(Updated from 7:22 p.m. EDT)

Traders were Caly-bound after

Calypte Biomedical's

(CALY)

postbell announcement that its HIV-1 antibody urine test was approved for use by the People's Republic of China, making it the only urine-based HIV test to be used there. According to the Joint United Nations Program on HIV/AIDS, half a million Chinese citizens are infected with the HIV virus.

Calypte surged 3.10, or an incredible 155%, to 5.10 on 1,539,960

Island

shares.

Sycamore Networks

(SCMR)

made like

Michael Jackson

and beat it. "It" being the

First Call/Thomson Financial

consensus earnings estimate. The fiber-optics network equipment maker reported a fourth-quarter profit that topped expectations and revenue that surged 700%. Earnings were 8 cents a share, 2 cents above Wall Street estimates and 4 cents better than last year.

Shares fell both in anticipation of and in reaction to Sycamore's second consecutive profitable quarter. Last quarter, Sycamore beat the Street when it posted a profit of $11.7 million, or 5 cents a share, on sales of $59.2 million.

Investors might have wanted more, as they pressured shares down 1.75 to 156.25 this evening.

TheStreet.com/NYTimes.com

joint newsroom covered Sycamore's results in a

story earlier, and

TheStreet.com

took a look at what fund managers make of the hot stock in a separate

story.

If a company gets that kind of treatment for blasting estimates, imagine what happens to companies that disappoint.

Crossroads Systems

(CRDS)

was crushed 2.67, or 24%, to 8.26 after reporting that third-quarter revenue was 6% lower than last year's and 57% lower than the previous quarter. Apparently the maker of computer network connectivity systems lost business to its competition. The net loss was 30 cents a share while analysts expected a 21-cent loss.

Investors cut into

Razorfish

(RAZF)

after the hipster Internet consulting firm announced tonight that President Michael Pehl was leaving. Pehl has been at the company for four years. As with dog years, that's a quite long in Internet time. Razorfish stank and sank 1.84, or 12%, to 12.71.

Software developer

Pumatech

(PUMA)

posted a smaller-than-expected fourth-quarter loss of 8 cents a share on sales of $9 million. Analysts expected loses of 11 cents a share in the quarter. Despite a 50% jump in sales, choosy investors chose to sell. Puma plummeted 2.55, or 10%, to 20.88.

DSL.net

(DSLN)

finally just said no to gains. After tripling its value this week on a deal with

IBM

(IBM) - Get Report

the Internet access provider finally bowed to the laws of gravity, relinquishing 7% during the day session and losing 15 cents, or 1.9%, to 7.93 tonight.

Read-Rite

(RDRT)

hit a 52-week high of 7.41 and closed at 7.38 after popping 31% during the day session on news that

Samsung

,

Maxtor

(MXTR)

,

Quantum-Hard Disk Drive

(HDD)

and

Western Digital

(WDC) - Get Report

will use its latest recording-head technology.

By night it gave back 3 cents to 7.34.

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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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.