Spansion (SPSN) announced today that the stock will be delisted by Nasdaq at today’s close.

The NOR flash memory chip company, which is operating under Chapter 11 of the federal bankruptcy code, said that it is “making progress” on its restructuring plans. The company recently said it is focused on its embedded solutions and IP licensing market, and is seeking alternatives for its wireless business. The company said discussions with creditors “continue to progress.”

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Sohu.com, one of China’s largest Internet companies, hopes U.S. investors like its hack-and-slash videogames enough to give it as much as $120 million.

The Beijing-based company filed this week for an initial public offering of American depositary shares for its online game subsidiary, Changyou.com, on the Nasdaq Stock Market. The company started its road show presentations for investors in Hong Kong Wednesday, and will issue the price of the deal in the coming week, said company executives.

Changyou.com has developed the popular multiplayer online role-playing games Tian Long Ba Bu and Blade Online. Both feature sword-and-sorcery action, though they draw from China’s kung fu legends.

If it happens, the listing will be the first on Nasdaq since last November, according to Reuters. And it would be the first Chinese company to do an IPO in the U.S. since television advertising company China Mass Media International Advertising Corp. launched in August. This will also make Sohu the first Internet service company in China to have its Web portal service and online game division listed in the stock market.

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Until this week, most technology companies seemed to be weathering the meltdown on Wall Street. But Monday’s sharp selloff on tech shares–which pushed the Nasdaq to its lowest level in more than three years–shows that the ripple effects of the crisis in the financial sector and the near-collapse of the credit markets are being felt. Even Silicon Valley A-list players such as Apple Inc. and Google Inc. were tossed about like small row boats in the wake of a giant oil tanker.

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After the worst day for the Nasdaq Composite in seven years, the index today turned around and posted a gain that was equally stunning, as the Street became hopeful that the financial crisis is nearing a turning point.

The Nasdaq Composite today gained 100.25 points, or 4.78 percent. That was the Nasdaq’s fattest one-day gain in terms of points since May 8, 2002. On a percentage basis, it was the best day for the index since March 13, 2003. There have been 56 days since the index debuted in 1971 with larger points gains; there have been 37 days with bigger percentage gains.

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Here’s a cheery item on the chip sector that I missed while I was off at this morning’s Apple (AAPL)-sponsored Jack Johnson concert in San Francisco. Christopher Danely, semiconductor analyst at J.P. Morgan, asserted in a research note this morning that “deteriorating demand will bring about a correction in semiconductor estimates and stocks over the next four to six weeks.”

Wrote Danely: “We expect almost every semiconductor company we cover to lower estimates as a result of the correction.”

Danely does say that a fourth-quarter rally in the group is likely after the bad news comes out during October earnings season; he points out that the SOXX and the Nasdaq have gained ground in the fourth quarter in five of the last six years.

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Quarter-billion-dollar (market cap) communications equipment vendor MRV Communications (MRVC) said this evening after the bell that it received a notice last Thursday from the staff of NASDAQ. The notice states that the company is not in compliance with listing requirements because it has delayed filing its quarterly report for the June quarter with the Securities & Exchange Commission. The company has appealed, it said.

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Since September 2005, the Goldman Sachs tech analysts have been maintaining lists of their five favorite growth and value ideas, as well as their five least favorite stocks, aka, short ideas. Goldman refers to the lists collectively as its “Technology Investment Framework.” The lists are proving to be a fertile place for finding good value and short ideas, but not nearly as good for growth picks.

Since inception, Goldman reported in a research note this morning, the basket of five value picks is up 40.1%, compared to increases of 8.6% for the S&P 500 and 12.4% for the NASDAQ Composite. The basket of five growth picks has been a lot less successful: it’s lost 1.1% since inception. On the other hand, the basket of “least favorite” ideas have dropped a whopping 35.1% since inception; short-sellers ought to pay attention to their choices.

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