Updated from 1:17 p.m. EST

Shares of

Lucent

(LU)

were among technology's losers Wednesday, falling 7.6% after the company posted a 53% decline in first-quarter earnings and turned in sales that were lower than expected.

The telecommunications-equipment maker posted earnings of $174 million, or 4 cents a share, on sales of $2.34 billion. Analysts surveyed by Thomson First Call were expecting earnings of 4 cents a share on sales of $2.41 billion. A year ago Lucent earned $349 million, or 7 cents a share, on sales of $2.26 billion. Looking ahead, Lucent expects 2005 sales to grow by midsingle digits, which the company believes will be at or above the market growth rate. Shares traded down 28 cents to $3.42.

Check Point Software

(CHKP) - Get Report

rose 4.3% after the company turned in fourth-quarter earnings and sales that topped Wall Street estimates. Excluding items, the maker of Internet security products earned $78.7 million, or 31 cents a share, on sales of $143 million. Analysts were expecting earnings of 29 cents a share on sales of $141 million. A year ago Check Point earned $65.3 million, or 26 cents a share, on sales of $115.2 million. Looking ahead, Check Point expects to earn between 28 cents and 29 cents a share during the first quarter on sales of $136 million to $139 million. Analysts are expecting earnings of 28 cents a share on sales of $137.5 million. Shares traded up 99 cents to $23.96.

Shares of

Rambus

(RMBS) - Get Report

fell 16.2% after the company reported fourth-quarter earnings that were weaker than expected. The semiconductor technology company earned $6.5 million, or 6 cents a share, on sales of $38.6 million. Analysts were expecting earnings of 8 cents a share on sales of $38.6 million. Legal expenses chipped away at the company's bottom line during the quarter, accounting for $5.2 million of the $29 million in total costs and expenses. A year ago Rambus earned $8.6 million, or 8 cents a share, on sales of $32.4 million. Shares traded down $3.46 to $17.85.

Pervasive Software

(PVSW)

fell 9% after the company posted second-quarter earnings and sales that didn't impress Wall Street. Excluding items, the software maker earned 4 cents a share on sales of $11.59 million. Analysts were expecting earnings of 5 cents a share on sales of $11.59 million. Looking ahead, Pervasive forecast third-quarter earnings of 2 cents to 4 cents a share, which includes $300,000 for the amortization of purchased intangibles, on sales of $11.5 million to $12.5 million. Analysts had been expecting earnings of 6 cents a share on sales of $12.4 million. Shares traded down 41 cents to $4.15.

Shares of

Overstock.com

(OSTK) - Get Report

rose 1.8% after the company said its business has jumped as a result of

eBay's

(EBAY) - Get Report

recently announced fee increase. According to Overstock, auctions increased 50% during the five days after eBay's price increase. "That's a significant jump. Clearly there's growing rancor among eBay's community of sellers," Overstock said. In an effort to snag even more disaffected sellers, Overstock said it would lower its listing fees by 52% from Feb. 18 through March 18. Shares of Overstock traded up $1.13 to $63.14.

Other technology movers included

Sirius Satellite Radio

(SIRI) - Get Report

, down 43 cents to $5.81;

Cisco

(CSCO) - Get Report

, down 59 cents to $18.15;

Intel

(INTC) - Get Report

, down 34 cents to $22.60;

Sun Microsystems

(SUNW) - Get Report

, down 28 cents to $4.17; and

Microsoft

(MSFT) - Get Report

, down 34 cents to $25.98.