Updated from 7:23 p.m. EDT
Although many technology stocks crashed the
Nasdaq's party today, a few issues brought the index cheer. One of them,
, is tonight's most actively traded stock.
Word that Covad secured a $600 million deal to provide
with DSL services sent Covad's stock up $2, or 10.9%, to close the regular session at $20.38.
In addition to the $600 million in revenue that SBC plans to guarantee Covad over the next six years, the Baby Bell is writing a check to the tune of $150 million to purchase a 6% stake in Covad.
After the closing bell, Covad announced that it plans to sell $500 million of five-year convertible notes privately to finance network expansion. Lately, on
ECN, shares of Covad had fallen 95 cents, or 4.6%, to $19.43. On
, Covad was behind 94 cents to $19.44.
, which surged higher during the day, closed up $1.38 cents to $76.50 on Island and was the platform's fourth-most-active stock.
Federal Trade Commission's
announcement this afternoon that it has approved the formation of
, a business-to-business venture of auto manufacturers, sent the entire B2B sector rolling today. (
FTC's announcement in a separate story.)
Commerce One closed the regular session ahead $3.75, or 5.25%, to $75.13.
Positive earnings results are not always enough to lift a stock.
After posting first-quarter earnings that topped Wall Street's estimates,
shed $1.50, or 3.2%, to $46 in recent trading on Instinet.
The electronics manufacturer listed fourth-quarter earnings of 27 cents a share, a penny better than the 22-analyst estimate and up from the year-ago 17 cents a share. Solectron said it expects to generate sales between $4.8 billion and $5.1 billion for the first quarter of 2001 and earnings per share between 27 cents and 28 cents citing strong customer demand. The current 19-analyst estimate is for 27 cents.
Meantime, earnings warnings are almost always enough to hammer a stock.
dropped $13.44, or 31.48%, to $29.25 on Island, after the company announced after the close that it expects to report results far below analysts' expectations.
The semiconductor supplier attributed the shortfall to supply chain problems in its factory systems division. PRI Automation closed the regular session down 94 cents to $42.69.
Summer may be nearing an end, but the folks at
see sunny skies ahead.
After the closing bell, the sunglasses and sports accessories manufacturer said that it expected to see net sales rise by 40% for the third quarter and that it predicts higher earnings per share, thanks to strong customer demand.
Oakley anticipates that it will report record net sales of more than $100 million and earnings of at least 21 cents a share. The company reported net sales of $70.8 million and 15 cents per share in the year-ago period.
The biggest winner on Instinet, Oakley was lately up $3.75, or 22.7%, to $20.25.
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. EDT.
explains how the rules change when the sun goes down in Investing Basics: Night Owl, a section devoted to after-hours trading.