Investors were selling shares of handheld computer makers after the close Thursday following news that Palm ( PALM) will miss analysts' revenue estimates for the current quarter.

Palm was down 17% to $1.83 in Instinet trading after the bell, and the other well-known names in the sector were also suffering. Handspring ( HAND) was down 6.9% to $1.88, and Research in Motion ( RIMM) was off 5.5% to $13.85.

Cray ( CRAY) was the volume leader, trading up 1.3% to $3.98. The Nasdaq 100 Unit Trust ( QQQ) was also active, tacking on 0.2% to $30.60.

Overall, volume was again on the light side. In the first two hours of extra trading, around 2 million shares changed hands among the 20 most active stocks on the Instinet platform.

Elsewhere among the most actives, Ericsson ( ERICY) was up 0.7%. Microsoft ( MSFT) was inching up 0.1%, and Intel ( INTC) was gaining 0.5%.

Cisco ( CSCO) and Oracle ( ORCL) were each adding 0.2%. Starbucks ( SBUX) was gaining 2.5% to $24.17 after the company said same-store sales rose 10% in May.

One of the big losers of the session was KPNQwest ( KQIPQ), the European network operator that last week filed for bankruptcy. The stock was plunging 3 cents, or 12%, to 22 cents after the bell. In regular trading, KPNQwest skyrocketed 79% to 25 cents on speculation that AT&T ( T) might be interested in acquiring the company's assets.

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