Shares of Blue Coat Systems ( BCSI) were among technology's losers Wednesday, slumping 17% after the software company posted mixed second-quarter results and guided third-quarter sales below forecasts.

The company earned $4.2 million, or 28 cents a share, on sales of $36.7 million. Excluding items, the company earned $4.7 million, or 32 cents a share, for the second quarter ended Oct. 31. Analysts polled by Thomson First Call expected earnings of 30 cents a share and sales of $36.8 million. Last year, Blue Coat posted second-quarter earnings of $607,000, or 5 cents a share, on sales of $21.9 million. Excluding items, the company earned $1.1 million, or 9 cents a share.

Looking ahead, Blue Coat sees third-quarter earnings, excluding items, of 32 cents to 36 cents a share, which would be at or above analysts' expectation of 32 cents a share. But the company projected sequential sales growth of 4% to 7%, implying sales of $38.2 million to $39.3 million. Wall Street anticipated sales of $39.7 million. Blue Coat shares recently dropped $8.21 to $40.58.

Intellisync ( SYNC) fell 8% after the software company agreed to be bought by Nokia ( NOK) for about $430 million in cash. Nokia will pay $5.25 a share, representing a 5% discount to Intellisync's Tuesday closing price of $5.54 a share. Shares of Intellisync, a provider of wireless email messaging services, had climbed almost 120% since the beginning of August. Nokia expects to close the deal within three to four months. Intellisync recently traded down 45 cents to $5.09, while shares of Nokia fell 13 cents to $16.90.

Shares of China TechFaith ( CNTF) soared 29% after the handset software company posted sharply higher third-quarter results. The company earned $11.4 million, or 26 cents per American depository share, on sales of $23.3 million. "This was an impressive quarter for us from an operations standpoint," the company said. "We continued to leverage our relatively low operating costs while supporting a higher revenue base." During last year's third quarter, the company earned $3.7 million, or 11 cents a share, on sales of $12 million. Gross margin in the most recent period climbed to 61.1% from 57% a year ago.

China TechFaith continues to see 2005 earnings of 93 cents per American depository share, with sales of about $90 million. Shares were trading up $2.54 to $11.24.

Daktronics ( DAKT) rose 9% after the maker of electronic scoreboards posted second-quarter results that beat expectations. The company earned $5.2 million, or 26 cents a share, on sales of $75.8 million, for the second quarter ended Oct. 29. Analysts expected earnings of 23 cents a share and sales of $73.2 million. Last year, the company earned $5.2 million, or 26 cents a share, on sales of $59.5 million.

Daktronics sees third-quarter earnings of 15 cents to 25 cents a share, in line with Wall Street's projection of 17 cents. The company predicts sales of $65 million to $72 million, above First Call's analyst forecast of $62.2 million. Shares were up $2.07 to $25.63.

Shares of TTI Telecom ( TTIL) rose 6% after the Israeli software company posted third-quarter results that were better than expected. The company earned $105,000, or 1 cent a share, on sales of $11.6 million. The lone analyst estimate called for a loss of 13 cents a share and sales of $10.7 million. "Our better-than-expected financial performance this quarter was the result of strong revenue generation and lower-than-anticipated operating expenses resulting from the restructuring steps we took earlier in the year," the company said. In the year-ago period, the company reported a loss of $11.3 million, or 95 cents a share, on sales of $7.2 million. Shares recently gained 20 cents to $3.43.

Other technology movers included Sirius Satellite Radio ( SIRI), up 24 cents to $7.41; Microsoft ( MSFT), up 10 cents to $27.60; JDSU ( JDSU), up 5 cents to $2.20; Intel ( INTC), down 18 cents to $24.90; Cisco Systems ( CSCO), down 11 cents to $17.16; Apple Computer ( AAPL), up $2.15 to $64.43; Yahoo! ( YHOO), up $1.73 to $39.38; Oracle ( ORCL), down 17 cents to $12.50; Siebel Systems ( SEBL), up 8 cents to $10.48; and Lucent Technologies ( LU), down 2 cents to $2.70.