(Updated from 7:28 p.m. EDT)
Computer networking equipment maker
gained after hours on fourth-quarter financial results that matched analyst expectations, thanks to a smooth path in its ongoing restructuring, to be completed by the end of its first fiscal quarter.
The company posted a loss of $146.8 million, or 42 cents a share, compared with year-ago net income of $87.5 million, or 24 cents. Sales fell to $763.7 million from $1.24 billion, but the fourth-quarter figure was higher than 3Com's internal estimates of $675 million to $750 million, the company said.
The loss seemed to match the
First Call/Thomson Financial
reported that First Call is "scrutinizing" the numbers.
The restructuring is 3Com's effort to shed unprofitable businesses after its past struggles to keep up with the much larger
and other rivals. It is closing its networking gear division and its analog modem business.
Recently 3Com spun off its
handheld computer unit and is currently focusing on home networking, high-speed modems, wireless Internet telephony and networking for small businesses.
Earlier today the company announced plans to buy Internet radio startup
for $80 million in cash and finished the day session 3%, or 1 11/16, lower. After the close it gained 5/16 of that back on
, rising to 49 1/8 on 131,000 shares, and popped 53/64 to 49 33/64 on
said it will acquire privately held
HotRail is involved in a business so muddled in technological jargon that it makes about as much sense as rap lyrics do to my grandmother. For the peeps not down with today's semiconductor lingo, lets just say that HotRail's multigigabit transceivers will help bump Conexant into the next generation of Internet infrastructure technology.
After the announcement Conexant fell 3 1/4 to 47 1/2 on 23,000 Island shares.
You saw it here last night.
got hammered, losing almost a third of its value after it
warned that second-quarter earnings will fall short of analyst forecasts. Today it lost a further 42%. Late-night lurkers put a Band-Aid on the communications equipment provider's ouchie. The bleeding stopped and shares recovered 35/64 to 23 55/64.
Water ... water ... everywhere.
was perched on top of Island ECN and a few of the sharks were biting. The water rights company was 1/8 higher to 9/16 after rising more than 16% today.
The California-based company, which develops, sells and leases water rights in the Western U.S., garnered a lot of interest on little news. An article today on
noted that the rapid growth of desert states such as Arizona and Nevada has prompted one fund manager to buy Western Water stock. Aside from that brief mention the company's news well was dry.
Water ... water ...
Traders said "Whatever!" to telecommunications company Wherever.net. After initial gains, night owls began to dump the stock.
Today shares were lifted more than 10% after this morning's announcement that the telephony service provider will it received a $10 million investment from
Pacific Electric Wire Cable Group
, a Taiwanese telecommunications group. Profit-taking sent the company 5/32 lower to 3 3/32 on 76,000 Island shares.
Advanced Fibre Communications
fell 8 1/4, or 16%, today. But while the stock was slowly edging south all day, the decline was precipitous in the last hour of trading. Since there was no bad news to drive the drop traders picked up some shares at night in expectation of tomorrow's recovery.
The California-based telecommunications company recovered 1 7/8 to 45 on 184,000 Instinet shares.
Anyone who buys a wireless Palm handheld will be able to access
Juno Online Services'
Web access from anywhere within Palm's coverage area, the Internet service provider announced tonight.
Juno recently introduced its mobile Internet service. The company popped 1 5/16 to 10 15/16 on the late-night news.
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.
explains how the rules change when the sun goes down in Investing Basics: Night Owl, a section devoted to after-hours trading.