Tech Winners & Losers: Yahoo!

Updated from 2:39 p.m. EDT with new stock prices

Tech stocks were up modestly Tuesday, led in part by Yahoo!YHOO, as some analysts and investors believe the company is still in play and open to bids from other firms including MicrosoftMSFT.

Yahoo! rose $1.35, or 5.5%, to $25.72 as CEO Jerry Yang seemed to backpedal on Yahoo!'s rejection of Microsoft's $31-a-share offer.

In a letter made public Saturday, Microsoft said the company was willing to go as high as $33 a share, but Yahoo!'s board rejected it, holding out instead for $37 a share. Yahoo! is also facing possible lawsuits from some shareholders angry about the failed deal.

Microsoft's stock was up 62 cents, or 2.1%, to $29.70.

Memory chip maker QimondaQI was up 67 cents, or 18.5%, to $4.30 following news that LDK SolarLDK has signed a five-year contract to supply multicrystalline solar wafers to Qimonda. Qimonda said Monday it has partnered with German company Centrosolar to enter the market for solar cells.

Advanced Micro DevicesAMD gained 60 cents, or 9.2%, to $7.13 on speculation that the company will soon reveal its strategy to restructure its manufacturing efforts in a bid to lower costs.

Shares of Qwest CommunicationsQ dipped 32 cents, or 6%, to $5.04 after the company posted light sales and profit for the first quarter, saying it lost more local customers than expected. Qwest reported net income of $157 million, or 9 cents a share, compared with $240 million, or 12 cents a share, a year ago. Revenue fell 1.5% to $3.4 billion during the quarter. Analysts were expecting profit of 10 cents a share on sales of $3.41 billion.