Stocks continued their downward spiral after the bell Tuesday, largely on earnings reports, as the vast majority of the top after-hours movers trailed into the red.

Networking-equipment giant Cisco ( CSCO) sank 5.3% in heavy trading after reporting first-quarter profits, which, while a penny better per share than expected, disappointed more optimistic investors. Shares of the San Jose, Calif., company were off $1.51 to $26.85.

Electronic Arts ( ERTS), of Redwood City, Calif., was also traded actively after guiding well below analysts' expectations for the quarter ended June 30. Shares were down 2.7% to $51.50.

Also sliding on a soft outlook was Physicians Formula ( FACE). The Azusa, Calif., cosmetics maker lost 10.1% to $19.73 after predicting second-quarter adjusted earnings of 2 cents to 5 cents a share on revenue ranging between $24.5 million and $25.5 million. Two analysts polled by Thomson Financial are seeking profit of 18 cents a share on $28.6 million in sales.

Allscripts Healthcare Solutions ( MDRX), a Chicago-based purveyor of prescription-management software, posted $65 million first-quarter revenue, which just missed analyst estimates. Shares gave up 7.9% to $24.92.

Elsewhere in the crowded negative territory, Chesapeake Energy ( CHK) sank 3.3% to $34.11 after the oil-and-gas driller offered $1 billion in contingent convertible senior bonds. The Oklahoma City-based company plans to pay off current debt with the proceeds.

There were some winners, however, among them True Religion Apparel ( TRLG). The California-based company gained 8.6% to $16.99 after maintaining its in-line 2007 outlook -- $1.24 to $1.27 per-share earnings on $167 million in sales -- despite lower-than-expected first-quarter profits and sales. Energy Conversion Devices ( ENER), which makes products for alternative-energy generation and other uses, said fiscal third-quarter revenue was $27.4 million -- slightly better than Street projections -- and forecast higher-than-anticipated next-quarter sales, as well. The Rochester Hills, Mich., company added 2.3% to $36 in recent late trading.

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