The tech sector is trading lower today, trailing losses in the broader market. Semiconductors are showing relative weakness with the Philly Semi Index trading 2.5% lower. VECO (-6.7%) is a notable laggard in that chip index. Among other major indices, the SPY is trading 1.6% lower today, while the QQQ is down 1.7% and the NASDAQ is trading 1.8% lower on the session. Among tech bellwethers, QCOM (-3.1%) is showing notable weakness.
There were no earnings of note in the tech space this morning. In news, QSFT (+5.3%) received proposal from a strategic bidder to acquire all of the outstanding shares of common stock for $27.50 per share in cash. Elsewhere, a US Judge has ended dispute between AAPL (-1.3%) and GOOG's (-1.8%) Motorola Mobility over patents, according to reports.
Among notable analyst upgrades this morning, CEL (-6.4%) was upgraded to Buy at UBS, SNDK (-0.1%) was upgraded to Buy at Goldman, and NVDA (-1.3%) was upgraded to Buy at Canaccord. While in downgrades, RIMM (-4.7%) was downgraded to Underweight at Morgan Stanley. SNX (-1.7%) is the notable name in tech scheduled to report quarterly results today after the close.






