The Night Watch: Flextronics Drops on Profit Warning

Investors were picking at beaten-down tech stocks in the extra session Monday, but a couple of contract manufacturers were under pressure.

Volume was on the light side following a selloff in regular trading. In the first 90 minutes of the extended session, about 2.2 million shares changed hands among the 20 most active stocks on the Instinet platform.

Among the stocks with news, Flextronics (FLEX) was dropping 11% to $11.01 after the company said it will likely miss analysts' estimates for the fiscal first and second quarters. Rival Sanmina-SCI (SANM) was suffering from the outlook, losing 5.3% to $10.16.

Widely held tech shares were mostly ticking higher after the bell. Cisco (CSCO) was up 0.5% to $15.41, and Intel (INTC) was adding 0.2% to $26.67. Lucent (LU) was gaining 0.8% to $3.67.

WorldCom (WCOM) was up 0.6% at $1.56, and Oracle (ORCL) was up 0.9% to $7.39.

On the losing side, the Nasdaq 100 Unit Trust (QQQ) was slipping 0.2% to $28.92. Sun Micro (SUNW) was also off 0.2%. Nortel (NT) was down 3.8% to $2 after setting plans to sell $800 million of equity units and common stock.

Elsewhere, Microsoft (MSFT) was up 0.2%, and the S&P 500 Depositary Receipts (SPY) were up 0.1%. Tyco (TYC) was losing another 0.6% to $15.95 after falling 27% in regular trading.

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