Wednesday's Late Winners & Losers

The most actively traded stocks sank after hours Wednesday as a number of tech names issued disappointing earnings and guidance.

One of the most heavily traded laggards was LSI (LSI Quote), which slashed its outlook for the quarter ending June 30 and said it will restructure by cutting 13% of its nonproduction workforce, among other things. The Milpitas, Calif., chipmaker now expects a non-GAAP bottom line of a 3-cent loss to break-even per share vs. the prior break-even to 3-cent per-share earnings. Analysts polled by Thomson Financial are looking for a 2-cent profit. Shares slid 5.6% to $8.16.

Digital River (DRIV Quote) shares plunged 13.6% to $43.80 after the Minnesota e-commerce business-services firm posted preliminary non-GAAP income of 38 cents to 39 cents a share for the second quarter -- at least 7 cents below Wall Street expectations. Revenue, at about $78 million, should also miss the mean target.

Meanwhile, semiconductor company Smart Modular Technologies (SMOD Quote) came in well below fiscal third-quarter revenue estimates, and application-software firm Red Hat (RHT Quote) traded lower despite beating estimates for the quarter ended May 31.

Smart Modular was down 78 cents, or 5.1%, to $14.49; Red Hat lost 1.7% to $23.79 in recent late trading.

Away from the tech sector, payroll-services firm Paychex (PAYX Quote) missed on fourth-quarter revenue with $487.3 million, after which shares slipped 2.3%. Herman Miller (MLHR Quote), an interior-furnishings company, guided at least 4 cents below the mean Street target for the fiscal first quarter, projecting a per-share profit of 47 cents to 53 cents. Shares shed 5.6% to $33.