Wednesday's Tech W&L

Updated from 2:18 p.m. EST with new stock prices

Tech stocks were up Wednesday as investors waited for sector giant Cisco to report its earnings later in the day to gauge the strength of IT spending.

Cisco(CSCO Quote - Cramer on CSCO - Stock Picks) lost 14 cents, or 0.6%, to $23.12 ahead of the company's second-quarter earnings report.

Analysts polled by Thomson Financial are expecting EPS of 38 cents in the second quarter on revenue of $9.79 billion, compared with earnings of 33 cents a share on revenue of $8.43 billion a year ago. For the third quarter, analysts expect EPS of 39 cents on revenue of $10.19 billion, compared with earnings of 34 cents a share on revenue of $8.86 billion a year ago.

Online travel site Expedia(EXPE Quote - Cramer on EXPE - Stock Picks) rose 61 cents, or 2.8%, to $22.76 after a Credit Suisse analyst upgraded the stock to outperform from neutral.

The analyst wrote in a research note that the stock is attractive because of Expedia's strong leadership, its ability to generate free cash flow and its potential to stay ahead despite concerns of a travel slowdown.

Expedia reports its fourth-quarter results Thursday. Analysts expect earnings of 31 cents a share on revenue of $645.11 million for the quarter compared with EPS of 28 cents on revenue of $531.29 million a year ago.

Riverbed Technology(RVBD Quote - Cramer on RVBD - Stock Picks) fell $2.59, or 11.7%, to $19.55 following its fourth-quarter results and guidance.

An analyst at Needham & Co downgraded the stock to hold from buy on the company's mixed guidance and concerns that EPS growth may be "muted."

Riverbed earned $4.8 million, or 7 cents a share, compared with a loss of $2.4 million, or a loss of 4 cents a share the year before. Excluding charges, it reported EPS of 20 cents a share, a penny better than analysts' estimates.

Revenue rose to $76.3 million from $33.8 million a year ago and beat analysts' expectations of $71.1 million. For the current fiscal year, though, it projected revenue of $370 million to $380 million, with EPS in the range of 70 cents to 75 cents. Analysts were expecting revenue of $350.47 million and EPS of 74 cents.

Shares of memory chip maker Micron Technology(MU Quote - Cramer on MU - Stock Picks) were down 85 cents, or 10.8%, to $6.99 following analysts' concerns that will be an excess supply of DRAM memory during the year with the risks outweighing reward in this case.

Those same concerns caused Qimonda(QI Quote - Cramer on QI - Stock Picks), which also makes DRAM chips, to fall $1.60, or 23.6%, to $5.17.

Shares of CNET Networks(CNET Quote - Cramer on CNET - Stock Picks) lost 47 cents, or 5.7%, to $7.82 after the company reported an increase in fourth-quarter net income but a weak outlook.

Net income in the fourth quarter rose to $202.6 million, or $1.33 a share, from $5.3 million, or 3 cents a share, the year before. Adjusted for charges, net income was $22.7 million, or 15 cents a share compared with $17.9 million, or 12 cents a share a year ago. Revenue rose 11% to $125.5 million from a year ago.

Analysts were expecting EPS of $1.29 a share on revenue of $122.6 million.

For the current quarter, CNET guided revenue in the range of $91 million and $95 million and a loss between 4 cents and 5 cents a share. Analysts are expecting revenue of $98.71 million and a loss of a penny a share.