The Night Watch: Nasdaq Glitch Sends After-Hours Volume Surging - TheStreet

On a day when

Nasdaq

trading was extended an extra hour to make up for time lost earlier in the day due to a

network problem, trading on

Instinet

and

Island ECN

was extremely heavy, although there was little significant news moving the stocks. On an atypical Friday during the summer on the Street, shares overall fell 0.21% on volume of 18.39 million on Instinet within the first 50 minutes of the "post-market" session.

Shares of Commerce One, which soared more than 37% during the day, were down 21 cents, or 3.5% on Island. The company warned it would miss revenue targets for the quarter, but also received a boost from European software giant SAP, which bought 20% of the company. Fellow enterprise software maker BEA Systems was up 89 cents, or 2.9% on Island after the company reiterated its financial projections for the quarter ending July 31.

InfoSpace

(INSP) - Get Report

, a provider of cross-platform merchant and consumer infrastructure services, lost 31 cents, or 7.9% in Island.

While the Nasdaq cancelled its after-hours trading session, the usual tech suspects were moving in the after-hours on tremendous volume. Share prices of

Microsoft

(MSFT) - Get Report

were off 0.9%, to $72.35 on Instinet.

Sun Microsystems

(SUNW) - Get Report

was up 23 cents, or 1.5%, to $15.95 on Instinet and rose 1.5% on Island. JDS Uniphase was up 30 cents, or 2.4%, to $12.80 on Instinet.

Intel

(INTC) - Get Report

was up 1.2% on Instinet, while

Dell

(DELL) - Get Report

gained 1.3%. Oracle rose 10 cents or 0.5%, to $19.10 and Cisco was on the upside by 2.5%, to $18.65, both on heavy volume on Island.

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.

After the Close Friday

360Networks

(TSIX)

had its senior unsecured notes cut to "D" from "CC" by

Standard & Poor's

rating service.

Diversa

(DVSA)

agreed to release

Intrabiotics

(IBPI)

from a drug development agreement between the two in exchange for $2.45 million and 700,000 shares of Intrabiotics at $2 a share.

Lightpath Technologies

(LPTH) - Get Report

said tonight that it sees fourth-quarter sales at $5 million, and full fiscal 2001 sales at $26 million. The company said that it will take a non-cash charge of $12 million to $15 million during the quarter.

Principal Healthcare Ltd.

said after-hours tonight that it is unable to repay outstanding debt which matured earlier Friday, according to part-owner

Omega Worldwide

(OWWI)

.

Omega Worldwide an asset management firm, announced tonight that Robert Parker would resign as a company director.

Parker Hannifin

(PH) - Get Report

said that fourth-quarter EPS will likely be about one-third below current estimates of 77 cents a share, and full-year operating EPS between $2.81 and $2.91 a share.

Sipex

(SIPX)

said that it will cut 15% of its staff and eliminate its idle manufacturing operations in Q3, taking a one-time charge of $500,000 for severance.

Monday's Economic Data

At 8:30 a.m., the personal income report for June will be released by the Commerce Department's Bureau of Economic Analysis. The data, which measure changes in personal income and consumption expenditures, make up roughly 68% of the nation's gross domestic product. Economists are expecting personal income to grow 0.3%, which would match the growth rate for the previous month. Personal consumption is expected to rise 0.4%.

At 10 a.m., the National Association of Purchasing Management issues the latest Purchasing Managers' Index. The figures signal expansion when they rise above 50 and contraction when below it. Economists polled by Reuters are expecting the index to come in at 42.8 surpassing last month's reading of 42.1. This indicator remains the most significant manufacturing measure and should have a deep impact on today's trading session.

Also at 10 a.m. the Census Bureau releases the construction spending report for May. The data measures the value of new construction, both government and residential. It is expected to show a 0.3% growth rate for the period. Since the report is considered somewhat dated, it has little effect on the market.