Shares of

Avid Technology

(AVID) - Get Report

were among technology's losers Wednesday, tumbling 15% after the digital-editing equipment maker warned that first-quarter results would fall below expectations.

The company sees earnings, excluding items, of $15.2 million to $16.5 million, or 35 cents to 38 cents share. The company predicts revenue of $216 million to $218 million. Analysts polled by Thomson First Call project earnings of 49 cents a share on revenue of $230.3 million. Avid said sales were hurt by lower-than-expected sales of playout servers and on-air graphics, add-on and local storage, and by weaker European consumer products.

"While we are clearly disappointed with our preliminary results for Q1, and we have made what we believe are appropriate adjustments to our 2006 outlook and expense plan, we remain positive about the longer-term prospects for our company and our markets," the company said.

For all of 2006, Avid expects adjusted earnings of $2.15 to $2.40 a share, below analysts' target of $2.80. The company forecast revenue of $940 million to $970 million, compared with analysts' projection for revenue of $1.01 billion. Shares were down $6.40 to $37.05.

Pixelplus

(PXPL)

plunged 41% after the chipmaker cut its first-quarter revenue outlook. The company sees revenue of $11.5 million to $12.5 million, below an earlier view of $14.7 million. Analysts project sales of $14.6 million. "We are disappointed with our preliminary financial results for the first quarter," the company said. "We were not able to promptly react to the weaker-than-expected demand from certain of our camera module assembly customers in China."

The company also said it plans to change the way it accounts for its Pixelplus Technology affiliate. As a result of the change, which makes the affiliate a consolidated subsidiary for accounting purposes, revenue of the fourth quarter of 2005 will be reduced by about $3.7 million, and revenue for fiscal 2005 will be lowered by $2.5 million. Pixelplus shares sank $3 to $4.30.

Shares of

CDC

(CHINA)

, which was formerly known as Chinadotcom, climbed 12% after the company said it swung to a fourth-quarter profit. The software company earned $1 million, or about a penny a share, on revenue of $62.3 million. Last year, the company reported a fourth-quarter loss of $760,000, or 1 cent a share, on revenue of $55.1 million. "Our fourth-quarter operating results reflect the success of our strategic review which realigned our leaner organization to focus intently on our core business units, CDC Software and China.com," the company said.

Looking ahead, CDC sees first-quarter revenue of $52.3 million to $52.6 million. Shares were trading up 48 cents to $4.47.

Datalink

(DTLK)

soared 32% after the software company posted a first-quarter profit, surprising Wall Street. The company earned $833,000, or 8 cents a share, on revenue of $34.3 million. Analysts expected a loss of a penny a share on revenue of $30.9 million. During the year-earlier quarter, the company recorded a loss of $4.7 million, or 47 cents a share, on revenue of $21.2 million.

Looking ahead, Datalink sees second-quarter earnings of 3 cents to 10 cents a share, with revenue of $32 million to $36 million. Analysts project earnings of 5 cents a share on revenue of $32.7 million. Shares were trading up $1.35 to $5.62.

Shares of

Emulex

(ELX)

rose 8% even though the company cut its third-quarter forecast. The storage networking systems maker now sees earnings of 10 cents to 11 cents a share for the quarter ended April 2, down from an earlier view of 17 cents to 18 cents a share. Excluding items, the company predicts earnings of 20 cents to 21 cents a share, below its earlier forecast of 27 cents to 28 cents a share. Analysts project earnings of 27 cents a share. The company also cut its revenue estimate to $88 million to $89 million from its earlier view of $106 million to $108 million. Analysts project revenue of $107 million.

"During the third quarter, demand from two major OEM customers was impacted by deferred launches of 4Gb/s Emulex HBAs attached to next-generation server and storage platforms," the company said. Emulex said the delayed launches have been rescheduled for the fourth quarter.

Despite the weaker projections, Emulex shares moved higher after Citigroup upgraded the stock to buy from hold. The stock recently was up $1.42 to $18.22.

Other technology movers included

Sun Microsystems

(SUNW) - Get Report

, down 4 cents to $4.97;

JDS Uniphase

(JDSU)

, up 1 cent to $3.60;

Ciena

(CIEN) - Get Report

, up 6 cents to $4.26;

Intel

(INTC) - Get Report

, up 5 cents to $19.21;

Cisco Systems

(CSCO) - Get Report

, up 8 cents to $21.11;

Microsoft

(MSFT) - Get Report

, down 1 cent to $27.12;

Apple Computer

(AAPL) - Get Report

, down 46 cents to $67.53;

Oracle

(ORCL) - Get Report

, down 5 cents to $13.79;

Lucent Technologies

(LU)

, down 1 cent to $2.98; and

Conexant

(CNXT) - Get Report

, up 16 cents to $3.48.