Wednesday's Tech Winners & Losers

Shares of Secure Computing(SCUR Quote) were among technology's losers Wednesday, plunging 34% after the maker of network-security products slashed its second-quarter earnings and sales guidance.

The company now sees adjusted earnings, which excludes items, of 5 cents to 6 cents a share, down from an earlier view of 10 cents to 12 cents a share. The company now predicts sales of $38.5 million to $39 million, down from an earlier forecast of $43 million to $45 million. Analysts polled by Thomson First Call project earnings of 11 cents a share on sales of $44.2 million.

Separately, Secure Computing said that it agreed to buy privately-held messaging-security company CipherTrust for $273.6 million in cash and stock. The purchase price consists of $185 million in cash, 10 million shares of Secure Computing stock,and a $10 million seller note that is tied to performance obligations. CipherTrust is expected to contribute sales of about $15 million to $20 million to Secure Computing's top line during 2006 and $80 million in sales during 2007. The deal is expected to be accretive to adjusted earnings during the second half of 2007. Shares of Secure Computing recently were trading down $2.78 to $5.29.

Intergraph(INGR Quote) shares jumped 13% after the software company boosted its second-quarter projections. The company now sees operating income of $11.3 million to $12.3 million, up from an earlier forecast of $5 million to $7 million. Excluding a restructuring charge, the company expects operating income of $17 million to $18 million, up from an earlier view of $10.5 million to $11.5 million. Intergraph also raised its revenue estimate to $151 million to $153 million from an earlier forecast of $145 million to $147 million. Analysts project revenue of $145.9 million. Intergraph shares were up $4 to $34.62.