Shares of PortalPlayer ( PLAY - Get Report) were among technology's winners Friday, rising 12% after the chipmaker scuttled its plan to sell 4.5 million shares.

The company said it pulled the offering because it believes "the current stock price does not reflect the company's market opportunity and future growth prospects for the business." When the company first announced the share offering back on Oct. 24, investors responded quickly and harshly, sending shares down 28%. At the time, PortalPlayer said that it would earn 37 cents to 46 cents a share on a pro forma basis during the fourth quarter. Without the dilution caused by a stock sale, the company now sees pro forma earnings of 40 cents to 50 cents a share. Analysts polled by Thomson First Call expect the company to post earnings of 43 cents a share. Shares were trading up $2.58 to $23.82.

Cogent Communications ( COI) fell 5% after the company posted third-quarter results that fell short of expectations. The provider of Ethernet services reported a loss of $16.1 million, or 37 cents a share, on service revenue of $33.8 million. Analysts expected a smaller loss of 35 cents a share on slightly higher sales of $34 million. A year earlier, the company had a loss of $26.5 million, or $32.87 a share, on sales of $21.7 million. The company had just 806,151 shares outstanding a year ago.

Cogent sees fourth-quarter service revenue of $34 million to $35 million, slightly below analysts' estimates of $35.2 million. Shares were trading down 25 cents to $4.85.

Shares of Smith Micro Software ( SMSI - Get Report) fell 3% even though the company posted better-than-expected third-quarter results. The software company's earnings rose to $1.9 million, or 8 cents a share, from $1.1 million, or 6 cents a share, a year earlier. Sales rose to $6.9 million from $3.6 million. Analysts expected earnings of 7 cents a share and sales of about $5.8 million. On a sequential basis, the company's sales and earnings both more than doubled. Shares were trading down 25 cents to $7.

Net2Phone ( NTOP) vaulted 28% after its parent company said that it would pay $2 a share in cash for each share that it doesn't already own. IDT ( IDT - Get Report), which had previously announced its intention to make an offer on the shares, said the expiration date for the tender offer is Dec. 12. IDT currently owns about 40% of Net2Phone's outstanding shares. Net2Phone shares recently traded up 41 cents to $1.89, while shares of IDT were down 14 cents to $11.59.

Shares of Serena Software ( SRNA) traded actively after the company agreed to be acquired by private equity firm Silver Lake Partners for $24 a share, or $1.2 billion, in cash. The going-private deal represents just a small premium to Serena's closing price of $23.65 on Thursday. The transaction is expected to close by the first quarter of 2006.

Serena also previewed third-quarter earnings, excluding items, of 35 cents to 36 cents a share, above analysts' expectation of 32 cents. The company estimated sales of $64 million to $65 million, compared with Wall Street's expectation of $60.8 million. Serena will report its full results Nov. 17. The company's shares recently were down 7 cents to $23.58 on volume of more than 5.4 million shares.

Other technology movers included Cisco Systems ( CSCO), up 14 cents to $17.29; Dell ( DELL), up 29 cents to $29.50; Microsoft ( MSFT), up 23 cents to $27.32; Oracle ( ORCL), up 12 cents to $12.82; Intel ( INTC), down 1 cent to $25.23; EMC ( EMC), down 16 cents to $13.71; Apple Computer ( AAPL - Get Report), up 58 cents to $61.76; Sirius Satellite Radio ( SIRI), up 1 cent to $6.98; JDSU ( JDSU), up 2 cents to $2.26; Sun Microsystems ( SUNW - Get Report), up 1 cent to $3.69; and Lucent Technologies ( LU), unchanged at $2.77.