The Night Watch: BroadVision Leaves the S&P 500 and Keeps Moving

Software company BroadVision(BVSN Quote), led the after-hours volume on Island, the day it was dropped from the S&P 500. After dropping 14.6% during the day on volume 13 times normal, BroadVision gained 0.8%, to $1.30.

Also, a number of companies that are unfamiliar with the after-hours were making rare appearances on Friday as a lack of major corporate news left the extended session rather flat.

Although volume remained respectable at 4.2 million shares changing hands in the first 45 minutes of the later session on Instinet, only 1.4 million came from the top 20 volume movers list. MachroChem(MCHM Quote) was off 1.6%, to $6.20, while HealthExtras(HLEX Quote) remained unchanged at $6.10.

Remec(REMC Quote), a wireless technology company, was one of the biggest losers on Instinet. Share fell 8.1%, to $9 in the extra session following news that the company lost 14 cents a share in the second quarter, wider than the 5-cents-a-share loss expected by analysts and much less than the 7 cents a share it earned in the year-ago period. The company also said it cut its workforce by 20%.

XL Capital(XL Quote), which gained 0.92% during afternoon trading, was unchanged at $83 on Instinet. It was the No. 2 volume mover. On Friday afternoon the company said that Moody's has assigned an Aa2 insurance financial strength rating to the company.

Penwest Pharmaceuticals(PPCO Quote) was the top volume mover on Instinet as it gained 0.1%, to $18.30. The company said revenue was $9.5 million, up 6.9% from the year-ago totals. Gross profit increased to $3.7 million, or 38.9% of total revenue, for the quarter ended June 30.

And as usual, the big tech names were present in the session as well.

Sun Microsystems(SUNW Quote), the top-moving Nasdaq stock during the regular session, continued to be one of the most actively traded stocks in the extended. Sun, which gained 2.6% during the normal session, gave some of that back in the after-hours as it lost 0.1%, to $11.44. On Wednesday the company warned of an earnings and revenue shortfall and said it expects to post a loss in the fiscal first quarter.

Dell(DELL Quote) was up 0.1%, Intel(INTC Quote) gained 0.1%, and Microsoft(MSFT Quote) was up 0.2%. JDS Uniphase(JDSU Quote) was off 0.1%, while Cisco(CSCO Quote) fell 0.4%.

10 most active stocks on Island ECN (4:45 p.m. EDT)
Company	Price	Change	Session Volume
Broadvision (BVSN Quote)	1.30	+0.01	1,002,402
Nasdaq 100 Tracking Stock (QQQ Quote)	36.63	N/A	135,456
Exodus Communications (EXDS Quote)	0.88	0.00	46,602
Sun Microsystems (SUNW Quote)	11.43	-0.02	36,739
Cisco Systems (CSCO Quote)	16.28	-0.05	31,504
Metromedia Fiber Networks (MFNX Quote)	0.77	-0.02	21,686
S&P Spiders (SPY Quote)	114.10	N/A	17,948
JDS Uniphase (JDSU Quote)	7.07	+0.02	16,732
viaLink (VLNK Quote)	0.18	-0.009	15,058
iBeam (IBEM Quote)	0.09	-0.01	15,000

Island ECN offers trading, mainly in Nasdaq-listed stocks, from 7 a.m. to 8 p.m. EST.

Confused? TheStreet.com explains how the rules change when the sun goes down in Investing Basics: Night Owl, a section devoted to after-hours trading.