Tech stocks were flat Monday after riding a tide with the rest of the major market indices on news of the federal government taking over mortgage giants
( FNM) and
Dow Jones Industrial Average
was up 190 points, or 1.7%, to 11411, and the
was up 14, or 1.1%, points to 1256. The tech-heavy
, however, was off 2 points to 2254.
shares were down 4.5% to $11.14 after UBS downgraded the chipmaker's stock to sell from neutral. The firm cited growing competition from
Advanced Micro Devices
AMD, meanwhile, benefitted from an upgrade from Banc of America to neutral from sell. The stock was up 0.5% to $5.99.
UBS also downgraded
to neutral from buy and lowered its price target to $22 from $33. The firm expects growth from PCs and consumer electronics to slow. Shares of Intersil were down 4.7% to $19.31.
shares were trading lower on Monday after Global Equities cut its price target to $20 from $28. Pacific Crest also expressed concern over the software company's first quarter revenue, lowering estimates to $5.44 billion from $5.52 billion. The firm lowered full-year earnings estimates to $1.56 a share from $1.57 a share.
Shares of Oracle were down 2.8% to $19.51.
Nokia's stock tumbled 5.4% to $19.50 after a series of downgrades by analysts. Deutsche Bank, Pali International, and Dresdner Kleinwort all trimmed their ratings to hold from buy.
shares dipped following a report from Bernstein Research that Sprint would face difficulty in selling its troubles Nextel business. The stock declined 3.6% to $7.70.