Updated from 1:11 p.m. EDT

Shares of Ciena ( CIEN - Get Report) were among the best-performing technology stocks Thursday, rising 23.1% after the company posted fourth-quarter results that beat expectations and said first-quarter sales would be better than expected.

Excluding items, the telecommunications-equipment maker posted a fourth-quarter loss of 6 cents a share on sales of $82 million. Analysts polled by Thomson First Call were expecting a loss of 7 cents a share on sales of $76.3 million.

Looking ahead, Ciena predicted that it would post a first-quarter loss of 5 cents to 7 cents a share, which is in line with expectations, on sequential sales growth of 7% to 10%. Analysts are expecting a loss of 5 cents a share on sales of $80.3 million. Shares traded up 54 cents to $2.88.

Altera ( ALTR - Get Report) fell 7.8% after the chipmaker warned that fourth-quarter sales would fall below expectations. Weaker demand in Japan and Europe will cause sales to fall 9% to 12% on a sequential basis, the company said. Previously, it had forecast a 1% to 5% sequential decline. Altera posted third-quarter sales of $264.6 million. Analysts are looking for fourth-quarter sales of $257.9 million, or a 2.5% sequential decline. Shares traded down $1.73 to $20.47.

Shares of Cymer ( CYMI) fell 7% after the company warned that fourth-quarter sales would be below previous guidance. The semiconductor manufacturing-equipment company now expects a sequential sales decline of 12% to 13%, down from its previous guidance of a 10% decline. The company reported third-quarter sales of $107.1 million, which would imply fourth-quarter sales -- using the new guidance -- of $94.3 million to $95.3 million. Analysts had been expecting sales of $96.9 million. Gross margins, meanwhile, are now expected to be 34% to 36%, down from previous guidance of 37% to 39%. Shares traded down $2.25 to $29.74.

Euronet Worldwide ( EEFT - Get Report) fell 5.5% after the company said it would sell $100 million in convertible senior debentures due 2024. Separately, the electronic payments provider said the offering would not affect its fourth-quarter earnings guidance of 18 cents a share. Analysts had been expecting earnings of 19 cents, however. Shares traded down $1.38 to $23.68.

Shares of Micromuse ( MUSE) rose 4.8% after the company hired a new CFO. Ian Halifax, who most recently served as CFO at Macrovision ( MVSN), will replace Mike Luetkemeyer, who will continue to work with Micromuse until Halifax joins the company on Jan. 17. Shares traded up 26 cents to $5.68.

Other technology volume leaders included Sirius Satellite Radio ( SIRI), up 27 cents to $7.17; Lucent ( LU), up 11 cents to $3.84; Intel ( INTC), down 25 cents to $22.76; Microsoft ( MSFT), down 13 cents to $27.23; and Cisco ( CSCO), down 40 cents to $19.40.