The Night Watch: EMC, Global Crossing Rise on Bullish News
Tonight's traders remained cautious on tech in the wake of
Cisco Systems's
(CSCO) - Get Report
recent
earnings confession.
Decliners outpaced advancers in both extended trading platforms, and Cisco continued its slide, lately losing 0.3% to $19.07 on Instinet and 0.2% to $19.09 on Island. Overall volume was light as investors took a breather from today's
moderate selloff, but some after-the-bell news inspired tonight's activity.
Go Green!
Storage company
EMC
(EMC)
climbed 2.5% to $42.00 on
Instinet
on news it had its board authorize the repurchase of up to 50 million shares of common stock, or about 2.2% of total shares outstanding. EMC said the stock purchased under the buyback program will be available for various corporate purposes, including employee stock option and employee stock purchase plans.
Also getting a nice verdant shade was
Global Crossing
(GX)
, whose shares climbed 3.6% to $14.30 on Instinet after the telecom carrier said its quarterly loss almost doubled, but that sales rose. The stock finished at $13.80 on the
New York Stock Exchange. The company said the high cost of building its undersea and land-based communications networks offset surging sales of data services.
Nevertheless, investors weren't as bullish on rival
Worldcom
(WCOM)
, which fell 0.2% to $18.25 in tonight's extended session on Instinet.
Beaten-down stock
Rhythms NetConnections
(RTHM)
rose after the Internet access provider posted its first-quarter earnings results. Shares of the company were the most actively traded shares on
Island
ECN, and lately gained 16.3%% to $0.50. Likewise, Internet Capital Group
(ICGE)
, an e-business holding company, rose 8.0% to $3.37 on Island after reporting its first-quarter results.
Some large-cap tech bellwethers managed to fight the bearish tide started by Cisco. Equipment stalwarts
JDS Uniphase
(JDSU)
and
Ciena
(CIEN) - Get Report
were trading higher in recent action on Instinet, while
Sun Microsystems
(SUNW) - Get Report
rose 0.3% to $19.32.
On the Losing End
Rambus
(RMBS) - Get Report
fell 2.0% to $12.55 on Island and 2.3% to $12.50 on Instinet after a federal jury ordered the microchip maker to pay $3.5 million for fraud to German chip maker
Infineon Technologies
(IFX)
. The Los Altos, Calif.-based Rambus said that it would immediately appeal the verdict.
Chips had a tough day today as investors received bore with more bad news from the sector, the latest being
National Semiconductor's
(NSM)
Tuesday night earnings warning. Chip leader
Intel
(INTC) - Get Report
continued to take it on the chin, falling 0.3% to $29.84, while
Applied Micro Circuits
(AMCC)
dipped 0.6% to $25.94 also on Instinet.
Juniper Networks
(JNPR) - Get Report
and
Oracle
(ORCL) - Get Report
were among the large-cap tech stocks that sold off in today's extended session.
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.
Confused?
TheStreet.com
explains how the rules change when the sun goes down in Investing Basics: Night Owl, a section devoted to after-hours trading.
