By Benjamin Pimentel
The tech sector dipped Tuesday as the broader market retreated
on news that the U.S. consumer confidence index fell in
September.
The Conference Board report cut short a modest tech rally,
powered by gains in shares of Broadcom Corp. which jumped after
Barclays Capital upgraded the chip maker's rating to
overweight.
Broadcom (BRCM) was up 1.4% after analyst Tim Luke raised the
company's rating from equal weight, saying the company "may be
poised to regain momentum."
But the economic report took its toll on the sector. The Nasdaq
Composite Index (RIXF) was down 0.4% at 2,122 at last check. The
Philadelphia Semiconductor Index (SOX) was off 0.9%, while the
Morgan Stanley High Tech 35 Index (MSH) was down 0.7%.
Among the gainers were Palm Inc. (PALM) shares of which rose
2.6%, and Rambus Inc. (RMBS) which was up 1.4%.
But other major tech players were in the red, including Apple
Inc. (AAPL), Dell Inc. (DELL), Amazon.com (AMZN) and SanDisk Corp.
(SNDK)