Shares of Bookham ( BKHM) were among technology's biggest losers Monday, tumbling 25% after the optical-components maker lowered its third-quarter earnings and margin projections.

For the quarter ended April 1, the company estimates a gross margin of 10% to 12% and adjusted earnings before interest, taxes, depreciation and amortization of negative $10 million to $12 million. Previously, Bookham had projected a gross margin of 23% to 27% and adjusted EBITDA of $1 million to negative $3 million. The company put its revenue at $53 million, in line with its previous forecast of $51 million to $54 million. Analysts polled by Thomson First Call project sales of $52.5 million.

"Our third quarter financial results were negatively impacted by unexpected costs related to the final production at the Paignton, U.K., site, a change in product mix and lower semiconductor production volumes, which resulted in unfavorable manufacturing variances," the company said. Bookham plans to release its third-quarter results on May 4. Shares were down $2.16 to $6.58.

Infosys Technologies ( INFY) shares climbed 12% after the company posted big jumps in its fourth-quarter results and offered a first-quarter outlook that topped forecasts. The India-based information technology company earned $152 million, or 54 cents per American depository share, on revenue of $593 million. Analysts expected earnings of 55 cents an ADS. During the year-earlier quarter, the company earned $127 million, or 46 cents an ADS, on revenue of $455 million.

For the first quarter, Infosys sees earnings of 56 cents to 57 cents a share, above analysts' projection of 55 cents. The company predicts revenue of $628 million to $633 million, compared with Wall Street's target of $618.9 million. Infosys shares were up $8.80 to $83.78.

Shares of PacificNet ( PACT) jumped 14% after the IT-services company posted fourth-quarter earnings that doubled from a year ago. The company earned $918,000, or 8 cents a share, up from a profit of $446,000, or 6 cents a share, a year earlier. Revenue rose to $13.4 million from $10.1 million.

Looking ahead, PacificNet projects first-quarter earnings of $700,000 to $900,000, or 7 cents to 9 cents a share, and revenue of $13 million to $14 million. For the second quarter, the company sees a profit of of $1 million to $1.2 million, or 10 cents to 12 cents a share. The company predicts second-quarter sales of $14 million to $15 million. Shares recently had gained $1.04 to $8.71.

Level 3 Communications ( LVLT) rose 2% after the networking company agreed to acquire privately held telecom concern ICG Communications for $163 million in cash and stock. The deal, which consists of $127 million in stock and $36 million in cash, is expected to close during the middle of 2006. "This transaction gives Level 3 the opportunity to further expand our footprint into areas where we see demand for our services, and to realize cost savings," Level 3 said in a statement. On a stand-alone basis, ICG is expected to generate annualized revenue of $75 million to $80 million and about $10 million to $15 million in positive cash flow. After the company is fully integrated with Level 3, which is expected to occur later this year, cash flow is expected to jump to $30 million to $40 million. Shares of Level 3 were trading up 8 cents to $4.91.

Shares of Computer Horizons ( CHRZ) fell 1% after the information technology services company announced the resignation of its chief financial officer, Michael Shea. The company said that Shea is leaving the company to pursue another opportunity. Computer Horizons named Barbara Ross, the company's director of internal audit, to replace Shea. The company's shares were down 6 cents to $5.09.

Other technology movers included Intel ( INTC), down 23 cents to $19.22; TiVo ( TIVO), up 95 cents to $9; Sirius Satellite Radio ( SIRI), down 14 cents to $5.18; JDSU ( JDSU), down 15 cents to $3.53; Sun Microsystems ( SUNW), down 10 cents to $4.89; Cisco Systems ( CSCO), up 9 cents to $21.27; Ciena ( CIEN), down 21 cents to $4.11; Avanex ( AVNX), down 34 cents to $2.46; Microsoft ( MSFT), down 11 cents to $26.96; Dell ( DELL), down 27 cents to $29.08; Apple Computer ( AAPL), down 77 cents to $65.70; Oracle ( ORCL), up 10 cents to $13.78; Applied Materials ( AMAT), down 27 cents to $17.84; Advanced Micro Devices ( AMD), down 44 cents to $31.36; Nortel Networks ( NT), down 2 cents to $2.83; and Lucent Technologies ( LU), down 2 cents to $2.98.

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