(Updated from 6:41 p.m. EST)
Large-cap technology stocks, which were down for the count in the regular session, have gotten up off the mat in extended action.
On the heels of a nasty selloff on the
Nasdaq Composite Index, stocks that collapsed today, or at least hit 52-week lows, have started to put themselves back together.
-- which all traded at their worst levels in12 months today -- have come back slightly this evening.
, which announced this afternoon that it was cutting discretionary spending and deferring annual performance pay raises, sank 0.2% to $31.38 on Island and was unchanged on Instinet. The stock dropped 8.6% in the regular session.
Moving on to the headlines, companies with earnings news have seen mixed results after-hours:
Agilent Tops Expectations but Lowers Guidance
Agilent Technologies -- a company that makes technology for the communications, health care, and electronics industries -- announced earnings of 51 cents per share for the second quarter, topping analysts' targets by a penny. Revenue rose to $2.8 billion from $2.2 billion. But the company reduced its growth forecast going forward, saying that it now expects 10% to 15% growth, compared with Wall Street's expectation of 19% growth. Shares of Agilent dropped 17% to $41.50 on Instinet.
VA Linux Misses Estimates and Announces Layoffs
VA Linux -- a software manufacturer -- announced a loss of 28 cents per share for the second quarter, wider than analysts' target of a 26-cent-per-share loss. In an effort to cut costs, the company announced that it would slash 25% of its workforce. While revenue for the quarter increased to $42.5 million from $20.2 million, the firm said that it could fall below $30 million in the next quarter. Worse still, VA Linux said it now expects that it won't turn a profit until October, 2002, about nine months later than expected. Shares of VA Linux sank 20.7% to $5.75 on Instinet.
Finisar Meets The Street and Announces Acquisition
Finisar -- a firm that provides gigabit fiber-optic solutions for high-speed data networks -- reported earnings of 5 cents per share, in line with Wall Street's expectations. At the same time, the company stated that it would acquire
-- a company that designs and manufactures thermoelectric coolers -- for $30 million in cash and stock, valued at approximately $270 million less Marlow's transaction costs. Shares of Finisar traded down 17% to $15 on Instinet and moved lower 15.6% to $15.25 on Island.
TMP Worldwide Tears Past Targets
TMP Worldwide -- an advertising and marketing company -- posted fourth quarter earnings of 35 cents per share, above consensus estimates for a 31-cent-per-share result. The owner of the
Web site said that total commissions and fees were $351.9 million in the quarter, compared with $243.2 million in the fourth quarter of 1999. "Despite concerns of an economic recession and a slowdown in the labor markets . . . we remain positive about achieving our goals for commissions and fees and earnings growth for 2001," the company said in a statement. Shares of TMP Worldwide gained 3% to $51 on Island.
Intuit Bests Estimates but Warns About Revenue Growth
Intuit -- which makes accounting and tax software under the
brand name -- announced second-quarter earnings of 48 cents per share, ahead of analysts' 45-cent-per-share estimate. Revenue was up $457.6 million from $425.5 million in the second quarter of 2000. The company, however, cautioned that revenue would be flat in the next quarter, between $455 million and $470 million. Despite the warning, shares of Intuit rose 6.5% to $34.81 on Instinet and gained 7.3% to $35.06 on Island.
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explains how the rules change when the sun goes down in Investing Basics: Night Owl, a section devoted to after-hours trading.