Tuesday's Tech Winners & Losers

Research In Motion rises after it announces Blackberry updates.
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Updated from 1:57 p.m. EST with new stock prices

Tech stocks were down sharply on fears of a recession that rattled the markets globally. The

Federal Reserve

moved to stabilize the markets by cutting the fed funds rate by a surprising 75 basis points to 3.5%.

Research In Motion

(RIMM)

was up $1.58, or 1.9%, to $90.09 after the company announced updates for its BlackBerry platform.

Motorola

(MOT)

sank 7.6% ahead of the company's fourth-quarter earnings Wednesday.

Analysts expect the company to report earnings of 13 cents a share in the quarter on revenue of $9.6 billion, compared to 26 cents a share on revenue of $11.8 billion a year ago. Shares of Motorola were off $1.01, hitting a new 52-week low of $12.32.

Shares of

Alcatel Lucent

(ALU)

fell 12% after Goldman Sachs research analysts cut their rating on the stock and adopted a cautious attitude toward the telecom sector on fears of a economic slowdown. The firm downgraded Alcatel Lucent to sell from neutral. The stock declined 83 cents to $6.07.

Cisco

(CSCO) - Get Report

fell 3.6% on fears of a slowdown in the telecom sector. Shares of the company were off 88 cents to $23.42.

eBay

(EBAY) - Get Report

gave up 4.2% after a report in

The Wall Street Journal

that longtime CEO Meg Whitman is preparing to retire. eBay reports its fourth-quarter earnings Wednesday.

Analysts polled by Thomson Financial are expecting EPS of 41 cents for the quarter on revenue of $2.13 billion compared with earnings of 31 cents a share on revenue of $1.71 billion the year before . Shares of the company were down $1.20 to $27.13.

Microsoft

(MSFT) - Get Report

was down $1.02, or 3.1%, to $31.99 despite the company's

announcement that it will bundle a range of virtualization extensions to desktops and add system management tools.

Microsoft also said it will acquire a privately held company,

Calista Technologies

, for an undisclosed price.