(Updated from 7:57 p.m. EST)

Tonight's batch of earnings announcements have been met with mixed results in extended trading. Shares of

Openwave Systems

(OPWV)

have risen on the back of its financial statements, while

FreeMarkets

(FMKT)

,

Texas Instruments

(TXN) - Get Texas Instruments Incorporated Report

and

Vitesse Semiconductor

(VTSS)

have fallen as a result of their earnings news.

Here's the roundup:

Openwave Rises

After the closing bell, Openwave Systems -- which was created by the merger of

Phone.com

and

Software.com

-- announced that it handily beat Wall Street's estimates for the second quarter, due to a boost in wireless subscriptions.

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The maker of Internet-based communications software announced that it earned 9 cents a share, excluding merger and acquisition costs and stock-based compensation, compared with analysts' consensus of a 3 cent loss. Openwave lost 5 cents in the year-ago period. Revenue for the quarter rose to $109.7 million from $29.1 million in the comparable period last year.

Shares of Openwave climbed 5.2% to $56.02 on

Instinet

and rose 5.9% to $56.38 on

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ECN.

Texas Instruments Drops

Earlier this evening, chipmaker

Texas Instruments

(TXN) - Get Texas Instruments Incorporated Report

reported that it missed Street estimates for the fourth quarter and that revenue came up short. Worst still, the company said that revenue would decline an additional 10% next quarter.

Texas Instruments reported earnings of 31 cents a share, compared with analysts' estimates of a 33 cent result. TI posted a 25 cent profit last year. Revenue was expected to come in at $3.15 billion but instead came in at $3.03 billion.

On the night watch, Texas Instruments dropped 5.2% to $46.02 on Instinet.

Vitesse Semiconductor Sinks

Texas Instruments wasn't the only semiconductor name being punished by after-hours investors for disappointing earnings. Communications chipmaker Vitesse Semiconductor posted earnings that topped analysts' expectations, despite a slowdown in demand from some of its customers, but listed revenue that fell short of Wall Street's targets.

Vitesse reported earnings, before one-time items, of 25 cents a share, a penny better than analysts' predictions. The company earned 11 cents in the year-ago period. The semiconductor manufacturer reported sales of $165.1 million -- which was slightly below consensus estimates.

At last look, Vitesse Semiconductor had fallen 9.2% to $61.08 on Instinet; it had dropped 7.8% to $62 on Island.

FreeMarkets Falls

Another casualty in the postclose session was FreeMarkets. The online business-to-business auctioneer recorded a narrower-than-expected fourth-quarter loss, but that wasn't preventing it from taking a hit on the after-hours market.

FreeMarkets reported a 27 cent loss, vs. the 31 cent loss that analysts had expected. Revenue for the fourth quarter came in at $34.5 million.

The stock -- which gained 6.2% to $26.69 in the regular session -- decreased 3.5% to $25.75 on Instinet and Island.

Dell Edges Up

Shares of

Dell

(DELL) - Get Dell Technologies Inc Class C Report

-- which warned this morning that it would miss fourth-quarter estimates for both earnings and revenue -- added 0.5% to $25.75 on Instinet and tacked on 0.25% to $25.56 on Island

Earlier today,

Dell said that sales would likely fall $100 million to $200 million below the $8.7 billion figure it had forecast. Additionally, the company forecast earning of between 18 and 19 cents a share.

Despite the news, Dell finished the regular session down only 0.49% to $25.50

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

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