Tech Stocks in Motion - TheStreet

Updated from 1:40 p.m.

Shares of

Comtech Telecommunications

(CMTL) - Get Report

were among technology's winners Wednesday, rising 16% after the company posted second-quarter earnings and sales that easily beat expectations.

The company earned $10.2 million, or 59 cents a share, on sales of $78.1 million. Analysts polled by Thomson First Call were expecting earnings of 41 cents a share on sales of $67 million. A year ago the company earned $5.2 million, or 34 cents a share, on sales of $56.8 million. Second-quarter results benefited from favorable adjustments to long-term contracts in the company's telecom transmission and mobile data communications segments and by increased funding from a contract with the U.S. Army. Comtech also announced a 3-for-2 stock split, effective April 4 for shareholders of record on March 21. Shares traded up $5.80 to $42.17.

Retek

(RETK)

rose 23.8% on heavy volume after the company received a $9-a-share buyout offer from

Oracle

(ORCL) - Get Report

. Retek is currently being courted by Oracle's rival

SAP

(SAP) - Get Report

, which has already offered to buy the company for $496 million, or $8.50 a share. In addition to the $9-a-share offer, Oracle also said that it purchased almost 10%, or 5.5 million shares, of Retek's outstanding stock on Monday and Tuesday. Shares of Retek traded up $2.04 to $10.63; shares of Oracle traded down 27 cents to $13.35; and shares of SAP traded down 27 cents to $40.96.

Shares of

Chinadotcom

(CHINA)

fell 7.9% after the company posted fourth-quarter sales that fell below expectations and announced the resignation of CEO Peter Yip. Excluding items, the company posted earnings of $3.6 million, or 3 cents a share, on sales of $54.2 million. Analysts were expecting earnings of 3 cents a share on sales of $56.2 million. A year ago the company posted earnings of $2.84 million, or 3 cents a share.

The company said that Peter Yip, who had been on an extended leave of absence, will be replaced by Raymond Ch'ien, the company's executive chairman. Shares traded down 29 cents to $3.37.

Interlink Electronics

(LINK)

fell modestly after the company lowered its fourth-quarter outlook because of higher costs associated with the Sarbanes-Oxley Act and because of accounting issues found during the company's annual audit. As a result of the increased costs and the change in the way it will recognize certain revenue related to a product order, the company now expects to post a fourth-quarter loss of $1.1 million, or 8 cents a share, on sales of $9.6 million. Previously, the company forecast a loss of $350,000 to $450,000 on sales of $10.4 million. In addition to the earnings warning, the company also said that it would have to restate its financial results for the first three quarters of 2004 because of two matters identified during the company's audit. The company said the first matter related to the timing of revenue related to a significant OEM sale; the second matter pertained to an adjustment to inventory value related to manufacturing operations in China and the ramp-up in sales of new products. Shares traded down 2 cents to $6.98.

Shares of

OpenTV

(OPTV)

rose 11.7% after Comcast Spotlight, the advertising sales arm of

Comcast

(CMCSA) - Get Report

, signed a multiyear licensing agreement with OpenTV that will extend the deployment of AdVision, OpenTV's advertising and sales traffic and billing system. Shares of OpenTV traded up 29 cents to $2.77.

Other technology movers included

Cisco

(CSCO) - Get Report

, up 41 cents to $18.53;

Intel

(INTC) - Get Report

, up 4 cents to $24.84;

Microsoft

(MSFT) - Get Report

, down 9 cents to $25.31;

Lucent

(LU)

, down 9 cents to $2.96;

Apple Computer

(AAPL) - Get Report

, down $1.18 to $39.35;

Sirius Satellite Radio

(SIRI) - Get Report

, down 20 cents to $5.60;

Sun Microsystems

(SUNW) - Get Report

, down 1 cent to $4.36; and

Applied Materials

(AMAT) - Get Report

, down 16 cents to $16.66.