Tuesday's Tech Winners & Losers

Updated from 12:24 p.m. EDT

Tech stocks moved lower Tuesday, as the market weighed buyout news and earnings reports.

Openwave Systems(OPWV Quote) tumbled 15.9% after the software company's board rejected an unsolicited tender offer by Harbinger Capital Partners, one of the company's largest shareholders. Harbinger wanted to buy about 40 million shares of stock, or about 49% of the company, for $8.30 a share in cash. Openwave called the offer "inadequate" and "not in the best interests" of the company. "After consultation with Openwave's senior management and its financial advisors, the board believes that implementation of Openwave's stand-alone plan will generate greater value for stockholders than Harbinger's offer," Openwave said in a statement. Shares closed down $1.65 to $8.72.

Elsewhere, Credence Systems(CMOS Quote) fell 5.3% after the semiconductor equipment maker posted second-quarter results and issued disappointing third-quarter earnings guidance. The company reported a loss of $3.5 million, or 3 cents a share, on revenue of $121.1 million. For the third quarter, the company sees break-even earnings on revenue of $120 million to $123 million. Analysts polled by Thomson Financial project a profit of 3 cents a share on revenue of $118.6 million. Shares closed down 18 cents to $3.25.

Meanwhile, Navisite(NAVI Quote) traded actively after the information technology firm posted better-than-expected third-quarter results. The company posted a loss of $2.4 million, or 8 cents a share, on revenue of $32.7 million. Analysts expected a bigger loss of 9 cents a share on lower revenue of $31.7 million.

Looking ahead, Navisite sees third-quarter revenue of $33.5 million to $34 million. Analysts project revenue of $33.4 million. Up 13% earlier in the day, shares closed up 2.9%, or 20 cents, at $7.