Tech outperformed the broader market slightly yesterday with telecom being the strongest sector. S +7.7% rallied ahead of quarterly numbers on Wednesday pre-market and on renewed chatter than on future iPhone availability. MOT +1.4% finished higher on reports that its new Droid X phone was sold out in stores. Worth noting that RIMM -.31% was a notable underperformer after new data from Gartner showing that the company might be losing market share to iPhone and Android. After the close ITC issued ruling in favor of RMBS, stating that NVDA has infringed patents held by the company. In a statement NVDA announced that “There will be no impact on our customers or our business as a result of this ruling”. On the earnings front  IDTI reported solid results and announced a $225M stock buyback. Expect to see short squeeze today as almost 10% of float is short with 6 days to cover. Another bright spot was VECO, company reported strong results and guided higher. That should help LED makers (CREE, RBCN) and solar names.

Lots of earnings scheduled for tonight after the close. Some notable names are BRCM and FISV,