Yahoo! (YHOO) certainly earned its assertive exclamation mark after whipping up some rowdy second-quarter earnings tonight.

The Internet portal's stock price fell 4% today on worries that earnings might suffer from the company's slowing growth rate. But, the perky punctuated portal pleasantly surprised the market with results, 12 cents, that topped expectations by two cents, more than double last year's 5 cents and at the high end of whispers of 11 cents to 12 cents.

Not only were revenues higher than expected at $270 million, but page views also rose to 680 million per day in June, up from 625 million in March. Yahoo! jumped 14 179/256 to 120 51/256 on 1,150,000

Island

shares.

New economy investors were anxiously awaiting the Internet portal's report card to gauge the vitality of the overall Internet sector. And Yahoo's! exuberant gains were infectious, setting off a chain reaction of green sparks on Island ECN.

DoubleClick

(DCLK)

felt the euphoria. Yahoo's! good news helped lift the ailing Internet advertising company, which has fallen 30% in the last five session on concerns about weak growth for online revenues and lower earnings estimates. After finishing 10% lower, DoubleClick was feeling 2 13/16 better at 31 3/8 to 46,000 Island shares.

Other Internet companies breathed a sigh of relief.

Amazon.com

(AMZN) - Get Report

rose 2 3/8 to 35 3/8 on 44,000 shares.

eBay

(EBAY) - Get Report

rose 3 7/8 to 47 7/8 and

InfoSpace

(INSP) - Get Report

sprang 3 3/42 to 47.

Wireless giant,

Qualcomm

(QCOM) - Get Report

got an evening pick-me-up from news that the Taiwanese Cherish Telecom will adopt its CDMA digital wireless technology. The multimillion-dollar licensing agreement casts a bullish light on the shadow of uncertainty surrounding the adoption of CDMA technology in the large and lucrative Asian markets. Qualcomm rose 2 97/128 to 55 95/128 on 212,000 Island shares.

Biopharmaceutical company

Biogen

(BGEN)

also reported earnings after the bell, topping analysts' estimates for the second quarter by a penny to post a profit of 43 cents per share. The company's strong revenues were driven by sales of its multiple sclerosis drug Avonex. It ran up 1 1/2 to 71 1/2.

TheStreet.com

covered Biogen's earnings in an earlier

story.

Tonight

Protein Design Labs'

(PDLI) - Get Report

board approved a 2-for-1 stock split.

The company said the record date for the split will be the close of business on Aug. 1, and the additional shares are expected to be distributed on Aug. 22. Protein Design develops human antibodies and other drugs to treat diseases like viral infections, autoimmune diseases and certain cancers. It rose 7 7/8 to 193 7/8.

Xoma

(XOMA) - Get Report

spiked almost 64% today after

US Bancorp Piper Jaffray

initiated coverage of the Berkley, Calif., biopharmaceutical firm with a strong buy rating and a two-year price target of $14 a share. After a day as one of the biggest percentage gainers on the Nasdaq it continued to light up the night with 5/32 gain to 7 1/8.

Island ECN, owned by Datek Online, offers trading, mainly in Nasdaq-listed stocks, from 7 a.m. to 8 p.m. EDT.

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.