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Welcome to Fantasy Island ECN.

In a sparkling IPO debut today,

ONI Systems


, a San Jose, Calif.-based tech company, jumped 57 9/16, or 230%, to 82 9/16. In today's less-promising IPO market, the dramatic run-up hearkened to the heady days of IPO heaven.

The newcomer made an early appearance at the bottom of the


most-actives list, 2 points in the red, then quickly retreated from the public eye, back to its green haven. It was lately trading up 7/16 to 83 on Island.

The company develops and sells all-optical networking equipment designed to reduce bandwidth and service bottlenecks. To find out more about ONI Systems check out an

article from

joint newsroom.

Congratulations are in order to the mother company.

Technical Chemicals & Products


glowed on the top of

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TheStreet Recommends


ECN's most-actives list after its subsidiary,

TCPI Holdings

, said it will acquire

Roche Diagnostic's

worldwide over-the-counter pregnancy and ovulation self-testing business.

Technical Chemicals makes medical monitoring and testing kits for glucose, cholesterol, diabetes, drug, STDs and other at-home tests.

TCPI rode up 3/16 to 1 1/16 on 210,000 Island shares.



(UTSI) - Get UTStarcom Holdings Corp Report

managed to limp slightly higher in after-hours action, but the move hasn't gone terribly far in healing the company's day-session wounds.

During the session, the Alameda, Calif.-based wireless-phone equipment company collapsed 17 9/16, or 47.9%, to an all-time closing low of 20 11/16 after announcing that China delayed deployment of a technology UTStarcom uses. The company said it didn't expect the delay to hurt its second- or third-quarter results, but that didn't stop the pummeling.

After the close, UTStarcom recovered 1 5/16 to 22 on 40,000 Island shares, while


(QCOM) - Get QUALCOMM Incorporated Report

, also competing in the Chinese wireless-equipment business, fell 5/32 to 68 29/32 on 50,000 Island shares after a day-session gain of 4%.

It's good to be a fiber-optic tech stock!

Ever since

Thomas Weisel Partners


Spectra Diode Laboratories


on Tuesday, the fiber-optic network company has been heading north. Vertigo hit after the company extended its contract with

JDS Uniphase


to provide parts for the telecommunications networking giant through 2001. Today, in the midst of exuberant tech buying it rose another 10% and continued its stride higher after-hours on growing demand for its products and intoxicating investor momentum. It was lately up 4 1/16 to 253 5/8 on 20,000 Island shares.



you need


(INSP) - Get Inspire Medical Systems Inc. Report


Yesterday's deal between the Internet companies will be the joy of men who hate to stop and ask for directions. InfoMove is the first company to deliver real-time, personalized, location-based Internet applications to drivers and InfoSpace's wireless Internet platform will supply information on restaurants, hotels, weather, maps, directories and yes, even those addictive stock quotes and horoscopes.

The news drove investors to buy InfoSpace stock both yesterday and today. It rose more than 15% during the day and popped another 3/8 to 50 1/4 at night on 18,000 Island shares.

The day session was an exercise in exaggeration as

Superconductor Technologies

(SCON) - Get SCON Report

ramped up 46% after announcing a new product for high-speed wireless data and wireless Internet access.

Night owls took some light profits, easing the California-based, wireless-communications company down 1/16 to 20 7/16 on 20,000 Island shares.

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

Island ECN, owned by Datek Online, offers trading, mainly in Nasdaq-listed stocks, from 7 a.m. to 8 p.m. EDT.


explains how the rules change when the sun goes down in Investing Basics: Night Owl, a section devoted to after-hours trading.