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%.

Image placeholder title

Shares of

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

Exodus Communication

( 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

(VAR) - Get Report

was the top volume mover on Instinet, but remained unchanged on trading of about 1 million shares.

Flextronics

(FLEX) - Get Report

was up 0.7%, to $18.55 on light volume as the number three volume mover on Instinet, while

Advent Software

(ADVS)

came it at number five, dropping 0.8%, to $45.

HealthExtras

( HLEX) rose 0.5%, to $5.62.

Harvard Bioscience

(HBIO) - Get Report

was one of the biggest losers on Instinet as it fell 6.1%, to $11.50 on movement of less than 9,000 shares.

Concurrent

(CCUR)

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.

Sun Microsystems

(SUNW) - Get Report

, the number two volume mover on Instinet, was off 0.1%, while

Intel

(INTC) - Get Report

fell 0.2%.

Oracle

(ORCL) - Get Report

slipped 0.2% and

Microsoft

(MSFT) - Get Report

remained unchanged.

Island ECN 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.