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Oracle Falls Hard in Heavy After-Hours Volume

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Oracle

(ORCL) - Get Oracle Corporation Report

posted first-quarter earnings of 16 cents a share, in line with 30-analyst estimate of 16 cents and up from the year-ago 13 cents. Despite meeting analysts' expectations, the stock tumbled to 39 from its closing price of 45 7/8 in post-market trading on

Island ECN

.

After-Hours Markets

Last Trades on Island ECN

ORCL: 39 at 5:14 p.m. EDT.

CPWR: 33 1/16 at 4:00 p.m. EDT.

SUNW: 84 at 5:05 p.m. EDT.

MarketXT, formerly Eclipse Trading, offers after-hours trading to retail clients of Morgan Stanley Dean Witter's (MWD) Discover Brokerage and Mellon Bank's (MEL) Dreyfus Brokerage Services. Clients can trade 200 of the most actively traded New York Stock Exchange and Nasdaq Stock Market issues, 6 p.m. to 8 p.m. EDT Monday through Thursday. Island ECN offers trading, mainly in Nasdaq-listed stocks, from 8 a.m. to 5:15 p.m. EDT.

TheStreet.com

updates the most active issues on both MarketXT and Island ECN in Got a Minute? and in the Evening Update.

TSC

also reports how MarketXT's three most active Nasdaq-listed issues finished the Island ECN session

.

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Eric Gillin

In other postclose news (earnings estimates from

First Call/Thomson Financial

; earnings reported on a diluted basis unless otherwise specified):

Earnings/revenue reports and previews

Arvin Industries

(ARV)

said that it would meet the third-quarter analysts' consensus estimate of 78 cents a share. The company posted 1998 third-quarter earnings of 69 cents a share.

Boston Scientific

(BSX) - Get Boston Scientific Corporation Report

said it trimmed its initial third-quarter revenue estimate down to $690 million, blaming the August recall of its

Rotablator Rotalink Coronary Advancers

and slow coronary stent sales for the quarter. The revised estimate still edges out the year-ago results by 20%.

Central Newspapers

(ECP)

said it would assume an adjusted third-quarter restructuring charge of $3.4 million, which more than doubles its initial estimated charge of $1.25 million, due to the closure of the

Indianapolis News

. Central also said that it would cost the company $70 million to move its presses over the next three-and-a-half years.

Keyspan Energy

(KSE)

said it will probably beat fiscal 1999 and 2000 analysts' consensus estimates, citing low costs, fewer outstanding shares and a purchase as contributing factors. CEO Robert Catell and investor relations director Michael Taunton said the company expects to post 1999 EPS of about $1.60 a share, which would beat the consensus estimate of $1.51 but would fall below the year-ago $1.91.

7-Eleven

(SVEV)

reported a 4.9% increase in August's same store sales, citing cigarette price increases.

Wallace Computer

(WCS)

said it expects to post first-quarter earnings between 44 cents a share to 49 cents, in the range of the three-analyst estimate of 46 cents, and better than the year-ago 40 cents. The company also anticipates 10% to 15% increase in EPS growth for fiscal 2000.

Mergers, acquisitions and joint ventures

CellStar

(CLST)

said the $26.5 million sale of its debt and equity interest in

Topp Telecom

would bring a $16 million post-tax gain in the fourth quarter.

Haliburton

(HAL) - Get Halliburton Company Report

said that cost savings associated with its purchase of

Dresser Industries

, in addition to its latest restructuring changes have proven cost-effective, doubling its initial savings estimate to roughly $500 million. Vice President of Investor Relations Guy Marcus said the savings was a result of aggressive cutbacks during the oil service decline and merging operations to fewer sites.

Offerings and stock action

Dendrite

(DRTE)

said it has set a 3-for-2 stock split in the form of a dividend. Shareholders of record Sept. 23 would be paid on Oct. 7.

Miscellany

Ametek

(AME) - Get AMETEK, Inc. Report

said it named Frank Hermance as its chief executive to replace Walter Blankley, who will serve as the company's chairman until his planned retirement at the end of 2000.

Hewlett-Packard

(HWP)

announced that a District Court judge threw out a lawsuit brought on by

Xerox

(XRX) - Get Xerox Holdings Corporation Report

accusing H-P of infringing on their patent for ink-jet printer cartridges.

La Jolla Pharmaceutical

(LJPC) - Get La Jolla Pharmaceutical Company Report

said it will take cost savings and restructuring initiatives after

Abbott Labs

(ABT) - Get Abbott Laboratories Report

axed its licensing agreement for an experimental lupus drug. In May, the company said that clinical trials for the drug

LP 394

were halted after its dissatisfying results. La Jolla said it would plans scale down its workforce by 54 from 95.

Seagate Technology

(SEG)

said it would save $150 million a year as part of a restructuring plan which calls for the company to slice its workforce by 10%. Seagate said it would assume a $200 million restructuring in the quarter for the job cuts, which would come over the next 9 months. The latest announcement follows last year's work-force reduction of 10,000 jobs.