Tech Winners & Losers: Applied Signal

Tech stocks joined the rest of the market indices in an afternoon rally, with the Nasdaq gaining 1% to 2388.

Shares of Applied Signal Technology(APSG Quote) got a lift on Wednesday after the company beat Wall Street estimates and doubled its third-quarter earnings from a year ago. The stock was up 7% to $16.

China Mobile's(CHL Quote) shares were up 3.1% to $61.77. The company reported a 45% jump in first-half profit, which covers January through June. China Mobile also grew its first-half revenue by 18%.

Sun Microsystems(JAVA Quote) shares were down 4.1% to $9.15 following a report from research firm IDC that showed the company losing market share to IBM(IBM Quote).

Sun's market share fell to 11.2% from 12.8% while IBM's grew to 33.2% from 31.1% a year ago.

SI International's(SINT Quote) shares were soaring 36% to $31.02 on news that it would be acquired by Serco Group of Britain.

SI International provides information technology and outsourcing services to the Department of Defense and other clients. Serco agreed to purchase the company for $32 per share in cash, a 40% premium to SI's closing price on Tuesday.