Updated from 6:10 p.m. EST

Even though it was a cold day on Wall Street, investors warmed up to stocks, sending major indices upward.

But in the hours after the closing bell, several nasty warnings and announcements of job cuts did nothing to help maintain the good feelings.

After the closing bell,

Palm

(PALM)

posted third-quarter earnings that beat estimates by a penny, but added that it would cut 250 employees and delay construction of its new corporate headquarters. The handheld computer maker, which was spun off from

3Com

(COMS)

last year, said it expects a fourth-quarter loss of about 8 cents a share and revenue in the range of $300 million to $315 million.

Thomson Financial/First Call

estimates for EPS is currently 3 cents a share and for revenue of $572.6 million.

Carl Yankowski, the company's CEO, said: "Palm has recently begun to feel the effects of the deteriorating macroeconomic environment, resulting in a reduced incoming order rate amid signs of what appears to be a sector slowdown. Based on this, we believe that demand is approximately flat to the fourth quarter a year ago in which our revenues were $350 million."

Ahead of the news, Palm rose $1.06 to $15.50. Lately, the stock was falling $5.50, or 35.5%, to $10 on

Instinet

and on

Island

ECN.

Getting

caught up in the news was rival

Handspring

(HAND)

, which was dropping $4.56, or 28.2%, to $11.63 on Instinet and on Island. The stock had jumped $3.38, or 26.3%, to $16.19 in the regular session on news that the company entered into an agreement with technology distributor

Ingram Micro

(IM)

. Ingram Micro will provide distribution services aimed at boosting corporate sales of Handspring's handheld computers.

Also suffering at the hands of Palm was another competitor,

Research In Motion

(RIMM)

, which was sliding $4.43, or 18%, to $20.25 on Instinet and $4.08 to $20.60 on Island.

Nortel Networks

(NT)

also came out with a warning and an announcement of more job cuts. The telecom-equipment supplier said its first-quarter earnings would

miss estimates and that it would cut 5,000 additional jobs. Last month, Nortel said it would cut 10,000 jobs. The stock was $2.02 lower to $14.74 on Instinet.

VoiceStream Wireless

(VSTR)

was the victim of some profit-taking. The wireless telecom company gained $10.75, or 11.8%, to $102.19 in the regular session. On Instinet, the stock lately was down $2.05 to $100.14.

Biotech

Biogen

(BGEN)

reaffirmed its previously announced first-quarter earnings estimates of 45 cents to 46 cents a share. That's not what the Street wanted to hear because the Thomson Financial 17-analyst estimate is still 47 cents a share. The stock was up 75 cents to $65.06 in the regular session, but was sliding $1.98 to $63.08 on Instinet. It was tumbling $2.13 to $62.94 on Island.

Tech heavyweights

Cisco

(CSCO) - Get Report

,

Oracle

(ORCL) - Get Report

and

Intel

(INTC) - Get Report

, which had all been on the upside in regular session trading, lately were all trading lower.

Bargain hunters were out in after-hours trading and lifting

RealNetworks

(RNWK) - Get Report

, which announced a three-year deal with

Major League Baseball

to provide audio broadcasts and video highlights on the Web through subscriptions. The companies said the deal is worth at least $20 million. In the regular session, RealNetworks finished the day 34 cents lower to $6.72. On Instinet, the stock was up $1.03, or 15.3%, to $7.75.

Also on the upside was

Fiserv

(FISV) - Get Report

on news that it will replace

Old Kent Financial

(OK)

in the

S&P 500 Index after the close of trading Friday. Old Kent is being acquired by

Fifth Third Bancorp

(FITB) - Get Report

, which is already an S&P 500 component. Fiserv was rising $3.13 to $7.75 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 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.