Tuesday's Tech Winners & Losers

Updated from 12:19 p.m. EDT

Tech stocks were down slightly on Tuesday, but several companies were making moves to the upside.

Color Kinetics(CLRK Quote) jumped 13% after the LED lighting systems company agreed to be acquired by Philips Electronics(PHG Quote) for about $791 million. The deal works out to $34 a share, or a premium of 14% over Monday's closing price of $29.79. Shares of Color Kinetics closed up $3.86 to $33.65.

Elsewhere, ESS Technology(ESST Quote) rose 11.8% after the chipmaker boosted its second-quarter guidance and said that it is considering a total liquidation of the company. The company now sees an adjusted loss of 3 cents to 7 cents a share. Previously, the company said it would post a wider loss of 11 cents to 14 cents a share. The company now sees revenue of $16 million to $19 million, up slightly from its earlier forecast of $15 million to $19 million.

Additionally, the company said that it is now considering selling the entire company. Earlier this year, the company began to explore strategic alternatives, including exiting the fabless semiconductor business. A total liquidation could cost between $6 million and $12 million, the company said. Shares closed up 16 cents to $1.52.

Meanwhile, MTC Technologies(MTCT Quote) rose 9.1% after the information technology company announced that it and Northrop Grumman(NOC Quote) were awarded a $19.3 million production contract for the U.S. Air Force's Joint Threat Emitter system. The two-year contract, which calls for a variety of services, includes engineering, logistics and parts supply support. Shares of MTC were up $2.11 to $25.36.

Microchip Technology(MCHP Quote) fell 9% after the chipmaker warned that first-quarter results would be lower than expected. The company now sees earnings of 36 cents a share on sequential sales growth of about 2%. Previously, the company said that it would earn 37 cents a share on revenue growth of 5%. Analysts polled by Thomson Financial project earnings of 37 cents a share on revenue of $270.4 million, or revenue growth of a little less than 5%. "While much of our business is performing well, there are a few areas of weakness," the company said. "Geographically, Europe has been weaker than our expectation, after being up 19% sequentially in the quarter ending March 31." Shares closed down $3.74 to $37.91.

Finally, TTM Technologies(TTMI Quote) rose 8% after Standard & Poor's said it will add the supplier of printed circuit boards to its S&P SmallCap 600 index at the close of Wednesday's trading. The company will replace Viasys Healthcare(VAS Quote), which is being acquired by Cardinal Health(CAH Quote). Shares of TTM closed up 97 cents to $13.11.

As for the broader technology sector, the Nasdaq 100 was down 2.62 points to about 1942.