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Ever notice that there aren't a lot of see-saws around anymore? Or monkey bars?

In an exhaustive (and highly scientific) search for a reason,

TSC

has come up with two possibilities -- parents are suing playgrounds or America's children are just getting dumber. So dumb, in fact, that they are no longer able to master the complex machinations of the teeter-totter.

Whatever the reason, the kids are going to need those skills if they want to be in the stock market. Especially if yesterday is a sign of things to come.

Up, then down (that's way, way down), then the bounce back up. That's the see-saw market we saw yesterday and if early indications are any sign, we could be in for another trip down.

At about 1:05 p.m. EDT, both the

Nasdaq Composite

and the

Dow Jones Industrial Average

were down over 500 points. But by the end of the day, both indices had recouped most of those losses and ended only marginally lower on the session.

That's a pretty volatile market. So volatile, in fact, that

TSC

has put together one of our often imitated, but never duplicated,

series of stories on the market's general wackiness. Go ahead, click on it. It'll be fun!

This morning, though, the market may not be that much fun. In early action, the

S&P 500

June contract was down 17.40 to 1502.10. With fair value measured at a negative 8.57, that number is not as bad as it looks. The thinly traded

Nasdaq 100

contract was down 109 to 3957.

Last Night's After-Hours Trading

By Eric Gillin
Staff Reporter

Mom always said not to go swimming after eating. Wait at least an hour.

Well, after eating heavy losses during one of the wildest day sessions in market history, few investors were ready to jump back into the deep end of the pool. There was a relative calm in postclose activity, with major names trading on low volumes as investors test the waters.

The overall vibe was a tentative one, which is a fairly typical postclose sentiment after an active day. On days when the market tanks, especially the

Nasdaq

, late-night lurkers are in a cautious mood, hoping to get a bargain or two ahead of the next day session without throwing good money after bad. That phenomenon held true again this evening.

The burnt blue-chips came back this evening.

General Electric

(GE) - Get Free Report

and

J.P. Morgan

(JPM) - Get Free Report

-- two of the hardest-hit

Dow Jones Industrial Average

components, adding a combined 57 points to the negative side -- rebounded slightly. GE gained 7/8 to 154 on 46,000 shares on Instinet, while J.P. Morgan inched up 5/8 to 136 11/16 on 117,000 shares.

Microsoft

(MSFT) - Get Free Report

had a bad day in the wake of last night's antitrust ruling. It fell 2 5/16 to 88 9/16 in heavy trading. The company dodged a bullet. It hit a session low of 84 15/16.

Tonight, it kept dodging, rising 1/8 to 88 11/16 on 123,000 shares on Instinet and 1/16 to 88 11/16 on 13,000 shares on

Island

.

Intel

(INTC) - Get Free Report

didn't follow in Mister Softee's footsteps. It rose 2 1/8 to 132 3/4 during the day, helping lead a rally in semiconductors. But tonight it eased on Instinet, dropping 1/4 to 132 1/2 on 78,000 shares.

Outside of the Dow, tech issues were mixed in postclose activity. Again, this may not be a harbinger of things to come -- many of these issues were up last night and took huge hits today.

Cisco

(CSCO) - Get Free Report

,

Dell

(DELL) - Get Free Report

,

JDS Uniphase

(JDSU)

and

Qualcomm

(QCOM) - Get Free Report

all dropped in after-hours activity, but these moves were minor and on very low volume.

Cisco, which recovered and closed up 3/16 to 73 1/8 during the day, slipped 1/8 to 73 on 149,000 shares on Instinet, good enough to take the most-active crown. In comparison, Microsoft was last night's volume leader on 1.3 million shares traded. Granted, Cisco isn't a defendant in a landmark antitrust case, but it does show exactly how anemic tonight's volume was. Over on Island, it fell 1/32 to 72 31/32 on 28,000 shares.

Dell was the second-most active on Instinet, slipping 1/8 to 54 3/16 on 123,000 shares. Today, it rallied and rose 15/16 to 54 5/16.

JDS Uniphase took a 4% hit during the day and tonight, took another one. It fell 47/64 to 106 17/64 on 59,000 shares on Instinet. Qualcomm was the exact opposite during the day, gaining 4%, but also fell in after-hours. It dropped 1/2 to 146 1/8 on 48,000 shares.

Outside of these four horsemen, other tech names rose.

Proof that the market isn't a cripple:

Ariba

(ARBA)

. This company was a big winner with a gain of 2 3/8 to 101 on 70,000 shares on Instinet and 2 13/16 to 101 3/8 on 28,000 shares on Island, after gaining 9 15/16, or 11.2%, to 98 5/8 during the day.

As for

TheStreet.com Internet Sector

index components, things were looking bright after a fairly bleak day.

Yahoo!

(YHOO)

was a notable non-participant in the DOT's 2.8% fall, with a 4.6% gain. And the Net bellwether was at it again this evening, rising 2 3/8 to 169 3/4 on 67,000 shares on Instinet and 1 13/16 to 169 3/4 on 19,000 shares on Island.

CMGI

(CMGI)

recovered after dropping 11%, gaining 2 to 91 on 14,000 shares on Island.

Unlike Yahoo! and CMGI,

BroadVision

closed today not far from where it opened. Like Yahoo! and CMGI, it was higher in after-hours trading, gaining 7/8 to 44 on 23,000 shares on Island.

Oracle

(ORCL) - Get Free Report

saw the light and gained 5/16 to 76 1/4 on 99,000 shares on Instinet. It also saw the darkness and fell 15/16 to 75 on 22,000 shares on Island.

3Com

(COMS) - Get Free Report

gained 27/64 to 44 63/64 on Instinet.

Sun Microsystems

(SUNW) - Get Free Report

gained 1/4 to 90 1/4 on 69,000 shares on Instinet.

This information is provided by Instinet, a wholly owned subsidiary of Reutersundefined. For further information, please contact Instinet at www.instinet.com.

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

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.