Shares of JDS Uniphase ( JDSU) were among technology's winners Friday, rising 9% after the networking equipment company boosted its second-quarter revenue projection.

For the period ended Dec. 31, the company estimates revenue of $360 million to $365 million, up from an earlier view of $332 million to $352 million. Analysts polled by Thomson First Call project revenue of $342 million.

"JDSU's communications test and measurement segment performed particularly well during the second quarter, benefiting from seasonal strength associated with customer spending patterns and improved execution relative to the previous quarter," the company said. JDSU plans to release its second-quarter results Jan. 31. Shares were trading up $1.40 to $17.19.

Easylink ( EASY) jumped 18% after Internet Commerce ( ICCA) offered to buy the company for $5 a share in stock or cash. The offer, valued at about $60 million, represents a 38% premium to Easylink's Thursday closing price of $3.63. Internet Commerce would also assume about $5 million in debt should the offer be accepted. Internet Commerce said it wants a response to proposal by Jan. 23. Shares of Easylink were up 66 cents to $4.29.

Though the company posted better-than-expected fourth-quarter results, shares of IBM ( IBM) were sliding 3%. The company earned $3.54 billion, or $2.31 a share, on revenue of $26.3 billion in the fourth quarter. The results included a tax benefit of 6 cents a share and 5 cents a share in discontinued operations. Analysts expected earnings of $2.19 a share on revenue of $25.7 billion. A year earlier, Big Blue earned $3.19 billion, or $1.99 a share, on revenue of $24.4 billion. Shares were trading down $2.23 to $96.22.

Shares of Cree ( CREE) fell 5% after the maker of light-emitting diodes posted weaker-than-expected second-quarter revenue. In the quarter ended Dec. 24, the company earned $16.5 million, or 21 cents a share, down from $17.7 million, or 23 cents a share, a year earlier. Excluding a gain, the company earned 6 cents a share, matching analysts' mean estimate. Revenue, however, fell to $88.8 million from $105.6 million and missed Wall Street's target of $91.3 million.

Looking ahead, Cree forecast third-quarter earnings of 4 cents to 5 cents a share. The company predicted that revenue will be similar to second-quarter results. Analysts project earnings of 6 cents a share and revenue of $91.7 million. Shares were trading down 83 cents to $16.62.

Digi International ( DGII) sank 7% after the networking products company's first-quarter earnings and second-quarter guidance missed Wall Street's projections. For the quarter ended Dec. 31, the company earned $3.8 million, or 15 cents a share, on revenue of $41.8 million. The results included a tax gain of 2 cents a share. Analysts expected earnings of 17 cents a share, before the gain, on revenue of $41.3 million. A year earlier, Digi earned $2.2 million, or 9 cents a share, on revenue of $33.4 million.

For the second quarter, Digi projected earnings of 11 cents to 17 cents a share, below Wall Street's forecast of 18 cents. The company anticipates revenue of $39 million to $44 million, bracketing analysts' mean estimate of $42.8 million. Shares were down 90 cents to $11.94.

Other technology movers included Intel ( INTC), up 12 cents to $20.77; Microsoft ( MSFT), down 18 cents to $30.82; Cisco Systems ( CSCO), up 28 cents to $26.73; Apple ( AAPL), up 20 cents to $89.27; Sirius Satellite Radio ( SIRI), down 9 cents to $3.96; Sun Microsystems ( SUNW), down 5 cents to $5.74; Level 3 Communications ( LVLT), up 12 cents to $6.13; Applied Materials ( AMAT), up 11 cents to $18.36; and Oracle ( ORCL), up 22 cents to $17.34.