Bulls may have ruled the day but bears managed a comeback in the after hours, as earnings woes continued to wreak havoc on the market. The latest group to be hit were optical networking companies.

Sycamore Networks

(SCMR)

was punished after it warned of lower-than-expected third-quarter results, citing weak customer orders. The company also projected a one-time restructuring charge of about $140 million to $150 million due to costs related to the layoffs of about 140 workers.

On

Instinet

, Sycamore shares, which were lifted during today's tech rally, lately tumbled 29.7% to $6.38. The shares were also faring poorly on

Island

ECN, the other extended-hours platform.

The optical networker, whose products boost fiber-optic network capacity for high-speed telecom carriers, said after the bell it expects to post a third-quarter loss, excluding amortization, taxes and charges, of $38 million or 16 cents a share, compared with a profit of $11.7 million, or 5 cents a share, in the same period last year.

Another networking company to warn this evening and get punished was switch maker

Extreme Networks

(EXTR) - Get Extreme Networks, Inc. Report

. The Santa Clara, Calif., company said after the close that it sees a weaker-than-expected third quarter, amid "weak economic conditions." And singing the ever-familiar tune, the company said this evening it would take some restructuring charges and implement job cuts.

Extreme's shares recently slipped 14.4% to $13.70 on both Instinet and Island.

These two warnings tarnished other telecom equipment firms, causing

Ciena

(CIEN) - Get Ciena Corporation Report

,

Juniper Networks

(JNPR) - Get Juniper Networks, Inc. (JNPR) Report

and

Cisco

(CSCO) - Get Cisco Systems, Inc. Report

to erase the gains they made during regular trading. Cisco's shares were lifted in the regular session after the company announced Wednesday it was discontinuing its optical routers business, which it acquired last year from

Monterey Networks

. However, its shares were lately off 1.26% to $14.75 on Island.

On Instinet,

Redback Networks

(RBAK)

fell 5.7% to $13.12 while

Corvis

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dipped 5.2% to $5.75.

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Despite tonight's earnings-related selloff, some buying lingered in certain blue-chip tech stocks.

Dell Computer

(DELL) - Get Dell Technologies Inc Class C Report

, which led today's rally with a favorable first-quarter outlook, maintained its bounce on Instinet, where it recently traded up 2.2% to $25.75.

Sun Microsystems

(SUNW) - Get Sunworks, Inc. Report

and

IBM

(IBM) - Get International Business Machines (IBM) Report

also gathered more strength after a positive trading day.

Software giant

Oracle

(ORCL) - Get Oracle Corporation Report

was also keeping its gains. The stock, which closed higher on the

Nasdaq today, was lately up 0.5% to $14.82 on Instinet. Other Internet stalwarts were also on the upside.

BEA Systems

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lately rose 0.9% to $27.38, while

Yahoo!

(YHOO)

, which enjoyed a rousing day after a positive analysts' note, gained another 1.6% to $15.50 on Island.

But sellers on the platform were hard on Internet software maker

Ariba

(ARBA)

and

Microsoft

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, sending Ariba shares down 2.88% to $5.19 and Mr. Softee off 0.3% to $56.56. Earlier today, a research note from

Merrill Lynch

concluded that it is still "too early to call the bottom in the PC cycle."

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 offers trading, mainly in Nasdaq-listed stocks, from 7 a.m. to 8 p.m. EST.

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.