Tech Winners & Losers: Intel

The stock moves higher after selling a VMware stake.
Author:
Publish date:

Tech stocks shot higher Tuesday, along with the broader market, as voters poised to send a new president into office amid an economic downturn.

The

Nasdaq

tacked on 48 points, or 2.8%, to 1775 in recent trading.

Shares of

Intel

(INTC) - Get Report

climbed 4.6% to $16.36 on news that its capital-management arm would begin

selling nearly half of its stake

in

VMware

(VMW) - Get Report

.

The company also said late Monday that it had already sold another portion of the stake to

Cisco

(CSCO) - Get Report

and

EMC

(EMC)

last week. Intel bought the shares for $218.5 million, or $23 a share, in July 2007.

Shares of VMware slid 4.1% to $30.52 in recent trading. Meanwhile, Cisco shares rose 6.2% to $18.28 while EMC shares jumped 1.7% to $11.73.

Shares of

Nokia

(NOK) - Get Report

grew 5.7% to $16.70 after the cell phone maker announced that it would

cut its workforce

by 450 employees as part of a reorganization of its sales and marketing operations.

Nokia also said it will close its Turku site in Finland by the end of January 2009 and relocate the operations. The company plans some "smaller" workforce adjustments in its global operations.

Shares of

Marvell Technology

(MRVL) - Get Report

were up nearly 12% to $7.50 after the company

chopped its revenue forecast

for the third quarter but also made moves toward greater cost containment.

The chipmaker now expects revenue of between $783.9 million and $792.4 million. Analysts had expected revenue of $867.8 million.

Seagate

(STX) - Get Report

shares were climbing almost 10% to $7.77 on news that it would be added to the Nasdaq 100 Index at the open of the market on Nov. 10. Seagate will replace

Monster

(MNST) - Get Report

, which fell 3.5% to $13.56 on Tuesday.

Shares of

Analog Devices

(ADI) - Get Report

jumped 5.8% to $22.37 after Merrill Lynch upgraded the stock to buy from neutral. The firm said Analog Devices is in a strong position to weather the economic downturn.