On the heels of one of the lightest volume days this year, after-hours investors traded gingerly. They bumped technology stocks up modestly, but knocked down wireless communications maker
, after it reported its quarterly earnings.
After the closing bell, Sawtek reported that its second quarter earnings fell 26% from the year ago period. The company earned $9.3 million, or 22 cents per share, in the quarter, in line with Wall Street's consensus estimates. Back in February, the company said it expected to earn between 22 cents and 24 cents per share, lower than its previous projection of 29 cents per share.
Shares of Sawtek traded down on the major electronic trading platforms this evening. The stock dropped 3% to $13.75 on
and fell 6.9% to $13.20 on
"The results reflect the current downturn in the wireless and telecommunications markets," the company said in a statement. "We have been adversely impacted by the downturn in these markets resulting in lower sales, lower gross margin and lower net income for the quarter."
Among large cap stocks,
rose 0.8% to $13.15 on Instinet, after losing 7.8% of its value during the day's session, bringing it to a new 52-week low.
Morgan Stanley Dean Witter
retiterated its neutral rating on Sun as the company acknowledged a bug in its new UltaSPARC III chip but said it would fix the problem in its next round of production. Morgan Stanley said the uncertainty over the timing of the fix is likely to put downward pressure on the stock in the near-term.
Elsewhere, bargain hunters bid
up 0.7% to $23.36 on Instinet. The semiconductor fell 1.8% in trading today after earnings estimate downgrades from
Salomon Smith Barney
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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.