The Night Watch: ImClone Keeps Climbing, Gap Holds Ground

Tech stocks took over the extra session Wednesday, but largely, traders appeared to be sitting on the sidelines as volume was light.

Cisco ( CSCO) was the volume leader, slipping 0.1% to $14.23. Gap ( GPS) was flat with the 4 p.m. EST close at $12.40. During regular trading the apparel retailer dropped 8.5% after the company wasn't able to convince investors that its turnaround strategy would work.

Overall, volume was light. In the first hour of Instinet trading after the close, only around 1.5 million shares had changed hands among the top-20 volume movers.

Recoton ( RCOT), a marketer of consumer electronics, was plunging 44.3% to $4. Just before the market closed, Recoton forecast a loss for the fourth quarter, which would lead the company to breach the financial covenants of its senior credit facility. The company is talking with its lenders to try to modify the covenants or waive any defaults.

Manugistics ( MANU) was among the biggest losers, dropping 5.2% to $15.09. Elsewhere, widely held tech stocks were taking up the majority of the spots on the volume leader board.

Broadcom ( BRCM) was flat at $32.79, and Intel ( INTC) was lower by 0.1% at $29.87. The Nasdaq 100 Unit Trust ( QQQ) was ticking up 0.1%, while Oracle ( ORCL) was off 0.1%. Microsoft ( MSFT) was up 0.3%.

ImClone ( IMCL) was continuing its winning ways, trading up 4.4% to $21.43 after the close. In regular action, the stock gained more than 32% on hopes the company will get its proposed cancer drug Erbitux approved by the Food and Drug Administration within a year.

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