Publish date:

The Night Watch: ImClone Keeps Falling

Dell gets a few cents back after losing ground in the regular session.
Author:

Shares of

ImClone Systems

(IMCL)

continued their downward spiral in the after-hours session Friday, following word the company is being investigated by a congressional panel. The shares, which closed down $8.93, or 30%, at $21.15 in the regular session, were recently off another $1.65, or 8%, at $19.52 on Instinet. A House committee said it is starting an investigation into the way the biotech firm conducted clinical testing of its experimental cancer drug, Erbitux.

Moving in the other direction was

Tyco

(TYC)

, which earlier Friday said it would meet with analysts to address what it called "baseless rumors." After climbing $1.38, or 3%, to $46.45 in the regular session, the company's share were up another 41 cents in the late session. In the past two weeks, the company has denied rumors that it is the subject of a

Securities and Exchange Commission

probe and that it planned to buy

Honeywell

(HON) - Get Report

.

Also gaining was

Dell Computer

(DELL) - Get Report

, which lost ground in regular trading despite issuing a positive earnings forecast. Dell closed down 75 cents at $28.10 at 4 p.m. EST but was lately getting 12 cents back on Instinet at $28.22. The company said it expects to earn about 17 cents a share in the fourth quarter, a penny better than expectations, on strength in its consumer segment.

TheStreet Recommends

Several tech issues were higher in after-hours trading.

Cisco

(CSCO) - Get Report

was gaining 15 cents to $19,

Applied Materials

(AMAT) - Get Report

was up 10 cents to $40.45,

Microsoft

(MSFT) - Get Report

was gaining 29 cents to $66.39,

Oracle

(ORCL) - Get Report

was up 6 cents to $16.54, and

Qualcomm

(QCOM) - Get Report

was adding 5 cents to $45.

Volume on Instinet was light Friday night, with about 4 million shares traded by 5:10 p.m.