Wednesday's Tech Winners & Losers

Tech stocks were down Wednesday following a subdued earnings outlook from sector giant Cisco(CSCO Quote).

Shares of Clearwire(CLWR Quote) rose 54 cents, or 3.2%, to $16.98, following the announcement that it will combine with Sprint Nextel's(S Quote) wireless broadband division to create a new $14.55 billion new company. Sprint Nextel fell 10 cents, or 1.1%, to $9.10.

On Semiconductor(ONNN Quote) added $1.58, or 20.4%, to $9.40 after it forecast second-quarter sales well above Street expectations. The company said it expects revenue in the range of $545 million to $560 million, higher than analysts' expectations of $400.6 million.

IT security company Vasco Data Security(VDSI Quote) jumped $1.03, or 10.1%, to $11.20 after an analyst at Jeffries upgraded the stock to buy from hold based the belief that the stock has been heavily discounted after it missed earnings compared to the company's guidance.

Shares of Cisco(CSCO Quote) were down 40 cents, or 1.5%, to $25.94 following the company's third-quarter results.

Cisco reported profit of $1.8 billion, or 29 cents a share, down from $1.9 billion, or 30 cents, a year ago. Excluding charges, Cisco earned 38 cents a share, beating analysts' estimates by 2 cents. Revenue jumped 10.4% to $9.8 billion and was slightly above Wall Street's estimate of $9.75 billion.

Cisco CEO John Chambers told CNBC he expects the company to grow at a double-digit rate because of its global business and a pickup in business in the U.S.

RF Micro Devices(RFMD Quote) lost 9 cents, or 2.6%, to $3.36 after the company said it will restructure to save costs and reduce investments in wireless systems, including cellular transceivers and GPS products.