Diane Hess
Updated from 7:11 p.m. EST
Today's 300-point run on the Dow Jones Industrial Average
and 325-point rally on the Nasdaq Composite Index -- the Comp's largest one day point and percentage gain ever -- sent traders home feeling giddy. 
It remains to be seen, however, whether or not their euphoria will last. If tonight's trading session is any indication of things to come, investors may have cooled their heels a bit. Postclose patrons did not made big bets on the market this evening. Volume in extended action, following today's record levels, was moderate. Tonight's big news has come from Inktomi (INKT Quote - Cramer on INKT - Stock Picks), a developer of Internet infrastructure software. After the closing bell, the company warned that its first-quarter revenue and earnings would fall below prior expectations, due to a slowdown in infrastructure spending. Shares of Inktomi dropped 23% to $14.25 on Instinet and Island ECN. Moving in the opposite direction, shares of BMC Software (BMCS Quote - Cramer on BMCS - Stock Picks) gained 32.8% to $20.75 on Instinet and advanced 34.4% to $21 on Island, thanks to positive guidance for its third quarter. Earlier this evening, BMC said that third-quarter earnings would be higher than the company previously expected. The company anticipates earnings to fall in the range of 20 cents to 22 cents a share, which compares to Wall Street's estimate of a 16-cent result. The enterprise software manufacturer had warned two quarters in a row that it would not meet expectations.
At last look, today's Fed rally-driven tech stocks had stabilized on the after-hours market. Shares of JDS Uniphase (JDSU Quote - Cramer on JDSU - Stock Picks), which rocketed 36.6% today, lowered 2.3% to $52.38 on Instinet and fell 1.6% to $52.75 on Island. Similarly, Sun Microsystems (SUNW Quote - Cramer on SUNW - Stock Picks), which popped 29.7% in the regular session, decreased 2.2% to $32.27 on Instinet and missed 1.33% to $32.56 on Island. Elsewhere, shares of Ciena (CIEN Quote - Cramer on CIEN - Stock Picks), which soared 28.9% by day, shed 1.7% to $83.50 on Island. Cisco Systems (CSCO Quote - Cramer on CSCO - Stock Picks), which got some much-needed relief in the form of a 24% pop today, tacked on an extra 0.5% to $41.50 on Instinet and added 0.91% to $41.69 on Island. Shortly after 1 p.m. EST today, the Federal Open Market Committee
shocked investors by lowering its key fed fund target rate by 50 basis points, to 6%. The Fed also cut the discount rate -- the rate it charges member banks for loans -- by 25 basis points, to 5.75%. As far as the future goes, market experts are cautiously optimistic. "The market could correct a bit," said Jim Volk, co-director of institutional trading at D.A. Davidson. "Over the next six to eight weeks, the Fed's action will keep the market on an even keel. This morning, the world looked like it was coming to an end. So, today's move was positive from that standpoint." Volk thinks that today's move may pave the way for further rate reductions to come earlier than expected. Looking ahead to tomorrow, the S&P 500 futures on Globex were lately up 2.4 to 1361.6, about 1 points above fair value and indicating a flattish open on Thursday. The Nasdaq 100 futures were ahead 8.5 to 2538, about 21 points below fair value and suggesting the Nasdaq might be under pressure at tomorrow's open. Attention "Night Watch" readers: TheStreet.com is looking for your best after-hours trading stories, from the pitfalls to the windfalls. So please email them to me at diane.hess@thestreet.com.
 | |||
| 10 most active stocks on Instinet (6:30 p.m. EST) | |||
| Company | Price | Change | Session Volume |
| Inktomi (INKT Quote - Cramer on INKT - Stock Picks) | 14.25 | -4.25 | 817,392 |
| Cisco Systems (CSCO Quote - Cramer on CSCO - Stock Picks) | 41.50 | +0.19 | 621,064 |
| WorldCom (WCOM Quote - Cramer on WCOM - Stock Picks) | 19.88 | -0.13 | 586,691 |
| BMC Software(BMCS Quote - Cramer on BMCS - Stock Picks) | 20.75 | +5.13 | 522,180 |
| Intel (INTC Quote - Cramer on INTC - Stock Picks) | 34.25 | +0.02 | 441,987 |
| Oracle (ORCL Quote - Cramer on ORCL - Stock Picks) | 31.69 | -0.31 | 362,063 |
| Sun Microsystems (SUNW Quote - Cramer on SUNW - Stock Picks) | 32.27 | -0.73 | 356,077 |
| Dell (DELL Quote - Cramer on DELL - Stock Picks) | 19.86 | -0.14 | 266,668 |
| Microsoft (MSFT Quote - Cramer on MSFT - Stock Picks) | 48 | +0.06 | 230,087 |
| Ericsson (ERICY Quote - Cramer on ERICY - Stock Picks) | 12.23 | -0.01 | 218,200 |
 | |||
| 10 most active stocks on Island ECN (7:15 p.m. EST) | |||
| Company | Price | Change | Session Volume |
| Inktomi (INKT Quote - Cramer on INKT - Stock Picks) | 14.25 | -4.75 | 470,841 |
| BMC Software (BMCS Quote - Cramer on BMCS - Stock Picks) | 21 | +5.38 | 165,692 |
| PSINet (PSIX Quote - Cramer on PSIX - Stock Picks) | 0.80 | +0.02 | 152,986 |
| CMGI (CMGI Quote - Cramer on CMGI - Stock Picks) | 5.44 | +0.22 | 125,109 |
| Streamedia Communications (SMIL Quote - Cramer on SMIL - Stock Picks) | 0.50 | -0.09 | 125,000 |
| Nasdaq 100 (QQQ Quote - Cramer on QQQ - Stock Picks) | 62.31 | N/A | 122,611 |
| Cisco Systems (CSCO Quote - Cramer on CSCO - Stock Picks) | 41.69 | +0.38 | 109,903 |
| BroadVision (BVSN Quote - Cramer on BVSN - Stock Picks) | 13.25 | +0.19 | 106,623 |
| Juniper Networks (JNPR Quote - Cramer on JNPR - Stock Picks) | 132.51 | +0.51 | 86,169 |
| JDS Uniphase (JDSU Quote - Cramer on JDSU - Stock Picks) | 52.75 | -0.88 | 79,813 |
| |||
RSS
