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The Night Watch: Novellus Slips After Meeting Estimates

Tech stocks dominate the extended session. Applied Materials and KLA-Tencor also fall.

Technology stocks dominated the after-hours charts following a mostly quiet regular session.

On Instinet, about 3.1 million shares changed hands within thefirst 30 minutes after the closing bell. The top 20 volume movers accounted from less than 1 million of those shares.

Novellus Systems


, a makerof chip equipment, said Monday afternoon that it earned $35.2 million, or 24cents a share, in the third quarter, before one-time items.That number matched the consensus estimate. In the year-ago period, the company earned $43 million, or 29 cents a share. Novellus attributed the shortfall to slowing demand for electronics products. Shares of Novellus ticked down 0.2% to $31.58 on Instinet. The issue was the leader in volume on Island ECN.

Applied Materials

(AMAT) - Get Applied Materials, Inc. Report

, another semiconductor capital equipment producer, was off 0.7% to $33.40.


(KLAC) - Get KLA Corporation (KLAC) Report

, a third chip equipmentmaker, was off 0.2% to $36.55. Before the opening bell, Lehman Brothers lowered its rating on a group of semiconductor equipment makers.


Nasdaq 100 Tracking Stock

(QQQ) - Get Invesco QQQ Trust Report

was the top volume mover on Instinet and was up 0.1% to $34.44.


TheStreet Recommends

(CSCO) - Get Cisco Systems, Inc. Report

followed, but remained unchanged at $16.21.


(INTC) - Get Intel Corporation (INTC) Report

was off 0.7% to$24.20, and

Sun Microsystems

(SUNW) - Get Sunworks, Inc. Report

was flat at $9.68.


(ORCL) - Get Oracle Corporation Report

gained 0.3%, while


(CIEN) - Get Ciena Corporation Report

slipped 0.4%.

Island ECN offers trading, mainly inNasdaq-listed stocks, from 7 a.m. to 8 p.m.EST.


explains how therules change when the sun goes down in Investing Basics: NightOwl, a section devoted to after-hourstrading.