(Updated from 7:29 p.m. EST)
The world's No. 1 producer of fresh beef,
, was getting slaughtered in extended trading on the
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
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
( 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.
, a software developer, fared better as its shares lately gained 18.92% to $2.75 on
ECN after the company delivered a modest first-quarter profit, helped by interest income and cost-cutting measures.
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
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
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.
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
( 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.
( 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
were also seeing gains on Instinet. Data software maker
was also popular among some evening Instinet buyers, recently gaining 1.1% to $14.68.
The triple Q, or the
was lately up 1.2% to $39.40 on Instinet.
Looking ahead to tomorrow, the
were lately up about 6 points above fair value, indicating a slow start for the broader market tomorrow. The
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.
explains how the rules change when the sun goes down in Investing Basics: Night Owl, a section devoted to after-hours trading.