Updated from 2:05 p.m. EST with new stock prices
Tech stocks were dragged down Wednesday in part by an analyst downgrade that plunged shares of personal navigation devices maker
, as Wall Street battled a troubling economic forecast from
Garmin plunged 5.3% after the stock was downgraded by a Wall Street firm over fears of increased competition, slowing growth in Europe and margin declines. A Deutsche Securities analyst downgraded the stock to hold from buy and reduced its price target to $90 from $125. Shares were down $4.21 to $75.99.
recovered ground a day after the company said it
will buy a Norwegian search engine developer,
Fast Search & Transfer
, for $1.2 billion. The per-share offer for Fast Search represented a 42% premium above its Jan. 4 closing price. Microsoft was up 99 cents, or 3%, to $34.44.
gained 2.9% after regulators approved the company's acquisition of privately held storage software maker
. Network Appliance said on Jan. 3 that it had agreed to buy Onaro. Terms of the deal were not disclosed.
Graphics chip maker
gained $1.42, or 5.2%, to $28.89 after the stock was upgraded to neutral from sell by an analyst at American Technology Research. "The stock's recent decline now better reflects our as-good-as-it-gets thesis," said Doug Freedman in his research note.
continued its gains from Tuesday as the company inched closer to having its Blu-ray high-definition video format accepted as the industry standard. Sony's also showed off a thin, high quality, organic LED high-definition TV to rave reviews at the Consumer Electronics Show in Las Vegas. Sony was up $2.94, or 5.4%, to $57.10.
continued to decline, falling 7.8% after two Wall Street analysts expressed concerns about growth in the semiconductor market.
An analyst at American Technology Research reduced the rating on eight chip stocks on the belief that the bookings outlook for first quarter 2008 is weak. The analyst also lowered fourth-quarter EPS estimates on AMD ahead of the company's Jan. 17 report. The stock was off 47 cents to $5.53.
fell 20 cents, or 3.3%, to $5.92 following comments from rival
chief executive officer that the company is experiencing a weakening in its consumer business. AT&T was down 69 cents, or 1.8%, to $38.47.
Satellite radio company
fell 13 cents, or 4.4%, to $2.85 despite comments by CEO Mel Karmazin that he remains confident that regulators will approve the company's bid to buy rival
XM Satellite Radio
. XM declined 68 cents, or 5.9%, to $10.77.