Shares of Rackable Systems ( RACK) were among technology's losers Wednesday, plunging 35% after the server and storage company warned that fourth-quarter earnings would be well below expectations.

The company expects to post adjusted earnings of 17 cents to 18 cents a share, with revenue of $105.5 million to $106.8 million. Analysts polled by Thomson First Call expect earnings of 27 cents a share and revenue of $106.1 million. Rackable said it didn't meet its gross margin goals for the quarter. Shares were trading down $11.50 to $20.92.

Blackbaud ( BLKB) slid 12% after the software company announced an acquisition and gave a revenue projection that was short of Wall Street's forecast. The company agreed to purchase privately held Target Software and Target Analysis Group for $60 million. The acquisition, financed by a combination of cash and debt, is expected to shave 3 cents to 6 cents off of 2007 earnings.

Separately, Blackbaud said it expects to post fourth-quarter adjusted operating income of $14.1 million to $14.2 million on revenue of $49.5 million to $49.6 million. Analysts project earnings of 19 cents a share and revenue of $50.3 million. Shares were trading down $3.09 to $21.81.

Shares of Intel ( INTC) fell 5% after the chipmaker's fourth-quarter gross margin figures disappointed investors. The company earned $1.5 billion, or 26 cents a share, on revenue of $9.69 billion. Analysts expected earnings of 25 cents a share and revenue of $9.44 billion. Gross margin, meanwhile, fell to 49.6%, down significantly from a year-ago level of 61.8%. During the year-earlier quarter, the company posted earnings of $2.45 billion, or 40 cents a share, on revenue of $10.2 billion.

Intel projected a first-quarter gross margin of around 49%, give or take a couple of points. For the full year, gross margin is expected to be about 50%. The company also forecast first-quarter revenue of $8.7 billion to $9.3 billion. Analysts had forecast revenue of $8.93 billion. Shares were trading at $21.08, down $1.22.

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