(Updated from 7:55 p.m. EDT)

As earnings announcements flooded the after-hours marketplace, nighttime investors rocked and rumbled.

Stocks in the postclose spotlight tonight were

IBM

(IBM) - Get Report

and

Intel

(INTC) - Get Report

.

With 769,393 shares changing hands on

Instinet

, IBM dropped $13, or 11.5%, to $100.

After the closing bell, Big Blue reported third-quarter earnings in line with Wall Street's estimates. IBM posted a profit of $1.08 a share, up from the year-ago 90-cent result. But the company reported revenue of $21.8 billion, at the low end of analysts' expectations. (

TSC

discussed IBM's earnings in a separate

story.)

The after-hours reaction to

Intel

(INTC) - Get Report

, which also announced third-quarter earnings this evening, was different. Tonight's most active stock initially hopped $1.85 to $38.0625. The chipmaker later retreated from that level, ending up 38 cents, or 1%, to $36.56 on both

Island

ECN and Instinet.

Intel posted a profit of 41 cents a share, topping Wall Street's reduced target of 38-cent earnings and improving upon the year-ago 27-cent result.

Less than a month ago, the semiconductor manufacturer

cautioned investors that third-quarter revenue would come in below analysts' expectations, due to weak demand in Europe. Nonetheless, the company's earnings matched Wall Street's initial forecast of 41 cents, which was lowered when Intel warned of a revenue shortfall.

Third-quarter revenue came in at $8.73 billion, compared with $7.32 billion in the year-ago period. On Sept. 21, Intel forecast that revenue would be about $8.5 billion to $8.7 billion. Before the company issued a profit warning, many analysts had predicted that Intel would report revenue of about $9 billion. (

TheStreet.com/NYTimes.com

joint newsroom covered Intel's earnings announcement in a separate

story.)

Intel's shares ended regular trading Tuesday up 50 cents, or 1%, at $36.19. The chipmaker's stock is down 52% from its 52-week high of $75.81, reached on Aug. 28, with much of that decline coming from a sharp selloff after the company warned in September of the weaker revenue. The semi stock closed the regular session up 50 cents, or 1%, to $36.19, well off the 52-week high of $75.81 it reached Aug. 28.

This morning,

Morgan Stanley Dean Witter

and

PaineWebber

cut their ratings on

Micron Technology

(MU) - Get Report

, sending the stock down $4.69, or 13.9%, to $29 and the

TheStreet Recommends

Philadelphia Stock Exchange Semiconductor Index

lower 66.84, or 9.4%, to 648.09.

Fellow semi stock

Applied Materials

(AMAT) - Get Report

, downgraded today by

Credit Suisse First Boston

, fell $1, or 2.2%, to $44 in after-hours Island action.

In other earnings news, DSL provider

Copper Mountain Networks

(CMTN)

issued third-quarter results that beat estimates, but the company said that fourth-quarter and 2001 earnings would come in below estimates, due to decreased demand. That news hit Copper Mountain hard in extended trading. The stock collapsed $14.26, or 53%, to $12.61 on Island and plummeted $14.63, or 54.4%, to $12.25 on Instinet.

A profit warning from

RF Micro Devices

(RFMD)

, a circuit manufacturer, knocked its stock down $7.36, or 32%, to $15.64 on Island and took it lower $7.50, or 32.6%, to $15.50. Tonight, the company said that lower-than-expected order activity in the second quarter would take a bite out of revenue for the third quarter.

Shares of

Covad Communications

(COVD)

staggered $2.84, or 33.1%, to $5.75 on Instinet and decreased $2.72, or 31.69%, to $5.87 on Instinet. Tonight, the high-speed Internet access provider recorded a loss of $1.22 a share, wider than the analyst estimate of a $1.19 loss and below the year-ago negative 47-cent result.

On the heels of today's technology selloff,

Nasdaq Composite Index finished down 76.3 to 3213.9. The

Dow Jones Industrial Average Index ended off 149 to 10,089.

What does tonight's activity suggest about tomorrow? Lately, the

S&P 500 futures on

Globex

were down 0.56 to 1354.2, about 7 points below

fair value as calculated by

Prudential Securities

, and indicating some negative sentiment for tomorrow's open. The thinly traded

Nasdaq 100

futures were down 15 to 3155, about 51 points below fair value as calculated by

TheStreet.com

, and showing downward pressure for the Nasdaq's start.

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.