Sun Microsystems (SUNW) - Get Report posted second-quarter earnings of 21 cents a share, beating the 21-analyst estimate of 20 cents a share and the year-ago report of 16 cents a share. The company attributed its 30% increase in net income to the robust demand for its workgroup and high-end servers.

Brian Gilmartin, portfolio manager for

Trinity Asset Management

said he was pleased with Sun's positive performance after listening to the company's conference call earlier this evening. "According to their conference call, they're the Number #1 server company, taking market share away from

IBM

(IBM) - Get Report

and

Hewlett Packard

(HWP)

," said Gilmartin. "It seems as if they're trying to temper expectations because business is so strong."

Lucent

(LU)

reported first-quarter earnings of 36 cents a share, missing the 27-analyst estimate by a penny and down from the year-ago 48-cent profit. Earlier this month, the company cautioned investors that its first-quarter profits could fall as much as 25% as a result of purchasing delays and manufacturing problems, which the company expects to have resolved by the end of the second quarter. In reaction to the profit warning, analysts scaled back their consensus estimate to 37 cents a share from 54 cents.

America Online Latin America

, which has the exclusive right to offer

America Online

(AOL)

Internet services in Latin America, has filed with the

Securities and Exchange Commission

for an initial public offering. According to a preliminary prospectus, the company would offer $575 million in Class-A common stock, with

Cisneros Group of Companies

, a major shareholder, putting up another $115 million to current and former employees of Cisneros.

Salomon Smith Barney

,

Donaldson Lufkin & Jenrette

and

Lehman Brothers

are slated to serve as the deal's underwriters.

In other post-close news (earnings estimates from

First Call/Thomson Financial

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

Mergers, acquisitions and joint ventures

Keebler Foods

(KBL)

said it has agreed to buy

Austin Quality Foods

, in a deal valued at $250 million.

Telewest Communications

(TWSTY)

said it has made a pact with Canada-based

Worldwide Fiber

to link London and Liverpool by a fiber network. The network's initial phase carries a price tag of $66 million.

Earnings/revenue reports and previews

Airborne Frieght

(ABF)

cautioned investors that it sees fourth-quarter earnings coming in between 30 cents a share to 35 cents, falling below the 15-analyst estimate of 48 cents a share.

Clarent

(CLRN)

posted a fourth-quarter pro forma loss of 5 cents a share, narrower than the five-analyst estimate of a 10-cent loss and the year-ago 9-cent loss.

Excite@Home

(ATHM) - Get Report

posted breakeven results for the fourth quarter, in line with the 17-analyst estimate and up from the year-ago one-cent loss. Excite@Home said it had had roughly 1.2 million broadband service subscribers by the year's end. The company said it has granted president George Bell to the additional role of CEO, after Tom Jermoluk stepped down from the post earlier today. Jermoluk will remain the company's Chairman.

iManage

(IMAN)

reported fourth-quarter earnings of 3 cents a share, edging out the three-analyst breakeven estimate and the year-ago break-even report.

Iomega

(IOM)

reported fourth-quarter earnings of 8 cents a share, which includes a restructuring charge. The earnings edged out the year-ago report of 7 cents share, with the two-analyst estimate expecting the company to post fourth-quarter earnings of 4 cents. Separately, Iomega said it has tapped its president and COO Bruce Albertson to serve as CEO. Albertson replaces the company's interim CEO, David Dunn.

Michael Foods

(MIKL)

said it sees fourth-quarter earnings coming in between 62 cents a share to 64 cents a share, beating the four-analyst estimate of 58 cents a share. The company attributed the solid outlook to strong performance in its egg products and refrigerated distribution divisions.

Phoenix Tech

(PTEC)

reported first-quarter earnings of 10 cents a share, beating the single-analyst estimate of seven cents a share, and the year-ago 3 cents.

PMC-Sierra

(PMCS)

said it reported fourth-quarter earnings of 29 cents a share, edging out the 22-analyst estimate of 27 cents and up from the year-ago 14 cents. The company also said that it set a 2-for-1 stock split.

Reinsurance Group of America

(RGA) - Get Report

warned investors that it expects to post fourth-quarter earnings between 10 cents a share to 20 cents below the five-analyst estimate of 73 cents a share. The company blamed the disappointing outlook on unusually high claims levels in the last two months of the year.

Tredegar

(TG) - Get Report

posted fourth-quarter manufacturing and technology operation earnings of 39 cents a share, beating the two-analyst estimate of 36 cents a share and the year-ago 43 cents.

Offerings and stock actions

Dycom Industries

(DY) - Get Report

said it has set a 3-for-2 stock split, payable on Feb. 16 to shareholders of record Feb.2.

NTL

(NTLI)

said it set a 5-for-4 stock split, payable on Feb. 3 to shareholders of record Jan. 31.

Peregrine Systems

(PRGN)

said it set a 2-for-1 stock split.

Swift Transportation

(SWFT)

said it added 500,000 shares to its current share repurchasing program. During the fourth quarter of last year and so far this year, the company has bought back one million of its outstanding shares.

Telmex

(TMX)

said it set a 2-for-1 stock split.

Watchguard Technologies

(WGRD)

said it has filed with the

Securities and Exchange Commission

for a 3 million-share secondary offering. The company said it planned put up 1.5 million shares for sale, with its shareholders offering the remaining 1.5 million shares.

Credit Suisse First Boston

,

Dain Rauscher Wessels

,

SoundView Technology Group

and

Wit Capital

are serving as the deal's underwriters. Separately, Watchguard posted a fourth-quarter loss of 14 cents a share, narrower than the three-analyst estimate of an 18 cent-loss and year-ago 19-cent loss.

Miscellany

Network Equipment Techs.

(NWK)

said it would assume a fourth-quarter restructuring charge of $12 million for cutting its global workforce by 270 jobs, or 30%. The company said the restructuring plans, which would create a yearly savings of roughly $32 million over fiscal 2001 compared to third-quarter fiscal 2000 levels, would help it concentrate on its broadband, or high-speed Internet strategy.

For a look into this evening's after-hours trading action, please check out

TheStreet.com's

The Night Watch.

As originally published, this story contained errors. Please see the

Jan. 17-23 and

Jan. 24-30 versions of Corrections and Clarifications.