The tech sector is trading higher today, ahead of slight losses in the broader market. Semiconductors are showing relative weakness with the SOX trading 0.5% lower. Within the chip index, RBCN (-1.8%) is a notable standout. Among other major indices, the SPY is trading 0.1% lower today, while the QQQ and the NASDAQ are trading 0.2% higher on the session. Among tech bellwethers, AAPL (+2.2%) is showing strength, while GOOG (-1.6%) is showing notable weakness. There were no earnings this morning in the tech space.
In news out this weekend, AAPL (+2.2%) was awarded ~$1 bln in Samsung patent infringement case. NOK (+8.4%) and MSFT (+0.7%) are showing strength following the news, while GOOG (-1.6%) and PANL (-10.3%) are under pressure. Also, IBM (-0.4%) agreed to acquire KNXA (+41.5%) for $46/share. Elsewhere, AOL (+2.1%) entered into a $600 mln accelerated stock repurchase agreement and announced the authorization of a $5.15 per share special cash dividend. Among rumors, AAPL's (+2.2%) iPad mini release date is scheduled for October, according to reports. Also, we are hearing renewed FIO (+0.1%) takeover chatter. There were no notable analyst upgrades this morning in the tech space. In downgrades, Argus downgraded ADSK (-0.3%) to Hold and BRCM (-0.5%) was downgraded to Neutral at Nomura. There are no notable names in tech scheduled to report quarterly results today after the close.






