Updated from 1:55 p.m. EDT with new stock prices
Tech stocks were down Wednesday as the shares of many semiconductor companies tumbled after an industry association cut its chip sales forecast for the year.
The Semiconductor Industry Association, in its 2008 forecast for chip sales, said it expects chip sales to grow at 4.3% to $266.6 billion, down from its November forecast of 7.7%. The SIA said increased competition especially in the memory chips market is likely to drive down prices further.
As a result,
was down 48 cents, or 6.5%, to $6.95.
lost 87 cents, or 3.8%, to $21.81.
was off $1.00, or 3.9%, to $24.50.
fell 45 cents, or 5.8%, to $7.35.
gained $1.10, or 13.6%, to $9.21 after
The Wall Street Journal
reported that the company is focusing its research and development effort on a new broadband technology called LTE (Long-term evolution) and away from WiMax.
Memory chips maker
added 24 cents, or 5.9%, to $4.30 after the company said it has completed a deal to form a technology partnership to jointly develop memory chips with
Video games publisher
was down 60 cents, or 1.8%, to $33.20 even though an analyst at Wedbush Morgan upgraded the stock to strong buy from buy and raised his price target to $45 from $35 ahead of the company's merger with
. Activision shareholders will vote on the transaction on July 8.