Wednesday's Tech Winners & Losers

Updated from 12:51 p.m. EDT

Tech stocks were moving higher Wednesday, following a solid fourth-quarter earnings report from Cisco Systems(CSCO).

Shares of the networking giant rose 6.7% after it posted earnings of $1.93 billion, or 31 cents a share, on revenue of $9.43 billion. Excluding items, the company earned 36 cents a share. Analysts polled by Thomson Financial expected earnings of 35 cents a share on revenue of $9.29 billion.

Looking ahead, Cisco sees first-quarter revenue of $9.45 billion to $9.55 billion, which is better than the $9.38 billion that analysts project. Shares closed up $1.99 to $31.68.

Cisco, a component of the Nasdaq 100, helped push the index up 25.7 points to about 1987.

Meanwhile, shares of Leap Wireless(LEAP) plunged 25.3% after the wireless-services company posted mixed second-quarter results. The company earned $3.2 million, or 5 cents a share, on revenue of $393.2 million. Analysts expected earnings of 4 cents a share on revenue of $408.1 million. During the year-earlier quarter, the company earned $7.5 million, or 12 cents a share, on revenue of $267.9 million. Leap shares closed down $20.36 to $60.

Elsewhere, Time Warner Telecom(TWTC) vaulted 23.2% after the telecom services company posted a narrower-than-expected second-quarter loss. The company reported a loss of $9.6 million, or 7 cents a share, on revenue of $268 million. Analysts expected a loss of 8 cents a share on revenue of $267.7 million. Shares closed up $3.90 to $20.73.