The Night Watch: AOL Time Warner Falls on Profit Warning
Shares of media giant
AOL Time Warner
(AOL)
were off 3.1% to $31.50 after the company issued a profit warning, blaming a weak advertising market and the effects of the terrorist attacks of Sept. 11. The company expects earnings to be below expectations, although full-year 2001 EBITDA growth will be about 20% and revenue growth 5% to 7%.
Volume on Instinet was a little above average, as 4.6 million shares changed hands in the first 40 minutes. Among the top 20 volume movers, 2.45 million shares traded.
Silicon Laboratories
(SLAB) - Get Silicon Laboratories Inc. Report
said that
Ciena
(CIEN) - Get Ciena Corporation Report
said its Si5020 multirate CDR solution was chosen by Ciena for use in an optical transport systems. Shares of Silicon were off 3.5%, to $15.60. Ciena was up 0.4% at 11.43.
Gymboree
(GYMB)
was off 2.1%, to $6.10. The company was downgraded by Merrill Lynch to near-term neutral. It ended the regular session up 22.2%.
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Amazon.com
(AMZN) - Get Amazon.com Inc. Report
, the online retailer, was the No. 3 volume mover, after dropping slightly in the regular session. Shares were down an additional 0.3%, to $7.44 in the after-hours.
And the usual tech names were also on the charts.
Oracle
(ORCL) - Get Oracle Corporation Report
was the top volume mover on Instinet and was off 0.5%. Intel, No. 4 on the chart, was up 0.8%, followed by
Cisco
(CSCO) - Get Cisco Systems Inc. Report
, which gained 0.1%.
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