Shares of

Apple

(AAPL) - Get Report

slipped to 55 1/2 in after-hours trading following a regular close of 55 15/16 despite a strong third-quarter earnings report. The

Mac

maker earned 69 cents a share, beating the 19-analyst

First Call

estimate by a nickel and moving ahead of the year-ago 65 cents. The company also said it will buyback $500 million in stock.

TheStreet.com

previewed Apple's report earlier today.

In other earnings -- or lack thereof -- news,

Advanced Micro Devices

(AMD) - Get Report

posted a second-quarter loss of $1.10 a share, 16 cents narrower than the 16-analyst forecast but wider than the year-ago loss of 45 cents. The company also said its president and COO, Atiq Raza, resigned. Chairman and CEO W.J. Sanders will temporarily take on Raza's duties.

TheStreet.com

took a closer look at the

resignation earlier today.

McKesson HBOC

(MCK) - Get Report

cut earnings from continuing operations for fiscal 1999 by $152.2 million, or 53 cents a share. For 1998, the company lowered earnings by $25.8 million, or 9 cents a share; for 1997, it lowered earnings by $13.5 million, or 5 cents a share. McKesson lowered its revenue for the last three fiscal years by a total of $327.4 million. The revisions come after the troubled health-care management firm reviewed accounting practices at

Healthcare Information Technology Business

, formerly HBO, which it recently acquired.

McKesson also said the

Securities and Exchange Commission

and the

U.S. Attorney's Office

are investigating the company. And it also said its first-quarter earnings will "fall substantially short" of estimates of 49 cents a share. And also that it's jumping off a cliff and ending it all. (Just kidding about that last one.) In after-hours trading, McKesson HBOC shares traded at 30 7/8, down from a regular session close of 32 1/2.

In other postclose news (earnings estimates from First Call; earnings reported on a diluted basis unless otherwise specified):

Earnings/revenue reports and previews

Aris

(ARSC)

said it sees second-quarter earnings of 4 cents to 7 cents a share, which would be below the five-analyst estimate of 17 cents. The company, which made 19 cents in the year-earlier period, said its U.S. training operations were hurt by a slowdown in the second half of the quarter.

Glenayre Technologies

(GEMS)

said it sees a second-quarter loss of $10 million to $15 million, below estimates. The company, which did not provide per-share forecasts, also said it expects to take a quarter restructuring charge of $70 million to $80 million. Glenayre blamed slow paging business trends for the warning.

LandAmerica Financial

(LFG)

said it sees second-quarter earnings of 78 cents to 88 cents a share due to a shift in revenue mix to the company's lower-margin agency business. The two-analyst view called for $1.27 vs. the year-ago $1.47.

Network Equipment Technologies

(NWK)

reported first-quarter earnings of 16 cents a share, topping the year-ago 13 cents. The two-analyst forecast called for a loss of 8 cents. The company also announced reorganization plans that involve the downsizing of senior management and other employees.

In other earnings news:

Mergers, acquisitions and joint ventures

ContiFinancial

(CFN)

said it ended merger talks with

Residential Funding

, a unit of

General Motors'

(GM) - Get Report

General Motors Acceptance

.

Hertz

(HRZ)

said it was thinking about acquiring

AMI Leasing

, a unit of

Ford

(F) - Get Report

. Financial terms of the possible deal weren't disclosed.

Ziff-Davis

(ZD)

said it hired

Morgan Stanley Dean Witter

to explore strategic alternatives. The company said its majority shareholder,

Softbank

, is refocusing its strategy on companies which operate totally on the Internet.

Offerings and stock actions

Credit Suisse First Boston

priced

Efficient Networks'

(EFNT:Nasdaq) 4 million-share IPO top-range at $15. The company is a high-speed DSL equipment developer based in Dallas.

Miscellany

Boeing

(BA) - Get Report

said it reached an agreement with

NASA

to jointly develop a $173 million reusable unmanned space plane called the X-37.