The Night Watch: Idec Pharma Heads Lower
The extra session was a little on the slow side, but enough companies had news after the close to impact their stock prices.
Idec Pharmaceuticals (IDPH) was in the cross hairs after the company said it would halt clinical trials of an experimental drug because of safety concerns. Idec was falling 7.5% to $35.48 on Instinet after the close.
The top volume mover was Nortel (NT), which was flat with the 4 p.m. EDT close at $1.79. The telecom equipment provider said it brought in $1.475 billion with a recent financing deal.
On the whole, volume was somewhat light. In the first hour and 15 minutes of extended action, about 2.3 million shares changed hands among the 20 most active stocks on the Instinet platform.Lucent (LU) and Intel (INTC) were unchanged. Cisco (CSCO) was down 0.8%, and WorldCom (WCOM) was off 0.6%. Tyco (TYC) climbed 13% in regular trading but slipped 0.9% to $11.30 in extended activity. Comcast (CMCSK) closed at a 52-week low, but ticked up 0.3% to $24.30 after the bell. The Nasdaq 100 Unit Trust (QQQ) was inching ahead 0.2%, while Sun (SUNW) and Microsoft (MSFT) were slightly lower. The biggest loser was Numerical Technologies (NMTC), which plunged 31% to $4.26. The company, a designer of products for integrated circuit makers, lowered its guidance for the second quarter and full year, sparking the selloff.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV