Technology Sector Update: February 10th, 2011

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Technology shares are mostly lower in mid-day trading as Cisco System (CSCO) earnings weigh the sector. The company reported late Wednesday Q2 sales of $10.4 bln, ahead of analysts' consensus for $10.23 bln on Thomson Reuters. EPS was $0.37, two cents better than the Street view. However, it guided for Q3 non-GAAP EPS of $0.35 to $0.38 per share. The Street is at $0.40 per share. Meanwhile, Nokia (NOK) and Microsoft (MSFT) are said to be close to announcing a software partnership, Bloomberg reports. The move is reportedly a bet that both companies will be able to better challenge Google (GOOG) and Apple (AAPL).