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) 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) and a downgrade on the stock by Deutsche Banc Alex. Brown.

Sun Microsystems (SUNW) 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) 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) 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) rose 1.8% to $30.47 on Instinet and advanced 1.3% to $30.31 on Island, while Network Appliances (NTAP) 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)	27.13	+0.13	510,850
Dell Computer (DELL)	23.38	+0.13	228,323
Intel (INTC)	30.47	+0.53	219,251
Kellogg ( K)	27.19	+0.14	215,000
Sun Microsystems ( SUNW)	21	+0.19	209,955
Brocade Communications (BRCD)	45.38	-0.31	155,600
Qualcomm (QCOM)	62.36	+0.55	151,110
Nokia ( NOK)	21.45	+0.11	150,200
EMC (EMC )	44.50	-0.50	120,060
JDS Uniphase (JDSU)	32.98	+0.61	119,521

This information is provided by Instinet, a wholly owned subsidiary of Reuters (RTRSY). 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)	0.31	+0.13	210,377
Nasdaq 100 (QQQ)	51.64	n.a.	143,451
JDS Uniphase (JDSU)	33	+0.63	120,209
Qualcomm (QCOM)	63	+1.19	102,732
Cisco Systems (CSCO)	27.13	+0.13	95,897
Sun Microsystems (SUNW)	21	+0.19	62,259
Applied Micro Circuits (AMCC)	38.25	+1.19	54,831
Intel (INTC)	30.31	+0.38	54,190
Juniper Networks (JNPR)	76	+1.25	50,387
Oracle (ORCL)	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.

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