Updated from 12:47 p.m. EDT

Technology stocks fell Tuesday as shareholders continued to scrutinize Wall Street earnings reports.

Shares of MicroStrategy ( MSTR) got hammered after the software company posted disappointing first-quarter results. The company earned $9.8 million, or 75 cents a share, on revenue of $72.4 million. Analysts polled by Thomson Financial expected earnings of $1.27 a share on revenue of $80.9 million. During the year-earlier quarter, the company earned $15 million, or $1.05 a share, on revenue of $69.5 million. Shares closed down $12.87, or 11.1%, to $102.77.

Similarly, Answers ( ANSW) plunged 18% after the Internet company posted a first-quarter earnings shortfall. The company reported adjusted earnings of $103,000, or a penny a share, on revenue of $2.96 million. Analysts expected earnings of 2 cents a share. Including subscription revenue, the company posted revenue of $3.4 million.

Looking ahead, Answers sees an adjusted second-quarter loss of $985,000 to $1.4 million on revenue of $2.8 million to $3.2 million. Analysts project earnings of 5 cents a share. Shares closed down $2.54 to $11.60.

Photon Dynamics ( PHTN) slid 7.4% after the maker of flat-panel production equipment posted a wider-than-expected second-quarter loss and warned that third-quarter results would be below forecasts. The company posted a loss of $15.5 million, or 94 cents a share, on revenue of $13.9 million. Analysts expected a smaller loss of 57 cents a share on revenue of $13.3 million.

Looking ahead, Photon Dynamics sees a third-quarter loss of 30 cents to 40 cents a share on revenue of $15 million to $20 million. Analysts project a loss of 23 cents a share on revenue of $24.1 million. Shares closed down 87 cents to $10.93.

Meanwhile, Hewlett-Packard ( HPQ) rose 2.8% after the maker of computers and printers boosted its second-quarter guidance. The company now sees adjusted earnings of 69 cents to 70 cents a share on revenue of $25.5 billion to $25.55 billion. Previously, the company forecast earnings of 63 cents to 64 cents a share on revenue of about $24.5 billion. Analysts project earnings of 65 cents a share on revenue of $24.6 billion. The company said it issued guidance ahead of its upcoming earnings call -- scheduled for next week -- because it inadvertently sent an internal email containing financial information for the quarter to an outside party.

For the third quarter, Hewlett Packard sees adjusted earnings of 63 cents to 65 cents a share on revenue of $23.7 billion to $23.9 billion. Analysts project earnings of 61 cents a share on revenue of $23.6 billion. Shares closed up $1.21 to $45.01.

Elsewhere, shares of aQuantive ( AQNT) jumped 11.8% after the online advertising company posted first-quarter results that blew past expectations. The company earned $14.2 million, or 16 cents a share, on revenue of $142.6 million. Analysts expected earnings of 9 cents a share on revenue of $122.8 million. During the year-earlier quarter, the company earned $7.6 million, or 10 cents a share, on revenue of $92.2 million.

Looking ahead, aQuantive sees second-quarter earnings of $13 million to $14.5 million on revenue of $148 million to $153 million. Analysts project earnings of $14.7 million, or 16 cents a share, on revenue of $137.9 million. Shares closed up $3.51 to $33.22.

As for the broader technology sector, the Nasdaq 100 was up 3.87 points to 1899.83.

Other technology movers included Cisco Systems ( CSCO), up 55 cents to $28.36; Intel ( INTC), up 19 cents to $22.15; Sun Microsystems ( SUNW), which closed unchanged at $5.22; Microsoft ( MSFT), up 4 cents to $30.75; Apple ( AAPL), up $1.14 to $105.06; and Sirius Satellite Radio ( SIRI), up 2 cents to $2.89.

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