The Night Watch: After-Hours Crowd Sends Expedia, eToys Shares Jumping - TheStreet

(Updated from 7:43 p.m. EST)

As

Expedia's

(EXPE) - Get Report

and

eToys'

(ETYS)

stock jumps have shown tonight, the after-hours crowd goes out of its way to reward companies that beat Wall Street's earnings estimates.

Shares of Expedia, tonight's most-active issue on

Island

ECN, gained $2.50, or 27.6%, to $11.56, on the heels of a better-than-expected financial result. The stock popped $2.19, or 24.1%, to $11.25 on Instinet. After the bell, the travel Web site posted a first-quarter loss of 4 cents a share, much narrower than the

First Call/Thomson Financial

estimate of a 26-cent loss. Additionally, the company said that it was on track to become profitable by the second quarter of 2002.

eToys, for its part, advanced 28 cents, or 7.5%, to $4.03 in postclose activity on Island. The online retailer announced a loss of 33 cents per share, beating analysts' estimates of a 35-cent loss, though still wider than the year-ago loss of 27 cents. The company reported net sales for the quarter of $26 million, a 95% increase over the year-ago sales of $13.3 million.

Cisco

(CSCO) - Get Report

, a major casualty of the regular trading day, recouped 3 cents, or 0.1%, to $48.09 on Island and picked up 6 cents, or 0.1%, to $48.13 on Instinet.

Shares of Cisco dropped more than 10% today before recovering to end the day down 5.2% at $48.06, the lowest close for the stock since last December. This morning

Lehman Brothers

reduced its price target on the networking giant to a range of $60 to $65 from $90.

Networking stocks and fiber-optics issues, once market holdouts, fell again today in sympathy with Cisco. JDS Uniphase, which reported better-than-expected earnings last week, dropped 7.7% during the regular session. In twilight activity, the stock saw mixed action. JDS slid 30 cents, or 0.42%, to $71.01 on Island but lifted 19 cents, or 0.3%, to $71.50 on Instinet.

Fellow optical stock

Ciena

(CIEN) - Get Report

, down 13.1% by day, climbed 44 cents, or 0.5%, to $91.13 on Island.

Sycamore Networks

(SCMR)

recouped 63 cents, or 1.11%, to $56.75 after plummeting 13.8% during the regular session amid jitters that fiber-optic demand is slowing.

In the energy corner,

American International Petroleum

(AIPN)

moved up a penny, or 0.01%, to 38 cents on Island, with moderate trading volume. Today, the company announced that its subsidiary,

American International Kazakhstan

, had signed an agreement for an additional 15-year term to deliver gas in Kazakhstan.

Globalstar Telecommunications

(GSTRF)

, which tanked 60% today, slid another penny, or 0.2%, to $2.37 in extended trading on Island. Today, the telco posted a loss that was five times the year-ago loss. Adding insult to injury, Globalstar's affiliate,

Loral Communications

(LOR) - Get Report

, said that it will no longer funnel cash to Globalstar.

Concerned about

Qualcomm's

(QCOM) - Get Report

exposure to Globalstar, investors hacked 9% off the wireless communications company's stock today. In extended trading, Qualcomm, which is a supplier to Globalstar, lost an additional 75 cents, or 1.1%, to $67.38 on Instinet.

Want a heads up on how the market will open tomorrow? At last glance, the

S&P 500 futures on

Globex

were down .27 to 1408.5, in line with

fair value as calculated by

Prudential Securities

, and indicating a flat opening Tuesday. The thinly traded

Nasdaq 100

futures were ahead .5 to 3108, about 2 points above fair value as calculated by

TheStreet.com

, and showing very mild upward pressure for the Nasdaq's start tomorrow.

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. EST.

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.