Updated from 1:25 p.m.

Shares of

Applied Signal Technology

( APSG) were among technology's losers Wednesday, falling 15.6% after the maker of digital signal processing equipment posted first-quarter earnings and sales that fell short of expectations.

The company earned $2 million, or 17 cents a share, on sales of $30.1 million. Analysts polled by Thomson First Call were expecting earnings of 26 cents a share on sales of $36.6 million. A year ago the company earned $2.2 million, or 19 cents a share, on sales of $28.3 million. Applied Signal said that its first-quarter results were hurt by a higher tax rate and by its inability to keep up with the execution requirements of its contract backlog. "Part of this lag in execution is because of heavier-than-expected proposal activity, and we are hiring to be able to meet our commitments," the company said. Shares traded down $4.28 to $23.24.

Docucorp International

( DOCC) fell 11.9% after the enterprise software provider posted second-quarter results that fell well short of expectations. The company earned $496,000, or 4 cents a share, on sales of $20.3 million. Analysts were expecting earnings of 12 cents a share on sales of $21.4 million. A year ago the company earned $1.6 million, or 14 cents a share, on sales of $19.6 million. Results were hurt by weak software license sales in North America, higher amortization costs and increased costs associated with Sarbanes-Oxley compliance. Shares traded down $1.17 to $8.65.

Despite posting better-than-expected fourth-quarter earnings and sales and issuing first-quarter guidance above expectations, shares of

Autodesk

(ADSK) - Get Report

fell 4.5% on Wednesday. Excluding items, the maker of CAD software earned 30 cents a share on sales of $356.2 million. Analysts were expecting earnings of 28 cents a share on sales of $343.5 million. A year ago Autodesk earned 22 cents a share on sales of $295.3 million. Looking ahead, Autodesk forecast first-quarter earnings of 26 cents to 28 cents a share on sales of $335 million to $345 million. Analysts are expecting earnings of 25 cents a share on sales of $324.2 million. The company's shares, which rose almost 210% during 2004, traded down $1.33 to $28.58.

Nanometrics

(NANO) - Get Report

fell 5.7% after the semiconductor-equipment manufacturer posted fourth-quarter results that fell below expectations. The company earned $2.4 million, or 18 cents a share, on sales of $20.6 million. Analysts were expecting earnings of 25 cents a share on sales of $21.3 million. A year ago the company posted a loss of $804,000, or 7 cents a share, on sales of $12.4 million. Shares traded down 73 cents to $11.99.

Shares of

Novell

( NOVL) fell 8.2% after the company posted a year-over-year decline in first-quarter earnings on a 9% sales gain. Excluding a settlement gain of $448 million, the software maker earned $10.1 million, or 3 cents a share, on sales of $290.1 million. Analysts were expecting earnings of 2 cents a share on sales of $285.6 million. A year ago the company earned $11.3 million, or 3 cents a share, on sales of $267.1 million. During the first quarter, favorable currency exchange translation added $10 million to sales on a year-over-year basis, while exchange rates helped earnings by $2 million. Shares traded down 50 cents to $5.62.

Other technology movers included

Intel

(INTC) - Get Report

, down 45 cents to $23.31;

Microsoft

(MSFT) - Get Report

, down 3 cents to $25.20;

Cisco

(CSCO) - Get Report

, down 3 cents to $17.28;

Oracle

(ORCL) - Get Report

, up 29 cents to $12.95;

Sun Microsystems

(SUNW) - Get Report

, up 8 cents to $4.15;

Ciena

(CIEN) - Get Report

, down 35 cents to $2.40; and

Lucent

( LU), unchanged at $3.19.