When

Madonna

said it was a material world, she wasn't talking about after-hours trading.

It must have been the devil's work when

Applied Materials

(AMAT) - Get Report

fell 6, or 6.6%, to 84 5/8 today. But it was late-night lurkers that trounced the stock by night, after the technology giant announced record second-quarter financial results. Anti-materialists welcomed the stock to

Island

ECN trading with a smack on the head.

The world's largest supplier of technology for the semiconductor industry reported record net sales of $2.19 billion and chipper earnings per share of 55 cents, matching expectations and surpassing the 18 cents earned last year. Good news, schmood news, said traders. Applied Materials plummeted 5 7/8 to 78 3/4 on 1,270,000 shares of

Instinet

and topped Island with loses of 5 1/2 to 79 on 690,000 shares.

Applied Materials is a very big company, with a market cap of $65 billion. It has made its fortune with semiconductor-wafer-fabrication equipment, and it perpetuates the trend of giving cute pastry names to serious technology, like "cookies" and "wafer fabrication." Rumor has it that Microsoft is coming out with a new software product line to be used at police stations, called MScoffee and Donuts 2000.

The California-based wafer-hawker sent technology tremors through the rest of the semiconductor industry.

Chipmaker

Intel

(INTC) - Get Report

was one of the day's biggest Nasdaq losers, shedding 9% and not even stopping for a cigarette break on its trip down. It fell 1 9/16 to 104 1/2 on 310,000 Instinet shares.

PMC-Sierra

(PMCS)

also caught Post Material Syndrome. The semiconductor malaise pushed it 2 3/4 lower to 136 7/16 on 23,000 Island shares.

KLA-Tencor

(KLAC) - Get Report

had the misfortune of getting mixed up with the wrong crowd.

The San Jose firm makes yield management and process monitoring systems for the semiconductor industry. It fell 1 3/16 to 47 13/16 in sympathy on 21,000 shares on Island.

Ciena

(CIEN) - Get Report

played the nonconformist card. While names all around were gasping for air today, the Maryland producer of optical-networking equipment breezed up 7.5%.

Ciena was given a boost after it announced yesterday that Internet company

Qwest Communications

(Q)

will purchase its product system, LightWorks architecture, which provides blueprints for building intelligent optical networks. Qwest always looks for qwality and intelligence in its networks.

At night however, the maker of products for tele- and data-communications service providers gave in to peer pressure and declined 3 3/16 to 126 1/4 on 14,500 Island shares.

Only a few stocks managed to keep their heads above water on Island.

Beyond.com

(BYND) - Get Report

stayed ahead of the gloom. It was Island's third-most-popular stock and one of the few gainers. It edged 5/32 higher to 2 9/32 on almost 100,000 Island shares

The e-commerce service provider was all about the love after its eStore infrastructure helped

McAfee

,

Symantec

and

Trend Micro

process and deliver antivirus software to customers infected with the "Love Bug" or "I Love You" virus on May 4.

The Santa Clara, Calif., company was more successful at stopping the love than spreading it late night.

GST Telecommunications

(GSTX)

was another happy stock, but at 5/8, it couldn't afford to go any lower. Traders checked out GST, and thought it had a nice bottom, lifting the telecommunication company 1/32 to 19/32 on 140,000 Island shares.

It must have been a sad day in Mountain View, California. Hometown kids

Juniper

(JNPR) - Get Report

tumbled 11%. After dropping 20 points during a treacherous day session, Juniper lost its footing and did a late-night face plant.

The Internet infrastructure provider stumbled after announcing at 3 p.m. EDT that it was selected to provide Internet services for the three-day NetWorld and Interop conference.

Juniper was picked for its interoperability, but traders didn't find the announcement very interopesting and sent the stock falling 3 13/16 to 152 9/16 on 15,000 Island shares.

Value America

(VUSA)

sells stuff online. Stuff like software, electronics and office supplies.

Interestingly, the retailer is having a hard time selling its own stock, which closed today at 1 31/32.

Late-night shoppers bought a little, sending the stock 23/32 higher to 2 23/32 on 45,000 Island shares.

It wasn't patriotic duty that prompted the buying, but an after-hours announcement that the company signed major financing agreements to get up to $90 million in additional equity. It also didn't hurt that the Virginia-based company beat consensus estimates by a dime, with a first-quarter loss of 70 cents.

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.