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

The world's No. 1 producer of fresh beef,

IBP

(IBP) - Get Report

, was getting slaughtered in extended trading on the

Instinet

platform, where it was the most actively traded stock. The company, which is also a leader in the U.S. pork processing market, tumbled 34.2% to $15 after

Tyson Foods

(TSN) - Get Report

called off its $3.2 billion merger. Tyson cited IBP's restatements of its financial results with the

Securities and Exchange Commission

as the reason for the abrogation.

Tyson said in a letter to IBP's board: "Ultimately, IBP restated its financials and filings to address the SEC's issues and correct earlier misstatements. Unfortunately, we relied on that misleading information in determining to enter into the merger agreement. In addition, the delays and restatements resulting from these matters have created numerous breaches by IBP of representations, warranties, covenants and agreements contained in the merger agreement, which cannot be cured."

Tyson was lately up 27.4% to $14.65 on Instinet.

In other news, Canadian company

Genesis Microchip

( GNSS) was off 18.1% to $7.63 on Instinet after it guided down fourth-quarter earnings estimates after the bell. The Ontario-based company, which designs integrated circuits (ICs) that translate video and graphics for viewing in flat-panel displays, consumer video products and digital TVs, said tonight it expects a loss of 15 to 17 cents a share. That number is nowhere near

Thomson Financial/First Call's

estimate of an 11-cent profit for the quarter. The figure is also less than the 3-cent profit the company posted a year ago.

Fellow Canadian

Corel

, a software developer, fared better as its shares lately gained 18.92% to $2.75 on

Island

ECN after the company delivered a modest first-quarter profit, helped by interest income and cost-cutting measures.

Chip maker

Micron Technology

(MU) - Get Report

recently posted second-quarter earnings that

topped analysts' expectations, but the stock wasn't trading on the after-hours platforms.

There was also heavy after-hours trading in the same blue-chip tech names that led today's bloodbath in the tech-laden

Nasdaq.

Indeed,

Cisco Systems

(CSCO) - Get Report

continued its selloff with almost half a million shares traded recently on Instinet The stock, which reached a new 52-week low of $15 earlier in the day, was off 1.2% to $15 and lost 1.23% to $15.06 on Island. Doing what analysts do,

Credit Suisse First Boston's

Lisa Bogaty cut her 2001 and 2002 estimates on the telco equipment giant earlier today, citing common knowledge -- reduced customer spending and the global economic slowdown.

Cisco and counterpart

Sun Microsystems

(SUNW) - Get Report

are two companies that have yet to issue specific earnings warnings, though investors, convinced of the contagion of earnings woes, are speculating that they will.

TheStreet.com

recently examined the

spike in put options for these two bellwethers.

Sun was also down 0.4% to $14.64 on Instinet. Selling also hit

Applied Materials

(AMAT) - Get Report

and

WorldCom

( WCOM), which lately fell 1% to $18.88 on Instinet. These losses cancelled out WorldCom's 1% daytime gain.

Nevertheless, be it the work of bargain hunters or short sellers, a few tech bellwethers were edging into the green, though in some cases only by a hair's-breadth.

Lucent Technologies'

( LU) night-time gains had lately faltered to a microscopic 0.1%, to $9.39, on Instinet. Still, the gain was a welcome reprieve after the stock's daytime nosedive -- Lucent touched a new low of $9.15 during the day.

Likewise, PC makers

Dell

(DELL) - Get Report

and

Microsoft

(MSFT) - Get Report

were also seeing gains on Instinet. Data software maker

Oracle

(ORCL) - Get Report

was also popular among some evening Instinet buyers, recently gaining 1.1% to $14.68.

The triple Q, or the

Nasdaq 100

(QQQ) - Get Report

was lately up 1.2% to $39.40 on Instinet.

Looking ahead to tomorrow, the

S&P 500

futures on

Globex

were lately up about 6 points above fair value, indicating a slow start for the broader market tomorrow. The

Nasdaq 100

futures were ahead almost 11 points from fair value, pointing the possibility of slight strength in tech at tomorrow's open.

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 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.