What turned into a mild rally into the green during Friday's trading session carried over into the evening after-hours market. Trading on both

Island

and

Instinet

post-market systems were calm and quiet, with low volume and tamer price changes to mark the end of another confused week in the stock markets.

Friday after-hours sessions are typically quieter than the rest of the week, due to the tendency of companies not to announce pertinent news ahead of the weekend.

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Leading the top volume traders board on Instinet Friday was

Ericsson LM

(ERICY)

, an ADR for the Swedish telecom company.

UBS Warburg

said that it was reducing its estimates on sales for the entire global handset industry due to the weakening economy. The analyst did not change estimates on individual stocks though. Despite posting the highest number of shares traded, Ericsson remained unchanged in share price. Also, tomorrow's re-weighting of the

Morgan Stanley Capital International

indices -- some of the most highly tracked indices worldwide -- affected European company stocks all day, pushing them downward. Tomorrow's rejiggering of the indices is expected to shift weightings away from European and Japanese stocks and towards U.S. and other dollar bloc country equities.

Instinet

(INET)

itself made it onto its own after-hours high-volume boards on its first day as a public company. The after-hours trading firm rose 17% in its initial debut out of the starting gate this morning, and closed up over 20%. In after-hours trading, investors showed that they still hadn't gotten their first-day fill of the stock, and brought it up slightly higher to $17.75, a 10-cent, or 0.6% rise from its closing price.

The rest of the top traders were among the rank and file of the common four-letter big cap tech names that usually adorn the after-hours charts.

Sun Microsystems

(SUNW) - Get Report

was unchanged at $19.97, after an earlier analyst report cited

strong sales in the server industry.

Dell

(DELL) - Get Report

, which posted

earnings last night, giving a grim outlook for the future, fell 0.4% to $24.70 on both after-hours trading desks. Dell fell 4.2% during the regular trading day.

Intel

(INTC) - Get Report

, struggling to pull itself out of the

rut it has been in, dropped 6 cents, or 0.2%, to $28.70 and

Microsoft

(MSFT) - Get Report

fell 19 cents, a 0.3% drop, to $67.90. Both were among the top ten volume traders on Instinet.

Personal digital assistant-maker,

Palm

(PALM)

, continued its downward spiral in the evening session after it warned last night that it was cutting its fourth-quarter revenue guidance in half. The stock fell a massive 28.4% during the daytime session, and investors just couldn't leave it alone tonight, sending it down another penny or 0.2%, to $5.04 on both Island and Instinet.

Long-ailing Internet name

PurchasePro.com

(PPRO)

found itself on Island's top volume list tonight, adding 17 cents, or 6.6%, to its price, totaling $2.75. PurchasePro announced earlier in the week that it had missed the deadline to file its 10-Q quarterly financial report.

ExciteAtHome

(ATHM) - Get Report

posted strong gains of 12.9%, or 51 cents a share, to $4.45 on Island trading tonight.

Volume and price shifts were far from exciting throughout the evening.

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.

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.