(Updated from 7:29 p.m. EDT)

If

Rambus

(RMBS) - Get Report

were a betting man instead of a sassy semiconductor company, he would be feeling pretty lucky right now.

Last week it roared higher when

Toshiba

(TOSBF)

expanded its licensing of Rambus' memory chip technology.

The lucky streak continued after the bell when the company announced another victory.

Hitachi

(HIT)

signed a patent license agreement for the same Rambus memory technology in a gesture that settled the dispute out of court. The patent spat ended when Hitachi agreed to pay an upfront settlement fee and quarterly royalty payments.

Analysts believe that tonight's news will encourage other companies to license the Rambus technology.

The habitual spotlight stealer was one of the most actively traded stocks during the day with 22 million shares exchanged and showed off at night by leaping an incredible 38 3/4 to 136 on a whopping 2.53 million

Island

shares. It ended 36 7/8 higher on

Instinet

. The stock settled only 4.8% higher during the day session.

Last week the company announced a 4-for-1 stock split, creating more room to travel higher. (A stock split creates no new stock, of course, but most traders view it as a positive move.)

Elsewhere in the chip world,

Micron Technology

(MU) - Get Report

surpassed third-quarter consensus earnings estimates by 13 cents a share. Shares rose 2 1/16 to 86 7/8 on Instinet.

TheStreet.com/NYTimes.com

joint newsroom covered Micron's earnings in a

story this evening.

This morning the

Food and Drug Administration

gave

Cardima

(CRDM)

the go-ahead to begin the third and final testing phase of its cardiovascular disease-fighting system.

The company also announced that Gabriel Vegh was elected president and CEO and a director, succeeding Dr. Phillip Radlick, who was elected chairman.

Cardima makes products for the treatment and diagnosis of cardiac arrhythmias, and rallied 11% today on the news.

Tonight, the heart company bled. Nighttime pressure ate away at the day's gains, sending the company 7/32 lower to 1 9/32.

Magic is an illusion. It is also an Internet voice technology company.

General Magic

(GMGC)

signed an agreement with

IBM

(IBM) - Get Report

to integrate the voice systems of both companies for e-commerce applications.

General Magic stock jumped 2 5/16, or 35%, to 8 23/32 after the deal was announced, and settled 30% higher. Tonight it was 9/16 higher at 9 1/16.

Ilife

(ILIF)

. Get one. Island traders did.

The Internet company rose 5/32 or 13% today despite a lack of fresh news. The curiously named company provides research that compares banking and credit products, such as mortgages, home equity loans and credit cards, through a portfolio of Web sites and print publications.

The company hit its 52-week low of 1 1/8 yesterday, which may explain some of the nighttime hunger. The company made a yummy and light midnight snack, popping a healthy 1/4 to 1 3/8 on 77,000 Island shares.

Today's technology tumble left some bellwethers bruised. Chipmaker

Intel

(INTC) - Get Report

fell victim to the day's profit-taking mood. But night owls trawled the aisles for some blue-light bargains and plucked some Intel shares. The company rose 13/16 134 7/8 on almost 100,000 Instinet shares.

Fun with fiber.

Traders also filled their baskets with fiber-optics firm

SDL

(SDLI)

, which dropped 25 13/16, or 8.8%, during the day session but recovered 7 15/16 to 273 after hours.

Sequoia Software

(SQSW)

shares fell slightly after it released a new e-business software product yesterday. But during the day session they climbed 2 15/16, or 27%, to a new 52-week high of 13 9/16.

The company specializes in XML software that creates and edits interactive portals. Thought it is not certain, perhaps the company was lifted by the praise of XML technology in today's

Microsoft

(MSFT) - Get Report

press release.

"Today's Internet experience can be confusing and difficult, with a jumble of applications, Web pages and devices, none of which work with one another on your behalf," Microsoft Chairman Bill Gates said. "With the emergence of standards like XML, we now have the opportunity to revolutionize the way computers talk to one another on our behalf just as the browser changed the way we interact with computers."

Though Sequoia's technology was mentioned, the company's name wasn't. Tonight it relinquished some of its day gain, falling 1 9/16 to 12.

Pacific Aerospace & Electronics

(PCTH)

, an international engineering and manufacturing company, rose 9% today after the company announced a purchase contract from

Agilent Technologies

(A) - Get Report

, which makes testing instruments.

Tonight Pacific Aerospace lost some altitude, dropping 1/16 to 2 1/2.

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.

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.