The Night Watch: With Earnings Season Under Way, After-Hours Trading Picks Up
01/16/01 - 08:00 PM EST
Diane Hess
Updated from 6:20 p.m. EST
They say after-hours trading is event-driven. Well, fill up the tank -- we're going on a serious trip.
So far tonight, Intel (INTC Quote - Cramer on INTC - Stock Picks), Juniper Networks (JNPR Quote - Cramer on JNPR - Stock Picks) and Applied Micro Circuits (AMCC Quote - Cramer on AMCC - Stock Picks) -- all out with earnings news after the bell -- have risen in postclose action. Earlier this evening, Intel
reported fourth-quarter earnings that beat reduced expectations by a penny, but warned about results for its upcoming quarter. The good news -- Intel said that excluding acquisition related charges the company earned 38 cents per share. Analysts had expected the chipmaker to earn 38 cents a share but lowered their consensus estimate to 37 cents just recently, according to First Call/Thomson Financial. The semiconductor manufacturer recorded revenue of $8.7 billion for the fourth quarter, in line with Wall Street's expectations. The bad news -- The chip giant said that it expects revenue in the first quarter to decline about 15% from the fourth quarter "due to seasonal factors and the impact of slowing worldwide economies." That puts first-quarter revenue at about $7.4 billion. In recent trading, shares of Intel were solidly higher -- up 3.4% to $32.44 on Instinet and advanced 2.8% to $32.25 on Island ECN. Juniper Networks -- also actively traded stock in this evening's session -- reported fourth-quarter earnings that handily beat Wall Street's expectations. On the night watch, shares of Juniper Networks gained 8.8% to $139.25 on Instinet and rose 8.2% to $138.47 on Island. The router manufacturer posted earnings of 24 cents a share, topping Wall Street's forecasts of an 18-cent result. Juniper said that fourth-quarter revenue rose 47% from third-quarter levels, to $295.4 million.
In other earnings news, Applied Micro Circuits posted third-quarter results that topped analysts expectations by two cents. The communications chipmaker recorded earnings of 16 cents a share, excluding amortization and other charges, up from 5 cents a share in the year-ago period. Analysts polled by First Call had anticipated a gain of 14 cents per share for the quarter. Revenue for the period also rose to $143.3 million from $45.8 million posted a year ago. In postclose action, shares of Applied Micro gained 7.3% to $75.50 on Instinet and rose 7.1% to $75.38 on Island ECN.
Not every company scored points in tonight's extended session. RF Micro Devices (RFMD Quote - Cramer on RFMD - Stock Picks) reported fiscal third-quarter earnings that were in line with lowered Wall Street expectations, but warned that fourth-quarter earnings would come in below analysts' forecasts. Shares of RF Micro Devices dipped 0.6% to $22.25 on Instinet and shed 1.1% to $22.13 on Island. The manufacturer of circuits for the wireless industry posted earnings of 5 cents a share, down from 7 cents a share in the year-ago period. Analysts had expected the company to earn 11 cents a share, but lowered their target to 5 cents a share. RF said revenue for the quarter totaled $79.9 million, up from the $73.2 million in the year-ago period. Going forward, the company said it expects to earn between 2 cents and 3 cents a share for the fourth quarter, lower than the 6 cents expected by analysts.
Elsewhere, semiconductor equipment maker Novellus Systems (NVLS Quote - Cramer on NVLS - Stock Picks) reported fourth-quarter earnings that met Wall Street's expectations. Shares of Novellus, which fell 9% during the regular trading day, recouped 12.3% to $43.50 on Instinet and recovered 11.8% to $43.33 on Island. Income excluding charges, totaled 76 cents a share, up from 27 cents a share in the year-ago period. Analysts had expected the company to earn 76 cents a share in the period, excluding charges.
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 |
| Intel (INTC Quote - Cramer on INTC - Stock Picks) | 32.44 | +1.06 | 1,688,111 |
| Applied Micro Circuits (AMCC Quote - Cramer on AMCC - Stock Picks) | 75.50 | +5.13 | 1,078,287 |
| Juniper Networks (JNPR Quote - Cramer on JNPR - Stock Picks) | 139.25 | +11.25 | 843,463 |
| Applied Materials (AMAT Quote - Cramer on AMAT - Stock Picks) | 49.23 | +4.79 | 643,922 |
| Microsoft (MSFT Quote - Cramer on MSFT - Stock Picks) | 53.23 | +0.67 | 502,011 |
| Cisco (CSCO Quote - Cramer on CSCO - Stock Picks) | 39.50 | +1 | 439,340 |
| Novellus Systems (NVLS Quote - Cramer on NVLS - Stock Picks) | 43.50 | +4.75 | 309,729 |
| RF Micro Devices (RFMD Quote - Cramer on RFMD - Stock Picks) | 22.25 | -0.13 | 255,333 |
| Hollywood Media (HOLL Quote - Cramer on HOLL - Stock Picks) | 5 | -1.25 | 241,540 |
| KLA-Tencor(KLAC Quote - Cramer on KLAC - Stock Picks) | 43 | +5.81 | 214,900 |
 | |||
| 10 most active stocks on Island ECN (8 p.m. EST) | |||
| Company | Price | Change | Session Volume |
| Juniper Networks (JNPR Quote - Cramer on JNPR - Stock Picks) | 138.47 | +10.47 | 1,366,654 |
| Intel (INTC Quote - Cramer on INTC - Stock Picks) | 32.25 | +0.88 | 1,305,406 |
| eToys (ETYS Quote - Cramer on ETYS - Stock Picks) | 0.66 | +0.06 | 862,735 |
| Applied Micro Circuits (AMCC Quote - Cramer on AMCC - Stock Picks) | 75.38 | +5 | 497,675 |
| Nasdaq 100 (QQQ Quote - Cramer on QQQ - Stock Picks) | 63.31 | N/A | 235,382 |
| RF Micro Devices (RFMD Quote - Cramer on RFMD - Stock Picks) | 22.13 | -0.25 | 181,606 |
| Cisco Systems (CSCO Quote - Cramer on CSCO - Stock Picks) | 39.63 | +1.13 | 160,139 |
| Novellus Systems (NVLS Quote - Cramer on NVLS - Stock Picks) | 43.33 | +4.58 | 124,616 |
| Applied Materials (AMAT Quote - Cramer on AMAT - Stock Picks) | 48.88 | +4.44 | 113,514 |
| JDS Uniphase (JDSU Quote - Cramer on JDSU - Stock Picks) | 50.76 | +2.64 | 102,901 |
| |||
RSS
