SAN FRANCISCO (TheStreet) -- Microsoft (MSFT) - Get Microsoft Corporation (MSFT) Report fell sharply Tuesday after noting in its quarterly earnings call that it was expecting the PC market to slow amid the backdrop of a strong dollar, a double whammy likely to curtail its growth. Rambus (RMBS) - Get Rambus Inc. Report , meanwhile, soared after beating Wall Street's expectations on its fourth-quarter results. Intel (INTC) - Get Intel Corporation (INTC) Report fell in sympathy with Microsoft's forecast.

Microsoft plunged 9.3% to close at $42.66.

The Redmond, Wash., giant, which beat earnings estimates after the markets close yesterday, tanked today as analysts issued price cuts and downgrades as a result of its dour forecast. J.P. Morgan, for example, cut its price target to $47 from $53 while also downgrading the stock to neutral from overweight.

Analysts were also dissatisfied the software giant failed to exercise as much "spending discipline" as was expected, which also contributed to an 8% cut in its fiscal 2015 earnings per share guidance, a J.P. Morgan analyst noted.

For a deeper look into Microsoft's second quarter earnings performance, check out its earnings call transcript.

Intel fell 4.5% to close at $34.19.

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The semiconductor giant got pulled down by Microsoft's discouraging outlook on PC sales, a market that drives a large portion of Intel's revenue. Not only does Microsoft expect PC sales to soften but the shift to cheaper PCs will continue to march on. Although Intel is doing more these days to address the lower-tier PC market with mini computers as well as chips for mobile devices, it still relies heavily on PCs for a large swath of its sales.

The chip maker, however, is not alone in its plight. Micron Technology (MU) - Get Micron Technology, Inc. (MU) Report also closed down, falling 4.4% to end the day at $29.65.

Rambus jumped 8.3% to close at $11.38.

The technology solutions developer and designer of memory systems to lighting systems beat fourth-quarter earnings estimates when it reported its results Monday after the market close. 

The company posted adjusted fourth-quarter earnings of 14 cents a share on revenue of $72 million, according to the Associated Press. That beat analysts' estimates of 6 cents a share.

Rambus managed to pull ahead, despite giving a weak revenue forecast for its current first quarter. The company expects to generate revenue between $70 million to $75 million in the quarter, compared to Wall Street's expectations of $78 million.

This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.