Tuesday's Tech Winners & Losers

Updated from 11:03 a.m. EDT

Tech stocks moved slightly lower Tuesday as tech investors continued to weigh earnings news.

KongZhong(KONG Quote) plunged 25.8% after the wireless services company posted disappointing first-quarter results and warned that second-quarter revenue would be below Wall Street's forecast. The company posted adjusted first-quarter earnings of $2.1 million, or 6 cents per American depositary share, on revenue of $20.1 million. Analysts polled by Thomson Financial expected earnings of 6 cents a share on revenue of $20.4 million. For the second quarter, the company sees revenue of $16 million to $18 million, which is below the $21.2 million that analysts project. Shares closed down $1.88 to $5.41.

Elsewhere, STMicroelectronics(STM Quote) rose 1.9% after teaming with fellow chipmaker Intel(INTC Quote) to form a new semiconductor company that supplies flash memory equipment. "The new memory company will have the people, scale and technology leadership to meet the needs of customers requiring leading-edge products in this highly competitive marketplace," said Intel.

STMicroelectronics will own 48.6% of the combined company, while Intel will own 45.1%. The remaining ownership stake will be held by Francisco Partners, which will own 6.3%. The deal is expected to close during the second half of the year. Shares of STMicroelectronics closed up 38 cents to $20.26. Intel was up 36 cents to $22.99. Spansion(SPSN Quote), a competitor, was up $1.01, or 9.7%, to $11.45.

Meanwhile, Black Box(BBOX Quote) fell 6.7% after the computer-networking equipment company announced the resignation of its chief executive. The company said that it will begin an immediate search for Fred Young's replacement. Until a permanent replacement is found, Black Box will be managed by a team of executives. Shares closed down $2.55 to $35.65.