Chip Stocks: Intel, Atmel Get Soggy

Widely held semiconductor stocks were primarily up Wednesday, reflecting a broader rally in the tech sector that saw the Nasdaq rise 0.28% by the end of the trading session.

Atmel(ATML Quote) was the day's big loser by percentage, slipping 8.8% to $3.73 after it reported first-quarter earnings. Though the San Jose, Calif-based company's 4-cent-per-share adjust profit beat analysts' estimate of a 4-cent loss, sales slipped 34% year over year to $271.5 million, falling short of analysts' projection of $296.8 million. An analyst at Broadpoint AmTech downgraded Atmel to Neutral from Buy, contending, according to The Associated Press, that the company's shares are unlikely to rise much before sales recover.

Intel(INTC Quote), meanwhile, was down 0.3% to $16.12. The company is reportedly part of a coalition of firms, including Microsoft(MSFT Quote), Dell(DELL Quote) and Panasonic, working to create a faster wireless network. According to the companies, the network, called WiGig, would be 10 times as fast as Wi-Fi but have a shorter range.

Broadcom(BRCM Quote) was up 1.7% to $24.60 a day after launching a hostile bid of $764 million for Emulex(ELX Quote), which rejected its previous offer.

Elsewhere in the sector:

Texas Instruments(TXN Quote) was up 2.5% to $18.31 by the end of the day Wednesday, helping boost the sector on the whole.

Advanced Micro Devices(AMD Quote) was down 0.2% to $4.31.

Qualcomm(QCOM Quote) was up 0.6% to $43.73.

Applied Materials(AMAT Quote) was up 2.3% to $12.68.

Nvidia(NVDA Quote) was down 2% o $11.56.