(Updated from 7:44 p.m. EST)

The fallout from

Cisco's

(CSCO) - Get Report

earnings release last night -- the

Nasdaq Composite Index bellwether dropped 13.1% to $31.06 today -- has knocked the wind out of investors' sails in tonight's after-hours session. Volume, which topped 6 million shares on

Instinet

last night, is just approaching 3 million shares on the platform tonight.

Hope Comes in Small Price Movements for Tech Stocks

Tech stocks, which fell in sympathy with Cisco during the regular session, edged up in the extended session. For its part, Cisco advanced 0.2% to $31.13 on Instinet and on

Island

ECN.

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Elsewhere,

Juniper Networks

(JNPR) - Get Report

, a Cisco rival, edged up 1.1% to $95.38 on Instinet and climbed 1.3% to $95.56 on Island, after falling 7.6% today.

JDS Uniphase

took back 1.6% to $49 on Instinet and recovered 1.5% to $48.97 on Island, having dropped 6.9% in the regular session.

Cendant's Results Not Quite up to Snuff With Nighttime Traders

In earnings news tonight, franchise operator

Cendant

(CD)

posted fourth-quarter earnings that beat Wall Street's estimates but said that revenue in its travel division fell 1% from the year-ago period and revenue from real estate franchises dropped 6% from the comparable period last year.

After the closing bell, Cendant reported a profit of 20 cents per share, compared with 26 cents per share in the year-ago period. According to

First Call/Thomson Financial

, analysts had called for the franchising giant to earn 18 cents per share. In addition, the company said that it expects earnings in the second, third, and fourth quarters of 2001 to rise from year-ago results.

Despite the positive results, Cendant slipped 4.9% to $13.12 on Instinet, having finished the day up 4.6%, on volume of 151,700 shares.

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NetZero Losing Ground

By now, investors are well aware that spending for online advertisements has softened. Just how tough the environment has become is apparent in

NetZero's

(NZRO)

latest earnings release.

Tonight, the free Internet service provider announced a second-quarter loss of 29 cents per share, compared to a loss of 27 cents per share in the year-ago period. Wall Street had forecast the company to lose 25 cents per share. Revenue rose to $16 million, shy of analysts' $17.1 million consensus estimate. Worse still, the ISP warned that third-quarter revenue might not exceed second-quarter levels, because of the weak Internet advertising climate.

On the night watch, shares of NetZero lowered 14.6% to $1.09 on Island.

InfoSpace Rockets on Word of Improved Outlook

Just two days after InfoSpace announced that it would lay off 20% of its staff, the company said today that it would detail "improved financial guidance" to investors next Monday.

"InfoSpace is among the best-positioned companies to emerge from the current market environment in an even stronger competitive position," chief operating officer Ed Belsheim said in a statement. "We have been working hard and look forward to discussing our outlook on a return to pro forma profitability this year."

Shares of InfoSpace, which surged 36.8% during the day, added 5% to $5.25 on Instinet and climbed the same amount on Island, where it was the most active stock on the platform.

Extreme Networks Hangs Tough

On the heels of Cisco Systems' second-quarter earnings report and downwardly-revised forecasts, networking equipment manufacturer

Extreme Networks

(EXTR) - Get Report

confirmed its forecast for 2001.

In January, the maker of broadband switches forecast fiscal 2001 revenue of $615 million to $635 million and 2002 revenue of $950 million to $1 billion.

Extreme Networks, which slid 12.3% with Cisco today, bounced back 5.5% to $33.42 on Instinet and rose 4.1% to $33 on Island.

Electronic Data Systems Fired Up on Earnings News

Postclose patrons have bid

Electronic Data Systems

(EDS)

up in extended hours after the company announced earnings that beat reduced expectations.

For the fourth quarter, EDS announced earnings of 70 cents per share, excluding items, vs. 61 cents in the year-ago period. Analysts had expected the company to earn 68 cents per share. The computer services provider reported fourth-quarter revenue of $5.2 billion, up from $4.9 billion in the year-ago period.

Shares of EDS gained 8.3% to $4.70 on Instinet.

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, owned by Datek Online, 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.