Shares of

Finisar

(FNSR) - Get Report

were among technology's losers Wednesday, slumping 13% after the network-equipment company posted first-quarter revenue that was slightly below expectations.

For the period ended July 31, the company posted a loss of $820,000, or less than a penny a share, on revenue of $106.2 million. Excluding items, the company earned $9.4 million, or 3 cents a share. Analysts polled by Thomson First Call expected earnings of 3 cents a share on revenue of $107.5 million. During the year-earlier quarter, the company posted an adjusted loss of $8.5 million, or 3 cents a share, on revenue of $81.7 million. Shares were trading down 47 cents to $3.23.

Fairchild Semiconductor

(FCS)

rose 3% after the chipmaker boosted its third-quarter revenue guidance. The company now sees sequential revenue growth of up to 2%, or revenue of $406.3 million to $414.4 million. Previously, the company said that revenue would be flat. Analysts project revenue of $407.6 million.

"Order rates have continued at a healthy seasonal level resulting in lower-than-expected cancellation rates, which gives us the confidence to raise our guidance," the company said. Fairchild plans to issue third-quarter results on Oct. 19. Shares were trading up 45 cents to $18.47.

Shares of

Corning

(GLW) - Get Report

fell 2% after the tech glassmaker updated its third-quarter financial guidance. The company now expects sequential liquid crystal display glass volume growth for its display technologies unit of 10% to 15%. Previously, the company predicted growth of 5% to 15%. The company now sees sequential LCD glass volume growth of 8% to 12% at Samsung Corning Precision, which compares with previous guidance of 5% to 15%.

Corning expects third-quarter earnings of 24 cents to 26 cents a share. Previously, the company predicted earnings of 22 cents to 26 cents. Analysts project earnings of 25 cents. The company now sees revenue of $1.27 billion to $1.31 billion. Previously, the company predicted revenue of $1.26 billion to $1.33 billion. Analysts project revenue of $1.3 billion. Shares were trading down 49 cents to $21.88.

Altera

(ALTR) - Get Report

slipped 2% after the chipmaker backed its third-quarter revenue forecast. The company continues to see revenue of $334 million to $344 million. Analysts project revenue of $335.8 million.

"Quarter-to-date sales of Altera's new products continue to improve, and, as anticipated, the company's mature products have declined versus the comparable period in the second quarter," the company said. Shares were trading down 37 cents to $19.64.

Cirrus Logic

(CRUS) - Get Report

fell 4% after the maker of analog and mixed-signal integrated circuits announced the resignation of its chief financial officer. John Kurtzweil is leaving the company so that he can take over as CFO at

Cree

(CREE) - Get Report

, a maker of LED products, Cirrus said. Cirrus has initiated a search for a new CFO. Shares were trading down 27 cents to $7.12.

Komag

(KOMG)

fell 9% after the disk-drive component maker cut its third-quarter revenue forecast. The company now sees sequential revenue growth that will be flat to up 3%. Previously, the company predicted growth of 5%. Analysts project revenue of $243.7 million, or sequential sales growth of slightly more than 4%. The company now sees net margins of 14% to 16%, down from its previous forecast of 16% to 17%. Shares were trading down $3.25 to $33.01.

Other technology movers included

Microsoft

(MSFT) - Get Report

, down 1 cent to $25.60;

Lucent Technologies

(LU)

, down 4 cents to $2.31;

Intel

(INTC) - Get Report

, down 34 cents to $19.65;

Sirius Satellite Radio

(SIRI) - Get Report

, down 2 cents to $4.17;

Qualcomm

(QCOM) - Get Report

, up 28 cents to $39.47;

Marvell Technology

(MRVL) - Get Report

, up 38 cents to $18.91;

JDSU

(JDSU)

, down 2 cents to $2.19;

Sun Microsystems

(SUNW) - Get Report

, down 5 cents to $4.97; and

Apple Computer

(AAPL) - Get Report

, down 36 cents to $71.12.