Jubilant investors showered green confetti on stocks tonight after
sprung pleasant surprises on Wall Street after the bell.
The party was a crowded one. The
, which tends to stay flat in the after hours, recently gained 4.9% to $43.00 on Instinet. Indeed, volume was beefy as over a million shares of both Microsoft and Yahoo were trading by 5 p.m. EDT. Mr. Softee, which
forecast higher fourth-quarter revenue after the close, was lately the most heavily traded outfit on Instinet, gaining 5.9% to $70.45 from its finish of $66.50 on the
Microsoft, which recently scored a legal victory in the appeals court that allowed it to remain one company, said fourth-quarter sales would be between $6.5 billion to $6.6 billion, compared with its previous guidance of $6.3 billion to $6.5 billion. Mr. Softee also reiterated fourth-quarter earnings expectations, with earnings per share of one cent, including charges, but said it expects a net investment loss of $2.6 billion.
Meanwhile, Internet portal Yahoo!, whose second-quarter earnings
squeaked by analysts' expectations by a penny, recently soared 12.2% to $19.10 on Instinet, and 12.4% to $19.14 on
ECN. Yahoo!, which fell 4.5% to $17.03 ahead of its earnings report, posted second-quarter earnings of $8.7 million, or one cent a share, compared with $69.2 million, or 11 cents a share, in the year ago period. Analysts on
Thomson Financial/First Call
expected the company to break even.
The one-cent edge was enough for the late-day players, who also lifted Yahoo's Internet and media compatriot
AOL Time Warner
up 3.1% to $50.01 on Instinet. AOL Time Warner said earlier today it was cutting about 30 employees, or roughly 3% of the workers, in America Online's interactive marketing division, according to a published report. Web auctioneer
rose 4.8% to $63.06 on Instinet.
And calling in with its numbers,
posted its second consecutive quarterly operating loss, citing the wobbly conditions of the telecom and semiconductor industries. The mobile phone giant reported a loss of $232 million, or 11 cents a share, excluding items, compared with $551 million, or 25 cents a share, in the same period last year. Still, the stock gained 5.9% to $16.60 on Instinet in the midst of the general bullishness. Rival handset maker
was up 6.9% to $19.25 on Instinet.
Adding to the action,
rose 11.0% to $7.25 on Island after it beat the Street's revised loss-per-share estimates for the second-quarter.
The provider of products for broadband and optical networks lost $37 million, or 26 cents a share, excluding charges. Analysts on average lowered their estimates to a loss of 29 cents a share after the company warned in late June that it would lose between 27 cents and 32 cents a share.
Revenue totaled $59.4 million, up from the $48.7 million it raked in during the same period in the prior year, but still well short of the Street's previous projection.
Rival networkers were also up;
recently climbed 15.9% to $21.93 on Island, and
moved up 8.9% to $26.70.
While the night's advancers outdid the decliners, the biotech sector was in the red after
admitted its U.S. net sales of Rituxan, a drug for non-Hodgkin's lymphoma, grew at a slower pace than anticipated in the second quarter. Its shares fell 21.2% to $48.47 on Island.
, which co-markets Rituxan, also took a hit, dropping 6.4% to $40.00 on Instinet. After the close, Genentech reported that its earnings were in line with the Street's expectations of 19 cents a share.
was off 1.8% to $56.00 on Instinet.
All in all, the extant earnings cheer lifted many stocks tonight, including tech titans like
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.
After the Close Wednesday
said it expects its fiscal third quarter earnings to beat the Street's projections by a penny. The telecommunications software company said earnings should be 33 cents a share, which is a penny more than the 32-cent consensus estimate compiled by
Thomson Financial/First Call
. The company also said it anticipates revenue of $404 million, which is slightly above the $403 million Wall Street had predicted.
, a medical devices maker, backed the Street's earnings estimate of 27 cents in the fiscal first quarter and $1.21 to $1.23 for fiscal 2002. The company said it expects sales to accelerate in the back half of its fiscal year as the effects of new products starts to weigh in.
, a diversified manufacturer, said it is comfortable that it will meet expectations for the third quarter and likely will meet its full-year projections. The Street is expecting 69 cents a share in the third quarter and $2.78 for the full year.
Wednesday's Economic Data
Forecasts are from
. Times are Eastern. For a longer-term economic calendar and more, see
- 8:30 a.m.:
Initial Jobless Claims for the week ended July 7. Source:
Labor Department. Forecast: 398,000. Previous: 399,000.