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The Night Watch: Handheld Makers Dive on Palm Warning

Investors were selling shares of handheld computer makers after the close Thursday following news that Palm (PALM) will miss analysts' revenue estimates for the current quarter.

Palm was down 17% to $1.83 in Instinet trading after the bell, and the other well-known names in the sector were also suffering. Handspring (HAND) was down 6.9% to $1.88, and Research in Motion (RIMM) was off 5.5% to $13.85.

Cray (CRAY) was the volume leader, trading up 1.3% to $3.98. The Nasdaq 100 Unit Trust (QQQ) was also active, tacking on 0.2% to $30.60.

Overall, volume was again on the light side. In the first two hours of extra trading, around 2 million shares changed hands among the 20 most active stocks on the Instinet platform.

Elsewhere among the most actives, Ericsson (ERICY) was up 0.7%. Microsoft (MSFT) was inching up 0.1%, and Intel (INTC) was gaining 0.5%.

Cisco (CSCO) and Oracle (ORCL) were each adding 0.2%. Starbucks (SBUX) was gaining 2.5% to $24.17 after the company said same-store sales rose 10% in May.

One of the big losers of the session was KPNQwest (KQIPQ), the European network operator that last week filed for bankruptcy. The stock was plunging 3 cents, or 12%, to 22 cents after the bell. In regular trading, KPNQwest skyrocketed 79% to 25 cents on speculation that AT&T (T) might be interested in acquiring the company's assets.

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