Updated from 1:02 p.m. EDT

Shares of

Standard Microsystems

(SMSC)

were among technology's winners Wednesday, rising 24.5% after the chipmaker posted first-quarter earnings that were better than expected.

The company reported earnings of $3 million, or 15 cents a share, on sales of $68.8 million. On a pro forma basis, the company earned $4.7 million, or 23 cents a share. Analysts polled by Thomson First Call were expecting earnings of 13 cents a share on sales of $67 million. A year ago, the company earned $2.9 million, or 15 cents a share, on sales of $53.1 million. A year ago, the company reported pro forma earnings of $3.1 million, or 16 cents a share.

Looking ahead, Standard Microsystems expects second-quarter pro forma earnings of 17 cents to 21 cents a share on sales of $73 million to $77 million. Analysts are expecting earnings of 15 cents a share on sales of $74.6 million. Shares traded up $4.77 to $24.25.

Oracle

(ORCL) - Get Report

rose 5.8% after the company posted fourth-quarter earnings that outpaced Wall Street expectations. The software company earned $1.02 billion, or 20 cents a share, on sales of $3.88 billion. Excluding acquisition-related costs and other expenses, Oracle would have earned $1.36 billion, or 26 cents a share, on sales of $4.06 billion. Analysts were expecting earnings of 23 cents a share on sales of $3.89 billion. A year ago, the company earned $990 million, or 19 cents a share, on sales of $3.08 billion. On a pro forma basis, the company would have earned $1 billion, or 19 cents a share, a year ago. Shares traded up 74 cents to $13.57.

Shares of

Net2Phone

(NTOP)

rose 25.5% after majority owner

IDT

(IDT) - Get Report

said that it would buy the rest of Net2Phone for $1.70 a share in cash. IDT, which already owns about 2.8 million common shares and 28.9 million class A shares, expects to buy the shares after Net2Phone's board and advisers have had a chance to review and consider the offer. The $1.70 price tag represents a 21% premium to Tuesday's closing price of $1.41 a share. Shares traded up 36 cents to $1.77.

Adaptec

(ADPT) - Get Report

fell 1.2% after the company cut its first-quarter sales estimate below expectations. The company now expects to report sales of $103 million to $106 million, which is 7% to 10% below the low end of its previous sales estimate. Adaptec blamed the shortfall on lower-than-expected average selling prices for components in the channel. It added that systems sales to OEM and channel customers have been lower than expected as well. Analysts are expecting a first-quarter loss of 3 cents a share on sales of $114.9 million. Shares traded down 5 cents to $3.98.

Shares of

CardioDynamics International

(CDIC)

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fell 26.6% after the maker of medical technology swung to a second-quarter loss. The company reported a loss of $682,000, or 1 cent a share, on sales of $9.4 million. Analysts were expecting break-even earnings on sales of $11 million. A year ago, the company posted a profit of $958,000, or 2 cents a share, on sales of $10.3 million. Shares traded down 60 cents to $1.66.

Other technology movers included

Sirius Satellite Radio

(SIRI) - Get Report

, up 15 cents to $6.58;

Microsoft

(MSFT) - Get Report

, up 2 cents to $25.09;

Cisco Systems

(CSCO) - Get Report

, up 20 cents to $19.36;

Sun Microsystems

(SUNW) - Get Report

, up 5 cents to $3.79;

Intel

(INTC) - Get Report

, down 8 cents to $26.25;

Lucent Technologies

(LU)

, up 4 cents to $3.04; and

Siebel Systems

(SEBL)

, up 1 cent to $8.77.