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Shares of Blue Coat Systems (BCSI) were among technology's losers Wednesday, slumping 17% after the software company posted mixed second-quarter results and guided third-quarter sales below forecasts.

The company earned $4.2 million, or 28 cents a share, on sales of $36.7 million. Excluding items, the company earned $4.7 million, or 32 cents a share, for the second quarter ended Oct. 31. Analysts polled by Thomson First Call expected earnings of 30 cents a share and sales of $36.8 million. Last year, Blue Coat posted second-quarter earnings of $607,000, or 5 cents a share, on sales of $21.9 million. Excluding items, the company earned $1.1 million, or 9 cents a share.

Looking ahead, Blue Coat sees third-quarter earnings, excluding items, of 32 cents to 36 cents a share, which would be at or above analysts' expectation of 32 cents a share. But the company projected sequential sales growth of 4% to 7%, implying sales of $38.2 million to $39.3 million. Wall Street anticipated sales of $39.7 million. Blue Coat shares recently dropped $8.21 to $40.58.

Intellisync (SYNC) fell 8% after the software company agreed to be bought by Nokia (NOK) for about $430 million in cash. Nokia will pay $5.25 a share, representing a 5% discount to Intellisync's Tuesday closing price of $5.54 a share. Shares of Intellisync, a provider of wireless email messaging services, had climbed almost 120% since the beginning of August. Nokia expects to close the deal within three to four months. Intellisync recently traded down 45 cents to $5.09, while shares of Nokia fell 13 cents to $16.90.

Shares of China TechFaith (CNTF) soared 29% after the handset software company posted sharply higher third-quarter results. The company earned $11.4 million, or 26 cents per American depository share, on sales of $23.3 million. "This was an impressive quarter for us from an operations standpoint," the company said. "We continued to leverage our relatively low operating costs while supporting a higher revenue base." During last year's third quarter, the company earned $3.7 million, or 11 cents a share, on sales of $12 million. Gross margin in the most recent period climbed to 61.1% from 57% a year ago.

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