Sector Snap: Chip stocks waver in quiet session

The Philadelphia Semiconductor Sector Index edged down 1.42 to 355.42 in afternoon trading. The biggest mover on the index was Germany-based Infineon Technologies AG, whose American Depositary Shares lost 21 cents, or 2.9 percent, to $7.17.

Elsewhere on the index, Marvell Technology Group Ltd. lost 50 cents, or 2.9 percent, to $16.52. There was no major news from the company.

Advancing on the index was wireless chip maker Broadcom Corp. The stock added 12 cents to $28.21 a day after it spiked more than 7 percent on a Piper Jaffray upgrade. Also helping the stock Monday was a client note from Goldman Sachs analyst James Covello singling out Broadcom as the communications chip maker likely to see the biggest benefit from the updated iPhone scheduled to be released by Apple Inc. later this week.

Outside the index, Atmel Corp. slipped 14 cents, or 3.9 percent, to $3.46. The company named Stephen Cumming as its new chief financial officer.

Elsewhere, shares of Nvidia Corp. lost 9 cents to $12.01. The stock plunged 30 percent last Thursday after the graphics chip maker reduced its second-quarter revenue estimate. Shares, which on Monday hit a 52-week low of $11.76, are down nearly 4 percent for the week to date.