The Night Watch: Tibco Slides, but Corning Finds Buyers
Investors weren't in a forgiving mood after the close, and several stocks with news were incurring the wrath of their shareholders.
Tibco Software (TIBX) was sinking 13% to $4.67 after the company warned that second-quarter financial results will fall short of analysts' estimates.
The extra session was even worse for eFunds (EFDS), a provider of payment processing services. The company lowered its guidance and said its chief financial officer is leaving his post at the end of the month, sending the shares plunging 34% to $8.80.
Sierra Wireless (SWIR), another warner, dropped 25% to $4.80 in the wake of its guidance.
There were a few bright spots, including Corning (GLW), which rose 6% to $4.79 after the company said it will have cut 1,500 jobs by the end of the week. On the whole, volume was on the lighter side. In the first 90 minutes of the extra session, about 2.5 million shares changed hands on the Instinet platform. Among widely held technology stocks, Lucent (LU) was up 1.6% to $3.18. Cisco (CSCO) was slipping 0.4% to $16.02, and Intel (INTC) was adding 0.2% to $27.55. The Nasdaq 100 Unit Trust (QQQ), Dell (DELL), Sun (SUNW), Siebel (SEBL) and Oracle (ORCL) were flat.Select the service that is right for you!
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