Updated from 2:08 p.m. EDT

Shares of

Ciena

(CIEN) - Get Report

were among the worst-performing technology stocks Wednesday after the company

warned Wall Street that it would miss third-quarter sales estimates.

The optical networker said that it expects to post third-quarter sales of $75 million. It previously said that it anticipated 30% growth from its second-quarter sales of $74.7 million. Analysts polled by Thomson First Call had expected sales of $95.4 million. The company blamed cautious spending and deployment delays for the sales setback. Excluding items, it also forecast a third-quarter loss of 7 cents to 8 cents a share, roughly in line with the loss of 6 cents to 7 cents a share it previously forecast. Ciena is scheduled to report its third-quarter earnings on August 19. Shares of Ciena traded down 68 cents, or 24.6%, to $2.08.

IAC/InterActiveCorp

(IACI)

fell after it reported mixed second-quarter results and warned that its full-year results would come in at the low end of its previous guidance. Excluding items, the Internet travel company posted second-quarter earnings of 22 cents a share on sales of $1.5 billion. Analysts had expected it to earn 21 cents a share on sales of $1.58 billion. Looking ahead, it forecast operating income before amortization of about $1 billion, which is at the low end of its previous guidance of $1 billion to $1.2 billion. Operating income is expected to come in at $430 million. Shares of IAC/InterActiveCorp traded down $4.23, or 15.7%, to $22.80.

Despite reporting better-than-expected second-quarter earnings and sales and upping its full-year earnings guidance, shares of

Faro Technologies

(FARO) - Get Report

fell Wednesday. During the second quarter it earned 29 cents a share on sales of $24.1 million. Analysts had expected earnings of 20 cents a share on sales of $22.6 million. Looking ahead, it now expects full-year earnings of 85 cents to $1 a share vs. its previous guidance of 71 cents to 86 cents a share. Shares of Faro Technologies traded down 51 cents, or 2.2%, to $22.45.

Scientific Technologies

(STIZ)

rose after it posted solid second-quarter earnings and sales results. The automation safety products company posted earnings of 6 cents a share on sales of $15.6 million. A year ago it earned 2 cents a share on sales of $14.2 million. Strong sales of its safety products and automation products groups fueled earnings results. Shares of Scientific Technologies traded up 64 cents, or 12.5%, to $5.75.

Other technology volume leaders included

Intel

(INTC) - Get Report

, down 16 cents to $23.97;

Oracle

(ORCL) - Get Report

, up 28 cents to $10.84;

Microsoft

(MSFT) - Get Report

, down 1 cent to $28.06;

Cisco

(CSCO) - Get Report

, up 38 cents to $21.12; and

Lucent

( LU), up 6 cents to $3.06.