Updated from 12:06 p.m.

Shares of

Strayer Education

(STRA) - Get Report

were among the

Nasdaq's

losers Wednesday, falling 18.2% after the company posted mixed first-quarter results and warned that second-quarter earnings would fall short of expectations by a wide margin.

The educational services company earned $14.1 million, or 94 cents a share, on sales of $56.2 million. Analysts polled by Thomson First Call were expecting earnings of 93 cents a share on sales of $56.6 million. A year ago the company earned $11.5 million, or 76 cents a share, on sales of $46.1 million. Looking ahead, Strayer forecast second-quarter earnings of 82 cents to 84 cents a share, well below the 92 cents a share that analysts had been expecting. The company said its second-quarter estimate was based on enrollment growth announced for the 2005 spring term and the planned investments in opening its new markets. Shares traded down $18.80 to $84.61.

Sharper Image

( SHRP) rose 3.4% after the specialty retailer posted fourth-quarter earnings and sales that were better than expected. The company earned $16.4 million, or $1.01 a share, on sales of $301 million. Analysts were expecting earnings of 95 cents a share on sales of $296.7 million. A year ago the company earned $22.2 million, or $1.37 a share, on sales of $278.4 million.

Separately, Sharper Image previewed first-quarter sales of $142.2 million. Analysts were expecting sales of $145 million. As for earnings, the company reaffirmed its first-quarter guidance, which calls for a loss of 28 cents to 32 cents a share. Analysts are expecting a loss of 31 cents a share. Sharper Image called the first quarter challenging and said "the economy and consumers' willingness to spend still appears to be sluggish, as evidenced by reported light traffic in shopping centers." Shares traded up 46 cents to $13.88.

Shares of

Electronic Arts

( ERTS) fell 6.5% after the company matched fourth-quarter earnings estimates but warned that it would post a first-quarter loss. Excluding items, the video-game publisher earned $30 million, or 9 cents a share, on sales of $553 million. Analysts were expecting earnings of 9 cents a share on sales of $549.3 million. A year ago the company earned $77 million, or 25 cents a share, on sales of $598 million. Looking ahead, Electronic Arts forecast a first-quarter loss of 22 cents to 28 cents a share on sales of $300 million to $340 million. Analysts were expecting a profit of 4 cents a share on sales of $450.2 million. During last year's first quarter the company earned 8 cents a share on sales of $432 million. Shares traded down $3.45 to $49.45.

Aon

( AOC) rose 15% after the giant insurance company posted first-quarter earnings that easily topped forecasts. The company earned $200 million, or 59 cents a share, on sales of $2.51 billion. Analysts were expecting earnings of 46 cents a share on sales of $2.54 billion. A year ago the company earned $170 million, or 51 cents a share, on sales of $2.56 billion. In response to Aon's earnings beat, Merrill Lynch, which had been bearish on the stock, raised its rating on the stock to neutral from sell. Shares traded up $3.18 to $24.45.

Shares of

WMS Industries

(WMS) - Get Report

rose 21.2% after the slot machine maker posted better-than-expected third-quarter earnings and sales. The company earned $7.2 million, or 21 cents a share, on sales of $107.7 million. Results included a one-time charge of 2 cents a share and a 1-cent gain from the licensing of intellectual property of a discontinued business. Analysts were expecting earnings of 20 cents a share on sales of $99.4 million. Looking ahead, WMS expects fourth-quarter sales of $108 million to $115 million, above the $105.2 million that analysts are expecting. Shares traded up $5.25 to $30.

NYSE

volume leaders included

Lucent Technologies

( LU), up 14 cents to $2.64;

General Motors

(GM) - Get Report

, up $5.03 to $32.80;

Ford

TheStreet Recommends

(F) - Get Report

, up 69 cents to $10.16;

Tyco

(TYC)

, up 60 cents to $29.25; and

Calpine

(CPN)

, down 12 cents to $2.25.

Nasdaq volume leaders included

Microsoft

(MSFT) - Get Report

, down 15 cents to $25.21;

Cisco Systems

(CSCO) - Get Report

, up 34 cents to $17.65;

Intel

(INTC) - Get Report

, up 36 cents to $24.11;

Siebel Systems

( SEBL), up 3 cents to $9.53;

Sirius Satellite Radio

(SIRI) - Get Report

, up 17 cents to $5.23;

Oracle

(ORCL) - Get Report

, up 13 cents to $11.72; and

eBay

(EBAY) - Get Report

, up $2.30to $34.47.