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Shares of Alvarion (ALVR) were among technology's losers Wednesday, falling 15% after the wireless-equipment maker posted second-quarter results and warned that third-quarter earnings and sales would be below expectations.

The company posted a pro forma loss of $2.5 million, or 4 cents a share, on sales of $47 million. The results were in line with the company's recently reduced earnings and sales guidance, which called for a loss of 4 cents to 6 cents a share on sales of $46 million to $47 million. Analysts polled by Thomson First Call were expecting a loss of 5 cents a share on sales of $46.3 million. A year ago the company posted pro forma earnings of $3.2 million, or 5 cents a share, on sales of $48.8 million.

Looking ahead, Alvarion forecast a third-quarter pro forma loss of 4 cents to 8 cents a share on sales of $43 million to $48 million. Analysts had been expecting a profit of 1 cent a share on sales of $54.2 million. Shares were trading down $1.34 to $8.14.

Shares of (OSTK) fell despite the company reporting a narrower-than-expected second quarter loss. The online retailer lost $2.6 million, or 13 cents a share, in the second quarter, compared with $2.4 million, or 13 cents a share, a year ago. Analysts were expecting a loss of 22 cents a share in the latest quarter. Revenue surged 72% from a year ago to $150.6 million, also beating estimates. Shareholders focused on a prediction the company's expenses would rise in coming quarters and offered the stock down 4% to $42.01 in recent trading.

BMC Software (BMC) rose 8% after the company posted better-than-expected second-quarter earnings and lifted its fiscal 2006 earnings guidance. The software company reported a loss of $41.1 million, or 19 cents a share, on sales of $348.3 million. Excluding items, however, the company would have earned $43.9 million, or 20 cents a share. Analysts were expecting earnings of 13 cents a share on sales of $334.5 million. A year ago the company posted earnings of $10.7 million, or 5 cents a share, on sales of $326 million.

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