Updated from 12:14 p.m. EDT

Technology stock-tracking indices managed to move slightly higher Friday along with the broader market, but the biggest movers were among individual companies providing financial outlooks.

Shares of Parametric Technology ( PMTC plunged 20.1% after the software company warned that third-quarter results would be lower than expected. The company now sees adjusted earnings falling below its previous guidance of 26 cents to 29 cents a share.

Revenue should be about $225 million, below an earlier view of $235 million to $240 million. Analysts polled by Thomson Financial project earnings of 28 cents a share on revenue of $238.2 million.

"Having met or exceeded our guidance for the past 15 consecutive quarters, I am disappointed that our revenue and earnings results will be below our expectations for the third quarter," the company's chief executive said in a statement. Shares closed down $4.34 to $17.23.

Elsewhere, Applied Micro Circuits ( AMCC climbed 14.8% despite cutting its first-quarter revenue guidance. The company now sees revenue of about $50 million, down from an earlier forecast of about $59.6 million. Analysts project revenue of $60 million.

"The shortfall in the first-quarter revenues is the result of continued weakness in the telecom market space, weaker-than-anticipated processor sales due to delayed new product ramps and continued inventory corrections," the company said.

Looking ahead, Applied Micro sees second-quarter revenue of $55 million to $60 million. Analysts expect $63.4 million. The company said it plans to cut its quarterly operating expenses by about 10% by the end of fiscal 2008. At the same time, the company will maintain investments in its focused growth initiatives, it said. Shares closed up 36 cents to $2.80.

Meanwhile, Savvis ( SVVS fell 4% after the provider of information technology services said its largest shareholder, Welsh Carson, distributed 5 million shares to its partners. After the distribution, the firm will hold about 14 million shares, or around 27% of Savvis's outstanding shares. Shares closed down $2 to $48.45.

Wipro ( WIT - Get Report) rose 5.1% after the IT services company agreed to acquire Unza Holdings for about $246 million. The all-cash deal is expected to close by the end of July. Shares were up 78 cents to $16.08.

Finally, shares of Inter-Tel ( INTL - Get Report) fell 1% after the communications-services company warned that second-quarter revenue would be below Wall Street's expectation. The company sees revenue of $113.5 million to $115.5 million. Analysts project revenue of $116.9 million.

The company said that it expects second-half revenue to fall below plan, as well. "Preliminary net sales of core telephone systems and software in 2007 did not meet the level of such sales used in the projections, as a result of lower-than-anticipated larger-size system sales and not meeting growth targets for smaller-size system sales," the company said. Shares closed down 24 cents to $24.

As for the broader technology sector, the Nasdaq 100 was up about 7.25 points to 1988.31.