After-hours bulls were skulking around Friday's rubble in search of bargains, giving some tech stocks a reprieve from the day's killing. But there was no rest for software company
, which lately sold-off after the company issued a late-Friday earnings warning.
Shares of the Farmington, Mich., high-tech exterminator, whose software tackles bug problems of all sizes, were lately down 12.5% to $8.50 on
and off 11.9% to $8.56 on
ECN. Citing the negative impact of foreign currency and the reorganization of its professional services business, Compuware projected lower-than-expected fourth-quarter revenue of $505 million to $515 million, down from the Street's expectations of $548 million. The firm, however, added it expects fourth-quarter earnings of 15 cents to 17 cents a share, in line with the consensus estimate of 16 cents a share for the quarter. The company earned 15 cents a share a year ago.
Indeed, this evening marks the end of a volatile week for the market, whose
bottom remains elusive. Earnings woes have abounded as warning after warning has spooked the market. Today's worse-than-anticipated employment report also cast a pall over the market and deflated Thursday's bullish sentiments. Nevertheless, the healthy action seen on both extended-trading platforms tonight suggests that investors still aren't getting enough.
Nevertheless, there was no reprieve for
, which was knocked around today after
Credit Suisse First Boston
downgraded the stock. The cell-phone giant was one of the day's worst performers, losing 23% of its value on a total of 63.5 million shares traded, making it the most active issue on the Big Board. And it closed at $11.50, its lowest level in eight years.
Shares of Motorola were lately down 0.3% to $11.47 on Instinet. The company, expected to report a loss of 7 cents a share for the first quarter when it reports earnings next week, issued a statement saying it was not facing liquidity problems and would not have trouble handling its debt obligations.
Nevertheless, bargain hunters inched past sellers tonight, ratcheting up gains for some beleaguered tech stocks. Networkers
, which warned Thursday night of third-quarter earnings shortfalls, were in the green after a rough trading day.
Pacific Electric & Gas
, which lately climbed 0.7% to $7.25 on Instinet. The company, caught smack in the middle of California's energy crisis, announced earlier today it filed for Chapter 11 bankruptcy reorganization. The shares closed down about 36.7% to $7.20 on the Big Board after hitting a new 52-week low of $6.55.
Blue-chip tech stalwarts
climbed 2.6% to $24.23 on Instinet, while
lately rose 0.4% to $13.68 on Island.
was likewise on the upswing on both trading platforms.
This information is provided by Instinet, a wholly owned subsidiary of Reutersundefined. For further information, please contact Instinet at www.instinet.com.
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.