Wednesday's Tech Winners & Losers

Updated from 11:27 a.m. EDT

Although the broader technology sector moved sharply higher Wednesday, some of the biggest movers bucked the trend.

Sonic Foundry(SOFO Quote) got hammered after posting a wider second-quarter loss. The software company reported losing $1.9 million, or 5 cents a share, on revenue of $3.8 million. During the year-earlier quarter, the company reported a smaller loss of $947,000, or 3 cents a share, on revenue of $3 million. Shares closed down $1.17, or 31.2%, to $2.58.

Elsewhere, Garmin(GRMN Quote) slid 4.1% after the maker of global positioning equipment posted mixed first-quarter results and issued full-year guidance that didn't impress investors. The company earned $139.9 million, or 64 cents a share, on revenue of $492.2 million. Analysts expected earnings of 59 cents a share on revenue of $496.1 million. During the year-earlier period, the company earned $87.5 million, or 40 cents a share, on revenue of $322.3 million.

Looking ahead, Garmin sees 2007 earnings of more than $2.70 a share on revenue that will exceed $2.5 billion. Analysts project earnings of $2.82 a share on revenue of $2.54 billion. Shares closed down $2.43 to $56.94.

Meanwhile, Harris Stratex Networks(HSTX Quote) tumbled 20.6% after the wireless communications company posted disappointing third-quarter results and warned that fourth-quarter earnings would be below forecasts. For the quarter ended March 30, the company reported adjusted earnings of $3.7 million, or 6 cents a share, on revenue of $146.8 million. Analysts expected earnings of 21 cents a share.

Looking ahead, the company sees adjusted fourth-quarter earnings of 13 cents to 18 cents a share, below the 25 cents a share that analysts project. Shares closed down $4.09 to $15.75.