(Updated from 7:24 p.m. EST)
A busy extended trading session took hold tonight, as several technology companies made headlines.
After the closing bell, online advertiser
announced that it expects fourth-quarter results to fall anywhere from break-even to a loss of 3 cents per share, due to a slowdown in advertising spending. Wall Street had estimated a 2-cent-per-share profit.
Despite the news, shares of DoubleClick, which finished the day 91% off their all-time highs, traded up 11% on
and higher by 12% on
. In a conference call with analysts and reporters, the Internet company added that fourth-quarter revenues would come in 8% to 9% below current expectations at $126 million and $129 million.
In other company news,
, which was battered and bruised in the regular trading session, soared 6% on Instinet and surged 5.9% on Island. Earlier this evening, the network computer manufacturer denied rumors about accounting irregularities and revenue recognition problems.
"Over the last few days, there have been rumors in the market to the effect that Sun Microsystems has experienced 'accounting irregularities' or 'revenue recognition' problems. These rumors have no basis in fact and are false," said chief financial officer Michael Lehman in a statement. Sun Microsystems closed down 12.7% in regular trading today, hitting a fresh 52-week low of $32.63 at one point during the day.
Elsewhere, computer chipmaker
Advanced Micro Devices
tonight became the fourth semiconductor company to issue a profit warning within the last two weeks. Fellow chip companies
have all warned about their upcoming quarters in recent days.
This evening, Advanced Micro Devices said that fourth-quarter revenue and earnings would fall short of Wall Street predictions, due to a slowdown in PC demand. The company stated that fourth-quarter sales would be flat to nominally higher than the $1.2 billion in the previous quarter. AMD also said that it anticipates earnings of 50 cents to 60 cents a share, compared to the
First Call/Thomson Financial
prediction of a 68-cent-per-share result. In recent trading, Advanced Micro shed 0.4% on Instinet.
Other semiconductor stocks to receive attention on the night watch included
, which joined the
S&P 500 Index after the market's close today. In twilight trading, Vitesse slid 0.4% on Instinet and Island, having popped 5.1% during the regular session.
, which gained 10.1% by day, added 0.1% on Instinet and Island. In addition, semiconductor equipment manufacturer
sank 1.9% on Instinet.
Late in the post-close session,
, which has agreed to be acquired by
, said that it expects fourth-quarter earnings to come in between 70 cents and 74 cents per share, well below analysts' target of an 86-cent-per-share profit. The company cited costs associated with the GE deal for the earnings shortfall. In trading on Instinet, Honeywell declined 2.2%.
Without a resolution to the presidential feud, investors might expect cautious trading at the market's open. At last look, the
S&P 500 futures on
were down 4.1 to 1398.90, about two points below
fair value and indicating a flattish open for Tuesday's start. The
Nasdaq 100 Securities
were behind 16.5 to 3016, about 16 points below fair value and showing some downward pressure for the Nasdaq's open tomorrow.
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explains how the rules change when the sun goes down in Investing Basics: Night Owl, a section devoted to after-hours trading.