Tech stocks slid along with the wider market Wednesday, weighed down in part by a rival's decision to trump
bid for a Dutch digital mapmaker.
Garmin shares were shedding 10.6%, after rival GPS device maker
upped its bid for
. TomTom is now offering $43.99 for each Tele Atlas share, a 41% increase above its previous offer and 27% higher than Garmin's $35.92-a-share bid. TomTom also unveiled plans to purchase a 28% stake in Tele Atlas from the company's shareholders. Garmin shares were sinking $10.70 to $89.86.
shares were slipping 7.7%, continuing their
descent that began Tuesday as investors reacted to founder and CEO Jerry Yang's appearance before a hostile Congressional committee. Yang, at the urging of members of the committee, apologized to the mother of a Chinese journalist jailed after Yahoo! shared information about his online activities with China's communist government. Yahoo! shares were still reeling $2.29 to $27.64 on Wednesday.
On the flip side,
was rebounding 4.2% after analysts called Tuesday's selloff
unwarranted. The IT consultant's shares shed more than 19% after offering tempered fourth-quarter guidance Tuesday, but analysts said investors did not pay enough attention to a bullish 2008 forecast. Shares were adding $1.35 to $33.35
Research In Motion
( RIMM) shares also were adding 2.9%, after an RBC Capital Markets analyst upped the BlackBerry maker's price target to $180 from $120 a day after Credit Suisse's upgrade of the stock to outperform from neutral. Shares were climbing $3.80 to $134.84.
Garmin, Yahoo!, Cognizant and Research In Motion are components of the Nasdaq 100, which was sinking 54.30 points to 2169.67.
Internap Network Services
shares were declining 15.9%, after the network optimization software maker beat profit estimates, but posted far lower third-quarter revenue than analysts had expected. Excluding items, the company made $4.1 million, or 8 cents a share, vs. 4 cents a share expected by analysts polled by Thomson Financial. The company reported revenue of $60.9 million, vs. $45.9 million a year ago. The third quarter results from last year were before the company's acquisition of VitalStream Holdings. Analysts expected revenue of $65.4 million. Shares were losing $2.69 to $14.25.
( SIRF) shares were sliding 3.3%, after RBC Capital Markets downgraded the chipmaker's stock to sector perform from outperform. Shares were shedding 91 cents to $26.59.