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
and sent the shares down 13.1% to $54.75 on Instinet and down 12.9% to $54.84 on
ECN even though the firm's
latest numbers came in line with expectations.
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.
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
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
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.
Some Web-related companies were experiencing upside movement. Garnering attention was
, the Internet content provider, which lately climbed 5.6% to $4.13 on
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
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.
, an e-business software maker, climbed 9.4% to $32.75 on
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
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.
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