Shares of Novellus ( NVLS) were among technology's losers Tuesday, falling 13% after the semiconductor-equipment maker posted in-line third-quarter earnings but warned that fourth-quarter results would fall short of Wall Street forecasts.

The company posted third-quarter earnings of $23.4 million, or 17 cents a share, on sales of $338.9 million. Excluding items, the company would have earned $28.7 million, or 21 cents a share. Analysts polled by Thomson First Call were expecting earnings of 21 cents a share on sales of $321 million. A year ago, the company earned $64.7 million, or 45 cents a share, on sales of $415.9 million. Excluding items, the company would have earned $54.7 million, or 38 cents a share, a year ago.

Looking ahead, Novellus forecast fourth-quarter earnings, excluding items, of 15 cents to 17 cents a share. The company projected sales will be flat to up 10%. Analysts had been expecting earnings of 24 cents a share on sales of $330.7 million. Shares were trading down $3.31 to $21.58.

Open Solutions ( OPEN) fell 10% after the software company cut its third-quarter earnings forecast. The company now expects to report earnings of $3.7 million to $3.9 million, or 17 cents to 19 cents a share. Previously, the company predicted it would earn $4.4 million to $4.9 million, or 20 cents to 21 cents a share. Sales, meanwhile, are now expected to be between $48.5 million and $49.5 million, narrower than Open Solutions' forecast of $47.5 million to $49.5 million. Analysts had been expecting earnings of 21 cents a share on sales of $48.6 million.

"Despite a quarter of very strong revenues and contract value sold, our expected profitability for the third quarter is lower than anticipated due to higher than forecasted implementation costs and bonus commissions, and the company's decision to invest more in R&D in the quarter," the company said in a statement. Open Solutions called some of its third-quarter costs one-time items, and said that it is seeing increased demand for its products. As a result, the company left its full-year guidance unchanged. Shares were trading down $2.12 to $19.46.

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