Updated from 11:21 a.m. EDT

Technology stocks moved higher Wednesday as earnings news continued to provide a catalyst for the market.

Internet retailer

Amazon.com

(AMZN) - Get Report

posted much better-than-expected first-quarter results and forecast second-quarter revenue above expectations. The company earned $111 million, or 26 cents a share, on revenue of $3.02 billion. Analysts polled by Thomson First Call expected earnings of 15 cents a share on revenue of $2.92 billion. During the year-earlier quarter, the company earned $51 million, or 12 cents a share, on revenue of $2.28 billion.

Looking ahead, Amazon.com sees second-quarter revenue of $2.7 billion to $2.85 billion. Analysts project revenue of $2.69 billion. Shares closed up $12.06, or 27%, to $56.81.

Elsewhere,

Riverbed Technology

(RVBD)

soared 22.7% after the computer networking company -- which went public in September -- posted first-quarter results that blew past estimates. The company earned $3.3 million, or 5 cents a share, on revenue of $42.8 million. Excluding items, the company earned $8.6 million, or 12 cents a share. Analysts expected earnings of 5 cents a share on revenue of $38 million. During the year-earlier period, the company reported an adjusted loss of $3.4 million, or 28 cents a share, on revenue of $13.7 million. Shares closed up $6.42 to $34.70.

On the losing side,

Sun Microsystems

(SUNW) - Get Report

slid 11.3% after the server maker posted weaker-than-expected third-quarter revenue and warned that fourth-quarter revenue would be below expectations. For the period ended April 1, the company earned $67.2 million, or 2 cents a share, on revenue of $3.28 billion. Excluding items, the company earned $35 million, or a penny a share. Analysts expected earnings of a penny a share on revenue of $3.42 billion. During the year-earlier quarter, the company posted a loss of $217 million, or 6 cents a share, on revenue of $3.18 billion.

Looking ahead, Sun Microsystems sees a fourth-quarter sequential revenue gain of 15% to 18%. Analysts project revenue of $4 billion, or a sequential gain of 22%. Shares closed down 67 cents to $5.27.

Datalink

(DTLK)

plunged 21% after the software company posted disappointing first-quarter results and warned that the second-quarter would be below Wall Street's forecast. The company posted an adjusted loss of $153,000, or a penny a share, on revenue of $40.9 million. Analysts expected a profit of a nickel a share on revenue of $42.5 million. During the year-earlier quarter, the company posted an adjusted profit of $502,000, or 5 cents a share, on revenue of $34.3 million.

Looking ahead, Datalink sees second-quarter adjusted earnings of 2 cents to 7 cents a share on revenue of $49 million to $54 million. Analysts project earnings of 11 cents a share on revenue of $50.5 million. Shares closed down $1.80 to $6.76.

Shares of

Travelzoo

(TZOO) - Get Report

slumped 23.6% after the online publisher of travel discounts posted disappointing first-quarter results. The company earned $4.1 million, or 25 cents a share, on revenue of $19.7 million. Analysts expected earnings of 32 cents a share on revenue of $20.4 million. During the year-earlier quarter, the company earned $4.1 million, or 24 cents a share, on revenue of $16.9 million. Shares closed down $8.72 to $28.16.

As for the broader technology sector, the

Nasdaq 100

was up about 22.5 points to 1881.33

Other technology movers included

Intel

(INTC) - Get Report

, up 32 cents to $22.26;

Cisco Systems

(CSCO) - Get Report

, up 45 cents to $26.78;

Microsoft

(MSFT) - Get Report

, up 20 cents to $28.99;

Sirius Satellite Radio

(SIRI) - Get Report

, up 6 cents to $2.83;

Level 3 Communications

(LVLT)

, up 12 cents to $6.18; and

Tellabs

( TLAB), up 27 cents to $11.02.