Here are some things going on today in your world of tech:
Shares of Nvidia ( NVDA ) are down 30 cents at $245.50, after Goldman Sachs 's Toshiya Hari removed the stock from the "Conviction List," given the stock has risen 134% since Hari added it to the list in December of 2016.
Writes Hari, "While we continue to see meaningful upside to FY2019/2020 estimates and maintain our Buy rating, we believe a) the long-term secular growth angle in Datacenter is now better-understood, and b) near-term dynamics in Cryptocurrency demand may lead to increased earnings volatility."
Earnings winners from yesterday afternoon are adding to gains, with Qorvo ( QRVO ) up $8.27, or 11.5%, at $80.04, eBay up $5.05, or 12.4%, at $45.63, AT&T ( T ) up $1.65, or 4.4%, at $39.10, and Microsoft ( MSFT ) up 27 cents, at $95.28.
Qualcomm ( QCOM ) is yesterday's disappoint, its forecast missing consensus, and it is down 82 cents, or 1.2%, at $67.43.
Among ratings changes, there are three upgrades for Qorvo this morning, at Merrill Lynch, Instinet , and Northland Securities .
The big news for Qorvo, which turned its stock around after hours, is the company's indication it won what's called the "Super PAD" in the next rev of the iPhone.
Instinet 's Krysten Sciacca , raising the stock to Buy from Neutral, and raising her price target to $85 from $75, lauds the design win with Apple, writing, "management essentially confirmed our belief of a mid/high-band design win at Apple. This, coupled with design wins at Huawei and Samsung, and expected gross margin expansion lead us to forecast a strong C2H18 and CY19."
No ratings changes for AT&T on its disclosure of better-than-expected subscriber gains , but there price target increases.
Raymond James 's Frank Louthan , reiterating an Outperform rating, and raising his target to $44 from $40, writes that AT&T "has more near-term levers to pull to maintain earnings and FCF momentum than the other RBOCs, and as a result it is the one to be overweight."
As for the 2.7 million U.S. net adds, "Near term subscriber outlook looks better than it has in recent quarters, which is incremental to our positive thesis," writes Louthan.
Microsoft is also getting numerous price target increases, after beating and offering a forecast for revenue this quarter that was slightly higher as well.
As Stifel Nicolaus 's Brad Reback points out, reiterating his Buy rating, and raising his price target to $105 from $92, the company's results beat expectations in each of its three lines of business. He notes as well a speed-up in the growth in Azure revenue - at 98%, year over year - and writes that there was improvement in Azure's gross profit margin .
He thinks the company's success in cloud bodes well for VMware (VMW), Red Hat (RHT), and Oracle (ORCL).
What do you do with Qualcomm?
Christopher Rolland with Susquehanna , who has an Outperform rating on the shares, notes that the weak March-qaurter outlook is attributable to what's now widely viewed as a weaker-than-expected quarter for Apple 's (AAPL) iPhone , and also a breakdown in sales of smartphones in China.
But, investors are more focused on the prospect of Broadcom (AVGO) winning in its hostile bid for Qualcomm.
"Ironically, we believe these modestly weak results may actually strengthen the case for Broadcom's proposed board elections, pushing the two companies closer to a deal (which may ultimately occur at a nice premium into the mid-80s)."
Facebook's time spent not a concern
Another big one from last night is Facebook (FB), whose shares are up $5.09, or 2.6%, at $191.98, after results beat expectations, but the company said that "changes to its News Feed reduced the amount of time users spent on its site by 50 million hours per day," as my colleague Jonathan Swartznoted .
On CNBC a short while ago, Mark Mahaney of RBC Capital Markets was explaining why the decline in time spent is not a big deal for the company.
"What caused that stock to turn around was when they said they didn't expect the change in the news feed to change the advertising revenue growth … prices can still rise, yield can still rise," he said.
PayPal snubbed by eBay
A casualty of yesterday is PayPal (PYPL), whose shares are down $6.91, or 8%, at $78.41, after eBay (EBAY), which has used PayPal as its seller payments platform, said it will " intermediate " payments come 2020, taking over the direct relationship with those paying, lessening the role of PayPal.
But many bulls are stepping up to defend PayPal this morning. Monness Crespi Hardt 's James Cakmak is one.
He reiterates a Buy rating, writing "OK, it's certainly a loss, however, its single-digit growing business is definitely not the reason to own PayPal."
"The relationship between the two assets has been in constant decline - both in terms of dollars and reliance - since the spin," he writes, meaning, the spin-out of PayPal from eBay two years ago.
"Which company is home to the best positioned platform to capture the economics of the shift from analog to digital payments? To us, that's unequivocally PayPal."
Earningspalooza continues this afternoon, with Apple (AAPL), Amazon (AMZN), Alphabet (GOOGL), Cypress Semiconductor (CY), GoPro (GPRO), Tableau Software (DATA), and Viavi (VIAV).
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of NASDAQ, Inc.