Shares of

Blue Coat Systems

( BCSI) were among technology's losers Wednesday, tumbling 22% after the maker of network security equipment posted lower-than-expected third-quarter results and projected fourth-quarter results will be below forecasts as well.

For the quarter ended Jan. 31, the company earned $3 million, or 20 cents a share. Excluding items, the company earned $3.2 million, or 21 cents a share, missing Thomson First Call's mean analyst estimate by 3 cents. Blue Coat reported sales of $35.5 million, below Wall Street forecasts of $37.5 million. During the year-earlier period, the company earned $267,000, or 2 cents a share, on sales of $24.7 million. Excluding items, the company earned $1.6 million, or 12 cents a share, during last year's third quarter. "We are disappointed that the third quarter results did not achieve our expectations," the company said. "The shortfall in revenue is due in significant part to two orders that did not close during the quarter."

Looking ahead, Blue Coat forecast fourth-quarter earnings of $800,000 to $1.6 million, or 5 cents to 11 cents a share, excluding amortization costs. Analysts projected earnings of 25 cents a share. The company sees sales of $34.5 million to $35.5 million, below analysts' target of $39.3 million. Blue Coat shares were trading down $5.38 to $19.12.

iRobot

(IRBT) - Get Report

slid 22% after the robot maker posted weaker-than-expected fourth-quarter results. The company earned $12,000, or less than a penny a share, on sales of $46.5 million. Analysts expected earnings of 4 cents a share. During the year-earlier quarter, iRobot earned $214,000, or a penny a share, on sales of $37.5 million. Shares were trading down $7.39 to $25.83.

Shares of

Tekelec

( TKLC) fell 9% after the telecom equipment company postponed its fourth-quarter earnings results. The company, which previously said it would release earnings Thursday, said its auditor needs additional time to complete the audit for the company's results for the year ended Dec. 31. Tekelec said it will release the fourth-quarter and full-year results when the audit is finished. Shares were down $1.49 to $14.60.

Shanda Interactive Entertainment

( SNDA) rose 7% after

Cisco Systems

(CSCO) - Get Report

reported an almost 10% stake in the Chinese operator of online games. In a regulatory filing with the

Securities and Exchange Commission

, Cisco disclosed that it owns about 13.9 million Shanda shares, or 9.7% of the company. Shares of Shanda recently had advanced $1.09 to $16.33.

Shares of

Onyx Software

( ONXS) tumbled 16% after the software company posted fourth-quarter results that fell short of expectations. The company reported a loss of $143,000, or 1 cent a share, on sales of $15.4 million. Excluding items, the company earned $113,000, or 1 cent a share. The lone analyst forecast called for earnings of 3 cents a share and sales of $15.8 million. During the year-earlier period, the company recorded a loss of $1.4 million, or 10 cents a share, on sales of $14.9 million. Excluding items, the company reported a loss of $202,000, or a penny a share.

For the first quarter, Onyx Software expects a 20% sales decline on a sequential basis, which would imply first-quarter sales of about $12.3 million. The single analyst forecast called for sales of $15.1 million. Shares were trading down 70 cents to $3.79.

Shares of

Daktronics

(DAKT) - Get Report

gained 12% and hit a 52-week high after the company posted a 64% rise in its third-quarter profit on better-than-expected sales. The company, which makes electronic scoreboards and video displays, said its earnings for the quarter ended Jan. 28 rose to $4 million, or 20 cents a share, from $2.5 million, or 12 cents a share, a year earlier. Sales rose to $71.1 million from $50.8 million. The earnings per share matched analysts' mean estimate, while sales beat analysts' target of $67.9 million.

Looking to the fourth quarter, Daktronics projected earnings of 21 cents to 31 cents a share, with sales of $74 million to $82 million. Analysts project earnings of 25 cents a share and sales of $72 million. Daktronics also said it expects fiscal 2007 revenue will grow faster than its long-term growth of 15%. Shares recently were up $3.58 to $32.91. Earlier in the day, the shares hit a 52-week high of $32.98, surpassing the previous high of $32.52 set Jan. 25.

Other technology movers included

Lucent Technologies

( LU), up 3 cents to $2.86;

Intel

(INTC) - Get Report

, down 8 cents to $21.29;

Microsoft

(MSFT) - Get Report

, up 15 cents to $26.80;

Sirius Satellite Radio

(SIRI) - Get Report

, up 14 cents to $5.78;

Apple Computer

(AAPL) - Get Report

, up $1.44 to $69.08; Cisco Systems, up 11 cents to $19.81;

Sun Microsystems

(SUNW) - Get Report

, down 5 cents to $4.34;

Oracle

(ORCL) - Get Report

, down 2 cents to $12.38; and

Applied Materials

(AMAT) - Get Report

, down 8 cents to $20.18.