Updated from 5:34 p.m. EST Investors were out hunting for some bargains tonight, as stocks of certain beleaguered sectors received a slight respite from their beaten-down positions.

Shares of

Veritas Software

(VRTS) - Get Report

, which were dragged down all day as investors quaked ahead of the company's mid-quarter conference call, regained their losses in after-hours activity.

The shares recently jumped 4.9% to $62.75 on

Instinet

trading. They recently traded down 0.75% to $62.88 on

Island

ECN, still up from their close of $59.81 on regular session

Nasdaq

trading.

Investors must have been warmed this snowy Monday eve (in New York, at least) as the software company reiterated first-quarter earnings expectations and said it remained confident in its ability to meet about 4% revenue growth from the previous quarter.

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On the volatile chipmaking front,

Xilinx

(XLNX) - Get Report

, following others in its troubled sector, warned today that its March quarter revenue will fall as much as 15% from the December quarter. Its stock recently dipped 0.25% to $43.00 in Instinet activity. On Island, it slid 0.25%, to $43.00.

TriQuint Semiconductor

(TQNT)

jumped on the warnings bandwagon,

cautioning that market volatility has forced a downward revision to the company's current quarter's guidance. The shares lost 1.64% to $18.89 in Island after-hours.

But investors aren't entirely fleeing from the sector even though

one chipmaker after another have forecast dim financial outlooks.

Cypress Semiconductor

(CY) - Get Report

, which said today it expects lower first-quarter results amid softening business conditions and excess inventory, traded higher throughout the day, and kept its gains in extended hours. The stock recently rose 13.7% to $21.75 on Instinet.

Applied Materials

(AMAT) - Get Report

, which makes chip equipment, climbed 5.80% to $47.88 on Island and rose 0.5% to $47.81 in Instinet activity.

Optical firm

JDS Uniphase

(JDSU)

shook off its estimate cut as the stock was lately snapped up by bargain hunters on Island. The shares recently climbed 6.5% to $28.10 despite a cut from

Deutsche Banc Alex. Brown

, which slashed its 2001 earnings estimate to 70 cents a share from 74 cents. The firm also lowered its 2002 earnings per share forecast to 74 cents from 88 cents, citing inventory issues and capital expenditure weakness.

J.D. Edwards

(JDEC)

also received a boost in after-hours activity as the company reported first-quarter earnings that narrowly beat Wall Street's lowered estimates.

Shares of the enterprise and supply-chain software company swelled 3.8% to $10.13 on Instinet. The company reported earnings of $191,000, or breakeven, compared with $31,000, or breakeven, in the same period last year. Eight analysts polled by

First Call/Thomson Financial

were expecting the company to post a loss of 1 cent for the quarter.

New Focus

(NUFO)

tumbled 20.1% to $16.98 on Instinet after the fiber-optics maker announced it was cutting 22% of its workforce in China as well as 8% of jobs in the U.S. The stock lost 20.3% to $16.94 on Island activity.

The San Jose, Calif., company also guided down its 2001 revenue outlook of $170 million to $190 million, from its previous forecast of $240 million, citing recent order cancellations.

H.J. Heinz

(HNZ)

was another loser, as the Pittsburgh-based ketchup and foodstuffs maker lowered its earnings outlook for fiscal 2001 because of higher fuel costs and pricing pressure in the U.S. tuna market.

Investors on Instinet sent the shares down 5.5% to $40.70.

The company said it now expects to earn 65 cents a share in the third fiscal quarter, compared with the Street's expectations of 70 cents a share.

Shares of

COR Therapeutics

(CORR) - Get Report

got slammed tonight after the company lowered its guidance for its first quarter and 2001, saying that wholesaler inventory levels have fallen sharply from the end of last year.

Shares of COR recently fell 18.5% to $25.88 in after-hours Instinet activity. In late Island action, the stock traded at $26.50 after falling 16.54%.

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.