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.

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