True to high earnings season, stocks were mixed in tonight's extended-hours activity as investors gamely rewarded and punished companies for their quarterly figures and projections.

Out of Favor

The late players quaked on

Qualcomm

(QCOM) - Get Report

and sent the shares down 13.1% to $54.75 on Instinet and down 12.9% to $54.84 on

Island

ECN even though the firm's

latest numbers came in line with expectations.

Image placeholder title

Investors were certainly not satisfied with the company's first-quarter figures. While earnings per share of 29 cents, compared with 26 cents a share last year, met expectations, revenue of $713 million, up from $649 million, fell short of expectations. Qualcomm, which is based in San Diego, Calif., also lowered its sights for third-quarter earnings to 21 cents a share, sharply off analysts' expectations.

Likewise,

Affymetrix

(AFFX)

tumbled 18.3% to $29.00 on Instinet after reporting a wider-than-expected first-quarter loss due to weak sales of its gene-analyzing array chips. And

New Focus

(NUFO)

was also duly punished, losing 12.44% to $14.22 on Island announcing a first-quarter loss and a second-quarter charge citing uncertainty in the telecommunications sector.

Like bad numbers, having no numbers also sends stocks down. Indeed, the market didn't like it when

PurchasePro.com

(PPRO)

sprung a

second surprise by saying it was delaying its earnings report till Thursday. The first

surprise came this morning when PurchasePro said it wouldn't meet first-quarter consensus estimates. Shares of the company lately lost 0.3% to $4.04 on Island.

In Favor

Some Web-related companies were experiencing upside movement. Garnering attention was

InfoSpace

(INSP) - Get Report

, the Internet content provider, which lately climbed 5.6% to $4.13 on

Island

ECN. Infospace reported a narrower-than-expected first-quarter loss of 2 cents a share, compared with year-ago profit of 4 cents a share, ahead of

Thomson Financial/First Call's

consensus estimate of a 4-cents-a-share loss. While earnings fell, revenue nevertheless rose to $46.56 million from $38.78 million last year.

And Internet switch maker

Foundry Networks

(FDRY)

climbed 9.0% to $11.70 on Island after investors heard it beat its lowered sales forecast and managed to make a first-quarter profit in the face of a slowing economy. The San Jose, Calif.-based Foundry posted earnings of $5.3 million, or 4 cents a share, excluding charges, compared with a profit of $19.3 million, or 15 cents a share.

PeopleSoft

(PSFT)

, an e-business software maker, climbed 9.4% to $32.75 on

Instinet

after posting strong quarterly earnings and revenue. Its earnings of $36.1 million, or 11 cents a share, up from $11 million, or 4 cents a share, last year, beat the consensus estimate of 9 cents a share.

And Internet real estate stalwart

Homestore.com

(HOMS)

built up momentum, rising 2.0% to $29.30 on Instinet, in the wake of first-quarter earnings that exceeded expectations and a raised guidance for the rest of the year.

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.