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The Night Watch: Compaq, Lam Research Digging the After-Hours Action

LSI Logic, though, waltzes lower after a less-than-cheery outlook.
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Updated from 6:49 p.m. ET

On the heels of an 82-point rally on the

Nasdaq Composite Index -- the technology-laden measure closed at 2840.3 today and is now up almost 15% for the year -- earnings news from

Compaq

(CPQ)

has boosted select tech stocks after the closing bell.

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In other Night Watch activity,

Lam Research

(LRCX) - Get Lam Research Corporation (LRCX) Report

,

Siebel Systems

(SEBL)

and

Broadcom

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have risen on the back of their financial results, while

LSI Logic

(LSI) - Get Life Storage, Inc. Report

has fallen, as a result of its earnings statements. Here's the roundup:

Compaq Gains

Earlier this evening, PC manufacturer Compaq announced that it beat Wall Street's reduced expectations for the fourth quarter. Last month, the boxmaker warned that fourth-quarter earnings would come in well below analysts' consensus estimates.

Compaq posted earnings of 30 cents a share, better than the Street's estimate of a 28-cent result and ahead of the year-ago 19-cent result. Analysts lowered their expectations from 36 cents per share back in December. Revenue came in at $515 million, vs. $332 million in the year-ago period.

In recent action, shares of Compaq were up 19.7% to $24 on

Instinet

. Elsewhere in the sector,

TheStreet Recommends

Dell Computer

(DELL) - Get Dell Technologies Inc Class C Report

, which issued an earnings warning yesterday morning, was up 4.7% to $27.63 on Instinet and ahead 4.6% to $27.58 on Island.

Lam Research Lifts

After the closing bell, semiconductor equipment manufacturer Lam Research announced that second-quarter earnings doubled over the comparable period a year ago.

Lam Research reported a 58-cent per share profit, topping the 53-cent analyst estimate. The company earned 28 cents per share in the year-ago period. Revenue for the second quarter came in at $494.3 million -- a 71% increase from the comparable period last year.

At last look, Lam -- which closed up 1.7% to $22.13 -- had popped another 10.7% to $24.50 on Instinet and 11.3% to $24.63 on Island. The

Philadelphia Stock Exchange Semiconductor Index

finished the day up 4.4%.

Broadcom Boosts

Elsewhere in the chip sector, communications-chip maker

Broadcom

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said that fourth-quarter earnings came beat Street expecations, thanks to strong revenue numbers.

Broadcom reported earnings of 32 cents a share, topping analysts' expectations by a penny and up from 13 cents in the year-ago period. Revenue came in at $376 million, above the consensus estimate of $319 million.

For 2001, Broadcom says revenue should rise 100% from 2000's $1.1 billion and earnings should hit $1.50 to $1.60, compared with $1.04 in 2000. Analysts are looking for earnings of $1.44 a share on $1.93 billion in revenue, according to First Call.

Shares of Broadcom added 6.1% to $141.56 on Instinet and Island.

LSI Logic Lowers

But not every chipmaker came out with good headlines in the extended session. Communications chipster LSI Logic repoerted fourth-quarter earnings in line with Wall Street's expectations, but warned of a pending slowdown in the upcoming quarter.

LSI announced fourth-quarter earnings, before goodwill and other items, of 34 cents a share, matching analysts' estimates. The company earned 23 cents per share in the year-ago period. Revenue rose 28% to $751 million from $585 million last year.

The chipmaker expects first-quarter revenue to decline about 12% from the fourth quarter, and the company projected earnings of 21 cents a diluted share for the period, well below analysts' estimates for a 34-cent profit. In recent action, LSI dropped 3.1% to $23.25 on Instinet.

Siebel Systems Soars

Tonight, software manufacturer Siebel Systems reported that it surpassed fourth-quarter earnings and revenue expectations.

The company recorded earnings of 20 cents per share, excluding certain items, besting analysts' estimates of a 15-cent profit. A year ago, the company earned 8 cents a share. Revenue for the quarter came in at $581.6 million, compared to forecasts for revenue of $536 million.

Postclose patrons bid Siebel's stock up 9.6% to $85.98 on Instinet and higher 9% to $85.56 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.

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