The Night Watch: After-Hours Gang Boosts Advanced Micro After Earnings Surprise - TheStreet

(Updated from 7:28 p.m. EDT)

Postclose patrons, who are thirsty for more, have a few reasons to belly up to the bar tonight.

After the bell,

Advanced Micro Devices

(AMD) - Get Report

, whose earnings release was tonight's most anticipated event, reported third-quarter results that surpassed analysts' expectations.

The manufacturer of microprocessors posted a 64-cent profit, topping the 62-cent analyst estimate and beating the year-ago 36-cent loss. In the after-hours market, AMD was up $1.75%, or 8%, to $23.50 on

Instinet

.

On the heels of Advanced Micro Devices' report, the company's rival,

Intel

(INTC) - Get Report

, was ahead 94 cents, or 2.7%, to $36.31 on Instinet and higher 99 cents, or 2.81%, to $36.37 on Island.

Also tonight, communications chipmaker

Applied Micro Circuits

(AMCC)

reported second-quarter earnings of 26 cents a share, besting the 23-cent consensus estimate and the year-ago 8-cent result. In addition to its strong earnings report, the company announced a 2-for-1 stock split.

Applied Micro's news sent its shares up $9.39, or 5.6%, to $177.13

Island

ECN. It was the platform's most active stock, with 279,102 shares changing hands. Applied Micro was ahead $8.77, or 5.2%, to $176.50 on

Instinet

. The chipmaker closed the regular session down $10.02, or 6.12%, to $167.75.

Redback Networks

(RBAK)

, which surprised Wall Street with a third-quarter profit tonight, slipped in sunset action. The networking systems provider recorded a pro forma profit of two cents a share, compared to the analyst prediction of a two-cent loss and the year-ago 1-cent loss. Still, Redback Networks was down $1.56, or 1.4%, to $111 on Instinet and lower $2.69, or 2.39%, to $109.88 on Island.

Last night's fallen soldiers --

Lucent

(LU)

,

Yahoo!

(YHOO)

, and

Motorola

(MOT)

-- all traded heavily tonight.

Lucent, which warned investors that it would miss fourth quarter targets last night, hit a 52-week low of $20 today. But in twilight action, the telecommunications company lifted 38 cents, or 1.8%, to $21.63.

Yahoo!, on the other hand, shed 56 cents, or 0.9%, to $64.81 on Instinet. Yesterday evening, the tech bellwether reminded investors how difficult the environment is for Net companies. Yahoo! plunged 20.94% during the regular session.

Shares of Motorola, which dropped 18.33% today, edged up six cents, or 0.3%, to $21.50 on Instinet. This morning, the phone maker lowered its earnings expectations through 2001.

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.

As originally posted, this story contained an error. Please see

Corrections and Clarifications.