Technology stocks fell in Tuesday noon trading.
The world's largest semi-conductor firm, Intel Corp (INTC), dropped 3.4 percent to $20.88 in mid-day trading on Nasdaq, following a Goldman Sachs report which downgraded the company to a to Hold rating, from a Buy.
The firm believes that Wall-Street is expecting too much from the chip-maker as it approaches its earnings announcement.
Storage provider EMC (EMC) reported earnings of $283.7 million or 13 cents per share, down from 17 cents per share 1 year ago.
Shares of EMC fell 4 percent to $12.31 on the New York Stock Exchange after saying it would take a fourth-quarter charge of 6 cents a share to pay for the cost of job cuts as a result efficiency efforts and consolidation following recent acquisitions.
Shares of semiconductor equipment maker Lam Research (LRCX) also fell 3.2% to $50.41 following a downgrade from Lehman Brothers. Analyst Christopher Muse lowered the companyâ€™s rating based on the view that memory bookings have peaked and are unsustainable, adding that the companyâ€™s market share gains are slowing.
The technology-heavy Nasdaq Composite Index was down 32.05 points or 1.4 percent at noon time trading.