Tech Winners & Losers: Google

Apple(AAPL Quote) shed $5.46, or 3.2%, to $166.35 ahead of the company's third-quarter earnings report Monday after the close of trading. Analysts are expecting Apple to report earnings of $1.08 a share on revenue of $7.36 billion for the quarter. For the fourth quarter, Apple is expected to post EPS of $1.24, or $8.32 billion.

Online advertising campaigns provider ValueClick(VCLK Quote) continued to lose ground after it slashed its forecast for fiscal 2008, citing weakness in the U.S. economy. Shares of ValueClick were down 61 cents, or 5.5%, to $10.40. Analysts at Citigroup and Stanford research also downgraded the stock Friday to hold from buy.

IBM(IBM Quote) gained $2.54, or 2%, to $129.07 after it charged past Wall Street's expectations for the second quarter and raised its earnings outlook for the current fiscal year.

Net income for the quarter was up 22.3% to $2.76 billion, or $1.98 a share. Revenue rose 12.8% to $26.8 billion. Analysts polled by Thomson Reuters had been expecting revenue of $25.92 billion and earnings of $1.82 a share, excluding charges.

Satellite radio company Sirius'(SIRI Quote) shares were up 14 cents, or 6.7%, to $2.24 after reports suggested that Federal Communications Commissioner Jonathan Adelstein may be ready to back the planned merger between Sirius and XM Satellite Radio(XMSR Quote). The move is likely to bring Sirius and XM closer to completing the deal that was first announced in February 2007.