Tech stocks slipped on Wednesday, after a late-session selloff prevented the overall market from reversing its down momentum.
Stocks whip-sawed during the session, as investors digested the
Federal Reserve's move
to authorize an emergency reduction in fed funds rate, a step that was also taken by the European Central Bank as well as lenders in Britain, Canada, Sweden and Switzerland.
was down 15 points, or 0.83%, to close at 1740.
Research In Motion
( RIMM) swelled by 4.6% to $57.60 after it announced plans to launch a new touch-screen smartphone called the Storm.
Up until now, the Blackberry maker had equipped its devices with physical keypads. The touch-screen mimics
design for its popular iPhone. The Storm is expected to hit stores in time for the holidays.
will build the interface for the Storm. That helped boost the company's shares, which were up 10.1% to $23.76 on Wednesday.
shares tumbled to
, exacerbated by analyst warnings that a softening display advertising market could hurt the company.
The Internet giant's stock fell 5.6% to $13.76.
shares gained ground after taking a beating the last two days. American Technology Research upgraded the stock to neutral from sell, helping to lift shares 3.1% to $17.01.
Shares had been on the decline after eBay announced a 10% reduction in its workforce and revised its revenue guidance to the lower end of its estimates.
were up 4.1% to $25.40 after J.P. Morgan upgraded the stock to neutral from underweight. The firm noted that its mainframe database tools business is experiencing a stable pricing environment.
were also up 5.3% to $20.58 after J.P. Morgan raised its rating to overweight from neutral based on the company's valuation and low market expectations.
shares were down 2.4% to $24.73 after RBC Capital downgraded the stock to sector perform from outperform. Banc of America also cut estimates for the company as a result of a more conservative economic outlook.