( 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.