Wednesday's Tech Winners & Losers

Updated from 10:59 a.m. EDT

Technology stocks fell Wednesday as investors continued to pore over earnings reports.

Despite posting better-than-expected third-quarter results, Cisco(CSCO) shares fell 6.5% on Wednesday. The company posted earnings of $1.9 billion, or 30 cents a share, on revenue of $8.9 billion. Excluding items, the company earned $2.1 billion, or 34 cents a share. Analysts expected earnings of 33 cents a share on revenue of $8.76 billion. During the year-earlier quarter, the company earned $1.4 billion, or 22 cents a share, on revenue of $7.3 billion. Excluding items, the company posted adjusted earnings of $1.8 billion, or 29 cents a share, during the year-earlier quarter.

Looking ahead, Cisco now sees fourth-quarter revenue of $9.2 billion to $9.3 billion. Analysts project revenue of $9.23 billion. Shares, which had risen about 10% over the past month, closed down $1.85 to $26.51.

Elsewhere, Finisar(FNSR) rose 4.7%, despite cutting fourth- and first-quarter revenue guidance. The networking company now sees fourth-quarter revenue of about $97 million, down from an earlier forecast of $104 million to $110 million. For the first quarter, the company now sees revenue of $105 million to $112 million, down from earlier guidance of $108 million to $115 million. The company blamed the outlook on inventory adjustments by some of its customers, which resulted in lower demand for Finisar's products. Analysts project fourth-quarter revenue of $107.5 million and first-quarter revenue of $111.8 million. Shares closed up 16 cents to $3.55.

Meanwhile, Emageon(EMAG) tumbled 26.9% after the technology systems company posted disappointing first-quarter results and cut its full-year outlook. The company reported a loss of $1.8 million, or 9 cents a share, on revenue of $27.3 million. Analysts expected a loss of 4 cents a share on revenue of $31.1 million. During the year-earlier quarter, the company posted a loss of $7 million, or 34 cents a share, on revenue of $27 million.

Looking ahead, Emageon now sees a full-year loss of 17 cents to 22 cents a share on revenue of $112 million to $115 million. Previously, the company said that it would earn 24 cents to 29 cents a share on revenue of $136 million to $140 million. Analysts project earnings of 26 cents a share on revenue of $137.9 million. Shares closed down $3.06 to $8.31.