The Dow Jones Industrial Average (^DJI 0.59%) had gained more than 33 points as of 11:30 a.m. EDT. Tech stocks Garmin (GRMN -0.43%) and Micron Techology (MU -6.27%) were notably underperforming the market, while Glu Mobile (GLUU) surged to the upside.

Garmin drops on downgrade
Shares of GPS maker Garmin fell nearly 6% on Wednesday after Pacific Crest downgraded the stock to underperform. Pacific Crest believes the stock is overvalued and should be trading in the mid-$40 range; presently, shares of Garmin are changing hands above $57.

Garmin's GPS devices face competition from smartphones. Pacific Crest believes this competition will intensify in the coming quarters, particularly if Apple launches an iPhone with a larger screen (as is widely expected). Apple's rumored iWatch could also pressure Garmin's line of fitness bands if it comes equipped with fitness-tracking technology. Other technology giants are also expected to launch fitness tracking devices that will compete with Garmin's offerings.

Source: Wikimedia Commons.

Micron Tech tumbles
Shares of Micron Technology fell more than 2% on reports that Samsung is boosting its production of DRAM, one of Micron's primary products.

Competitive pressure from Samsung could weigh on Micron's performance. The stock has become a favorite of analysts in recent quarters, largely on the basis of its DRAM portfolio. Last month, for example, R.W. Baird upgraded the stock from neutral to outperform, largely on the basis of the DRAM market. R.W. Baird believes the DRAM market is tight and will continue to tighten in the second half of the year, helping to boost Micron's financial performance.

Increased competition is cause for concern, but investors in Micron might wish to sit tight for the time being. Despite rallying more than 140% in the last year, Micron remains cheap on the basis of several metrics. It's trading with a below-market multiple, and most analysts remain bullish on the stock.

Glu's Kardashian continues to dominate the app charts
Glu Mobile stock rose more than 6.5%, continuing a recent trend that has seen shares of the company rise nearly 40% year to date. As a developer of mobile games, Glu Mobile's financial performance depends entirely on the success of its titles.

Glu Mobile's Kim Kardashian: Hollywood is currently No. 4 on the iTunes free apps chart, and it has been among the top-ranked apps since it launched late last month. Another Glu Mobile title, Deer Hunter 2014, is in the top 100 most popular apps. Last week, Glu Mobile released another game, Hercules, based on the upcoming film. It's popularity could increase after the film is released later this month.