Updated from 1:45 p.m. EST with new stock pricesTech stocks were down Monday on broader market concerns about the strength of the financial services industry, following a Goldman Sachs ( GS) analyst's sell recommendation for Citigroup ( C) and continued worries about consumer spending. EchoStar Communications ( DISH - Get Report) rose more than 19% on news that it is in the final stages of negotiating a $29.5 billion buyout deal with telecom giant AT&T ( T - Get Report). EchoStar's Dish Network could help AT&T expand outside its largely Southwestern markets and give it the video expertise and programming agreements to operate on a national level, say analysts. The final price for the satellite-TV operator, still under negotiation, is likely to be range from $64 to $68 a share, according to
Qualcomm ( QCOM - Get Report) gained 0.9% after a JPMorgan analyst upgraded the stock from neutral to overweight on the basis of strength in the chip business and the sustainability of the CDMA2000 market, both of which should re-accelerate earnings in fiscal year 2009. Qualcomm was up 39 cents to $41.75. Micrel ( MCRL) soared nearly 12% after the company signed a multimillion-dollar, long-term contract with a solar company to supply commercial solar cells. Micrel did not disclose details of the contract, including the identity of the partner, but it did say it will fabricate the concentrated solar cells at its San Jose, Calif., site. Micrel was up 98 cents to $9.20. Motorola fell 56 cents, or 3.4%, to $16.04. The company lost a patent dispute with contract semiconductor manufacturing company, Amkor Technology over a license agreement with Citizen Watch. Motorola contested a agreement that Amkor signed with Citizen but a Delaware Superior Court found Citizen's deal with Amkor effective. Amkor said it does not know whether Motorola will appeal. Chinese gaming company The9 ( NCTY) continued to fall after it disappointed investors with its third-quarter earnings Friday. The stock was also downgraded by Citigroup to a hold from a buy. Shares of The9 were off $1.36, or 6.3%, to $20.17.