Shares of Semitool ( SMTL) were among technology's losers Friday, sliding 21% after the maker of chip manufacturing tools posted weaker-than-expected second-quarter earnings and warned that third-quarter results would be below forecasts.

For the quarter ended March 31, the company earned $3.6 million, or 11 cents a share, on revenue of $63.8 million. The results included a charge of 1 cent a share related to a patent infringement case. Analysts polled by Thomson First Call expected earnings of 14 cents a share on revenue of $63 million. A year earlier Semitool earned $2.5 million, or 9 cents a share, on revenue of $46.3 million. Gross margin in the recent period rose to 47.5%, below the company's targeted level of 50%. "The margin shortfall resulted primarily from ongoing investments we are making to expand the customer base for our Raider product line," the company said. "We believe this strategy is working, as we received orders from five first-time Raider customers during the quarter."

Looking ahead, Semitool sees third-quarter earnings of 5 cents to 7 cents a share, with revenue of $59 million to $62 million. The company expects gross margin to be between 47% and 48%. Analysts project earnings of 17 cents a share and revenue of $65.7 million. Shares were trading down $2.29 to $8.66.

Cogent Systems ( COGT) slumped 10% after the maker of automated fingerprint identification systems posted first-quarter results that fell well below expectations. The company earned $6.7 million, or 7 cents a share, on revenue of $22.7 million. Excluding items, the company earned $7.6 million, or 8 cents a share. Analysts projected earnings of 10 cents a share, before items, on revenue of $27.2 million. During the year-earlier quarter, the company earned $10.1 million, or 11 cents a share, on revenue of $35.8 million. Excluding items, year-earlier earnings were $11.3 million, or 12 cents a share. Shares were down $1.73 to $16.40.

Western Digital ( WDC) rose 7% after the maker of hard drives posted third-quarter results that topped forecasts. The company earned $102.9 million, or 45 cents a share, up from $70.8 million, or 32 cents a share, a year earlier. Revenue rose to $1.13 billion from $919.9 million. "The March quarter results demonstrate a continuation of our strong and consistent financial performance and penetration of new markets," Western Digital said. Shares were trading up $1.35 to $21.10.

Shares of Plexus ( PLXS) jumped 11% after the electronics manufacturing services company posted better-than-expected second-quarter earnings. The company earned $18.5 million, or 40 cents a share, on revenue of $337.9 million. Analysts expected earnings of 34 cents a share and revenue of $340.9 million. During the year-earlier quarter, the company posted a loss of $4.5 million, or 10 cents a share, on revenue of $305.5 million. The results during the year-earlier quarter included restructuring charges and asset impairments of $9.8 million, or 22 cents a share. Without the one-time items, the company would have earned $5.3 million, or 12 cents a share.

For the fiscal third quarter, Plexus forecast earnings of 50 cents to 55 cents a share, including 2 cents in stock-based compensation costs. Analysts project earnings of 38 cents a share. The company predicts revenue of $390 million to $405 million, above analysts' expectation of $367.4 million. Shares were up $3.98 to $43.25.

Openwave Systems ( OPWV) posted better-than-expected third-quarter results, but shares slid 8% Friday. For the quarter ended March 31, the software company reported a profit of $9.6 million, or 10 cents a share, on revenue of $113 million. Excluding items, the company earned $21.8 million, or 21 cents a share. Analysts expected earnings of 19 cents a share, before items, on revenue of $112.2 million. During the year-earlier quarter, the company recorded a loss of $2.6 million, or 4 cents a share, on revenue of $106.3 million. Excluding items, earnings were $5.3 million, or 7 cents a share, a year ago. Shares were trading down $1.60 to $18.91.

Other technology movers included Microsoft ( MSFT), down $2.98 to $24.27; Intel ( INTC), down 13 cents to $19.95; Conexant Systems ( CNXT), down 33 cents to $3.54; JDSU ( JDSU), unchanged at $3.51; Oracle ( ORCL), down 10 cents to $14.83; Sirius Satellite Radio ( SIRI), down 11 cents to $4.71; Lucent Technologies ( LU), down 4 cents to $2.76; Sun Microsystems ( SUNW), up 4 cents to $4.99; Cisco Systems ( CSCO), unchanged at $20.98; and Dell ( DELL), up 19 cents to $26.13.

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