It was a meeting of the heavyweights on Island ECN this evening. But leave it to a tough New Yorker to muscle in on the action.

Cornerstone Internet

(CNRS)

a Manhattan-based Internet B2B firm was not only hanging out with big boys

Microsoft

(MSFT) - Get Report

,

Cisco

(CSCO) - Get Report

,

Oracle

(ORCL) - Get Report

and

BroadVision

(BVSN) - Get Report

, it took the volume spotlight with more than 150,000 shares traded. After bobbing about in the green and red, it was lately resting at a flat 1 3/32.

Cornerstone operates subsidiaries, USWeb/CKS Cornerstone, an Internet consulting firm, and B2Bgalaxy.com, an Internet technology and e-commerce site.

The stock hit a 52-week low of 1 yesterday, and revisited that low earlier in the evening. After gaining 3% on the day, the shares opened slightly higher then headed a bit south.

On April 19, the company announced a revenue increase of 7%, to $2.6 million, based on increased subscriptions for the company's Internet service. However, net losses rose 17% as $5.2 million was swallowed up by increased marketing and personnel costs.

Move over

Costco

(COST) - Get Report

, now there are wholesale Internet providers.

In the U.S. and Canada, the wholesale craze has gone the cyber way. Companies like

ZipLink

(ZIPL)

sell wholesale Internet access without those awful lines. Today, the company announced a new Web-hosting program for its current and prospective ISP partners. ZipLink will now offer high-speed Web-hosting services, strong connectivity, back-up capabilities and extra services at no additional charges to customers. The Web-hosting program allows ZipLink to position itself in the e-commerce and multimedia businesses, said company officials.

After losing 13% today, Ziplink was again caught with its fly down, falling 1/32 to 3 11/32. The net company also hit a 52-year low yesterday.

Tonight's mix of biggie and not-so-biggie tech names was typical of an evening Island guest list. Bipolar night owls like to swing between maneuverable penny stocks and more bulky, market bellwethers.

Microsoft's report was sunny after a rainy day. The latest

installment in the company's court saga sent its stock down 6% today, to a new 52-week low. Talk that the monopolist may be split into three instead of two companies, spooked investors and continued the slide by 11/16 to 64 7/8 on 200,000

Instinet

shares. Late breaking news that the

Department of Justice

will stick to plans for a two-way split sent Softee 13/16 higher on 35,000 shares on Island.

Broadcom

(BRCM)

was seeing tonight's biggest point move, and the direction was down. The circuit and broadband communication company joined

S3

(SIII)

digital audio provider to bring music to every room in the home. Combined digital music distribution technology eliminates the need for multiple stereo systems.

Must be a lot of music haters out there, as Broadcom was down 2 to 120 on 11,000 Island shares.

S&P MidCap 400

component,

Sanmina

(SANM) - Get Report

, burst onto the scene in full rally mode on news that the electronic manufacturing firm will replace

Warner-Lambert

(WLA)

in the

S&P 500

index on a date to be announced. Sanmina can hold its head up after surging 3 7/8 to 60 9/16 on 12,000 Island shares.

While wireless darling,

Qualcomm

(QCOM) - Get Report

sailed up 5 55/64 to 82 39/64 on 120,000 Instinet shares, it sank 5/64 to 68 29/32 on 59,000 Island shares. Super Q officials were on

CNBC

talking about business opportunities in China. It ascended the Internet ladder in hand with

Chinadotcom

(CHINA)

, which was boosted 4 49/64 to 31 49/64 on 88,000 shares on the potential of a wired and wireless China.

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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