Tech Stocks in Motion

Updated from 12:40 p.m. EDT

Philips Electronics (PHG Quote) slumped 4% after the maker of flat screen TVs and other consumer goods warned of a soft second quarter. Slack demand, particularly in Europe, is "hampering our growth ambitions in the short term," CEO Gerard Kleisterlee said in a statement Wednesday. U.S. shares in the Amsterdam-based company fell $1.14 to $25.95.

Nvidia (NVDA Quote) traded actively after the company said its PureVideo decoder won approval from TiVo (TIVO Quote) for use with its TiVoToGo feature, which transfers programs from a TiVo digital video recorder to a PC. Wednesday's move comes on top of a 6% drop Tuesday as investors worried about a price cut at Nvidia. Shares of the Santa Clara, Calif., company dropped 8 cents to $26.83.

Silicon Storage Technology (SSTI Quote) rose 18% after WR Hambrecht upgraded the stock to buy from sell, citing its recent Apple (AAPL Quote) deal. Silicon Storage rose 62 cents to $4.13.

Internet Initiative Japan (IIJI Quote) traded actively again after the Internet highflier said it raised some $61 million in a stock offering in Japan. Wednesday's action comes on the heels of a wild runup in the stock. IIJ dropped 3 cents to $10.95.

DayStar (DSTI Quote) fell 4% after the maker of solar panels filed a recent press release with the Securities and Exchange Commission. Like IIJ, DayStar has seen some active trading in its shares recently. On Wednesday, the stock dropped 49 cents to $13.45.

Other tech stocks on the move included Applied Materials (AMAT Quote), down 2 cents to $16.88; Symantec (SYMC Quote), up 33 cents to $21.48; Google (GOOG Quote), down $3.55 to $274.80; Qualcomm (QCOM Quote), down 22 cents to $34.86; and eBay (EBAY Quote), up a quarter to $37.34.