Tech Winners & Losers: Apple

Updated from 2:44 p.m. EDT with new stock prices

Tech stocks were down modestly despite a recovery by Apple(AAPL Quote), whose stock had slipped Monday on news of its launch of a new iPhone.

Apple gained $4.02, or 2.2% to $185.63, a day after it announced a new "3G" version of the iPhone, priced at $199 for a 8-GB model -- $200 less than the existing version of the a similar model. The new iPhone is expected to be available in 22 countries including North America on July 11, and Apple hopes to have it available in 72 countries by the end of the year.

Apple's stock had dipped Monday after the company disclosed that it will end its revenue-sharing agreement with AT&T(T Quote), the exclusive service provider for the iPhone in the U.S., that had AT&T pay Apple a certain amount for every iPhone activated. Instead, AT&T will now subsidize the cost of the new 3G iPhone, bringing it to the $199 price point. Shares of AT&T were down 29 cents, or 0.8%, to $37.27 after the company said the move would reduce its profit over the next two years but eventually bring thousands of new subscribers to the company's service.

Nortel Networks(NT Quote) was up 33 cents, or 4.3%, to $8.10. The company said Tuesday it is helping Banverket ICT, one of Sweden's largest suppliers of network services, to extend its flexible broadband network services into rural areas and to new customers across Sweden.

GPS-based navigation devices maker Garmin(GRMN Quote) fell $2.85, or 5.8%, to $46.74 after Apple showed off location-based services including navigation on the iPhone. Apple's move could hurt demand for Garmin's devices, believe some analysts. Meanwhile, Garmin rival TomTom already has a version of its navigation software running on the iPhone, according to a report by Reuters.