Tech stocks were trading mixed Thursday with

Amazon

and

Qualcomm

among the big gainers, and

Omniture

and

Cadence Design Systems

losing ground following poor earnings reports.

Amazon

(AMZN) - Get Report

rose $10.92, or 15.5%, to $81.46 as it continued to show strong profits in the face of a weak economy.

The Internet giant posted second-quarter profit of $158 million, or 37 cents a share, up 102% from $78 million, or 19 cents a share a year ago. Analysts were looking for the company to earn 26 cents a share.

The company's profit included a noncash gain of $53 million that was recognized on the sale of its European DVD rental assets. Revenue rose 41% to $4.06 billion and was higher than analysts' expectations of $3.95 billion.

Qualcomm

(QCOM) - Get Report

gained $8.75, or 19.5%, to $53.57 after it

reached a deal

with

Nokia

(NOK) - Get Report

over a long-standing patent licensing dispute.

Qualcomm said it has settled all litigation with Nokia, while Nokia withdrew its complaint with the European Commission. Shares of Nokia were up 76 cents, or 2.8%, to $27.46.

Outsourcing services company

Syntel

(SYNT) - Get Report

was up $2.23, or 6.8%, to $34.82 after it beat analysts' estimates in the second quarter. Syntel reported EPS of 42 cents a share , 4 cents better than analysts' consensus.

Revenue rose 28.7% to $103.4 million, which was higher than Street expectations of $102.5 million. The company offered fiscal 2008 guidance of EPS in the range of $1.74 to $1.82 and revenue in the range of $412 million to $422 million. That was in line with analysts' estimates.

IT security company

Vasco Data Security

(VDSI)

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was up $1.82, or 15.8%, to $13.30 after it beat analysts' estimates for the second quarter. The company reported earnings of 20 cents a share, 5 cents better than expectations. Revenue rose 9.3% to $35.4 million and was higher than analysts' estimates of $34.2 million. Vasco guided revenue growth in the range of 15% to 25% for fiscal 2008.

Omniture

( OMTR) fell $2.02, or 9.6%, to $18.95 after it missed Street expectations for the second quarter. The company posted a net loss of $6.5 million, or 9 cents a share, vs. a loss of $4.1 million, or 8 cents a share a year ago.

Excluding charges, it earned 10 cents a share in the latest quarter, a penny shy of analysts' expectations. Revenue rose to $71.6 million from $33.5 million a year ago but was lower than analysts' consensus estimates of $74.3 million.

Shares of

Microsoft

(MSFT) - Get Report

were down 77 cents, or 2.9%, to $25.66 after it announced a re-organization of its Windows and online services division.

Kevin Johnson, the head of the division, left Microsoft to be the chief executive at

Juniper Networks

(JNPR) - Get Report

. The platforms & Services Division will be split into two groups: Windows/Windows Live and online services, with both groups reporting to CEO Steve Ballmer. Microsoft is also conducting its analysts day meet Thursday.

Level 3 Communications

(LVLT)

sank 41 cents, or 11.5%, to $3.15 after it reported a loss of 8 cents a share, excluding items, 2 cents better than analysts' estimates. Revenue rose 3.6% to $1.09 billion and was better than consensus estimate of $1.07 billion. The company said its 2008 business outlook for its core communications services revenue and remains unchanged.

Shares of design software developer

Cadence Design Systems

(CDNS) - Get Report

plunged $3.27, or 31.8%, to $7 after it

issued guidance

that was much lower than that of Street's full-year earnings' expectations.

Cadence projected third-quarter revenue ranging from $235 million to $245 million and a loss of 9 cents to 11 cents a share. Analysts were expecting a top line of $412.8 million and EPS of 40 cents, excluding special items. For the full year, the company guided revenue in the range of $1.12 billion and $1.14 billion, with EPS ranging from 1 cent to 5 cents. Analysts had projected revenue of $1.51 billion and EPS of $1.16.

Sirius Satellite Radio

(SIRI) - Get Report

gave back some of its gains from Wednesday and was down 22 cents, or 8.2%, to $2.46.

A report

in the

New York Times

suggested the company is close to gaining approval for its merger with

XM Satellite Radio

( XMSR). The closure of the deal brings the issue of profitability for the combined entity to the fore.