Updated from 12:40 p.m. EDT

Philips Electronics ( PHG - Get Report) slumped 4% after the maker of flat screen TVs and other consumer goods warned of a soft second quarter. Slack demand, particularly in Europe, is "hampering our growth ambitions in the short term," CEO Gerard Kleisterlee said in a statement Wednesday. U.S. shares in the Amsterdam-based company fell $1.14 to $25.95.

Nvidia ( NVDA - Get Report) traded actively after the company said its PureVideo decoder won approval from TiVo ( TIVO - Get Report) for use with its TiVoToGo feature, which transfers programs from a TiVo digital video recorder to a PC. Wednesday's move comes on top of a 6% drop Tuesday as investors worried about a price cut at Nvidia. Shares of the Santa Clara, Calif., company dropped 8 cents to $26.83.

Silicon Storage Technology ( SSTI - Get Report) rose 18% after WR Hambrecht upgraded the stock to buy from sell, citing its recent Apple ( AAPL) deal. Silicon Storage rose 62 cents to $4.13.

Internet Initiative Japan ( IIJI - Get Report) traded actively again after the Internet highflier said it raised some $61 million in a stock offering in Japan. Wednesday's action comes on the heels of a wild runup in the stock. IIJ dropped 3 cents to $10.95.

DayStar ( DSTI) fell 4% after the maker of solar panels filed a recent press release with the Securities and Exchange Commission. Like IIJ, DayStar has seen some active trading in its shares recently. On Wednesday, the stock dropped 49 cents to $13.45.

Other tech stocks on the move included Applied Materials ( AMAT - Get Report), down 2 cents to $16.88; Symantec ( SYMC - Get Report), up 33 cents to $21.48; Google ( GOOG), down $3.55 to $274.80; Qualcomm ( QCOM), down 22 cents to $34.86; and eBay ( EBAY - Get Report), up a quarter to $37.34.