Buyers may have had the upper hand at the end of the day's regular session, but tonight's extended session was an even match between the bear and the bulls.
Nevertheless, tonight's players weren't allowing the steady drumbeat of poor corporate outlooks, including the one contained in
latest earnings announcement, to get to them. Volume was moderate in the after-hours session following relatively heavy post-rate-cut trading during the day.
Shares of Hewlett Packard, which posted second-quarter earnings after the closing bell, lately gained 4.7% to $28.00 on
. The shares closed higher today at $26.74 ahead of its earnings announcement. Investors seemed unfazed by the company's downbeat outlook, which projected that third-quarter revenue would be flat to 5% lower amid the "continuing deterioration in key economic indicators and increasing global uncertainty." HP did, however, beat lowered earnings expectations for the second quarter, even as earnings per share dropped 58% from the same period last year.
Shares of fellow PC firm
lately traded slightly higher by 0.1% on Instinet but were down 0.2% to $25.32 on
ECN. Among climbers tonight were well-known tech outfits like chip giant
, which gained 0.1% to $28.39 on Instinet and networking stalwart
, which rose 0.2% to $58.00 on Island.
, which posted second-quarter earnings in line with analysts' expectations last night, continued its ascent, rising 0.6% to $47.50 on Instinet after closing up by 11.1% to $47.21 on the
But dwelling in the red zone tonight,
, a chip equipment maker, lost 4.5% to $30.22 on Island, and 4.4% to $30.25 on Instinet. The company, whose stock was one of the most heavily traded shares in the after-hours, announced plans to sell $200 million worth of five-year convertible subordinated notes, which is a hybrid security that can be converted into company stock. The company stated it intends to use the net proceeds of the offering for general corporate purposes, including working capital.
And chip leader
, which was punished in last night's extended session after
missing estimates and doling out a grim earnings forecast, descended by 0.2% to $54.01 on Instinet. The shares closed higher at $54.10 on the Nasdaq.
Looking ahead to tomorrow, futures were lately indicating a slightly positive start for tech and the broader market. The S&P 500 futures on Globex were lately trading at 1291.9, about 4.1 points above
fair value. Meanwhile, the Nasdaq 100 futures were trading at 1908.0, 3 points above fair value.
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.
explains how the rules change when the sun goes down in Investing Basics: Night Owl, a section devoted to after-hours trading.