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The Night Watch: Golden State Bancorp Jumps, Gap Sinks

Investors had plenty of news to keep them busy after the close Tuesday, but volume was again light following another selloff in regular trading.

Golden State Bancorp (GSB - Get Report) was the most active stock and one of the biggest percentage gainers after the close. Citigroup (C) agreed to acquire the San Francisco thrift for $5.8 billion, and Golden State was trading up 6.4% to $38.85.

Another mover was Gap (GPS - Get Report), but it was heading in the opposite direction. The apparel retailer was falling 6.8% to $14.92 on word CEO Mickey Drexler will step down once the company finds a new chief.

PacifiCare Health (PHSY) was also under pressure, falling 2.1% to $28.11 after the company cut its guidance for the second quarter and full year. Sycamore Networks (SCMR) was faring better, tacking on 2% to $3.65. After the close Sycamore reported a narrower loss than analysts were expecting for the latest quarter.

Volume was on the light side, but it wasn't as anemic as in the extra session Monday. In the first 90 minutes of extended trading, about 2.6 million shares had changed hands among the top-20 volume movers on the Instinet platform.

Elsewhere, widely held tech stocks were being actively exchanged. Intel (INTC) was up 0.2%, and the Nasdaq 100 Unit Trust (QQQ) was slipping 0.1%. Cisco (CSCO - Get Report) was gaining 0.1%.

Microsoft (MSFT), Sun (SUNW) and WorldCom (WCOM) were unchanged. Oracle (ORCL) was inching up 0.6%, and Qualcomm (QCOM) was down 0.2%. The S&P 500 Depositary Receipts (SPY) were lower by 0.1%.

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