(Updated from 7:35 p.m. EST)

News that

Harmonic

(HLIT) - Get Report

, a communications equipment manufacturer, will restate third-quarter earnings had a shrill effect on the company's stock tonight. Harmonic, the most actively traded issue on

Island

ECN, dropped to the tune of $3.31, or 23.25%, to $10.94 in post-close action. The stock fell $3.25, or 22.8%, to $11 on

Instinet

.

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After the bell, Harmonic announced that it has filed with the

Securities and Exchange Commission

to revise its third-quarter financial results after one of its broadband access customers returned $4.1 million worth of products. Harmonic will increase its net loss for the third-quarter to $5.5 million, or 10 cents a share, from a previously reported loss of $4.6 million, or 8 cents per share.

Elsewhere, earnings results from Internet health care firm

WebMD

(HLTH)

, tonight's second most actively traded stock on Island, have left its stock looking a little pallid.

Shares of the Net stock decreased 44 cents, or 4.3%, to $9.69 on Island, on news that the company -- which links physicians, patients and health insurers -- posted a wider-than-expected third-quarter loss.

WebMD reported a net loss, excluding restructuring charges, of 27 cents a share, missing the

First Call/Thomson Financial

estimate of a 22-cent loss. The loss was narrower, however, than the 28-cent loss from the year-ago period. In September WebMD initiated a major restructuring effort, for which it expects to see future charges.

The company's revenue result was the bright spot in its financial statement. Revenue rose to $151.2 million from $28.7 million in the third quarter last year.

Technology titan

Intel

(INTC) - Get Report

-- which rose 3.2% during the regular session, helping the

Nasdaq Composite Index trim its losses -- gave up some ground during the extended session. After the bell, the chipmaker lost 13 cents, or 0.33%, to $38.06 on Island.

On the acquisitions front, telecommunications equipment manufacturer

Lucent Technologies

( LU) reported after the bell that it will sell its power business, which manufactures back-up batteries and other power components, to

Tyco International

( CMGI) for $2.5 billion in cash.

The after-hours crowd's reaction to the announcement was mixed. Shares of Tyco dropped $3.44, or 6.5%, to $49.50, while Lucent's stock edged up 63 cents, or 2.7%, to $23.38 on Instinet.

Finally, Internet incubator

CMGI

( CMGI) announced tonight that it will sell off its entertainment Web site as well as its free Internet access businesses in a move to boost profitability by the end of fiscal 2001. That effort will result in restructuring charges of $8 million to $10 million during the fiscal first quarter and $75 million to $80 million during the second quarter.

Just last week, CMGI made news after-hours when online marketing company

Engage

(ENGA)

, which is majority-owned by CMGI, warned that fiscal first-quarter revenue would fall behind expectations because of oversupply in the media market.

In this evening's trading, CMGI, which had dropped 8.4% during the regular session, lost an additional 51 cents, or 3.4%, to $14.49 on Island. The company's stock is now down 92% for the year.

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.

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