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Tech stocks ended the day in the red, with the Nasdaq dropping 1.2% to close at 2153.


(MU) - Get Free Report

shares slipped 5.5% to $4.10 after Oppenheimer downgraded the stock to perform from outperform and set its price target at $5. The firm believes that falling DRAM memory chips and NAND flash prices could hurt earnings.

Shares of


(STM) - Get Free Report

also fell after JP Morgan lowered the stock's rating to neutral from overweight, pointing out that the company's top -ine growth is unlikely to carry through next year.

STMicroelectronics tumbled 5.1% to close at $11.06.

Shares of


( SVVS) fell 5% to $14 after Jefferies downgraded the stock to hold from buy. The firm says Savvis will need to spend more on capital expenditures and found that the demand for large-scale managed hosting projects "remains lukewarm."



shares were on a sharp decline on Tuesday, off 7.1% to $18.39.


reported that hedge funds might be shorting the stock in anticipation of the company potentially issuing a warning on its third-quarter earnings.