The Night Watch: The Calm After the Storm - TheStreet

The Night Watch: The Calm After the Storm

After-hours quiet in low volume following the week's earnings warnings.
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In typical Friday fashion, the after-hours markets lay pretty still as traders headed out from New York City to the Hamptons for a weekend in the sun. This evening's market was perhaps even a bit quieter than usual after a week chock full of earnings warnings sent the three major stock indices -- the

Dow, the

Nasdaq Composite, and the

S&P 500 -- all down to seven-week closing lows.

The list of most actives was composed mostly of large-cap tech stocks. Few of the stocks made any significant price movements in the postmarket session, and trading volume remained very light.

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After

warning last night that sales for the current quarter wouldn't meet expectations,

JDS Uniphase

(JDSU)

tumbled 9.9% during the regular trading hours. The stock picked up a little of the day's losses in the after-hours, creeping up 11 cents, or 0.9% on

Instinet

, and up 8 cents to $12.52 on

Island ECN

after-hours trading.

Slipping slightly to the downside on Island was networker

Juniper Networks

(JNPR) - Get Report

, down one cent to $31.13. Computer-maker

Dell

(DELL) - Get Report

gained one cent on Island to land at $24.33. Meanwhile, Instinet saw chipmaker

Intel

(INTC) - Get Report

gain 12 cents to $27.80. Despite Intel's optimistic mid-quarter update several weeks ago, a recent onslaught of warnings has dragged the chipmaking powerhouse down with the rest of the sector. Intel fell 10% between last Friday's close and the close of the market yesterday, but crept back up 0.3% during today's trading.

Trading just barely into the green tonight was another subset of large-cap tech players, as

Sun Microsystems

(SUNW) - Get Report

rose 0.7% or 11 cents to $15.30, and

WorldCom

(WCOM)

gained 2 cents to $15.82 on Instinet. Shares of

Oracle

(ORCL) - Get Report

rose 6 cents to $15.06.

Microsoft

(MSFT) - Get Report

remained unchanged in share price, but was among the most actively traded stocks on Instinet tonight.

360Networks

(TSIX)

, which dropped under the $1 mark just recently, took a beating today after it announced that it won't be able to pay off $10.9 million in debt on time. Credit rating agency

Moody's

then cut the company's unsecured and secured debt ratings a few hours later. The company's stock fell 30.2% during the day, and said later in the day that it would not rule out bankruptcy protection in the future. Shares of the stock fell another 10%, or 3 cents, on Island tonight, before rebounding to end the session unchanged.

Finally, biotech company

Immune Response

(IMNR)

soared 154.8% today on positive clinical reports about a drug licensed by the company for HIV-positive patients. In the after-hours, traders took some profits, sending it back down 10.5%, or 42 cents, to $3.58.

Island ECN offers trading, mainly in Nasdaq-listed stocks, from 7 a.m. to 8 p.m. EST.

Confused?

TheStreet.com

explains how the rules change when the sun goes down in Investing Basics: Night Owl, a section devoted to after-hours trading.