Updated from 12:46 p.m. EDT

Shares of Smith Micro Software ( SMSI) were among the best-performing technology stocks Friday after the company announced that Verizon ( VZ) extended an existing multi-year agreement to provide wireless access support.

Verizon's wireless remote access management solution, called the VZAccess Manager, will use Smith Micro's QuickLink mobile software to provide anytime access to email, file transfers, Web surfing and corporate Intranets without being plugged into a network or landline modem connection. Financial terms were not disclosed. Shares of Smith Micro traded up 62 cents, or 33.2%, to $2.49.

Tessera Technologies ( TSRA) rose after it raised its full-year sales and earnings guidance. Reflecting a payment of $6 million from Samsung Electronics related to past royalties, Tessera now expects to earn 56 cents to 58 cents a share on sales of $63 million to $65 million. Previously, it had expected to earn 46 cents to 48 cents a share on sales of $57 million to $59 million. Analysts polled by Thomson First Call had expected full-year earnings of 48 cents a share on sales of $58.8 million. Shares of Tessera Technologies traded up $2, or 12.6%, to $17.92.

Shares of Aspect Communications ( ASPT) fell after the company reported weaker-than-expected second-quarter earnings and sales and warned that third-quarter sales would fall short of expectations. It earned 15 cents a share on sales of $91 million in the second quarter, below analysts' expectations of 18 cents a share on sales of $95.3 million. Looking ahead, it said that third-quarter sales would be equal to, or slightly above, second-quarter results. Analysts had expected third-quarter sales of $97.4 million. Shares of Aspect Communications traded down $2.63, or 22.9%, to $8.87.

Faro Technologies ( FARO) rose after the company reported preliminary sales results that beat second-quarter expectations. When it reports earnings on Aug. 4, it expects to post sales of about $24.1 million, compared with the $21.6 million analysts had expected. Faro chalked up the sales results to strong European and Asia/Pacific sales. It also reiterated its full-year sales outlook, saying that it expected to post sales of $90 million to $93 million. Analysts are expecting it to post annual sales of $92 million. Shares of Faro Technologies traded up $2.79, or 12.8%, to $24.60.

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