Updated from 2:36 p.m. EDT with new stock prices
Tech stocks were mostly down Monday along with the major market indices as Wall Street grappled with rising oil prices and downbeat news from the financial services sector.
Intel (INTC - Get Report) rose 5 cents, or 0.3%, to $20.12 after analyst comments about a recovery in the memory chips market. Chip maker Texas Instruments (TXN - Get Report) is also expected to offer a mid-quarter update that could offer clues to the health of the semiconductors industry.
Shares of Level 3 Communications (LVLT - Get Report) sank 31 cents, or 14.2%, to $1.87 after company president and chief Operating Officer Kevin O'Hara stepped down, effective immediately. Level 3 also terminated its previously disclosed search for a new CFO, saying incumbent Sunit Patel will continue in the role.Video games publisher Take-Two Interactive (TTWO - Get Report) was down 72 cents, or 2.8%, to $24.85, a day ahead of the company's first-quarter fiscal 2008 results. Analysts are expecting a loss of 51 cents on revenue of $211.15 million in the quarter. For the second quarter, analyst estimate the company will post revenue of $462.77 million and earnings of $1.02 a share. Shares of VMware (VMW - Get Report) declined $3.94, or 7.7%, to $47.51, hitting a new 52-week low. The stock is down nearly 40% since Jan. 28, when the company forecast growth of 50% for 2008, down from a 85% growth rate in 2007. VMware has been battling increased competition from companies such as Microsoft (MSFT - Get Report) and Citrix (CTXS - Get Report). EMC (EMC - Get Report) fell 33 cents, or 2.2%, to $14.70 after portable data storage company Iomega (IOM) rejected EMC's $3.25 a share bid for it. Shares of Iomega gained 54 cents, or 20.3%, to $3.20. Google (GOOG - Get Report) fell $19.73, or 4.6%, to $413.62, hitting a new 52-week low.