Updated from 6:20 p.m. EST

They say after-hours trading is event-driven. Well, fill up the tank -- we're going on a serious trip.

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So far tonight,


(INTC) - Get Intel Corporation (INTC) Report


Juniper Networks

(JNPR) - Get Juniper Networks, Inc. (JNPR) Report


Applied Micro Circuits


-- all out with earnings news after the bell -- have risen in postclose action.

Earlier this evening, Intel

reported fourth-quarter earnings that beat reduced expectations by a penny, but warned about results for its upcoming quarter.

The good news -- Intel said that excluding acquisition related charges the company earned 38 cents per share. Analysts had expected the chipmaker to earn 38 cents a share but lowered their consensus estimate to 37 cents just recently, according to

First Call/Thomson Financial

. The semiconductor manufacturer recorded revenue of $8.7 billion for the fourth quarter, in line with Wall Street's expectations.

The bad news -- The chip giant said that it expects revenue in the first quarter to decline about 15% from the fourth quarter "due to seasonal factors and the impact of slowing worldwide economies." That puts first-quarter revenue at about $7.4 billion.

In recent trading, shares of Intel were solidly higher -- up 3.4% to $32.44 on


and advanced 2.8% to $32.25 on



Juniper Networks -- also actively traded stock in this evening's session --

reported fourth-quarter earnings that handily beat Wall Street's expectations.

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On the night watch, shares of Juniper Networks gained 8.8% to $139.25 on Instinet and rose 8.2% to $138.47 on Island. The router manufacturer posted earnings of 24 cents a share, topping Wall Street's forecasts of an 18-cent result. Juniper said that fourth-quarter revenue rose 47% from third-quarter levels, to $295.4 million.

In other earnings news, Applied Micro Circuits

posted third-quarter results that topped analysts expectations by two cents.

The communications chipmaker recorded earnings of 16 cents a share, excluding amortization and other charges, up from 5 cents a share in the year-ago period. Analysts polled by First Call had anticipated a gain of 14 cents per share for the quarter. Revenue for the period also rose to $143.3 million from $45.8 million posted a year ago.

In postclose action, shares of Applied Micro gained 7.3% to $75.50 on Instinet and rose 7.1% to $75.38 on Island ECN.

Not every company scored points in tonight's extended session.

RF Micro Devices


reported fiscal

third-quarter earnings that were in line with lowered Wall Street expectations, but warned that fourth-quarter earnings would come in below analysts' forecasts.

Shares of RF Micro Devices dipped 0.6% to $22.25 on Instinet and shed 1.1% to $22.13 on Island.

The manufacturer of circuits for the wireless industry posted earnings of 5 cents a share, down from 7 cents a share in the year-ago period. Analysts had expected the company to earn 11 cents a share, but lowered their target to 5 cents a share. RF said revenue for the quarter totaled $79.9 million, up from the $73.2 million in the year-ago period.

Going forward, the company said it expects to earn between 2 cents and 3 cents a share for the fourth quarter, lower than the 6 cents expected by analysts.

Elsewhere, semiconductor equipment maker

Novellus Systems


reported fourth-quarter earnings that met Wall Street's expectations.

Shares of Novellus, which fell 9% during the regular trading day, recouped 12.3% to $43.50 on Instinet and recovered 11.8% to $43.33 on Island.

Income excluding charges, totaled 76 cents a share, up from 27 cents a share in the year-ago period. Analysts had expected the company to earn 76 cents a share in the period, excluding charges.

Attention "Night Watch" readers:


is looking for your best after-hours trading stories, from the pitfalls to the windfalls. So please email them to me at diane.hess@thestreet.com.

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explains how the rules change when the sun goes down in Investing Basics: Night Owl, a section devoted to after-hours trading.