Shares of

Photronics

(PLAB) - Get Report

were among technology's losers Wednesday, falling 14% after the maker of photomasks, a key element in the production of semiconductors, warned that fourth-quarter results wouldn't meet expectations.

The company expects earnings of 15 cents to 18 cents a share, or 16 cents to 19 cents a share excluding items. Photronics cut its sales forecast to $110 million to $112 million from an earlier view of $115 million to $121 million. Analysts polled by Thomson First Call were expecting earnings of 29 cents a share and sales of $118 million. Photronics said weaker-than-expected demand for its mainstream products in North America during the latter part of the quarter hurt its results. Shares were trading down $2.66 to $16.07.

Sonic Solutions

( SNIC) slumped 14% after the software company posted better-than-anticipated second-quarter results but chopped its third- and fourth-quarter guidance. The company earned $3.1 million, or 11 cents a share, for the second quarter ended Sept. 30, on sales of $31.9 million. Analysts expected earnings of 10 cents a share and sales of $31.3 million. A year earlier, earnings were $3.6 million, or 14 cents a share, on sales of $17.4 million.

Sonic Solutions now sees third-quarter earnings of 25 cents to 30 cents a share, below its previous guidance of 42 cents to 46 cents. The company cut its sales forecast to $37 million to $40 million from $43 million to $47 million. Analysts projected third-quarter earnings of 43 cents a share and sales of $44.7 million.

For the fiscal fourth quarter, Sonic now predicts earnings of 28 cents to 38 cents a share on sales of $38 million to $42 million. The company's previous guidance called for earnings of 54 cents to 58 cents a share and sales of $46 million to $50 million. Analysts expected earnings of 54 cents a share on sales of $48.8 million.

Finally, the company expects fiscal 2007 operating income of $42 million to $55 million and sales of $175 million to $190 million. Analysts expect sales of $191.6 million. Sonic Solutions shares were trading down $2.50 to $15.01.

Shares of

Sonus Networks

(SONS)

dropped 18% after the maker of advanced phone switches posted disappointing third-quarter results. The company reported a loss of $2.7 million, or a penny a share, on sales of $45.7 million. Analysts expected a profit of a penny a share on sales of $48.7 million. Sonus said that new accounting guidelines reduced third-quarter sales by $4.7 million and earnings by about 2 cents a share. The $4.7 million in sales will be recognized in future periods as service revenue, the company said. Shares were trading down 90 cents to $4.16.

Transmeta

( TMTA) fell 18% after the company posted third-quarter results that topped forecasts but gave a fourth-quarter projection that fell short of expectations. The maker of microprocessors earned $10.1 million, or 5 cents a share, on sales of $27.9 million. Analysts expected earnings of 4 cents a share and sales of about $26 million. Transmeta posted a loss of $28.6 million, or 16 cents a share, on sales of $7 million a year ago.

The company sees a fourth-quarter loss of $5.4 million to $5.9 million, or 3 cents a share, compared with analysts' forecast for a profit of a penny a share. The company predicts sales of $12 million to $13 million, below Wall Street's target of $20.2 million. Transmeta shares were trading down 30 cents to $1.34.

Shares of

Integrated Device Technology

(IDTI) - Get Report

rose 7% after the chip company posted second-quarter results that beat forecasts. The company reported a loss of $19.5 million, or 16 cents a share, on sales of $105.7 million. Excluding items, the company would have posted earnings of $11.2 million, or 9 cents a share. Analysts expected earnings of 6 cents a share, before items, on sales of $104.5 million. In last year's second quarter, the company earned $8.9 million, or 8 cents a share, on sales of $96.7 million. Excluding items, the company would have earned $9.5 million, or 9 cents a share, a year ago.

Integrated Device also increased its stock repurchase plan to $75 million, an increase of $25 million. Under the previous plan, the company had already bought about 2 million shares for $24 million, leaving about $50 million for future repurchases. Shares were trading up 67 cents to $10.88.

Shares of two tech companies soared following their initial public offerings. Israeli chip company

Saifun Semiconductors

(SFUN) - Get Report

saw its shares rise 28% in their first day of trading. The company's IPO of 5 million shares priced late Tuesday at $23.50 a share. The stock recently gained $6.51 to $30.01. Meanwhile,

iRobot

(IRBT) - Get Report

shares jumped 23% to $29.57. The robot maker had offered 4.3 million shares at $24 a share.

Other technology movers included

Microsoft

(MSFT) - Get Report

, down 3 cents to $27.02;

Cisco

(CSCO) - Get Report

, down 11 cents to $17.75;

JDSU

(JDSU)

, up 4 cents to $2.28;

Intel

(INTC) - Get Report

, up 19 cents to $24.74;

Lucent Technologies

( LU), up 3 cents to $2.77;

Sirius Satellite Radio

(SIRI) - Get Report

, up 4 cents to $6.87;

Oracle

(ORCL) - Get Report

, down 10 cents to $12.52;

Siebel Systems

( SEBL), up 2 cents to $10.44;

Applied Materials

(AMAT) - Get Report

, up 29 cents to $17.78;

Apple Computer

(AAPL) - Get Report

, up 61 cents to $60.51; and

Sun Microsystems

(SUNW) - Get Report

, down 1 cent to $3.76.