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The Night Watch: AOL Time Warner Falls on Profit Warning

Gymboree is lower after a big gain in the regular session.

Shares of media giant

AOL Time Warner


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


(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.



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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, 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.


(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


(CSCO) - Get Cisco Systems Inc. Report

, which gained 0.1%.

Island ECN offers trading, mainly in Nasdaq-listed stocks, from 7 a.m. to 8 p.m. EST.


explains how the rules change when the sun goes down in Investing Basics: Night Owl, a section devoted to after-hours trading.