Ah, the joys of indexing. Following the announcement that
will be added to the
S&P 500 index at a date to be announced, the circuit board maker's stock is rocketing in post-close action. It was the biggest after-hours gainer in percentage terms, rising $3.63 to $26.63, or 16%, on 20,800
S&P said the company will be replacing
in the index. Coastal is being acquired by
El Paso Energy
, a member of the S&P.
said post-close it expects net earnings for 2001 to come in around 24 cents a share. The market doesn't like it. In post-close trading, it was lately down 9.3% on 3100 Instinet shares. The
First Call/Thomson Financial
six-broker consensus was looking for earnings of 26 cents a share for 2001.
The bastion of night owls, the after-hours session continues to see some volatile trading in stocks that never seem to have any news out at all. That's the folks like
, one of the night's big losers. It lately traded down 14% on 15,000 Instinet shares, with nary a word about what's going on there.
was most recently down 7.7% on 580 Instinet shares.
Moving in the opposite direction were old friends like
, jumping 12.7% on 2400 shares, closely followed by
. The stock was lately up 88 cents to $9.75, or 9.9%, on 1,000 Instinet shares.
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, owned by Datek Online, 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.