Tech Stocks in Motion

Blue Coat runs up on a solid quarter.
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Shares of

Blue Coat Systems

(BCSI)

were among technology's winners Wednesday, rising 23% after the security software company posted first-quarter results that topped Wall Street forecasts.

The company reported earnings of $3.4 million, or 24 cents a share, on sales of $33.4 million. Excluding items, the company would have earned $3.7 million, or 27 cents a share. Analysts polled by Thomson First Call were expecting earnings of 21 cents a share on sales of $32.3 million. A year ago, the company earned $1.7 million, or 13 cents a share, on sales of $21.1 million. Excluding items, the company would have earned $2.2 million, or 17 cents a share, a year ago.

Looking ahead, Blue Coat said that it expects demand to remain strong, but "sequential growth is not expected to continue at the level realized in our most recent quarter." Still, the company forecast second-quarter pro forma earnings of $3.5 million to $4.3 million, or 25 cents to 30 cents a share, on sequential sales growth of 9% to 12%. Analysts are expecting earnings of 22 cents a share on sales of $33.9 million. Shares were trading up $6.90 to $37.14.

Nextel Partners

(NXTP)

rose 4% after

TheStreet.com

reported that

Sprint Nextel

(S) - Get Report

is preparing to acquire the affiliate during the next few weeks. Sprint, which owns almost 33% of the wireless service provider, downplayed the speculation in an interview, but people familiar with the company said the deal could be worth about $7 billion, or $30 a share, for Nextel Partners shareholders. Shares were recently trading up $1.11 to $27.22.

Shares of

InPhonic

(INPC)

rose 5% after the online retailer of wireless services and products announced a $30 million buyback plan. The buyback, which will take place over the next twelve months, "demonstrates our commitment to delivering value to our stockholders," the company said. The timing and amount of shares repurchased under the plan will be based on market conditions and other factors, the company said.

In addition to the buyback plan, the company also announced the suspension of 10b5-1 trading plans for its CEO, CFO and COO. Shares were recently trading up 64 cents to $14.30.

Photronics

(PLAB) - Get Report

fell 17% after the company posted third-quarter sales that disappointed investors. The maker of photomasks, a key element in the manufacture of semiconductors, reported earnings of $14.8 million, or 35 cents a share, on sales of $114.9 million. Excluding a 6-cent gain and a 2-cent charge, the company would have earned 31 cents a share, a penny ahead of expectations. Analysts, however, were expecting higher sales of $116.8 million. A year ago, the company earned $8.4 million, or 23 cents a share, on sales of $103.7 million. Photronics said that sales came in at the lower end of its expectations because of short-term operational issues at one of its European facilities during July. Shares were trading down $4.28 to $20.70.

Shares of

Wireless Facilties

(WFII)

rose 4% after the wireless communication networks company said it received blanket purchase agreements from U.S. Department of Defense agencies. San Diego-based Wireless Facilities will provide technical engineering and integration services, and supply radio frequency identification printers as part of the agreements. "These awards are part of a broader effort to make RFID hardware, software, and services available to DoD agencies and a recent requirement that DoD suppliers begin use of RFID smart labels," the company said in a statement. Shares were trading up 18 cents to $5.13.

Other technology movers included

Applied Materials

(AMAT) - Get Report

, up $1.13 cents to $18.30;

Hewlett-Packard

(HPQ) - Get Report

, up $2.45 to $26.15;

Cisco Systems

(CSCO) - Get Report

, up 34 cents to $17.97;

Intel

(INTC) - Get Report

, up 7 cents to $26.07;

Microsoft

(MSFT) - Get Report

, up 19 cents to $26.93;

Sun Microsystems

(SUNW) - Get Report

, down 4 cents to $3.63;

Transmeta

(TMTA)

, down 24 cents to $1.83;

Dell

(DELL) - Get Report

, up 26 cents to $36.96;

Oracle

(ORCL) - Get Report

, down 6 cents to $13.24; and

Lucent Technologies

(LU)

, down 1 cent to $2.87.