Tuesday's Tech Winners & Losers

Updated from 12:21 p.m. EDT

Tech stocks moved slightly higher Tuesday, with a strong earnings report from chip-equipment maker Novellus Systems(NVLS) helping to boost sentiment.

Shares of Novellus jumped 11.3% after the company posted better-than-expected second-quarter results. Novellus earned $57.3 million, or 45 cents a share, on revenue of $416.3 million. Analysts polled by Thomson Financial expected earnings of 43 cents a share and revenue of $413.3 million.

The report wasn't entirely rosy; Novellus said its bookings and shipments came in at the low end of its projections. "Despite the shortfall on our shipments we have continued to control expenses and have taken preemptive actions to improve operations," the company said. Shares closed up $3.34 to $33.03.

Adtran(ADTN) rose 3.3% after the maker of broadband equipment posted in-line second-quarter earnings and announced a 5-million-share buyback plan. The company earned $19.8 million, or 28 cents a share, on revenue of $123.7 million. Analysts expected earnings of 28 cents a share on revenue of $123.7 million.

Adtran plans to buy back shares under the new repurchase plan when it completes the buyback that it announced in July 2006. The company still has some 173,000 shares remaining under the old plan. Shares closed up 87 cents to $27.61.

Shares of Orbital Sciences(ORB) rose 8.1% after Wachovia Securities upgraded the maker of rocket systems to outperform from market perform ahead of the company's earnings release Wednesday. The broker said Orbital is likely to post better-than-expected second-quarter earnings and raise its full-year guidance. The firm has a price target of $25 to $26 a share. Shares closed up $1.70 to $22.83.