The tech sector is trading just lower today, trailing gains in the broader market. Semiconductors are showing relative weakness in the tech space with the Philly Semi Index trading 1.8% lower. Among chips in the index, VECO (-4.4%) is a notable laggard. Among other major indices, the S&P 500 is trading 0.4% higher, while the NASDAQ is trading 0.7% lower.
The QQQ, meanwhile, is trading 1.1% lower. Among tech bellwethers, IBM (+0.8%) is showing strength while AAPL (-2.1%) is under pressure. In earnings this morning, FSL (-1.0%) lowered its Q3 guidance. In news, TRID (+2.5%) announced it will lower its breakeven point through a realignment of its workforce, from ~1,275 employees worldwide to ~1,000 employees by early 2012.
Among notable analyst upgrades this morning, AMD (-0.3%) was upgraded to Buy at UBS, NVLS (-2.2%) was upgraded to Neutral and KLAC (+1.4%) was upgraded to Positive at Susquehanna, and ABVT (+3.2%) was upgraded to Strong Buy at Raymond James. Among downgrades, CSCO (+0.3%) was downgraded to Hold at Miller Tabak.
There are no notable names in tech set to report results today after the close.






