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Friday's Tech Winners & Losers

Keithley Instruments and Semitool plunge after slashing their revenue estimates.

Technology stocks moved lower Friday, with the biggest plunges coming from two companies that slashed revenue forecasts for the recently ended quarter.

Keithley Instruments

(KEI)

, a maker of electrical test equipment, was sliding 20% after the company lowered its fiscal second-quarter revenue projection. The company now sees revenue of about $33 million for the March quarter, down from an earlier forecast of $37 million to $41 million. Analysts polled by Thomson First Call project revenue of $40.3 million.

Keithley blamed the shortfall on more cautious spending patterns among its customers. Shares were trading down $3.06 to $12.44.

Meanwhile,

Semitool

(SMTL)

slumped 17% after the maker of chip manufacturing tools cut its second-quarter revenue estimate, as well as its full-year target. For the quarter ended March 31, the company expects to post revenue of $51 million to $53 million, down from its earlier outlook of $55 million to $57 million. Analysts, meanwhile, project revenue of $56.5 million.

For all of fiscal 2007, Semitool now sees revenue of $210 million to $230 million, well below its previous guidance of $260 million to $310 million. Analysts project revenue of $273 million. Semitool said that it was hurt by purchase postponements in its target markets. Shares were trading down $2.27 to $10.72.

Planar Systems

(PLNR)

also cut its guidance, sending shares down 8%. The monitor display maker projects an adjusted loss of 7 cents to 9 cents a share for the quarter ended March 31. Previously, the company forecast a loss of 4 cents to 7 cents a share. Planar sees revenue of $53 million to $54 million, down from a prior view of revenue of $57 million to $61 million. Analysts project a loss of 7 cents a share and revenue of $59.8 million. Shares were down 72 cents to $7.77.

Elsewhere, tech heavyweight

Apple

(AAPL) - Get Apple Inc. Report

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was down 1.5% after the company said the release of its new Leopard operating system will be delayed until October. Apple said it had to divert its resources to focus on the June launch of its iPhone, so Leopard won't be released in June as planned. Shares were slipping $1.48 to $90.71.

Shares of

Axsys Technologies

(AXYS)

moved higher after the maker of optical systems agreed to acquire privately held Cineflex for $27 million in cash. The acquisition is expected to generate $11 million in revenue for Axsys in 2007 and be moderately accretive to earnings. Shares of Axsys were trading up 44 cents, or 3%, to $17.03.

On the IPO front, shares of

Comverge

(COMV)

, a maker of technology that is used in electric power grids, were up 16% on their first day of trading. The company's initial public offering priced at $18 a share, above its proposed range of $15 to $17 a share. The stock recently was adding $2.81 to $20.81.

As for the broader technology sector, the

Nasdaq 100

was recently trading down 5.38 points to about 1808.

Other technology stocks with heavy volume included

Sirius Satellite Radio

(SIRI) - Get Sirius XM Holdings, Inc. Report

, up 3 cents to $3.11;

Sun Microsystems

(SUNW) - Get Sunworks, Inc. Report

, down 10 cents to $5.80;

Applied Materials

(AMAT) - Get Applied Materials, Inc. Report

, down 23 cents to $19.12;

Intel

(INTC) - Get Intel Corporation Report

, down 13 cents to $20.37;

Microsoft

(MSFT) - Get Microsoft Corporation Report

, down 14 cents to $28.40; and

Cisco Systems

(CSCO) - Get Cisco Systems, Inc. Report

, down 21 cents to $25.76.