Tech stocks were falling again on Wednesday along with the rest of the major market indices, as investors remained disheartened by the economic landscape.

The Nasdaq shed 53 points, or 3%, to 1726 in recent trading.

eBay ( EBAY) shares were down 9.4% to $16.07 in anticipation of its earnings after the close. The company has already said it would come in above its earnings guidance of 39 cents a share to 41 cents a share but would hit the low end of its revenue guidance.

Merrill Lynch downgraded the stock on Wednesday to underperform from neutral, predicting that eBay would fall behind its competitors even if the sector rebounds.

Shares of NetApp ( NTAP) tumbled 7.9% to $13.11 after JP Morgan downgraded the stock to neutral from overweight as a result of macroeconomic pressures and customer exposure to financial services.

Dell ( DELL) shares also fell on a downgrade by JP Morgan to neutral from overweight. The firm recommended that investors limit their exposure to turnaround or model improvement stories like Dell, which require long-term patience.

Dell was down 4.7% to $13.41 .

Intel ( INTC) shares were gaining ground after posting an earnings beat. Nonetheless, the company warned of a bumpy road ahead.

The stock was up 1% to $16.09.

Shares of Cadence Design Systems ( CDNS) tumbled 8.9% to $4.83 on news that the software company's Chief Executive Michael Fister has resigned.

Shares of Linear Technology ( LLTC) were also down, plunging 14% to $22.27 after the chipmaker beat first-quarter estimates but provided a second-quarter forecast well below Wall Street estimates.

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