Earnings warnings and lowered outlooks cast a grim pall over tech stocks in the after-hours markets, sending individual names down hard, though a few of the usual large cap tech names still managed to pull slightly into the green.

Otherwise stocks were mixed in after-hours trading with volume relatively light. Only a few other stocks made significant percentage moves off the day's closing prices.

Software-maker Verity ( VRTY) took a harsh hit to the downside after announcing earnings post-market close, tumbling 13.9%, a loss of $3.02 to $18.76 this evening. The company posted fourth-quarter earnings in line with analyst estimates of 25 cents a share, slightly higher than the 20 cents a share in earnings posted by Verity in the same period last year.

The apparent disappointment for investors lay in Verity's forecast for the next fiscal year, as company executives guided analysts lower from their current earnings estimates. The company now predicts first-quarter earnings of 11 to 14 cents a share, well below the current Thomson Financial/First Call consensus estimates of 23 cents a share. For the full fiscal year, Verity now predicts earnings of 85 cents to $1 in earnings, below First Call's forecast of $1.06 per share.

Electronics contract manufacturer Sanmina Corp. ( SANM - Get Report), fell $1.56, or 7.8%, to $18.52. The contract manufacturer lowered its forecast for the current third quarter to 10 cents a share on revenues of $760 million to $775 million. The First Call estimate for the quarter is 19 cents a share.

Sanmina blamed the downturn in the electronics industry for its earnings and revenue shortfall, but said that original equipment manufacturers will likely have to outsource more work as a means of reducing costs. CEO Jure Sola said in a statement that Sanmina is "aggressively pursuing outsourcing and divestiture opportunities" now.

A third tech firm, web-hoster Exodus Communications , got pummeled in the after-hours then recovered, after issuing an earnings warning after today's closing bell. The company lowered its guidance for the current second quarter, as well as for the full year, saying that business conditions remained challenging.

After falling nearly 6%, shares of Exodus came back, and were down a penny, or 0.4%, to $2.24 on Island, but were not seen trading on Instinet at all. Earlier this year the company projected strong growth, but it now says that it expects a net loss of $140 million, excluding unusual items. Second quarter revenues are now predicted to fall to $315 million, below the $348.7 million recorded in the first quarter. The company said full-year earnings will now likely hit $80 million.

Two other tech stocks got bashed down a bit on Instinet tonight, contract manufacturer Flextronics ( FLEX) dropping 2.9% to $20.70, and EPIQ Systems ( EPIQ). EPIQ, on no discernable news, fell 24.1% today during regular trading hours, shaving $7.49 off its price tag. In the after-hours, traders gave a little bit back to the beleaguered software company, causing it to rise 2.5% to $24.23.

Metromedia Fiber Networks climbed eight cents, or 4.7%, to $1.80 on Island. 360Networks ( TSIX) fell 8.7%, or just over a penny on the same ECN, to land at 20 cents a share.

10 most active stocks on Island ECN (5:45 p.m. EDT)
Company Price Change Session Volume
Exodus Communications (EXDS) 2.24 -0.01 621,891
Nasdaq 100 Tracking Stock (QQQ) 42.82 N/A 170,918
Sanmina Corp. (SANM - Get Report) 18.52 -1.56 151,236
Metromedia Fiber Network (MFNX) 1.79 +0.07 148,550
JDS Uniphase (JDSU) 10.04 +0.04 106,467
Verity (VRTY) 18.76 -3.02 101,594
360Networks (TSIX) 0.22 unch 60,700
Juniper Networks (JNPR) 31.20 +0.14 51,612
Oracle (ORCL) 17.63 +0.11 47,775
Cisco Systems (CSCO) 16.50 +0.10 45,296

Island ECN offers trading, mainly in Nasdaq-listed stocks, from 7 a.m. to 8 p.m. EST.

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.

After Wednesday's Close

H&R Block ( HRB) announced 4Q EPS of $4 a share, in line with analysts' expectations, as profits rose 10% in the quarter.

Eastman Chemical ( EMN) announced it is trimming its workforce by 100 jobs and taking a one-time restructuring charge for the quarter related to its chemicals business.

Eastman Kodak said it will take 2Q charge of $75 million due to an anticipated bankruptcy filing by one of its customers.

Riverstone Networks reported a narrower-than-expected 1Q loss citing a strong demand for its products amid a communications spending slowdown. The firm posted a loss of 3 cents a share on $44.2 million in revenue, as compared to a loss of 13 cents a share on $15.8 million in the year-ago quarter.

Transmeta trimmed 2Q sales estimates, saying it would decline 40% to 45% from 1Q, in which it rang up $18.6 million.

Walt Disney ( DIS) announced the resignation of seasoned veteran Peter Schneider, the chairman of its film studios. Schneider plans to launch his own production company on Broadway. No replacement has been named at this time and the company said his duties will be divided among three other executives.

LSI Logic ( LSI) announced it will trim its workforce by 3%, or 225 employees, as part of a larger cost-cutting program. The company said it has inked a $120 million deal with to sell its Colorado Springs, Colo., plant to German chip firm X-FAB Semiconductor Foundries AG

Thursday's Economic Data

( Forecasts are from Reuters . Times are Eastern. For a longer-term economic calendar and more, see TSC's Economic Databank. )

  • 8:30 a.m.: International Trade for April. Source: Commerce Department. Forecast: -$30.85B. Previous: -$31.17B.

  • 8:30 a.m.: Initial Jobless Claims for the week ended June 18. Source: Labor Department. Forecast: 423,000. Previous: 428,000. Four-week average: Forecast: n.a. Previous: 428,000

  • 10 a.m.: Philadelphia Fed Index for May. Source: Philadelphia Fed Fed. Forecast: -9.3. Previous: -8.8.

  • 11 a.m.: Treasury buyback. Source: Treasury Department. The Treasury buys securities specified yesterday from dealers.