QLogic (QLGC) , a maker of storage network equipment, was up 10.5% in early afternoon.

After the close Tuesday, the company posted fourth-quarter pro forma earnings of 28 cents per share, ahead of the

Thomson Financial/First Call

consensus by a penny and 10 cents better than the year-ago 18 cents.

Reuters

said sales growth slowed for the third consecutive quarter.

Robertson Stephens

lowered its 2002 earnings estimate but maintained its long-term attractive rating, saying management was upbeat but cautious on the conference call, guiding revenue expectations sequentially down for the June quarter but predicting a resumption of growth after that.