The tech sector is trading lower today, along with losses in the broader market. Semiconductors are showing relative weakness with the SOX trading 0.8% lower. Within the chip index, TER (-2.9%) is a laggard. Among other major indices, the SPY is trading 0.2% lower today, while the QQQ is down 0.2% and the NASDAQ is trading 0.3% lower on the session. Among tech bellwethers, AAPL (+1.0%) is showing strength, while CSCO (-1.7%) is showing notable weakness.
There were no tech earnings of note this morning. In news, T (-0.1%) reports record sales for iPhone 5, while AAPL (+1.0%) announced iPhone 5 pre-orders top 2 mln in first 24 hours. There were no notable analyst upgrades this morning in the tech space. Among downgrades, however, PLT (-3.4%) was downgraded to Neutral at Mizuho, SAI (-3.1%) was downgraded to Mkt Perform at Raymond James, OPEN (-4.7%) was downgraded to Neutral at Piper Jaffray and INTC (-0.4%), VLTR (-4.2%) & AMD (0.0%) were downgraded to Neutral at Longbow. There are no notable names in tech scheduled to report quarterly results today after the close.






