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.
After gaining earlier in the session, Broadcom (BRCM) fell 0.4%
to close at $29.73. Analyst Tim Luke had raised the company's
rating from equal weight, saying the company "may be poised to
regain momentum."
The economic report took its toll on the sector. The Nasdaq
Composite Index (RIXF) was down 0.3% at 2,124. The Philadelphia
Semiconductor Index (SOX) was off 1.4%, while the Morgan Stanley
High Tech 35 Index (MSH) was down 0.75%.
Among the gainers were Palm Inc. (PALM), shares of which rose
2.8%, and Research In Motion (RIMM), which was up 1.8%.
But other major tech players were in the red, including Apple
Inc. (AAPL), Dell Inc. (DELL), Amazon.com (AMZN) and SanDisk Corp.
(SNDK).