JP Morgan On Apple And Tech Sector: 'Group Is A Lot Weaker Than It Looks'

Analysts at JP Morgan commented on both Apple Inc. AAPL and the wider tech sector, although they believe "there isn't much to say about tech."

The report stated, "The group is actually a lot weaker than it looks on the surface as AAPL has a small bid on the DJIA [Dow Jones Industrial Average] news (even though very little money is actually indexed to that index). Other than strength in AAPL, eBay Inc EBAY, and Juniper Networks, Inc. JNPR, the rest of the tape is heavy. All the major groups are in the red and dispersion is relatively low. The drives have been notable laggards for a while and they are back in the red today.

"Micron Technology, Inc. MU also is getting hit hard again (the stock is threatening to hit multi-month lows). News was sparse (Finisar Corporation FNSR was the only really big earnings report – that stock is up ~8% and outperforming)."