Sector Snap: Semiconductors down

A lackluster forecast from business software maker Oracle Corp. also dragged the tech sector lower. The Philadelphia Semiconductor Sector index tumbled 15.12, or 3.9 percent, to 372.32.

Shares of Marvell Technology Group Ltd., which is a supplier to RIM, declined even though an analyst said RIM's strong quarter-over-quarter unit growth should benefit its cellular business.

Deutsche Bank analyst Arnab Chanda, who rates Marvell "Buy," said in a note to investors the company's cellular business could perform better than he expects in the fiscal second quarter. Chanda estimates that Marvell's cellular business was about 19 percent of the fiscal first quarter's sales.

Shares of Skyworks Solutions Inc. also inched lower. Stifel Nicolaus analyst Cody Acree said in a note he believes shares of both Marvell and Skyworks "should be bought aggressively" if there is any downturn based on RIM's results.

"The higher unit numbers, the stable to slight increases in (average selling prices), and the large volume of new products over the next few months should be viewed as a positive," the analyst wrote.

Marvell's shares fell 95 cents, or 5.3 percent, to $17.11 in early afternoon trading amid a decline in the broader market. The stock has traded in the 52-week range of $9.77 and $20.04.

Shares of Skyworks shed 19 cents to $9.67. The stock has traded between $6.49 and $11.24 in the past year.

Elsewhere, shares of Intel Corp., the world's largest chip maker, lost 68 cents, or 3 percent, to $21.97.