(Updated from 7:46 p.m. EDT)

On one of the busiest nights this earnings season, after-hours investors pored over results, made decisions and gave the rest of us a heads-up for tomorrow's session.

Nighttime traders were disappointed with

Apple's

(AAPL) - Get Report

earnings report. And for the PC maker, the session was sour.

Apple's stock fell $2.81, or 14%, to $17.31 on

Island

ECN and

Instinet

. P/>After the bell, Apple said it earned 30 cents a share, excluding a gain in its fiscal fourth quarter, a penny below Wall Street's reduced earnings target. Last month, the computer maker

warned that results would fall short of expectations.

By contrast, shares of

Microsoft

(MSFT) - Get Report

rose $4.44, or 8.57%, to $56.19 on

Island

ECN and $4, or 7.7%, to $55.75 on Instinet, after the company issued a better-than-expected earnings report.

This evening, Microsoft said it earned 46 cents a share, excluding an accounting change in its fiscal first-quarter. Analysts had expected the software company to earn 41cents a share. Last year, Microsoft posted a 40-cent result. Microsoft said revenue increased to $5.8 billion from $5.38 billion in last year's quarter.

Good results from

America Online

(AOL)

sent its stock up $2.09, or 4.5%, to $49 on Instinet.

The Internet bellwether posted first-quarter earnings of 14 cents a share, besting the consensus estimate by a penny, and improving upon the year-ago seven-cent result. Revenue ramped up 34 percent from the year-ago period.

TheStreet Recommends

Ariba

(ARBA)

dropped $4.56, or 3.59%, to $122.50 on Island and declined $9.95, or 7.8%, to $117.11 on Instinet.

The business-to-business play announced this evening that revenue climbed sharply in the latest quarter, as the company posted a smaller-than-expected operating loss. But after-hours traders are reading the fine print. Including nonoperating charges, Ariba's overall net loss widened to $339.3 million, or $1.50 a share, from $9.9 million, or 7 cents a share, a year earlier.

Shares of

Extreme Networks

(EXTR) - Get Report

dropped $4.94, or 4.61%, to $102.18 on Island and $5.44, or 5.1%, to $101.69 on Instinet.

The drop-off comes despite a respectable earnings report by the Internet router and switch maker. The company posted earnings of 8 cents a share, exceeding analysts' consensus estimate by 2 cents. Additionally, the company reported a 153% year-over-year revenue increase. Extreme's stock may have been taken down by the unofficial 11-cent whisper number and by investors' hope for even better revenue growth. (

TheStreet.com

discussed Extreme Network's earnings in a separate

story .)

Looking ahead to tomorrow, the

S&P 500 futures on

Globex

were up .72 to 1360, about seven points above

fair value as calculated by

Prudential Securities

, and indicating some positive sentiment for tomorrow's open. The thinly traded

Nasdaq 100

futures were ahead 60 to 3215, about 100 points below fair value as calculated by

TheStreet.com

, showing downward pressure for the Nasdaq's start on Thursday.

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