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The Night Watch: Qualcomm Drops After Falling Short, Guiding Down

Compaq gains a few pennies after sliding in regular trading.
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(QCOM) - Get QUALCOMM Incorporated Report

fell in extended trading after posting fourth-quarter income that came in light of analysts' expectations and projecting earnings for 2002 that would also be short of Wall Street's estimates.

After the close, the company reported quarterly earnings of 23 cents a share, excluding an accounting change and other items. Analysts, according to First Call, were looking for income of 25 cents. Qualcomm's shares were losing 7% to $50.90 on Instinet. The company also forecast earnings of 21 cents to 24 cents a share in the first quarter, compared with estimates of 27 cents, and a bottom line of $1.10 to $1.20 a share for 2002. Analysts are expecting income of $1.22.



was the most active stock on the Instinet platform after the regular session ended, but the issue remained flat with its closing level.

Overall, volume was heavy, with more than 3.2 million shares changing hands in the first 40 minutes of trading. Ericsson went out at $4.89 and held that level in the extra session.


(INTC) - Get Intel Corporation Report

was up 0.1% to $28.28, and the

Nasdaq 100 Tracking Stock

(QQQ) - Get Invesco QQQ Trust Report

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was unchanged at $38.18.


(CSCO) - Get Cisco Systems Inc. Report

was flat at $18.47 after gaining 3.2% in regular trading.



added 1.2% to $8.60 in the extended session, after being stung in regular trading by the Hewlett family's decision to vote against the PC maker's proposed merger with



. In regular trading, Compaq slid 5.5%.


(DOX) - Get Amdocs Limited Report

was surging 3.8% to $29 on fairly heavy volume in after-hours trading. After the close, the company posted fourth-quarter earnings of 35 cents a share, a penny ahead of analysts' estimates. Amdocs' board also approved a share buyback plan covering 5% of the company's common stock.

The loser board was heavily populated by penny stocks, with no well-known issues skidding enough to make the list with major downward moves.