Microchip Technology ( MCHP) shares fell 8.5% to $23.12 after Goldman Sachs downgraded the stock to sell from neutral as a result of a slowdown in the company's core growth and the impact of increased competition. The firm cut Microchip's price target to $21 from $26.

VMware ( VMW) shares also declined on Wednesday, by 10% to $27.51. Merrill Lynch downgraded the stock to neutral from buy, but raised its price target to $31 from $26.

Shares of IAC/InterActive Corp ( IACI) were up 3.3% to $17.14 after beating Wall Street's third-quarter estimates.

Without one-time events and expenses related to its spinoffs, IAC would have earned 25 cents per share, well above analysts' expectations of 16 cents per share. Third-quarter revenue rose 10% to $369.3 million, topping estimates for $355.4 million.

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