The Night Watch: Visx Sees Trouble After Hours

Visx (VISX). It's no place you wanted to be.

The company, which makes systems for laser vision correction, fell 3 15/32 to 18 11/32 on 430,000 shares on Island ECN. A pair of announcements halted the stock until 5 p.m. EST. Visx announced that its board authorized a 10 million share buyback and that it would reduce its licensing fees to $100 from $250. The goodwill usually associated with a buyback plan never materialized upon the resumption of trading and Visx shares tumbled, gaining momentum and dropping heavily as the evening dragged on.

These losses added more to the company's day session drop of 1 3/8, or 5.9%, to 21 7/8.

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In a battle of the killer Beas, BEA Systems (BEAS) turfed Golden Girl Bea Arthur en route to a late-night gain of 6 5/16 to 144 on 81,000 shares.

The actress formerly known as "Maude" never stood a chance after the B2B play announced pro forma fourth-quarter earnings of 9 cents a share, beating the 7-cent First Call/Thomson Financial estimate and last year's 2 cents. Along with earnings, BEA Systems announced a 2-for-1 stock split.

Tonight's upward move helps the company recover from a day session loss of 8 1/8, or 5.6%, to 137 7/8.

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Electric Fuel (EFCX) eased after powering out a day session gain of 6 1/2, or 63.4%, to 16 3/4. It was last off 1/4 to 16 3/4 on 326,000 shares on Island.

The New York-based energizer leapt on news that a zinc-air battery system from its Israeli unit will be tested by both the Energy Department and the Israeli Ministry of National Infrastructures. The U.S. and Israeli governments will share information about the battery, which will be put in buses and tested in an urban environment.

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Well-rounded individuals need enlightenment along with postclose stock quotes, so here's that culture you ordered.

After the close, Elegant Illusions (EILL) announced the acquisition of worldwide rights to Andrea Stella's work and received a decent pop on Island ECN, gaining 1/2 to 1 1/2 on 476,000 shares. Stella's work, which reflects a focus on post-Renaissance techniques like painting objects that look like the original objects, can be found in many Italian galleries, such as the Palazzo Pitti in Florence.

See? Culture is good.

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Generally speaking, Island's volume was fairly light, with the notable exception of the top eight most-active issues. News, large-caps and big movers were all scarce.

In large-cap news: Microsoft (MSFT) was unchanged at 93 15/16 on 42,000 shares, while Oracle (ORCL) eased 1/16 to 59 5/16 on 40,000 shares.

During the day, Microsoft was lower, while Oracle inched higher on news of the company's strategic alliance with Motorola (MOT). Oracle will create a new unit called OracleMobile.com, which would allow customers to access the Internet via cellular technology.

10 most active stocks on Island ECN (8 p.m. EST)
Company	Price	Change	Session Volume
Pharmos (PARS)	8 11/32	+1 1/32	1,066,564
Crown Resources (CRRS)	1 7/32	+3/16	516,026
Elegant Illusions (EILL)	1 1/2	+1/2	477,050
Counsel (CXSN)	6 3/8	+1 3/8	472,302
Visx (VISX)	18 11/32	-3 15/32	430,026
Electric Fuel (EFCX)	16 3/4	-1/4	326,606
Einstein/Noah Bagel (ENBXC)	35/64	+11/256	279,040
PharmaPrint (PPRT)	2 31/32	+5/32	205,616
Copytele (COPY)	2 1/2	0	161,106
Bikers Dream (BIKR)	29/32	+1/32	112,138

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

10 most active stocks on MarketXT (8 p.m. EST)
Company	Price	Change	Session Volume
Imaging Technologies (ITEC)	1 3/8	-1/32	10,000
VISX (VISX)	17 11/16	-4 1/4	4,400
SBC Communications (SBC)	36 1/4	0	4,000
Yahoo! (YHOO)	151 3/4	-2 1/16	4,000
Microsoft (MSFT)	93 3/4	-1/16	3,200
Rite Aid (RAD)	6 3/4	+1/16	3,000
Lucent (LU)	53 3/16	+1/8	2,010
Intel (INTC)	106 1/4	-1/2	1,650
Geoworks (GWRX)	42	-7/16	1,600
Electric Fuel (EFCX)	16 1/2	-1/4	1,500

MarketXT, formerly Eclipse Trading, offers after-hours trading to retail clients of Morgan Stanley Dean Witter's (MWD) Morgan Stanley Dean Witter Online, Mellon Bank's (MEL) Dreyfus Brokerage Services and clients of Salomon Smith Barney. It is also available to clients of Mydiscountbroker.com, CyBerCorp and Interactive Brokers. Clients can trade 200 of the most actively traded New York Stock Exchange and Nasdaq Stock Market issues, 4:30 p.m. to 8 p.m. EST Monday through Thursday.

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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