Shares of Sun Microsystems ( SUNW) were among technology's winners Wednesday, rising 6% after the server and software company posted better-than-expected earnings and announced a $700 million investment from Kohlberg Kravis Roberts.

For the period ended Dec. 31, the company earned $126 million, or 3 cents a share, on revenue of $3.57 billion. Excluding certain items, earnings were $148 million, or 4 cents a share. Analysts polled by Thomson First Call expected earnings of 1 cent a share, before items, on revenue of $3.52 billion. In the year-earlier quarter, Sun recorded a loss of $223 million, or 7 cents a share, on revenue of $3.34 billion.

Separately, Sun Microsystems said that KKR will purchase $350 million of convertible senior notes due in 2012 and $350 million in convertible senior notes due in 2014. Shares were trading up 33 cents to $5.99.

Hyperion Solutions ( HYSL) jumped 15% after the software company's second-quarter results easily beat estimates. The company earned $21.5 million, or 36 cents a share, up from $15.5 million, or 25 cents a share, a year earlier. Excluding items, earnings were $29.9 million, or 50 cents a share, above analysts' forecast of 44 cents. Hyperion's revenue rose to $222.9 million from $185.5 million, surpassing Wall Street's expectation of $212.4 million.

Looking ahead, Hyperion forecast adjusted third-quarter earnings of 40 cents to 45 cents a share, with revenue of $215 million to $220 million. Analysts project earnings of 42 cents a share and revenue of $209 million. Shares were trading up $5.06 to $39.48.

Citrix Systems ( CTXS) climbed 7% after the company posted better-than-expected fourth-quarter results. The infrastructure software and services firm said net income declined to $58.6 million from $58.9 million a year earlier, while earnings per share were flat at 32 cents. Excluding items, earnings rose to $72.7 million, or 39 cents a share, from $66.7 million, or 36 cents a share, a year earlier. Earnings on this basis beat analysts' mean estimate by a penny. Revenue rose to $321 million from $268.7 million, topping Wall Street's forecast of $311.4 million.

For the first quarter, Citrix projected earnings of 34 cents to 35 cents a share, before items. Analysts predict earnings of 35 cents a share. Citrix forecast first-quarter revenue of $298 million to $308 million, compared with analysts' mean estimate of $298 million. Shares were trading at $32.18, up $2.31.

Shares of QLogic ( QLGC) fell 7% after the maker of switches and adapters offered weaker-than-expected guidance for the current quarter. For the third quarter ended Dec. 31, the company earned $35.5 million, or 22 cents a share, on revenue of $157.6 million. Excluding items, QLogic earned $44.9 million, or 28 cents a share. Analysts expected earnings of 26 cents a share and revenue of $158.4 million. During the year-earlier quarter, the company earned $166.2 million, or $1.02 a share, on revenue of $129.2 million. Excluding items, year-earlier earnings were $38.3 million, or 24 cents a share.

For the current quarter, QLogic projected adjusted earnings of 22 cents to 24 cents a share, below Wall Street's forecast of 25 cents. The company anticipates revenue of $147 million to $153 million, compared with analysts' estimate of $155.8 million. Shares were trading at $18.80, down $1.32.

Cognex ( CGNX) dropped 6% after the company posted mixed fourth-quarter results and issued a disappointing first-quarter guidance. The maker of machine vision systems earned $9.6 million, or 21 cents a share, down from $11.8 million, or 24 cents a share, a year earlier. The earnings matched analysts' mean estimate. Revenue fell to $58.8 million from $60.8 million, missing Wall Street's target of $59.7 million.

Looking ahead, Cognex sees first-quarter earnings of 12 cents to 16 cents a share on revenue of $55 million to $58 million. Analysts project earnings of 20 cents a share on revenue of $60.7 million. Shares were down $1.45 to $22.12.

Shares of CSG Systems ( CSGS) fell 4% after the company posted disappointing fourth-quarter earnings. The company reported earnings from continuing operations of $14.1 million, or 30 cents a share, on revenue of $96.6 million. Results were hurt by a higher-than-expected tax rate, which shaved 4 cents from the company's bottom line. Analysts expected earnings of 36 cents a share on revenue of $96.1 million. A year earlier, CSG reported earnings from continuing operations of $4.3 million, or 9 cents a share, on revenue of $93.2 million. Those results included restructuring charges of $14.5 million, or 20 cents a share.

For the first quarter, CSG sees earnings of 32 cents to 34 cents a share, with revenue of $97 million to $99 million. Analysts project earnings of 37 cents a share and a top line of $96.8 million. Shares were trading down $1.09 to $24.66.

Other technology movers included Intel ( INTC), up 16 cents to $20.71; Cisco Systems ( CSCO), up 42 cents to $26.46; Level 3 Communications ( LVLT), up 21 cents to $6.16; Microsoft ( MSFT), up 8 cents to $30.82; Sirius Satellite Radio ( SIRI), up 1 cent to $3.79; Applied Materials ( AMAT), up 11 cents to $17.57; and Apple ( AAPL), up 56 cents to $86.26.

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