The Night Watch: TMP Drops After Cutting Forecast

Widely held tech stocks were mixed in a moderately active Instinet extended session Tuesday, but investors were selling TMP Worldwide ( TMPW) after the company lowered its guidance for the first quarter and 2002.

TMP was one of the biggest losers of the late session, dropping 5.4% to $30.20. The company met analysts' estimates for the fourth quarter but said that earnings for the first quarter and the upcoming year would be below the consensus expectation.

In the first hour of late trading, about 3 million shares changed hands among the top-20 volume movers on the Instinet platform.

Target ( TGT) was the most active issue, trading up 1.6% to $44.31. Nextel ( NXTL), which lost 27% in regular action, lost an additional 2.3% to $3.48 after the close.

Big tech shares were mixed. Intel ( INTC) was off 0.1%, but Dell ( DELL) was ticking up 0.3%. Cisco ( CSCO) was gaining 0.1%, while Oracle ( ORCL) was off 0.3%.

The Nasdaq 100 Unit Trust ( QQQ) was slipping 0.1% at $34.65. Microsoft ( MSFT) was up 0.4%, and JDS Uniphase ( JDSU) was flat.

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