Updated from 3:15 p.m. EST

Shares of

Sierra Wireless

(SWIR) - Get Report

were among technology's losers Thursday, falling 38.1% after the company warned of a steep first-quarter shortfall.

The wireless equipment maker posted fourth-quarter earnings of $7.3 million, or 28 cents a share, on sales of $58.8 million. Analysts surveyed by Thomson First Call were expecting earnings of 29 cents a share on sales of $63.1 million. Sales were hurt by lower-than-expected demand for PC cards. Looking ahead, Sierra expects to post a first-quarter loss of 35 cents to 38 cents a share on sales of about $19 million. Analysts had been expecting a profit of 20 cents a share on sales of $53.7 million. The shortfall is due to lower sales of embedded modules, lower PC card demand and a market-share loss in the EV-DO PC card market. Shares traded down $5.53 to $8.97.

Multimedia Games

(MGAM)

fell 16.5% after the maker of electronic gambling machines warned that second-quarter earnings would fall short of expectations. The company earned 17 cents a share, matching its revised earnings guidance, on sales of $39.2 million, which fell below the $40.7 million in sales that analysts had expected. Looking ahead, Multimedia Games forecast second-quarter earnings of 10 cents to 12 cents a share, well below the 21 cents a share that analysts were expecting. The earnings warning marks the second quarter in a row that Multimedia has disappointed investors. In November, the company warned that it would post first-quarter earnings of 16 cents to 17 cents a share, which was well below the 25 cents that analysts had been expecting at the time. Shares traded down $1.79 to $9.04.

Shares of

JDS Uniphase

(JDSU)

fell 8.6% after the maker of optical telecom components warned that third-quarter results would fall below analysts' forecasts. On a pro forma basis the company posted a loss of 2 cents a share during the second quarter on sales of $180.5 million. Analysts were expecting a loss of 1 cent a share on sales of $184.4 million. Looking ahead, JDS expects to post a loss of 2 cents a share on sales of $155 million to $165 million. Analysts had been expecting a loss of 1 cent a share on sales of $192.8 million. Shares traded down 21 cents to $2.24.

NetLogic Microsystems

(NETL) - Get Report

rose 15.7% after the semiconductor company posted a fourth-quarter profit that beat expectations. The company posted pro forma earnings of $820,000, or 5 cents a share, on sales of $15.2 million, which represents a 23% sequential increase. Analysts were expecting the company to post a loss of 1 cent a share. Shares traded up $1.69 to $12.49.

Shares of

Cabot Microelectronics

(CCMP) - Get Report

fell 7.5% after the company posted disappointing first-quarter results. The company earned $9.8 million, or 40 cents a share, on sales of $67.1 million. Analysts were expecting earnings of 49 cents a share on sales of $79.6 million. During the fourth quarter, the company posted earnings of $13.2 million, or 53 cents a share, on sales of $82.7 million. "We believe that the sequential decrease in revenue that we experienced this quarter, which followed two consecutive quarters of record revenue, primarily reflects the impact of a reduction in semiconductor industry output on our business, which is principally wafer-start based," the company said. Shares traded down $2.50 to $30.89.

Other technology movers included

Intel

(INTC) - Get Report

, down 11 cents to $22.31;

Microsoft

(MSFT) - Get Report

, up 10 cents to $26.11;

Cisco

(CSCO) - Get Report

, up 49 cents to $18.18;

Oracle

(ORCL) - Get Report

, up 35 cents to $13.97;

Sirius Satellite Radio

(SIRI) - Get Report

, up 18 cents to $6.36; and

Lucent

(LU)

, up 3 cents to $3.30.