Updated from 1:42 p.m.

Shares of Serena Software ( SRNA) were among the best-performing technology stocks Friday, rising 16.8% after the company posted third-quarter earnings that beat expectations and said fourth-quarter results would be better than expected.

Excluding items, the software company earned 35 cents a share on sales of $62.2 million. Analysts polled by Thomson First Call were expecting earnings of 29 cents a share on sales of $59.4 million. Looking ahead, the company forecast fourth-quarter earnings of 38 cents to 39 cents a share on sales of $65 million to $67 million. Analysts had been expecting earnings of 31 cents a share on sales of $63.8 million. Shares traded up $3.05 to $21.20.

Autodesk ( ADSK - Get Report) rose 5% after the company beat third-quarter earnings expectations, offered an upbeat sales forecast for the fourth quarter and declared a 2-for-1 stock split. Excluding items, the software maker earned 38 cents a share on sales of $300 million. Analysts were expecting earnings of 34 cents a share on sales of $283 million. Looking ahead, Autodesk forecast presplit, pro forma fourth-quarter earnings of 52 cents to 57 cents a share, in line with expectations, on sales of $335 million to $345 million, which is above analysts' expectations of $315.9 million. Autodesk forecast fiscal 2006 earnings of $2 to $2.15 a share on sales of $1.33 billion to $1.38 billion. Analysts had been expecting earnings of $1.87 a share on sales of $1.29 billion. The company's stock split is payable on Dec. 20. Shares traded up $3.05 to $63.70.

Shares of Blue Coat Systems ( BCSI) fell 13.4% after the company posted in-line second-quarter earnings results but warned that third-quarter earnings would fall short of expectations. Excluding items, the software maker earned 9 cents a share on sales of $21.9 million. Analysts were expecting earnings of 9 cents a share on sales of $21.3 million. Looking ahead, Blue Coat forecast pro forma third-quarter earnings of 4 cents to 7 cents a share on sequential sales growth of 3% to 6%. Analysts had been expecting earnings of 8 cents a share on sales of $22.3 million. Shares traded down $2.70 to $17.53.

Interchange ( INCX) rose 20.3% after the paid-search company posted a big jump in third-quarter earnings and sales. The company earned $288,000, or 6 cents a share, during the third quarter on sales of $5.38 million. A year ago, the company earned $93,000, or 3 cents a share, on sales of $2.15 million. Looking ahead, Interchange forecast fourth-quarter operating income of $260,000 to $360,000 on sales of $5.7 million to $5.9 million. Shares traded up $4.46 to $26.41.

Shares of Sirius Satellite Radio ( SIRI - Get Report) rose 9.5% after the company hired Mel Karmazin as CEO. The high-profile hire of Karmazin, who formerly served as president of Viacom ( VIA), comes on the heels of the $500 million deal that Sirus recently signed with Howard Stern, the radio shock jock who will join in January 2006. Karmazin will replace Joseph Clayton, who will remain as chairman. Shares of Sirius traded up 45 cents to $5.17.

Other technology volume leaders included Sirius Satellite Radio ( SIRI - Get Report), up 45 cents to $5.17; Microsoft ( MSFT), down 21 cents to $26.86; Intel ( INTC), down 64 cents to $24.16; Lucent ( LU), down 12 cents to $4.01; Sun Microsystems ( SUNW), down 16 cents to $5.18; Cisco ( CSCO), down 51 cents to $19.01; and Applied Materials ( AMAT), down 66 cents to $16.99.