The tech sector is trading lower today, along with losses in the broader market. Semiconductors are showing inline weakness with the SOX trading 0.5% lower. Within the chip index, STM (-3.0%) is a notable laggard. Among other major indices, the SPY is trading 0.6% lower today, the QQQ and the NASDAQ are trading 0.6% lower on the session as well. Among tech bellwethers, QCOM (-1.4%) is showing notable weakness, while FB (+4.8%) is bucking the trend. In tech earnings last night, ACN (+6.0%) posted inline Q4 EPS, slightly better-than-expected revs, and guided above consensus. Elsewhere, RIMM (+11.8%) reported a Q2 beat, while MU (+2.4%) posted a Q4 miss. This morning, ADTN (-8.9%) issued downside Q3 guidance. In news, AAPL (-1.0%) CEO issued a letter apologizing for iOS 6 Maps. Among rumors, discussions between AAPL and SNE (-2.5%) regarding music streaming service for iPhone hit a snag, according to reports.
In notable analyst upgrades this morning in the tech space, RIMM (+11.8%) was upgraded to Sector Perform at Scotia Capital. While among downgrades, ADTN (-9.2%) was downgraded to Underperform from Buy at BofA/Merrill






