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.

Novellus

(NVLS)

was up 2.7% to $52.90,

KLA-Tencor

(KLAC) - Get Report

and

Kulicke & Soffa

(KLIC) - Get Report

were also gaining ground.

Elsewhere in the semiconductor sector,

Intersil

(ISIL)

was falling 2.2% to $29.55, while heavy hitter

Intel

(INTC) - Get Report

was tacking on 0.5%.

The network storage group was also in the news, with

Brocade

(BRCD)

, 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

(APOL)

and

BJ Services

(BJS)

, were slightly higher. The companies are replacing

WorldCom

(WCOM)

and

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.

Abgenix

(ABGX)

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.

Hewlett-Packard

(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

Compaq

, 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

Microsoft

(MSFT) - Get Report

was better by 1.5%.

Cisco

(CSCO) - Get Report

and

Oracle

(ORCL) - Get Report

were each gaining 0.5%, and

Sun Micro

(SUNW) - Get Report

was climbing 0.7%.