Exchange-traded funds tracking semiconductors were among the worst performers Wednesday, after a bearish analyst report on expected chip prices and Micron Technology's ( MU) disappointing quarter.

Micron was sliding nearly 9% after swinging to a fiscal fourth-quarter loss, while Merrill Lynch initiated coverage of Intel ( INTC), Advanced Micro Devices ( AMD) and Nvidia ( NVDA) with underweight ratings.

The Ultra Semiconductor ProShares ( USD) was shedding $3.71, or 4.1%, to $87.58. The Semiconductor HOLDRs ( SMH) was losing 89 cents, or 2.23, to $38.07. The iShares S&P GSTI Semiconductor ( IGW) was off $1.49, or 2.2%, to $67.53.

Funds tracking Chinese markets also were among the losers. Hong Kong's Hang Seng index lost 719.81 points overnight.

The iShares FTSE/Xinhua China 25 Index ( FXI) was losing $11.09, or 5.9%, to $178.40. The SPDR S&P China ( GXC) was shedding $5.67, or 5.8%, to $92.94. The PowerShares Golden Dragon Halter USX China ( PGJ) was off $1.61, or 4.6%, to $33.21.

Funds tracking homebuilders were among the session's few winners, as several holdings continued their run-up a second day. Beazer Homes ( BZH), Standard Pacific ( SPF) and Brookfield Homes ( BHS) were all up more than 3.5%.

The iShares Dow Jones US Home Construction ( ITB) was gaining 60 cents, or 2.7%, to $22.46. The iShares FTSE NAREIT Residential ( REZ) was adding 79 cents, or 1.7%, to $48.70.

Biotech- and pharmaceutical-related funds also were among the winners. Arena Pharmaceuticals ( ARNA), Imclone Systems ( IMCL) and Genzyme ( GENZ) were all adding more than 3%.

The SPDR S&P Biotech ( XBI) was gaining $1.01, or 1.7%, to $59.56. The Ultra Health Care ProShares ( RXL) was tacking on 75 cents, or 1%, to $74.70. The Pharmaceutical HOLDRs ( PPH) was adding 74 cents, or 0.9%, to $81.82.

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