Updated from 11:27 a.m. EDT

Tech stocks moved lower Wednesday as investors evaluated a host of earnings reports.

Towerstream ( TWER) plunged 32.7% after the wireless broadband access provider said it would sell 10 million shares of stock at $4 apiece. The price represents a discount of 32% to Tuesday's closing price of $5.87. "The proceeds from this offering will provide us with the capital to build out our target markets and solidify our position as a WiMAX leader," the company said. Lazard Capital Markets led the underwriting syndicate. Shares were down $1.92 to $3.95.

Elsewhere, Transaction Systems Architects ( TSAI) fell 2.5% after the maker of financial software cut its 2007 earnings guidance. The company now sees earnings of $1.05 to $1.34 a share and adjusted earnings of $1.51 to $1.80 a share. Analysts polled by Thomson Financial project $1.32 a share. The company sees revenue of $428 million to $447 million. Analysts project revenue of $406.2 million. "We continue to work hard to get back to a regular schedule for our regulatory filings and financial reporting," the company said. "This process has certainly been time-consuming and expensive." Shares closed down 87 cents to $33.43.

Meanwhile, Plato Learning ( TUTR) fell 6.3% after the educational software company posted disappointing second-quarter results. The company posted a loss of $5.3 million, or 22 cents a share, on revenue of $15.2 million. Analysts expected a smaller loss of 19 cents a share on revenue of $16.5 million. "While the transition to a software-as-a-service business model continues to have an unfavorable near-term effect on our revenues, the adjustments we've made to support this lower-cost business model have resulted in a reduction in our net loss in the quarter compared to the second quarter of last year," the company said. During the year-earlier quarter, the company reported a loss of $5.9 million, or 25 cents a share, on revenue of $20 million. Shares were down 28 cents to $4.15.

Macrovision ( MVSN) rose 8.4% after the software company announced job cuts and a realignment to its business, and boosted its full-year earnings guidance. Macrovision said it plans to cut about 7% of its workforce, resulting in a second-quarter charge of $4.5 million. As a result of the savings that are expected from the job cuts, Macrovision now sees full-year earnings of $1.33 to $1.43 a share, up from an earlier forecast of $1.25 to $1.35 a share. Analysts project earnings of $1.32 a share. The company continues to see revenue of $280 million to $290 million. "This new structure will enable Macrovision to pursue opportunities that best fit the business units' respective strengths," the company said. Shares closed up $2.38 to $30.73.

Finally, Optical Communication Products ( OCPI) rose 6% after Oplink Communications ( OPLK) agreed to acquire the rest of the company. Oplink previously bought a 58.1% stake in Optical Communication for $1.50 a share. It now plans to buy the rest of the company for $1.65 a share. The deal is expected to close by the end of the third quarter. Optical Communication Products closed up 9 cents to $1.58. Oplink was down 16 cents to $17.18.

As for the broader technology sector, the Nasdaq 100 was down 17.50 points to 1914.85.

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