space, SUPX (+35.3%) will be acquired by MCHP (+0.6%) for $33 per share in cash. Also, Alibaba submitted a non-binding proposal for an AMAP (+24.6%) going private transaction for $21 per ADS.

Among notable analyst upgrades in tech this morning, TMUS (-2.0%) was upgraded to Overweight at Barclays, CVLT (+1.0%) was upgraded to Mkt Outperform at JMP, and MXIM (+2.2%) was upgraded to Strong Buy at Raymond James.

In downgrades, VNET (-2.7%) was downgraded to Neutral at Credit Suisse.

(-0.8%) and RAX (+2.0%) are the notable names in tech scheduled to report after the close is the leading Internet provider of live market analysis for U.S. Stock, U.S. Bond, and world FX market participants.

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