Red Hat ( RHAT) was among the tech sector's biggest losers Wednesday, with shares tumbling 23% after the Linux software developer's revenue forecast for the current quarter missed expectations.

For the second quarter ended Aug. 31, the company earned $11 million, or 5 cents a share, on revenue of $99.7 million. Excluding items, earnings were $23.7 million, or 11 cents a share. Analysts polled by Thomson First Call expected earnings of 10 cents a share, before items, on revenue of $97.1 million. A year ago, Red Hat posted adjusted second-quarter earnings of $17.7 million, or 9 cents a share, on revenue of $65.7 million.

Red Hat forecast third-quarter earnings of 12 cents to 13 cents a share, compared with analysts' average projection of 12 cents. But the company predicted revenue of $103.5 million to $105 million, below Wall Street's expectation of $105.7 million. The stock was trading down $6.11 to $20.21 on volume of more than 46 million shares.

Shares of Jabil Circuit ( JBL) rose 6% after the electronics-manufacturing services company reported revenue that beat expectations. For the period ended Aug. 31, the company had revenue of $3.0 billion, up from $2.0 billion a year earlier. Analysts expected revenue of $2.84 billion. Jabil didn't report its bottom-line results because the company is continuing to probe its historical stock options practices.

Jabil anticipates first-quarter revenue of $3.1 billion to $3.3 billion. Analysts project revenue of $3.07 billion. Shares were trading up $1.57 to $29.46.

Shares of Computer Sciences ( CSC) rose modestly after the information technology company said it signed 104 contracts in its second quarter. The pacts have an estimated value of about $2.6 billion, CSC said, and range from two months to seven years. Shares were trading up 8 cents to $48.08.

Aehr Test Systems ( AEHR) rose slightly after the maker of testing equipment for chip companies posted better-than-expected first-quarter earnings. For the period ended Aug. 31, the company earned $557,000, or 7 cents a share, on revenue of $7.1 million. Excluding items, the company earned $717,000, or 9 cents a share. Analysts predicted a profit of 6 cents a share. A year earlier, Aehr reported a loss of $244,000, or 3 cents a share, on revenue of $4.6 million.

For the second quarter, Aehr expects that earnings and revenue will be "relatively similar" to first-quarter results. Analysts project earnings per share of 4 cents. Shares recently were up 4 cents to $7.20.

Other technology movers included Intel ( INTC), up 50 cents to $20.46; Sun Microsystems ( SUNW), down 4 cents to $5.04; JDSU ( JDSU), up 5 cents to $2.23; Microsoft ( MSFT), up 15 cents to $27.35; Lucent Technologies ( LU), up 3 cents to $2.34; Conexant Systems ( CNXT), up 6 cents to $1.98; Cisco Systems ( CSCO), down 23 cents to $23.27; and Level 3 Communications ( LVLT), up 4 cents to $5.50.