The Night Watch: Traders Keep Buying Tech Shares

Intel, the volume leader, is sharply higher after its earnings report.

Author:: TSC Staff
Publish date:: Apr 16, 2002 5:10 PM EDT

Investors weren't through bidding up tech stocks in the extra session Tuesday, even on a day that saw the

Nasdaq rise 3.6%, as more encouraging earnings news kept buyers interested.

Intel

was the volume leader on the Instinet platform following the close, trading up 6.1% to $31.30 after the company met analysts' first-quarter earnings expectations. Even the chipmaker's declaration that it still sees no sign of a broad economic recovery couldn't keep traders from sending the stock higher.

Volume was on the heavy side. In the first hour of extra action, around 7.7 million shares changed hands among the top-20 volume movers on Instinet. Intel accounted for about 3.4 million of those shares.

The majority of the most active stocks in extended trading were gaining ground, but one notable loser was

Veritas

(VRTS) - Get Report

, which fell 7.1% to $34.24, even after topping analysts' profit expectations for the latest quarter.

Internet Security

(ISSX)

was one of the biggest percentage gainers as the company's quarterly earnings matched the consensus forecast. The stock was climbing 10.3% to $24.30 after the close.

RF Micro

(RFMD)

was adding 3.4% to $20.91 after posting a quarterly profit and strong revenue growth.

Other tech majors were rising in the late session, including

Dell

(DELL) - Get Report

, which climbed 1.2% to $27.55, and

Microsoft

(MSFT) - Get Report

, up 2.1% to $59.

The

Nasdaq 100 Unit Trust