Updated from 6:23 p.m. EST

As if the semiconductor industry needed any more profit warnings, chipmakers

Altera

(ALTR) - Get Report

,

Avanex

(AVNX)

and

Chartered Semiconductor

(CHRT)

all cut their projections after the closing bell tonight.

The announcements ought to make for a swell session for the sector tomorrow. As warnings from components

Motorola

(MOT)

,

Texas Instruments

(TXN) - Get Report

and

Micron Technology

(MU) - Get Report

have hit Wall Street in recent days, the

Philadelphia Stock Exchange Semiconductor Index

has been on a decline, dropping 5.1% today.

Looking ahead, trading on the futures market tonight suggests a weak open for technology stocks tomorrow. In recent action, the

Nasdaq 100 Securities

were down 9 to 1960, about nine points below fair value and suggesting a sluggish start for the Nasdaq tomorrow. At last look, the

Nasdaq 100

(QQQ) - Get Report

was off 0.44% to $48.78 on

Island

ECN.

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Tonight, Altera -- a specialty chipmaker -- cautioned that it expects revenue in its fiscal first quarter to drop 20% from fourth-quarter levels, as a result of an inventory correction and a slowdown in demand. Shares of the semiconductor stock traded down 4.8% to $22.25 on

Instinet

.

"An industry-wide inventory correction began in the fourth quarter, and now reduced end-market consumption is exacerbating the impact of that correction," Altera said in a statement. "The slowdown in end-market activity is prolonging the inventory correction, but we believe that moderate sequential revenue growth will resume in the second half."

Separately, Avanex -- a manufacturer of photonic processors that increase the speed and capacity of fiber-optic networks -- scaled back its forecasts for its fiscal third quarter and for fiscal 2001, sending its stock down 20.6% to $19 on Instinet.

After the bell, Avanex lowered its third-quarter profit projection to 2 cents to 3 cents per share, compared to consensus estimates for earnings of 6 cents. For fiscal 2001, the company expects to come in between 15 cents and 16 cents per share, below analysts' target of 25 cents per share.

And finally, Chartered Semiconductor -- a telecommunications chip supplier -- lowered first-quarter earnings and revenue projections, citing weak economic and market conditions. In recent trading, the stock was down 19.4% to $26 on Instinet.

The chipmaker expects first-quarter revenue to fall about 35% below the fourth-quarter's outcome. Previously, Charter had expected a 15% to 20% drop. Additionally, the chipmaker expects to post a loss of 22 cents to 24 cents per share, compared to prior forecasts of a 4- to 6-cent per share profit.

Rivals in the semiconductor sector have been punished on the news. Shares of specialty chipmaker

Xilinx

(XLNX) - Get Report

-- which competes most directly with Altera -- sank 4.5% to $37 on Instinet.

Elsewhere on the electronic trading platform,

Applied Materials

(AMAT) - Get Report

shed 2.8% to $43.75,

Intel

(INTC) - Get Report

slid 0.4% to $28.88,

PMC-Sierra

(PMCS)

dropped 0.5% to $37.75 and

Texas Instruments

(TXN) - Get Report

lowered 0.3% to $29.90.

Among large-cap networking stocks trading on Island ECN tonight,

Cisco Systems

(CSCO) - Get Report

lowered 0.8% to $23.81,

JDS Uniphase

(JDSU)

advanced 0.5% to $27.94 and

Juniper Networks

(JNPR) - Get Report

lost 1.4% to $62. The

American Stock Exchange Networking Index

finished the regular session down 5.9%.

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.