ASML (Nasdaq:ASML), Lam (Nasdaq:LRCX), Varian (Nasdaq:VSEA), Teradyne (NYSE:TER), Corning (NYSE:GLW), Veco (Nasdaq: VECO), IPG Photonics (Nasdaq:IPGP)

Talking technology stocks, Barclays (NYSE:BCS) identified their top picks across several segments, including ASML (Nasdaq:ASML), Lam (Nasdaq:LRCX), Varian (Nasdaq:VSEA), Teradyne (NYSE:TER), Corning (NYSE:GLW), Veco (Nasdaq: VECO) and IPG Photonics (Nasdaq:IPGP).

Barclays reasoning was, "While a mid-cycle order correction has begun, we believe end market data points continue to signal that it will only be mild. Considering relatively cheap valuation and view that this correction is indeed modest, we continue to favor ASML, Lam Research, Teradyne, and Varian. In LCD, we like Corning and recommend owning shares into seasonal 1H11. In LED, we prefer Veco to Aixtron (Nasdaq:AIXG) and continue to see near-term downside risk for Cree (Nasdaq:CREE). Finally, fiber laser supplier IPG Photonics remains a favored growth story.

"Stock Ideas: Our top picks remain ASML (Immersion/EUV), LRCX (share gains/valuation), VSEA (adjacent solar), and TER (FCF/still underappreciated biz model). In LCD, our top pick remains GLW (Gorilla/LCD TV product cycles and valuation). In LED, we prefer VECO to AIXG and still see near-term downside risk to CREE. Finally, we continue to like disruptive tech leader IPGP (growth story)."

ASML closed Monday at $35.18, down $0.40, or 1.12 percent. Lam was at $49.49, gaining $0.27, or 0.55 percent. Varian finished at $35.21, up by $0.21, or 0.60 percent. Teradyne closed up at $13.48, increasing $0.75, or 5.89 percent. Corning was down to $18.69, losing $0.05, or 0.27 percent. Veco ended the session at $47.14, gaining $0.49, or 1.05 percent. IPG Photonics closed at $31.65, down by $0.13, or 0.41 percent.