The Night Watch: Chip-Equipment Stocks Rally - TheStreet

Investors had plenty of news to keep them busy after the bell, as several big names from the technology sector reported their quarterly results.

Chip-equipment maker

Applied Materials

(AMAT) - Get Report

, one of the volume leaders, was rising 4.2% to $27.75 after the company topped analysts' estimates by a penny.

Other members of the group were higher on the news.



was up 2.7% to $52.90,


(KLAC) - Get Report


Kulicke & Soffa

(KLIC) - Get Report

were also gaining ground.

Elsewhere in the semiconductor sector,



was falling 2.2% to $29.55, while heavy hitter


(INTC) - Get Report

was tacking on 0.5%.

The network storage group was also in the news, with



, which inadvertently released an upside forecast before the close, adding 1.4% to $24.42.

Network Appliance

(NTAP) - Get Report

was heading in the other direction, dropping 7.4% to $16.70 after the company's latest quarterly report revealed revenue that was short of the consensus forecast.

Two companies that are being added to the S&P 500,

Apollo Group



BJ Services


, were slightly higher. The companies are replacing




US Airways

(U) - Get Report


WorldCom was the volume leader, and the stock was inching higher by 1.7% to $1.26 after the close. Overall, extra-session volume was heavy, as almost 14 million shares changed hands among the 20 most active stocks on the Instinet platform.



was one of the biggest losers, sliding 11% to $13.50 after the company said it would halt the development of a proposed psoriasis treatment.


(HPQ) - Get Report

released its last quarterly report as a standalone company, and the stock was dropping 2.3% to $20.03. H-P, which recently closed its merger with


, met analysts' profit expectations but said information technology spending probably wouldn't improve meaningfully until 2003.

Big-name tech issues were also active, but they were staying fairly close to the flatline. The

Nasdaq 100 Unit Trust

(QQQ) - Get Report

was up 0.3%, and


(MSFT) - Get Report

was better by 1.5%.


(CSCO) - Get Report



(ORCL) - Get Report

were each gaining 0.5%, and

Sun Micro

(SUNW) - Get Report

was climbing 0.7%.