The after-hours markets saw a quiet, mixed trading session tonight, epitomized by the fact that
, the largest volume trader on both
was largely unchanged through the evening session and was lately down just 20 cents, or 1%, on both networks.
upbeat note from
Morgan Stanley Dean Witter
this morning sent the networking sector soaring into the green, and Cisco refused to miss out, posting heady gains of 12.4% for the day.
The rest of the post-market trading session looked like a tomato patch -- i.e., a steady mix of red and green -- as investors skimmed profits from some common four-lettered folk and pumped the money back into others. Four straight days of gains on the tech-heavy
Nasdaq Composite Index
seemed to have set the stage for a slight sell-off tonight as investors looked to pocket a little green.
The big percentage loser tonight was biotech company
, which announced after market close tonight that it would issue $500 million in convertible debt. The stock fell 2.6% during the regular trading day, and then fell by a sharper 4.2%, or $4.56, to $103.60 on Instinet. Genzyme was down 4.3% to $103.53 on Island trading.
Big name tech players
also slipped in share price in after-hours trading. Veritas, a victim of post-market profit-taking, fell by 21 cents to $71.95 on Instinet after a heady 9.3% gain during the day. JDSU fell into the same category, riding high on a 7.9% daytime gains only to fall 35 cents to $23.50 in the after-hours.
On the flip side, investors seemed to want to keep riding
higher after its 7.7% regular hour gains. Sun posted a rise of 0.8% on Instinet, climbing to $20.60. Following Sun higher was
Sonus rose during regular trading after announcing a sales and marketing alliance with
. Sonus rose 10.3% during regular market trading, and continued up another 0.2% to $30.45 on Instinet. Juniper fell 1.1% to $64.41 on Instinet, and by a slightly lesser 0.9% on Island.
picked up a strong 7% during the daytime, and then fell 16 cents to $17.01 in the after-hours market on Instinet.
Trading remained mild and mixed between a handful of other tech names on Instinet, keeping the net change overall in the after-hours close to zero.
A couple smaller names popped up on Island trading with dramatic moves. Penny stock
was the number two volume trader on Island, rising 2 cents to 50 cents. And
fell 31.5% to just 50 cents on Island after posting a pro forma per share loss of eight cents tonight, vs. a 23 cents a share loss in the year-ago period. The company also said that it sees revenues decreasing in the next quarter.
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.