Investors were punishing companies with news in the extra session Tuesday, among them Gap ( GPS) and Clear Channel Communications ( CCU), both of which posted quarterly results after the close.

Gap met analysts' consensus loss expectation for the fourth quarter, but the apparel retailer said the trend of declining same-store sales was continuing this month. Gap was one of the biggest losers in late trading, falling 7% to $12.60.

Abgenix ( ABGX) was among the hardest hit, dropping 9.1% to $21.80 after the biotech company disclosed plans to sell $200 million of convertible debt.

Elsewhere, Clear Channel was losing 8.3% to $45 after the company reported a wider-than-expected loss for the latest quarter. Revenue for the quarter fell 8%, and earnings before interest, taxes, depreciation and amortization slid 46% from the same period a year ago.

Optimal Robotics ( OPMR) was giving back 6.2% to $16.79 after the maker of self-checkout systems for retailers met Wall Street's fourth-quarter estimate but projected a shortfall for the first fiscal quarter.

Among widely held technology issues, Oracle ( ORCL) was slipping 0.3% to $16.48. Dell ( DELL) and JDS Uniphase ( JDSU) were flat.

Sun Micro ( SUNW) and the Nasdaq 100 Unit Trust ( QQQ) were up 0.1%, while Intel ( INTC) and Cisco ( CSCO) were each lower by 0.2%.