As the sun set over Manhattan and the month of May, traders headed for the shore, leaving only the diehards and the beach-house deprived to push around after-hour action.

The token action on Friday night was more post-close clean up than aggressive activity.


was seeing a little action, though.

Our story starts in California. There was no news to the West. And only tragedy to the East. Alas, blood was spilled today, as 3/8 slipped away from the stock on almost half a million shares. This 23% loss left our protagonist hovering around 1 1/4.

And what now, to justify more than 100,000 Island shares traded on this eve of the beach weekend?

It is a familiar tale. Many tech and Internet companies have been scraping bottom lately. Just as these young firms get beaten down to their 52-week lows, late-night lurkers often sweep in on their bargain shopping stallions to stop the bleeding.

The chart for this financial outsourcing and e-business firm looks like a radical roller coaster, with a gut-wrenching, precipitous drop starting in March. Our hero hit its 52-week low today, and traders took a chance on this down-on-its-luck at first, but then reconsidered, leaving the company flat at 1 7/32.

No one needed mouth to mouth more than the barely breathing

U.S.A. Floral Products


. The flower distributor lost it rosy glow, when some early, albeit small, after-hours gains wilted into a 1/16 drop to 11/16. In day action, the stock rose 1/32, or 4%, to 25/32 today, as the Memorial Day holiday boosted flower sales.



had some news to show for its 2 1/4 spike to a round 200.

W.R. Hambrecht

analyst Jim Liang raised earnings estimates for 2000 and 2001and reiterated his buy recommendation after the tech company said it expects significantly higher revenues and earnings for the June quarter.

SDL, which makes pump lasers for wave-division multiplexing, is more immune to the whims of the economy than most tech firms, according to

SG Cowen

. And the company will benefit from low investor expectations, allowing for upside surprises, analysts added.

The stock gained 17% today on just under 8 million shares and was continuing to climb on 48,000




(RMBS) - Get Report

has been a tad hyperactive. It likes to spike and crash for no particular reason after hours. Often. Tonight it either ran out of Ritalin or caught the attention of a secret admirer, because the little bit of news out today was negative.


(INTC) - Get Report

found a way to bypass expensive Rambus-based memory chips by integrating the graphics functions and memory controller on the same piece of silicon as the processor. That way, Intel can avoid the high cost of materials for low cost PC's.

Rambus rambled on anyway, rising 2 3/8 to 165 1/4 on only 11,000 shares.


(JNPR) - Get Report

was 1 1/8 higher to 154 on 7,000 shares after falling 1.4% during the day.

Night traders were recently posting complaints on message boards that the stock was overvalued, but they kept on buying anyway.

Progenics Pharmacueticals

(PGNX) - Get Report

was downgraded to outperform from buy today by

Lazard Freres


Early evaluation of trials for the company's cancer vaccine showed that the overall survival rate for patients who took the vaccine were lower than patients on other drugs.

The company claimed that the evaluation was made when only half the patients had finished their two-year dosage of the drug and said it will continue the trial as an extension study.

Traders don't like to hear bad news, even with good excuses. Initially they sold, but have recently showed a little mercy. Lately, the stock was unchanged at 10 on 10,000 Island shares.

This information is provided by Instinet, a wholly owned subsidiary of Reuters (RTRSY) . For further information, please contact Instinet at

Island ECN, owned by Datek Online, offers trading, mainly in Nasdaq-listed stocks, from 7 a.m. to 8 p.m. EDT.


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