The Night Watch: Investors Bid Tech Stocks Modestly Higher After Hours

(Updated from 6:47 p.m.)

Unwilling to let go of today's late-session gains on the Nasdaq Composite Index , investors bid technology stocks modestly higher in extended action.

Qualcomm (QCOM Quote) rose 0.9% to $62.36 on Instinet and climbed 1.9% to $63 on Island ECN, having dropped to a two-year low in the regular session on the heels of a profit warning from Motorola (MOT Quote) and a downgrade on the stock by Deutsche Banc Alex. Brown.

Sun Microsystems (SUNW Quote) lifted 0.9% to $21 on Instinet and Island, after roiling the market with the news that its fiscal third-quarter earnings and revenue would fall below expectations. After dropping as much as 5% in the regular session, Sun closed unchanged from yesterday.

Nokia (NOK Quote) increased 0.5% to $21.45 on Instinet, after plunging 8.2% during the day amid worries that the Finnish phone maker would issue a profit warning. Earlier this morning, Goldman Sachs downgraded its ratings on several European telecom equipment firms, including Nokia, Alcatel and Marconi.

JDS Uniphase (JDSU Quote) added 1.9% to $32.98 on Instinet and Island, after gaining 5.9% today despite a downgrade by Morgan Stanley Dean Witter. The investment firm lowered its price target for JDSU, saying it expected a decline in revenue in the company's fiscal third quarter.

Intel (INTC Quote) rose 1.8% to $30.47 on Instinet and advanced 1.3% to $30.31 on Island, while Network Appliances (NTAP Quote) boosted 4.6% to $35.50 on Island. This morning, the two companies signed a technology and business deal worth $1 billion over seven years.

10 most active stocks on Instinet (6:30 p.m. EST)
Company	Price	Change	Session Volume
Cisco Systems (CSCO Quote)	27.13	+0.13	510,850
Dell Computer (DELL Quote)	23.38	+0.13	228,323
Intel (INTC Quote)	30.47	+0.53	219,251
Kellogg ( K Quote)	27.19	+0.14	215,000
Sun Microsystems ( SUNW Quote)	21	+0.19	209,955
Brocade Communications (BRCD Quote)	45.38	-0.31	155,600
Qualcomm (QCOM Quote)	62.36	+0.55	151,110
Nokia ( NOK Quote)	21.45	+0.11	150,200
EMC (EMC Quote)	44.50	-0.50	120,060
JDS Uniphase (JDSU Quote)	32.98	+0.61	119,521

This information is provided by Instinet, a wholly owned subsidiary of Reuters (RTRSY Quote). For further information, please contact Instinet at www.instinet.com.

10 most active stocks on Island ECN (7 p.m. EST)
Company	Price	Change	Session Volume
Quokka Sports (QKKA Quote)	0.31	+0.13	210,377
Nasdaq 100 (QQQ Quote)	51.64	n.a.	143,451
JDS Uniphase (JDSU Quote)	33	+0.63	120,209
Qualcomm (QCOM Quote)	63	+1.19	102,732
Cisco Systems (CSCO Quote)	27.13	+0.13	95,897
Sun Microsystems (SUNW Quote)	21	+0.19	62,259
Applied Micro Circuits (AMCC Quote)	38.25	+1.19	54,831
Intel (INTC Quote)	30.31	+0.38	54,190
Juniper Networks (JNPR Quote)	76	+1.25	50,387
Oracle (ORCL Quote)	22.09	+0.09	47,791

Island ECN, owned by Datek Online, offers trading, mainly in Nasdaq-listed stocks, from 7 a.m. to 8 p.m. EST.

Confused? TheStreet.com explains how the rules change when the sun goes down in Investing Basics: Night Owl, a section devoted to after-hours trading.