Updated from 7:44 p.m. EDT
Back from the Labor Day holiday weekend and ready to burn the midnight oil, investors have gone after a grab bag of stocks in tonight's extended-hours session. And though trading was heavy in technology issues, the evening hours brought little relief to
Market participants, who punished
and the entire tech sector along with it during the day session, were not forgiving of the chipmaker during extended hours.
US Bancorp Piper Jaffrey
analyst Ashok Kumar lowered his rating on Intel to buy from strong buy due to "unexpected demand weakness." According to Kumar, Intel's oversupply "sets the groundwork for a malignant pricing environment." Kumar maintained his 2000 estimate at $1.57 a share.
With 31,594 shares changing hands on
, the tech bellwether fell 6 cents to $69.19. On
, Intel remained unchanged at $69.25, with trading volume at 171,712. The chip giant closed the regular session down 6.3%.
, which also helped take technology stocks down today, gained back 50 cents to $34.25 on
tonight. WorldCom closed the regular session down 8.6%.
Today, the communications company announced that it would buy local-phone company
in a $3 billion stock deal. WorldCom also said that it would assume $6 billion in Intermedia debt. According to the agreement, each Intermedia share will be exchanged for $39 in WorldCom stock.
As a result of the deal, WorldCom expects weaker cash earnings -- which translates into a big "uh oh" to investors. Under the company's worst-case forecast, cash earnings would be cut by about 13%.
Most active on the Island ECN tonight were shares of
American Champion Entertainment
. While American Champion -- which produces the children's TV show
Adventures with Kanga Roddy
-- did not release any news today, the company has made a series of announcements over the past month.
Last week, American Champion Entertainment announced that
, of which it agreed to acquire a 50.1% stake, posted 1999 revenue above the amount put forth in American Champion's July 26 press release. Additionally, the company announced on August 29 that it has signed a letter of intent to acquire
and its affiliate
for $15 million in stock and cash.
Not exactly front-page headlines, American Champion's news was apparently enough to muster interest in its stock. With 501,817 shares trading, American Champion boosted 13 cents to $1.14.
Also in the late-night limelight were an assortment of software companies.
, close to 150,000 shares of
, a manufacturer of a wide range of software products, changed hands. In extended-hours trading, the company -- which today announced that it is going to partner with
to market the first
-compatible software modem -- boosted 59 cents to $4.44.
, a provider of Internet market software, got a bump up in extended trading on Island. Today, the company reported second-quarter earnings results. Fusion Networks edged up 12 cents to $1.21.
Finally, shares of
saw movement tonight on Island. With 45,413 shares changing hands, the stock gained 47 cents to $2.75. Today, the toy and game retailer posted second quarter losses, excluding charges, of 23 cents share, ahead of the three-analyst prediction of a 35-cent loss.
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. EDT.
explains how the rules change when the sun goes down in Investing Basics: Night Owl, a section devoted to after-hours trading.