Shares of Orckit Communications ( ORCT) were among technology's winners Monday, rising 31% after the telecom-equipment provider posted better-than-expected third-quarter results and issued fourth-quarter guidance that topped forecasts.

For the third quarter, the company earned $7.6 million, or 45 cents a share, on sales of $25.4 million. Excluding a one-time gain, the company would have earned $5.2 million, or 30 cents a share. Analysts surveyed by Thomson First Call anticipated earnings of 23 cents a share, before items, and sales of $24 million. A year ago, Orckit posted a loss of $5.9 million, or 45 cents a share, on sales of $2 million.

Looking ahead, Orckit forecast fourth-quarter earnings of $6.9 million, or 41 cents a share, on sales of about $32 million. The single analyst estimate calls for earnings of 33 cents a share and sales of $29 million. For 2006, Orckit sees earnings growth of more than 35% and sales growth of about 25%. Shares recently were up $4.94 to $20.84.

Shares of another telecom-equipment maker, Channell Commercial ( CHNL), plummeted 22% after the company cut its third-quarter guidance. Channell now expects to post a loss during the quarter on sales of about $27 million. Previously, the company predicted it would earn 10 cents to 12 cents per basic share on sales of $30 million to $33 million. Analysts had forecast earnings of 10 cents a share on sales of $32.1 million. Channell blamed the shortfall on lower sales from its major North American broadband customers and logistical issues affecting shipments at its Bushnell Tanks unit.

Channell said it will implement cost-cutting measures that should provide savings of $4.5 million during 2006. "By taking these aggressive measures, we are optimistic our global operations will be profitable next year," the company said. Channell will announce its third-quarter results Nov. 14. The company's shares recently fell $1.50 to $5.45.

PMC-Sierra ( PMCS) rose 9% after the company said it agreed to acquire Agilent Technologies' ( A) storage semiconductor business for $425 million. The acquisition is expected to immediately add to PMC-Sierra's earnings. The storage semiconductor business is part of Agilent's semiconductor products group, which is being acquired by private equity firms Kohlberg Kravis Roberts and Silver Lake Partners. PMC's acquisition is expected to close in January. Shares of PMC-Sierra traded up 54 cents to $6.88.

Brightpoint ( CELL) rose 11% after the company previewed third-quarter results that were above expectations. The mobile-phone distributor, which will post full results Nov. 8, expects to report earnings from continuing operations of $8.3 million, or 30 cents a share, on sales of $545 million. Analysts had forecast earnings of 25 cents a share and sales of $531.7 million. Shares were trading up $2.13 to $21.25.

Despite posting better-than-expected third-quarter results, Cognizant Technology ( CTSH) recently saw its shares fall about 2%. The information technology services company earned $40.6 million, or 28 cents a share, beating analysts' mean estimate by a penny. The company posted sales of $235.5 million, above Wall Street's projection of $233.5 million. In last year's third quarter, Cognizant earned $26.1 million, or 18 cents a share, on sales of $155.4 million.

Cognizant forecast fourth-quarter earnings of 29 cents a share, in line with analysts' average expectation. The company sees sales of at least $252 million, shy of analysts' estimate of $254.7 million. Cognizant shares were trading down 99 cents to $44.40.

Other technology movers included Microsoft ( MSFT), up 13 cents to $25.66; Cisco ( CSCO), up 34 cents to $17.48; Lucent Technologies ( LU), up 2 cents to $2.81; Intel ( INTC), up 24 cents to $23.57; Sun Microsystems ( SUNW), up 1 cent to $3.89; Sirius Satellite Radio ( SIRI), up 8 cents to $6.10; Oracle ( ORCL), down 7 cents to $12.64; Apple Computer ( AAPL), up $2.68 to $57.15; and Qualcomm ( QCOM), down $1.07 to $40.

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