The stock market ended at its lows yesterday as, late in the day, the problems that had plagued AT&T (T) - Get Report for most of the session spread through tech.

No one likes an end-of-the-day selloff. It makes people nervous, jumpy, like they've had

too much caffeine.

AT&T was responsible for many of yesterday's woes. The telephone giant reported in-line earnings yesterday morning but warned of somewhat slower revenue growth in the coming quarters.

TheStreet.com/NYTimes.com

wrote about the company's problems in a

story yesterday.

This morning, all signs are pointing to a somewhat hung-over opening in the stock market. In early action, the

S&P 500

June futures contract was recently trading down 1, about 5 points below fair value. The

Nasdaq 100

contract was up 10 to 3648.

Before the opening, several stocks were making some hay on

Instinet

. AT&T, fighting back from yesterday's walloping, was gaining 9/16 to 42 1/2.

Bestfoods

(BFO) - Get Report

was up 11 7/16 to 62 this morning after rejecting an $18.4 billion takeover bid by

Unilever

(UN) - Get Report

. Also,

BP Amoco

(BPA)

was surging 1 7/16 to 52 7/8 after it said it sees no major merger activity on the immediate horizon.

On the downside,

Novell

(NOVL)

was off 4 9/16 to 13 after a disappointing earnings release.

TSC

spelled out the earnings announcement in last night's

Evening Update.

Yesterday's After-Hours Trading

By Angela Privin
Staff Reporter

Ariba! Ariba! Andale! Andale!

Bulls are attracted to red. That's why they flocked to

Ariba

(ARBA)

late night, after the B2B software maker's daytime bloodbath. Ariba's stock bled 11%, dropping 9 3/8 to 74 9/16, even after announcing that

Royal & SunAlliance Insurance Group

had selected the Ariba B2B Commerce Platform to manage its expense purchases. Ariba makes software that allows users to buy, sell and auction goods over the Internet.

But what goes down often comes up after hours, where contrarian moves rule. Ariba rode up 1 3/4 to 76 3/8 on 20,000 shares on

Island

. And why not? Ariba is a good kid, with nice earnings. It hangs out with other B2B brown-nose stocks that have pleased with positive earning results. Confidence in the overall B2B sector is regaining momentum after April's stumble, and a loss of 11% is nothing more than an annoying mosquito bite on the company's thick skin.

Novell

(NOVL)

was knocked down 4 17/32 points to 12 29/32 on 250,000 Island shares after announcing disappointing earnings tonight. That is a steep decline, about a quarter of the name's value, for a stock that closed at 17 9/16. The business management software company reported second quarter earnings of 8 cents a share, falling short of Wall Street estimates of 16 cents a share. The shortfall was due to a decline of sales through distributors and reseller and problems with organization and sales management, the company said.

Utah-based Novell also announced that Nicholas Tiliacos, formerly of

Lucent

(LU)

, will be the new senior vice president of worldwide sales. Welcome, worldwide sailor!

Terayon

(TERN)

was yesterday's big winner, sailing up 10 points on the goodwill of late-night hunters. It subsequently fell 9% today and continued its correction into the evening, softening a further 1 1/2 to 114 1/4on 15,000 shares on Island.

Remember

Global Crossing

(GBLX)

from

yesterday's Night Watch? The Bermuda-based telephone company posted modest gains after it announced that Gary Cohen from

IBM

(IBM) - Get Report

will replace co-founder David Lee. The company also said it might sell a local phone business that came with last year's acquisition of

Frontier

.

Global Crossing traded down 3 3/8, or 9%, to 32 5/8 during the day session, and the cold shoulder continued late-night even though the company reported solid results.

First-quarter losses were 36 cents a share, bettering the 43-cent loss expected by

First Call/Thomson Financial

, and revenue rose 5% from fourth quarter to $1.12 billion. The company nosed down 1 1/2 to 114 1/4 on 15,000 shares on Island.

Phones stocks were out of favor today after

AT&T

(T) - Get Report

dragged down the

Dow

. Ma Bell met earnings expectations but cut its sales and profit outlook for the rest of the year.

Qualcomm

(QCOM) - Get Report

also felt the chill, slipping 1 1/8 to 112 1/2 on 46,000 Island shares after snapping 3.5% higher by daylight, when

Lehman Brothers

reiterated its buy rating on the digital wireless communications company.

Qualcomm announced after hours that it will team up with

Wireless Knowledge

, a

Microsoft

(MSFT) - Get Report

unit, to teach wireless knowledge specific courses, according to a release.

Late-night quiz: What is Fibre Channel protocol?

  • A. The newest Hollywood blockbuster.

  • B. A fad diet.

  • C. Cable programming.

  • D. Technology used by Vixel (VIXL) in storage of area networks, including software, switches, hubs and other components.

Give up? Here's a hint. Lucent, the world's biggest maker of telecommunications equipment, agreed to use Fibre Channel protocol to connect its far-flung storage networks.

The news sent

Vixel

(VIXL)

shares jumping 5 7/8 to 13 15/16 during the day session, gaining more than 70% and making the second-biggest percentage gain on Nasdaq.

That little Vixel eased up after hours, slipping 1 5/16 to 15 3/8 on 180,000 Island shares.

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

Island ECN, owned by Datek Online, offers trading, mainly in Nasdaq-listed stocks, from 7 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.