The Night Watch: After Hours Light as a Summer Breeze
After-hours trading remained relatively light, capping off a week where the extended session has been pretty quiet overall. Lacking any major news items propelling the stocks either way, many strangers to the extended session paid a visit to the after-hours party.
Companies such as Apria Healthcare Group (AHG), Gentex Corporation (GNTX - Get Report), and Plug Power (PLUG - Get Report) all traded in light volume and produced little movement, except for Apria, which dropped 4.8%. The company had gained 7% during the day after reporting Thursday that second-quarter revenue had increased over the previous year.
Amylin Pharmaceuticals (AMLN) said preliminary testing data of one of its drugs to treat Type 2 diabetes showed lowered incidence of nausea for those that take the drug. Amylin was the number one mover on the Instinet 20 most active after-hours stocks, but remained unchanged at $7.60, 40 minutes into the extended session on just over 500,000 shares changing hands.Mykrolis (MYK) was off 2.8%, to $15.80 in the extended session, after its trading debut during the regular session. The company, which was spun off by Millipore Corp. (MIL), closed at $16.25, below its open price of $17.25, but above its offering price of $15. Oracle (ORCL) was gaining back some of the ground lost during the regular session as shares were up 0.3% to $15.21 in the extended session. Friday morning, Goldman Sachs analyst Rick Sherlund cut his earnings estimate for 2002 by 2 cents. During the regular session, investors didn't like what they heard as shares fell 83 cents, or 5.2% to close at $15.16. After dropping 2.4% in the regular session, Nortel Network Corp. (NT) was up 0.3%, to $7.40 in the extended session. Earlier in the day the company said it sold $1.5 billion of convertible notes. Other than the newcomers, the regulars also made an appearance. Cisco (CSCO) and Sun Microsystems (SUNW) were slightly up, Intel (INTC) was even, and Microsoft (MSFT) was slightly down all on light volume.
|10 most active stocks on Island ECN (5:00 p.m. EDT)|
|Nasdaq 100 Tracking Stock (QQQ)||40.25||N/A||89,629|
|iBeam Broadcasting (IBEM)||0.19||0.00||88,642|
|Exodus Communications (EXDS)||1.80||-0.02||50,562|
|Brocade Communications (BRCD)||32.79||0.00||34,653|
|Cisco Systems (CSCO)||18.33||0.00||34,035|
|JDS Uniphase (JDSU)||8.85||+0.08||28,469|
|Palm, Inc. (PALM)||4.28||0.00||21,933|
|Cima Labs (CIMA)||54.03||+0.03||21,000|
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