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) 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), meanwhile, was down 0.3% to $16.12. The company is reportedly part of a coalition of firms, including Microsoft(MSFT), Dell(DELL) 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) was up 1.7% to $24.60 a day after launching a hostile bid of $764 million for Emulex(ELX), which rejected its previous offer.

Elsewhere in the sector:

Texas Instruments(TXN) 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) was down 0.2% to $4.31.

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

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

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

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