Updated from 12:36 p.m. EDT

Shares of

Juniper Networks

(JNPR) - Get Report

were among the best-performing technology stocks Wednesday after the networking company reported

strong second-quarter earnings and sales and said third-quarter earnings and sales would be better than expectations.

Excluding items, Juniper earned 8 cents a share during the second quarter on sales of $307 million. Analysts polled by Thomson First Call had expected it to earn 4 cents a share on sales of $275.2 million.

Looking ahead, it said that it expects third-quarter earnings of 11 cents a share on sales of $366 million to $370 million. Analysts had expected it to earn 10 cents a share on sales of $344.6 million. Shares of Juniper Networks traded up $2.59, or 11.8%, to $24.59.

EMS Technologies

( ELMG) fell after it warned that second-quarter earnings and sales would fall short of expectations. Citing sluggish sales in its SatNet division, it now expects to earn 6 cents to 10 cents a share on sales of $65 million to $66 million. Analysts had expected it to earn 22 cents a share on sales of $70.8 million. A year ago the company earned 23 cents a share on sales of $66 million. Shares of EMS Technologies traded down $1.63, or 9.6%, to $15.38.

Shares of

Imation

(IMN)

fell after the company warned that second-quarter earnings and sales would fall well short of expectations. Citing aggressive pricing associated with a glut of recordable DVDs flooding the market, it now expects to earn 19 cents to 21 cents a share on sales of about $284 million. Analysts had expected it to earn 51 cents a share on sales of $318.4 million. Shares of Imation traded down $8.32, or 20.6%, to $32.

Despite reporting strong second-quarter financial results and an upbeat outlook, shares of

ASML

(ASML) - Get Report

were under pressure Wednesday, as

Intel's

(INTC) - Get Report

quarterly results weighed heavily on semiconductor stocks.

ASML swung to a second-quarter profit of 16 cents a share on sales of $764 million. Analysts had expected it to earn 15 cents a share on sales of $764.4 million. Looking ahead, it said that it expects positive market conditions to continue well into 2005. Shares of ASML traded down $1.10, or 6.9%, to $14.85.

Shares of

Portal Software

( PRSF) fell after CIBC World Markets cut its rating on the stock to sector perform from sector outperform. CIBC said that Portal Software's relative strength vs. competitors seems to be in jeopardy in light of today's global frame agreement struck between

Amdocs

(DOX) - Get Report

and

Vodafone

(VOD) - Get Report

.

Portal Software works with several Vodafone affiliates and, though no specific contracts were announced and financial terms of the agreement were not disclosed, it seems clear that Vodafone views Amdocs as a leading player in the space, CIBC said. Shares of Portal Software traded down 24 cents, or 7.8%, to $2.82.

Other technology volume leaders included Intel, down $2.76 to $23.38;

Microsoft

(MSFT) - Get Report

, up 53 cents to $28.13;

Oracle

(ORCL) - Get Report

, down 21 cents to $10.79;

Applied Materials

(AMAT) - Get Report

, down $1.11 to $16.82;

Cisco

(CSCO) - Get Report

, down 4 cents to $22.10;

Lucent

( LU), down 3 cents to $3.48;

Nortel Networks

( NT), down 15 cents to $4.61.