The Night Watch: Calypso Fever! Calypte Soars 155% on China Pact

(Updated from 7:22 p.m. EDT)

Traders were Caly-bound after Calypte Biomedical's ( CALY) postbell announcement that its HIV-1 antibody urine test was approved for use by the People's Republic of China, making it the only urine-based HIV test to be used there. According to the Joint United Nations Program on HIV/AIDS, half a million Chinese citizens are infected with the HIV virus.

Calypte surged 3.10, or an incredible 155%, to 5.10 on 1,539,960 Island shares.

Sycamore Networks ( SCMR) made like Michael Jackson and beat it. "It" being the First Call/Thomson Financial consensus earnings estimate. The fiber-optics network equipment maker reported a fourth-quarter profit that topped expectations and revenue that surged 700%. Earnings were 8 cents a share, 2 cents above Wall Street estimates and 4 cents better than last year.

Shares fell both in anticipation of and in reaction to Sycamore's second consecutive profitable quarter. Last quarter, Sycamore beat the Street when it posted a profit of $11.7 million, or 5 cents a share, on sales of $59.2 million.

Investors might have wanted more, as they pressured shares down 1.75 to 156.25 this evening. TheStreet.com/NYTimes.com joint newsroom covered Sycamore's results in a story earlier, and TheStreet.com took a look at what fund managers make of the hot stock in a separate story.

If a company gets that kind of treatment for blasting estimates, imagine what happens to companies that disappoint. Crossroads Systems ( CRDS) was crushed 2.67, or 24%, to 8.26 after reporting that third-quarter revenue was 6% lower than last year's and 57% lower than the previous quarter. Apparently the maker of computer network connectivity systems lost business to its competition. The net loss was 30 cents a share while analysts expected a 21-cent loss.

Investors cut into Razorfish ( RAZF) after the hipster Internet consulting firm announced tonight that President Michael Pehl was leaving. Pehl has been at the company for four years. As with dog years, that's a quite long in Internet time. Razorfish stank and sank 1.84, or 12%, to 12.71.

Software developer Pumatech ( PUMA) posted a smaller-than-expected fourth-quarter loss of 8 cents a share on sales of $9 million. Analysts expected loses of 11 cents a share in the quarter. Despite a 50% jump in sales, choosy investors chose to sell. Puma plummeted 2.55, or 10%, to 20.88.

DSL.net ( DSLN) finally just said no to gains. After tripling its value this week on a deal with IBM ( IBM) the Internet access provider finally bowed to the laws of gravity, relinquishing 7% during the day session and losing 15 cents, or 1.9%, to 7.93 tonight.

Read-Rite ( RDRT) hit a 52-week high of 7.41 and closed at 7.38 after popping 31% during the day session on news that Samsung, Maxtor ( MXTR), Quantum-Hard Disk Drive ( HDD) and Western Digital ( WDC) will use its latest recording-head technology.

By night it gave back 3 cents to 7.34.

10 most active stocks on Instinet (6:30 p.m. EDT)
Company Price Change Session Volume
Sycamore Networks (SCMR) 155 -3 358,910
Calypte Biomedical (CALY) 5.6093 +4.1093 336,200
Burr-Brown (BBRC) 90.125 +0.4531 186,194
Texas Instruments (TXN) 69.625 +0.1875 181,334
Microsoft (MSFT) 70.875 -0.25 147,054
Next Level (NXTV) 41.6718 -0.0781 138,500
Cisco (CSCO) 66.50 -- 108,600
Crossroads Systems (CRDS) 8.375 -2.5625 104,200
Razorfish (RAZF) 12.25 -2.3125 80,300
DSP (DSPG) 48 -1.1875 75,459

This information is provided by Instinet, a wholly owned subsidiary of Reuters (RTRSY). For further information, please contact Instinet at www.instinet.com.

10 most active stocks on Island ECN (8 p.m. EDT)
Company Price Change Session Volume
Calypte Biomedical (CALY) 5.10 +3.10 1,539,960
Crossroads Systems (CRDS) 8.26 -2.6775 412,322
Sycamore Networks (SCMR) 156.25 -1.75 348,931
Draxis Health ( DRAX) 3.40 -0.125 182,868
Aastrom Biosciences (ASTM) 4.20 -0.8125 157,310
Next Level Communications (NXTV) 41.6875 -0.0625 121,744
Razorfish (RAZF) 12.7188 -1.8438 107,762
DSL.net (DSLN) 7.9375 -0.1563 100,510
Amtech Systems (ASYS) 17.30 -2.1375 89,375
Puma Technology (PUMA) 20.88 -2.5575 86,226

Island ECN, owned by Datek Online, offers trading, mainly in Nasdaq-listed stocks, from 7 a.m. to 8 p.m. EDT.

Confused? TheStreet.com explains how the rules change when the sun goes down in Investing Basics: Night Owl, a section devoted to after-hours trading.

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