Ah, Friday night.

It's time to head out to the movies or home for dinner -- or if you're a really eager investor, to your online broker. Indeed, more than 2 million shares have changed hands tonight on

Instinet

while more than 1 million shares have moved on

Island

ECN.

Image placeholder title

What's more, investors have taken a modest amount of pity on beaten-down tech stocks, bidding them up in extended action. The

Nasdaq Composite Index ended the day down 91 points to 2,471.

Bargain hunters scooped up

Oracle

(ORCL) - Get Report

, a volume leader, which gained 0.3% to $23.63 on Instinet and 0.4% to $23.66 on Island, having ended the day down 13.1%. Shares of the enterprise software giant dropped today after

Morgan Stanley Dean Witter

analyst Charles Phillips issued a report saying that the software giant's database license revenue growth may be hurt by the dot-com shakeout.

Elsewhere on the large-cap scene,

Intel

(INTC) - Get Report

advanced 0.7% to $33.75 on Instinet and Island. The

Cisco

(CSCO) - Get Report

Kid, which rattled the market with its earnings miss on Tuesday night, remained unchanged after dark on Instinet and climbed 0.04% to $28.20 on Island.

Earthlink Rockets on Deal Restructuring With Sprint

News that

Earthlink

(ELNK)

and

Sprint

(FON)

have terminated the exclusive terms of their alliance created in 1998 and eliminated a provision that would have allowed the long distance telephone company to acquire the Internet service provider has boosted the Net stock, which gained 3.9% today, on the after-hours marketplace.

In a joint statement, the companies said Sprint will continue to own shares in EarthLink but will relinquish its seats on the company's board. Sprint originally had the right to launch an acquisition offer for EarthLink starting in September of this year, but will now retain only the right to respond to third-party takeover attempts with a bid of its own.

At last look, shares of Earthlink were up 7.3% to $9.92 on Instinet and ahead 6.3% to $9.82 on Island. Trading in Sprint had not been reported.

Audible Coming in Loud and Clear

This morning,

Audible

(ADBL)

-- a company that downloads audio versions of books and print publications, said that

Microsoft

(MSFT) - Get Report

boosted its stake in its operations with a $10 million investment.

Investors heard that news, taking the stock up 103.5% to $1.78 in daytime action. Tonight, the shares have tacked on another 3.5% to $1.84 on Island.

Night Watch Familiars Come Back for More

A few stocks that made the headlines this week are back on investors' trading lists tonight.

Infospace

(INSP) - Get Report

, which promised an "improved" financial outlook on Wednesday night, shed 1.9% to $4.66 on Island. Despite the optimism earlier in the week, the stock dropped 6.75% in trading today.

Network Appliance

(NTAP) - Get Report

, which rock-n'-rolled in last night's trading fiesta, continued to dance the night away tonight. After the bell on Thursday, the software company posted earnings that beat Wall Street's expectations. Shares of Network Appliance hopped 0.7% to $38.25 on Instinet and lifted 0.8% to $38.31 on Island.

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.