The Night Watch: Microsoft Drops After Earnings Report - TheStreet

Updated from 5:02 p.m. EST

Traders were sending shares of

Microsoft

(MSFT) - Get Report

lower in extended trading Thursday after the company posted its quarterly results.

Microsoft was dropping 2.2% to $68.33 on the Instinet platform after the bell. The software giant

said second-quarter earnings totaled 41 cents a share, including a charge of 8 cents a share. The company also said third-quarter earnings would beat expectations but that revenue growth might fall slightly below par.

Not surprisingly, Micrsoft was the volume leader on Instinet. Other tech issues were also trading lower.

The

Nasdaq 100 Tracking Stock

(QQQ) - Get Report

was down 1.4% to $39.10, and

Sun Micro

(SUNW) - Get Report

, which is reporting earnings Friday, was off 2.2% at $12.10.

Cisco

(CSCO) - Get Report

was down 2.3% to $19.04, and

Dell

(DELL) - Get Report

was losing 1.7% at $28.47.

Intel

(INTC) - Get Report

was falling 1.3% to $34.08.

Broadcom

(BRCM)

was giving up 2.7% to $47.15.

Genesis Microchip

(GNSS)

was one of the late session's biggest losers, dropping 7.1% to $63.35 after the company reported third-quarter earnings of 42 cents a share. The company also believes "seasonal impacts" on the March quarter could be a factor. Genesis expects that fourth-quarter revenue will modestly grow from the third quarter.

Network Associates

(NETA)

was down 4.5% to $25.50 after posting a fourth-quarter loss of 2 cents a share. Excluding items, the company earned 23 cents, easily beating Wall Street's estimates. The company also raised its revenue guidance for 2002.

Scientific-Atlanta

(SFA)

was climbing 6.3% to $25.30 after beating analysts' earnings estimates for the second quarter.