Updated from 2:50 p.m. EDT

Shares of

Ditech Communications

(DITC)

were among the best-performing technology stocks Wednesday after the company posted first-quarter results that were better than expected and said second-quarter sales would be above expectations.

Excluding items, the telecom equipment company earned 28 cents a share on sales of $25.5 million. Analysts surveyed by Thomson First Call were expecting earnings of 22 cents a share on sales of $25.3 million. A year ago Ditech posted a loss of 2 cents a share on sales of $10.7 million. Looking ahead, the company said second-quarter sales would be 8% to 10% above first-quarter sales, implying sales of $27.5 million to $28.1 million. Analysts had expected sales of $26.1 million. Shares traded up $2.68, or 14.7%, to $20.93.

Semtech

(SMTC) - Get Report

rose after it posted second-quarter earnings and sales that were stronger than expected. The chipmaker earned 22 cents a share during the second quarter on sales of $68.3 million. Analysts were expecting earnings of 21 cents on sales of $67.5 million. Looking ahead, the company forecast third-quarter earnings of 23 cents a share on sales that would be up 3% to 5% above second-quarter results, implying sales of $70.3 million to $71.7 million, which is in line with expectations. Shares of Semtech traded up $1.06, or 6%, to $18.69.

Shares of

ADE

(ADEX)

rose after the company posted better-than-expected-first-quarter earnings and said that second-quarter earnings could top expectations. The semiconductor manufacturing equipment maker posted a profit of 35 cents a share on sales of $28.3 million. Analysts were expecting earnings of 29 cents a share on sales of $28.6 million. Looking ahead, the company forecast second-quarter earnings of 35 cents to 40 cents a share. Analysts are expecting earnings of 35 cents a share. Shares of ADE traded up $3.26, or 21.1%, to $18.71.

OmniVision Technologies

(OVTI)

fell after it posted better-than-expected-first-quarter results but warned that second-quarter results would fall short of expectations. The semiconductor company posted a first-quarter profit of 32 cents a share on sales of $98.8 million. Analysts were expecting earnings of 30 cents a share on sales of $97.7 million. Looking ahead, the company said that supply limitations during the second quarter would hamper its results. It now expects to post a second-quarter profit of 20 cents to 25 cents a share on sales of $80 million to $90 million. Analysts were expecting earnings of 32 cents a share on sales of $102.8 million. Shares of OmniVision traded down 36 cents, or 3.1%, to $11.21.

Shares of

Key Tronic

(KTCC) - Get Report

rose after the company posted fourth-quarter earnings and sales results. The electronic manufacturing services company posted a profit of 3 cents a share on a 24% jump in sales. Sales of $44.4 million compared to $35.7 million a year ago. Looking ahead, the company forecast first-quarter earnings of 3 cents to 6 cents a share on a 5% to 15% sequential jump in sales. Shares of Key Tronic traded up 16 cents, or 5.2%, to $3.23.

Other technology volume leaders included

Intel

(INTC) - Get Report

, up 28 cents to $21.95;

Microsoft

(MSFT) - Get Report

, up 31 cents to $27.55;

Cisco

(CSCO) - Get Report

, up 35 cents to $19.32;

Applied Materials

(AMAT) - Get Report

, up 33 cents to $16.26;

Lucent

(LU)

, up 10 cents to $3.17; and

Oracle

(ORCL) - Get Report

, up 7 cents to $10.40.