(Updated from 7:24 p.m. EDT)

Week Two of earnings season opened with a flurry of activity in the after-hours market.

Stealing tonight's headlines was telecommunications company

Lucent Technologies

( LU), which announced earlier today that its board had ousted its chairman and chief executive and had brought back his predecessor as an interim replacement. After the closing bell, the company posted fourth-quarter financial results.

Lucent reported a 22% decrease in revenue growth, which did not come as much of a surprise to Wall Street. Back on Oct. 10, the telecom company warned investors that fourth-quarter earnings would fall well short of analysts' expectations. This evening, Lucent posted earnings of 18 cents a share, down from last year's 24-cent result but a penny above Wall Street's reduced target.

The telecommunications equipment manufacturer warned this morning that it expects its revenues from continuing operations to fall 7% in its first fiscal quarter and those operations to break even. Analysts had expected Lucent to earn 23 cents a share before charges in the first quarter. (

TheStreet.com/NYTimes.com

wrote about Lucent's news in a separate

article.)

Shares of Lucent, which finished the day down 2.49%, climbed 94 cents, or 4.2%, to $23 on

Instinet

. The company's stock is now way off its 52-week high of $84.19, reached last December.

A positive earnings report from

Sanmina

( RPTR) sent its shares up 88 cents, or 0.8%, to $116.50 on Instinet and higher $2.13, or 1.84%, to $117.75 on

Island

ECN. The provider of electronic manufacturing services reported earnings of 64 cents a share, topping the 49-cent analyst estimate and the year-ago 32-cent earnings. Sanmina posted revenue of $1.27 billion, a whopping increase from last year's $664.3 million.

Adding to what has sometimes felt like a veritable deluge of preannouncements this season,

National Semiconductor

( FMKT) warned tonight that second- and third-quarter sales may be lower due to lower-than-expected demand. As a result, shares of the chip maker tanked $12.94, or 35%, to $24 on Instinet. (

TheStreet.com

discussed National Semiconductor's warning in another

story.)

By contrast,

FreeMarkets'

( FMKT) stock added 53 cents, or 1.1%, to $50.50 on Instinet and popped $1.66, or 3.31%, to $51.63 on Island. After the bell, the online business-to-business auctioneer reported a loss that was narrower than analysts had expected for the third quarter. Additionally, FreeMarkets said that it would break even two quarters ahead of schedule. (

TheStreet Recommends

TSC

talked about Freemarket's results in a separate

piece .)

Also attracting investor attention was DSL stock

Covad Communications

( COVD), which gained 31 cents, or 4.35%, to $7.37 on Island.

Shares of

Repeater Technologies

( RPTR) stabilized somewhat in after-hours trading, following a daytime free fall that sent the stock plummeting more than 60%. (On Friday, the wireless communications company said that it expects to record lower-than-expected revenue for the second quarter, because of a delay in receiving customer acceptances.) Tonight, the stock gained 13 cents, or 2.99%, to $4.31 on Island.

GlobeSpan

(GSPN)

, another DSL provider, increased $3.31, or 3.67%, to $93.69 in twilight action on Island and rose $3.20, or 3.5%, to $93.58, after announcing third-quarter pro forma results that surpassed Wall Street's expectations. After the close, the company listed an 18-cent profit that beat the 11-cent analyst estimate.

Finally,

Honeywell's

(HON) - Get Report

stock, which sweetened 8.6% today, fell 44 cents, or 0.9%, to $49.50 in after-hours trading on Instinet. On Sunday,

General Electric

(GE) - Get Report

agreed to acquire

Honeywell International

(HON) - Get Report

for about $45 billion in stock.

This information is provided by Instinet, a wholly owned subsidiary of Reuters( RTRSY). For further information, please contact Instinet at www.instinet.com.

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Confused?

TheStreet.com

explains how the rules change when the sun goes down in Investing Basics: Night Owl, a section devoted to after-hours trading.