Wednesday's Tech Winners & Losers

Chipmakers led the tech sector to the downside Wednesday.
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Semiconductor stocks pushed the tech sector slightly lower Wednesday, led by

Micron Technology's

(MU) - Get Report

disappointing quarter.

The chipmaker was sliding 8.6% after

swinging to a fiscal fourth quarter loss Tuesday after the bell. The company lost $158 million, or 21 cents a share, compared to a $64 million profit, or 8 cents a share, in the year-ago period. Micron reported quarterly revenue of $1.44 billion, vs. $1.37 billion in the 2006 quarter. Analysts polled by Thomson Financial expected a loss of 22 cents a share on sales of $1.46 billion. Micron shares were shedding $1.01 to $10.78.

Elsewhere in the chip space, Morgan Stanley initiated coverage of

Intel

(INTC) - Get Report

,

Advanced Micro Devices

(AMD) - Get Report

and

Nvidia

(NVDA) - Get Report

with underweight ratings, citing expected weakness in chip prices next year, according to the

Associated Press

.

All three chipmakers were declining more than 1.7%. Intel and Nvidia are components of the Nasdaq 100, which was down 1.24 points to 2114.65.

Cree

(CREE) - Get Report

was also among the casualties in the semiconductor space. The LED maker's shares plummeted $3.49, or 10.7%, to $29.24 after Canaccord Adams downgraded the stock to sell from hold, according to

Barron's

.

Ceragon Networks

(CRNT) - Get Report

was slipping 9.6% after Collins Stewart downgraded the Israeli wireless technology provider to underperform from buy. The downgrade came a day after the company said it would offer 6 million shares in a public offering and intended to put up for a shareholder vote whether to increase its number of shares from 40 million to 60 million. The stock was falling $2.10 to $19.68.

On the positive side,

EchoStar

(DISH) - Get Report

shares spiked on heavy trading on no major news, before retreating in the late morning. The company, which operates the Dish Network satellite TV service, has long been

rumored to be an acquisition target for

AT&T

(T) - Get Report

. Shares, which reached as high as $52.15 Wednesday morning, were more recently trading up $2.89, or 6.2%, to $49.66.

LM Ericsson

(ERIC) - Get Report

was advancing 1.9%, after the company inked a deal with the Himalayan kingdom of Bhutan to build its first wireless network, according to the

Associated Press

. Shares were gaining 77 cents to $40.48.