Updated from 12:47 p.m. EDT

Shares of

CDC

(CHINA)

were among technology's losers Thursday, falling 11.8% after the company posted a big drop in first-quarter earnings.

The company, formerly known as Chinadotcom, posted pro forma earnings of $1.2 million, or 1 cent a share, on sales of $56.2 million. One analyst had been looking for earnings of 3 cents a share on sales of $54 million, according to Thomson First Call. A year ago, the company reported pro forma earnings of $6 million, or 6 cents a share, on sales of $35.5 million. Shares traded down 34 cents to $2.55.

Electroglas

(EGLS)

rose 4.2% after the company said that

Nantong Fujitsu Microelectronics

purchased one of its Sidewinder test handlers. The Sidewinder is used for testing packaged integrated circuit devices in strip format. "They understand the alignment and cost challenges associated with packaged test and have sought out and found technology that can precisely and economically handle even the smallest packages in a high-volume production environment," Electroglas said, referring to Nantong's selection of the Sidewinder. Shares of Electroglas traded up 13 cents to $3.23.

Shares of

Raven Industries

(RAVN) - Get Report

rose 8.4% after the company posted a big jump in first-quarter earnings and sales. The company, which provides industrial and electronics manufacturing services, posted earnings of $7.2 million, or 39 cents a share, on sales of $50.7 million. The one-analyst estimate called for earnings of 30 cents a share. A year ago, the company earned $5.4 million, or 29 cents a share, on sales of $38.4 million. Looking ahead, Raven expects second-quarter earnings and sales to be modestly above year-ago results, with increases reaching double-digit levels. During last year's second quarter, the company posted earnings of $3.6 million on sales of $37.1 million. Shares traded up $1.77 to $22.95.

Motorola

(MOT)

rose 2.4% after the company said it would buy up to $4 billion in stock over the next three years. The buyback, the company's first ever, represents about 10% of the company's total market capitalization at its current stock price. "We believe this stock repurchase program creates value for stockholders and further underscores our confidence in Motorola's long-term growth," the company said. As of April 2, the company had about $11.3 billion in cash, cash equivalents and short-term investments. Its net cash position stood at $6 billion. Shares traded up 41 cents to $17.31.

Shares of

Gateway

(GTW)

traded actively after the company said that Ted Waitt, the company's founder and chairman, would retire after the company's annual shareholder meeting Thursday. Waitt is leaving the company so that he can pursue a number of business and philanthropic interests. Former president Richard Snyder will replace Waitt. Shares of the computer maker traded up 2 cents to $3.23 on volume of more than 6 million shares.

TheStreet Recommends

Other technology movers included

Microsoft

(MSFT) - Get Report

, up 22 cents to $25.92;

Intel

(INTC) - Get Report

, up 8 cents to $26.01;

Cisco Systems

(CSCO) - Get Report

, up 14 cents to $19.38; and

Oracle

(ORCL) - Get Report

, up 10 cents to $12.43;

Sun Microsystems

(SUNW) - Get Report

, down 2 cents to $3.89;

Applied Materials

(AMAT) - Get Report

, down 22 cents to $15.72; and

Lucent Technologies

(LU)

, up 1 cent to $2.89.