By Rex Crum, MarketWatch SAN FRANCISCO (MarketWatch) -- Tech stocks struggled for direction Wednesday, with chip stocks trading in the red and investors registering tepid reaction to the last growth figures for the U.S. economy. The Nasdaq Composite Index (RIXF) edged up by 1 point to 2,668. The Philadelphia Semiconductor Index (SOX) and the Morgan Stanley High Tech 35 Index (MSH) both slipped into the red, however. More broadly, investors had a hesitant reaction after the latest estimate of growth in U.S. gross domestic product was revised higher, though by not as much as many economists had expected. Among chip stocks, Xilinx Corp. (XLNX) fell more than 3% to change hands at $27.48. Late Tuesday, Xilinx said it now expects third-quarter sales to fall between 7% and 9% from second-quarter levels. Such a forecast would put Xilinx's sales between $563.9 million and $576.3 million. The company had earlier projected sales for the quarter ending in December to be flat or down up to 4% on a sequential basis. Xilinx said that revenue would by hampered by weaker sales to some of its large communications customers. Other chip stocks in the red included Altera Corp. (ALTR), Broadcom Corp. (BRCM), Intel Corp. (INTC) and Texas Instruments Inc. (TXN). Meanwhile, shares of Priceline.com Inc. (PCLN) rallied 3% to $419.38. Before the bell, ThinkEquity analyst Aaron Kessler raised his rating on Priceline to buy from hold and lifted his price target for shares of the online travel site to $530 from $450 previously. Priceline should continue to benefit from continued strength in the travel industry, particularly from its European and international business, Kessler said..
