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Shares of

IBM

(IBM) - Get International Business Machines Corporation Report

were among technology's winners Wednesday, rising 5% after the hardware and services giant posted better-than-expected third-quarter results.

The company earned $2.22 billion, or $1.45 a share, on revenue of $22.62 billion. Analysts polled by Thomson First Call expected earnings of $1.35 a share and revenue of $22.08 billion. A year ago, IBM reported adjusted earnings of $1.26 a share on revenue of $21.53 billion. Shares of Big Blue recently were up $3.97 to $90.92. Earlier in the session, the stock hit a 52-week intraday high of $92.04.

Shares of

Intel

(INTC) - Get Intel Corporation Report

rose 2% after the chipmaker's earnings handily topped expectations. The company earned $1.3 billion, or 22 cents a share, on revenue of $8.74 billion. Analysts predicted earnings of 18 cents a share on revenue of $8.62 billion. During the year-earlier quarter, the company earned $2 billion, or 32 cents a share, on revenue of $9.96 billion.

For the fourth quarter, Intel projected fourth-quarter revenue of $9.1 billion to $9.7 billion, bracketing analysts' mean estimate of $9.46 billion. Shares were trading up 47 cents to $21.37.

Motorola

( MOT) fell 5% after the cell-phone company posted third-quarter revenue that fell short of analysts' targets. Motorola earned $968 million, or 39 cents a share. Excluding items, the company posted earnings of 34 cents a share, matching analysts' average estimate of 34 cents. But revenue totaled $10.6 billion, below Wall Street's forecast of $11.07 billion. For the year-earlier period, the company posted earnings from continuing operations of $1.74 billion, or 68 cents a share, on revenue of $9.05 billion.

Looking ahead, Motorola sees fourth-quarter revenue of $11.8 billion to $12.1 billion. Analysts project revenue of $12.1 billion. Shares were off $1.24 to $23.61.

Shares of

Cognex

(CGNX) - Get Cognex Corporation Report

TheStreet Recommends

tumbled 15% after the company posted weaker-than-expected third-quarter revenue and also gave a soft top line forecast for the fourth quarter. Third-quarter earnings totaled $10.1 million, or 22 cents a share, a penny above Wall Street's forecast. Revenue totaled $58 million, below analysts' estimate of $62.8 million. During the year-earlier period, the company earned $10.9 million, or 22 cents a share, on revenue of $58.3 million.

For the fourth quarter, Cognex sees earnings of 19 cents to 23 cents a share, with revenue of $58 million to $61 million. Analysts project earnings of 22 cents a share and revenue of $64.8 million. Shares were trading down $4.01 to $22.70.

Linear Technology

(LLTC)

fell 6% after the chipmaker posted mixed first-quarter results and warned that fourth-quarter results would be softer than expected. The company earned $112.4 million, or 37 cents a share, on revenue of $292.1 million. Analysts expected earnings of 37 cents a share on revenue of $293.4 million. During the year-earlier period, the company earned $99.2 million, or 31 cents a share, on revenue of $256 million.

Linear Technology expects second-quarter earnings and revenue to be down 5% to 7% on a sequential basis. Analysts projected earnings of 38 cents a share, with a 4% rise in revenue of $303.5 million. Linear shares were trading at $30.80, down $2.10.

Other technology movers included

Level 3 Communications

(LVLT)

, down 19 cents to $5.84;

Microsoft

(MSFT) - Get Microsoft Corporation Report

, up 16 cents to $28.60;

Applied Materials

(AMAT) - Get Applied Materials, Inc. Report

, down 61 cents to $18.07;

Cisco Systems

(CSCO) - Get Cisco Systems, Inc. Report

, up 5 cents to $24.53;

Sun Microsystems

(SUNW) - Get Sunworks, Inc. Report

, up 7 cents to $5.22;

Apple Computer

(AAPL) - Get Apple Inc. Report

, up 55 cents to $74.84;

Finisar

(FNSR) - Get Finisar Corporation Report

, unchanged at $4.13; and

Lucent Technologies

( LU), up 1 cent to $2.36.