Updated from 1:38 p.m. EDT

Shares of SpectraLink ( SLNK) were among the worst-performing technology stocks Tuesday after the wireless products company warned that second-quarter earnings and sales would fall short of expectations.

Weaker-than-expected orders at the end of the quarter, lower gross margins and higher general and administrative costs led the company to revise second-quarter earnings expectations to 10 cents a share on sales of $20 million. Analysts polled by Thomson First Call had expected the company to earn 14 cents a share on sales of $21.9 million. Looking ahead, SpectraLink said that it expects full-year sales at the low end of its previously announced range of mid- to high-$80 million. Analysts had expected it to report sales of $88.9 million. Shares of SpectraLink traded down $2.80, or 22.9%, to $9.43.

Red Hat ( RHAT) slumped after it said it would restate financial results for fiscal 2002, 2003, and 2004 , and its recently reported first quarter. The company said the restatement is due to the correction of its method of recognizing revenue for subscription agreements. It said that the new accounting method is not expected to have a material affect on annual revenue and will not affect cash flow from operations. Despite those assurances, shares of Red Hat traded down $4.62, or 22.7%, to $15.73.

Shares of Compuware ( CPWR) fell after the company warned that first-quarter financial results would fall short of expectations. Weaker software license sales forced the company to trim its earnings estimates to break even on sales of about $286 million. Analysts had expected it to earn 3 cents a share on sales of $313.8 million. A year ago it earned 1 cent a share on sales of $306 million. Shares of Compuware traded down 59 cents, or 9.8%, to $5.42.

ChipMOS Technologies ( IMOS) fell after it priced 7 million shares at $5.50 in a public offering, netting about $34.3 million in proceeds. It also granted underwriters a 30-day option to buy up to 1.05 million shares to cover overallotments. Lehman Brothers acted as sole bookrunner for the offering. Shares of ChipMOS traded down 61 cents, or 10.1%, to $5.44.

Shares of Aladdin Knowledge Systems ( ALDN) rose after the company announced that Chicago's Shedd Aquarium, the largest indoor aquarium in the world, selected Aladdin's eSafe content security solution to protect its network from computer viruses and spam. The eSafe system will protect some 350 workstations at the Shedd Aquarium. Shares of Aladdin traded up 96 cents, or 6.5%, to $15.66.

Other technology volume leaders included Intel ( INTC), down 10 cents to $26.14; Lucent ( LU), up 13 cents to $3.51; Nortel Networks ( NT), up 53 cents to $4.76; Sirius Satellite Radio ( SIRI), down 11 cents to $2.60; Microsoft ( MSFT), down 29 cents to $27.60; Oracle ( ORCL), down 9 cents to $11; and Cisco ( CSCO), down 15 cents to $22.14.

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