Updated from 6:42 p.m. EST

Usually, there are one or two volume movers in the extended-trading session.

Tonight, as news from large-cap technology stocks floods the marketplace, there are many. So far, activity has centered on

Applied Materials

(AMAT) - Get Report

and

Sycamore Networks

(SCMR)

, two large-cap tech companies that released earnings results after the closing bell, and

JDS Uniphase

, an

S&P 500 company which announced the completion of its deal with rival

SDL

(SLDI)

but issued a profit warning for its upcoming quarter.

Applied Materials Beats the Street

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Applied Materials, which reported fiscal first-quarter earnings that beat Wall Street's estimates but lowered guidance for its upcoming quarter, is down 1.3% to $40.73 on

Instinet

and lower 1.5% to $40.63 on

Island

ECN.

The chip equipment maker

earned 66 cents per share for its fiscal first quarter, above analysts' expectations of a 62-cent per share result. That number is up from the 39 cents per share the company earned in the year-ago period, but down from the 77 cents per share that the company brought in during the fourth quarter of 2000.

Revenue came in at $2.73 billion, above Wall Street's lowered estimates for revenue of $2.69 billion. At the end of January, Applied Materials trimmed its top-line estimate, which had been in the range of $2.9 billion to $2.95 billion, as decreased chip demand in the most recent quarter had resulted in delayed and canceled equipment orders.

On a conference call to discuss its first-quarter outcome, Applied Materials said that second-quarter earnings will come in between 32 cents and 37 cents per share. Analysts currently expect the company to earn 49 cents a share. The company said that it predicts sales to fall between $1.9 billion and $2 billion, below Wall Street's $2.4 billion forecast.

Sycamore Tops Estimates

News that

Sycamore Networks earnings topped analysts' expectations for the second quarter, as revenue blew away the year-ago top line results, has lifted the stock 4.2% to $23.50 on Instinet and boosted it 6.4% to $24 on Island. In addition, the company confirmed its outlook for 2001.

The optical networking company reported income, excluding the amortization of deferred stock compensation and payroll tax on stock option exercises, of 6 cents per share, a penny above Wall Street's consensus. Sycamore lost 1 cent per share for the same period last year. Revenue for the second-quarter rose to $149.2 million from $29 million in the same period last year, and increased 24% from $120.4 million in the latest first quarter.

On its call with the analyst community, Sycamore Networks confirmed its revenue and earnings guidance for 2001. The fiber-optic company reiterated its target for 205% to 210% revenue growth in 2001 and kept its earnings forecast in the range of 21 cents to 24 cents. But Sycamore said that it expected its sequential growth rate to slow in the second half of the year.

Other optical stocks have followed Sycamore's lead on the night watch. Shares of

Nortel Networks

(NT)

gained 3.2% to $30.70 on Instinet, while

Ciena

(CIEN) - Get Report

hopped 1.2% to $70.

JDS Uniphase Warns

JDS Uniphase came out with two pieces of news after the closing bell. The fiber-optic giant said that it has sealed its deal to acquire SDL, a rival maker of optical communications products. JDS also announced that its fiscal third-quarter earnings would fall short of Wall Street's expectations by 19%.

Postclose investors had lately warmed to JDS's news, after flip-flopping in early action. At last look, JDS Uniphase was up 3.9% to $40 on Instinet and 3.4% to $39.81 on Island. On the revenue front, the company expects to post sales of about $1 billion in the quarter, in line with Wall Street's expectations, but warned of "continued uncertainty" in capital spending plans by telecommunications carriers and customer inventory adjustments.

Shares of SDL rose 3.2% to $151.48 on Instinet and gained 2.9% to $151 on Island.

Kulicke & Soffa Announces Layoffs

Kulicke & Soffa

(KLIC) - Get Report

, which makes equipment used to produce semiconductors, announced that it would cut its workforce by about 7% and warned about the coming months, putting it on investor's hit-lists tonight, as the stock dropped 8.1% to $12.69 on Instinet.

"While we regret the effect these actions will have on our employees, such reductions are critical to remaining competitive in today's environment," Kulicke's CEO said in a statement. "Looking ahead we do not anticipate a return to a more robust business cycle before the end of the 2001 calendar year." About 300 people will lose their jobs.

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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