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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

Fannie Mae

( FNM) and

Freddie Mac

( FRE).


Dow Jones Industrial Average

was up 190 points, or 1.7%, to 11411, and the

S&P 500

was up 14, or 1.1%, points to 1256. The tech-heavy


, however, was off 2 points to 2254.


(NVDA) - Get Free Report

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) - Get Free Report



(INTC) - Get Free Report


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.


(ORCL) - Get Free Report

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.

Sprint Nextel

(S) - Get Free Report

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.