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.

NUAN
(-0.8%) and RAX (+2.0%) are the notable names in tech scheduled to report after the close

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