Updated from 3:50 p.m. EDT

Shares of

Skillsoft

( SKIL) were among the worst-performing technology stocks Wednesday, falling 16.9% after the company posted in-line earnings for the third-quarter but warned that fourth-quarter results would fall below expectations.

The computer services company posted a third-quarter profit of 4 cents a share on sales of $52.5 million. Analysts surveyed by Thomson First Call were expecting 4 cents a share on sales of $53.9 million. Looking ahead, the company now expects fourth-quarter earnings of 3 cents to 7 cents a share, down form previous guidance of 11 cents to 13 cents a share. Sales, meanwhile, are now expected to be between $56 million and $61 million, down from an earlier forecast of $64 million to $67 million. Analysts had been expecting earnings of 11 cents a share on sales of $64.7 million. Skillsoft also announced that it would layoff 133 content-development employees, with the majority of the cuts coming from workers in Dublin, Ireland. Shares traded down $1.22 to $6.

Synaptics

(SYNA) - Get Report

fell 6% after the company said it would sell $100 million in convertible senior subordinated notes due 2024. The company also plans to grant the initial purchasers an option to purchase an additional $20 million in notes. The developer of mobile computing solutions said it would use the proceeds for working capital and general corporate purposes. Shares traded down $2.31 to $36.09.

Shares of

KongZhong

(KONG)

rose 3.3% after the company signed licensing agreements with five record companies. These agreements will allow KongZhong to use music from EMI Group Hong Kong, Sony/ATV Music Publishing, BMG Music Publishing, Warner/Chappell and Universal Music Publishing for use in its wireless products. Shares traded up 37 cents to $11.77.

OmniVision Technologies

(OVTI)

rose 8.9% after the posted second-quarter earnings that beat expectations and provided third-quarter guidance that matched expectations. The chipmaker earned $17.8 million, or 28 cents a share, on sales of $84.4 million. Analysts were expecting earnings of 24 cents a share on sales of $85.5 million. A year ago, the company earned $13.8 million, or 23 cents a share, on sales of $78 million. Looking ahead, OmniVision forecast third-quarter earnings of 24 cents to 29 cents a share on sales of $90 million to $100 million. Analysts had been expecting earnings of 26 cents a share on sales of $92.9 million. Shares traded up $1.58 to $19.42.

Shares of

Nassda

(NSDA)

rose 59.8% after the software company agreed to be acquired by

Synopsys

(SNPS) - Get Report

for about $192 million in cash. In addition to the $7 a share buyout, Synopsys also agreed to settle all outstanding litigation between the two companies. Nassda officers, directors, and employees who are defendants in the litigation have agreed to make settlement payments of $61.6 million to Synopsys once the merger closes. Shares of Nassda traded up $2.56 to $6.84, while shares of Synopsys traded up $1.01 to $18.64.

Other technology volume leaders included

Sirius Satellite Radio

(SIRI) - Get Report

, up 35 cents to $6.98;

Microsoft

(MSFT) - Get Report

, up 44 cents to $27.25;

Intel

(INTC) - Get Report

, up 72 cents to $23.10;

Lucent

( LU), up 6 cents to $3.99;

Cisco

(CSCO) - Get Report

, up 40 cents to $19.15;

Applied Materials

(AMAT) - Get Report

, up $1.08 to $17.72; and

Sun Microsystems

(SUNW) - Get Report

, down 9 cents to $5.46.