Shares of Waters Corp. ( WAT) were among technology's losers Friday, falling 12% after the instruments maker cut its third-quarter earnings and sales forecast.

Waters now expects to report earnings of 43 cents a share on sales growth of 3%. Previously, the company predicted earnings of 47 cents a share and 8% sales growth. Analysts surveyed by Thomson First Call projected earnings of 48 cents a share on sales of $287.4 million, or sales growth of about 9%. "At this time, the company anticipates a continuation of the challenging business conditions experienced in the third quarter, with comparable sales growth before currency impacts, and is evaluating opportunities to control operating expenses," the company said. Shares recently traded down $5.08 to $36.30.

Silicon Image ( SIMG) fell 4% after the company announced two high-level departures. The company said that Robert Bagheri, executive vice president of operations, would leave the company so that he can take a new position at another semiconductor company. His departure is effective Nov. 4. Silicon Image is in the process of finding a replacement for Bagheri. Meanwhile, John LeMoncheck, vice president of the consumer electronics & PC/display businesses, has already left the company, Silicon Image said. The company didn't offer an explanation for his departure. LeMoncheck will be replaced by John Shin, the current vice president of engineering, who will take over on an interim basis until a permanent replacement is found. Shares were trading down 35 cents to $8.

Shares of First Data ( FDC) rose 3% after the electronic commerce and payment services company posted in-line third-quarter earnings. The company earned $421.5 million, or 54 cents a share, on sales of $2.68 billion. Excluding items, the company would have earned 60 cents a share. Analysts, on average, expected earnings of 60 cents a share and sales of $2.68 billion. A year earlier, the company earned $460.6 million, or 54 cents a share, on sales of $2.54 billion. "Third-quarter growth, coupled with our recent business wins, including the combination of the Chase and Paymentech alliances, the new Citibank alliance and international acquisitions, put us on solid footing as we move into 2006," the company said. Shares were trading up $1.19 to $40.03.

SRA International ( SRX) rose 1% after the information technology services company said it plans to acquire privately held Spectrum Solutions Group, a provider of enterprise software to the federal government. Spectrum, which has more than 90 full-time employees, posted sales of about $15 million during the previous 12 months. Financial terms of deal weren't disclosed. The transaction is expected to close within a month. Shares were trading up 45 cents to $33.83.

Shares of Conolog ( CNLG) rose 1% after the provider of digital signal processing and digital security products said it received about $600,000 in additional orders from the U.S. military and from electric utilities. Conolog will provide electromagnetic products to the military and protection systems for the utilities. The military orders will be shipped over the next nine months and the electric utilities orders will be shipped during the next six months. Shares were trading up 2 cents to $1.54.

Other technology movers included Sirius Satellite Radio ( SIRI), down 19 cents to $5.92; Microsoft ( MSFT), down 1 cent to $24.58; Apple Computer ( AAPL), up 3 cents to $53.77; Intel ( INTC), down 3 cents to $23.17; Lucent Technologies ( LU), up 1 cent to $3.06; Cisco ( CSCO), down 5 cents to $17.25; SanDisk ( SNDK), up $1.69 to $49.53; Oracle ( ORCL), up 7 cents to $12.15; and Applied Materials ( AMAT), up 4 cents to $17.40.

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