Updated from 5:37 p.m. EDT
A pair of tech firms fighting bad news continued downward spirals after the market close, as trading activity dwindled in the extended session.
On Instinet, 4.3 million shares changed hands in the first forty minutes of trading, while 2.1 million shares were swapped amongst the top twenty volume movers on the list. The top 20 movers produced a net change of -0.05%.
Metromedia Fiber Network
( MFNX) continued further down the spiral in the extended session, after plummeting 28 cents, or 31.5% in trading during the day. The fiber optic network builder was off 1.6%, to 60 cents on Island ECN. Friday the company said it received an extension on two big financing agreements. However, the company warned it would file for bankruptcy if financing agreements are not completed. Before the announcement, the company had been facing a
deadline today. It was the third most actively traded stock on Island.
Another regular on Island was also taking the brunt of investors' ire. Web site hoster
( EXDS), which had its chief executive Ellen Hancock resign this week, was off 9.8%, to 37 cents and was the volume leader after hours. The company, which was also downgraded by Legg Mason, lost 24.1% during the regular session.
Varian Medical Systems
was the top volume mover on Instinet, but remained unchanged on trading of about 1 million shares.
was up 0.7%, to $18.55 on light volume as the number three volume mover on Instinet, while
came it at number five, dropping 0.8%, to $45.
( HLEX) rose 0.5%, to $5.62.
was one of the biggest losers on Instinet as it fell 6.1%, to $11.50 on movement of less than 9,000 shares.
lost 2.1%, to $10.13, while ranking as the eleventh biggest loser on Instinet.
The big tech names generally didn't move significantly up or down.
, the number two volume mover on Instinet, was off 0.1%, while
slipped 0.2% and
Island ECN offers trading, mainly in Nasdaq-listed stocks, from 7 a.m. to 8 p.m. EST.
explains how the rules change when the sun goes down in Investing Basics: Night Owl, a section devoted to after-hours trading.