Investors were punishing companies with news in the extra session Tuesday, among them

Gap

(GPS) - Get Report

and

Clear Channel Communications

(CCU) - Get Report

, both of which posted quarterly results after the close.

Gap met analysts' consensus loss expectation for the fourth quarter, but the apparel retailer said the trend of declining same-store sales was continuing this month. Gap was one of the biggest losers in late trading, falling 7% to $12.60.

Abgenix

(ABGX)

was among the hardest hit, dropping 9.1% to $21.80 after the biotech company disclosed plans to sell $200 million of convertible debt.

Elsewhere, Clear Channel was losing 8.3% to $45 after the company reported a wider-than-expected loss for the latest quarter. Revenue for the quarter fell 8%, and earnings before interest, taxes, depreciation and amortization slid 46% from the same period a year ago.

Optimal Robotics

(OPMR)

was giving back 6.2% to $16.79 after the maker of self-checkout systems for retailers met Wall Street's fourth-quarter estimate but projected a shortfall for the first fiscal quarter.

Among widely held technology issues,

Oracle

(ORCL) - Get Report

was slipping 0.3% to $16.48.

Dell

(DELL) - Get Report

and

JDS Uniphase

(JDSU)

were flat.

Sun Micro

(SUNW) - Get Report

and the

Nasdaq 100 Unit Trust

(QQQ) - Get Report

were up 0.1%, while

Intel

(INTC) - Get Report

and

Cisco

(CSCO) - Get Report

were each lower by 0.2%.