Maybe the sun will come up tomorrow?
The Night Watch: After a Good Old Fashioned Beatin', Tech Shows a Little Spunk in After-Hours Action
By Diane Hess
Staff Reporter
11/30/00 6:49 PM ET
Technology stocks, which were kneecapped today in the wake of yesterday's profit warnings from PC-maker Gateway (GTW:NYSE - news) and specialty chipmaker Altera (ALTR:Nasdaq - news), have seen a bit of relief in after-hours action.
Big-name technology stocks that took it on the chin today -- Intel (INTC:Nasdaq - news) and JDS Uniphase (JDSU:Nasdaq - news) especially -- have bumped up slightly in extended trading after dropping more than 10% during the day.
Other companies Cisco (CSCO:Nasdaq - news) and WorldCom (WCOM:Nasdaq - news) -- which each plunged more than 7% in daytime action -- have both gained back about 1% of their value.
Make no mistake about it, volume is thinner tonight than it was last night, when Gateway and Altera curbed their fiscal outlooks for the fourth quarter and rocked the major indices. For example, 1.3 million shares of Intel moved last night on Instinet, compared to 193,467 in play on the platform tonight. Moving on to the companies at the epicenter of today's selloff, Gateway has gotten very modest attention in nighttime trading, while Altera has attracted greater consideration.
While 966,900 shares of Gateway changed hands last night on Instinet, only 20,000 of them were recently in play. In recent action on the platform, shares of Gateway remained unchanged at their $19 closing price. By contrast, the volume level for Altera, which hit 137,455 yesterday evening on Instinet, had lately risen to 213,648 on Instinet. The chip stock traded up $1.31, or 5.5%, to $25.25 on Instinet.
Investors can only hope that the sun will come out tomorrow. To recap today's misery: The Dow Jones Industrial Average fell 215 to 10,414, while the Nasdaq Composite Index, dropped 109 to 2598, closing below 2600 for the first time since Aug. 12, 1999 and erasing more than a year's worth of gains.
10 most active stocks on Instinet (6 p.m. EST)
Company Price Change Session Volume
Oracle (ORCL:Nasdaq - news) 26.38 -0.13 428,267
Microsoft (MSFT:Nasdaq - news) 57.5 +0.13 423,521
Cisco (CSCO:Nasdaq - news) 48.69 +0.81 246,432
Altera (ALTR:Nasdaq - news) 25.25 +1.31 214,548
Intel (Intel:Nasdaq - news) 38.75 +0.69 194,067
WorldCom (WCOM:Nasdaq - news) 15.13 +0.19 159,805
JDS Uniphase (JDSU:Nasdaq - news) 51.55 +1.48 143,690
Novellus (NVLS:Nasdaq - news) 27.25 +1.31 135,894
Penwest Pharmaceutcals (PPCO:Nasdaq - news) 8.5 -0.50 128,600
Nortel Networks (NT:NYSE - news) 38 +0.25 101,500
This information is provided by Instinet, a wholly owned subsidiary of Reuters (RTRSY:Nasdaq ADR - news). For further information, please contact Instinet at www.instinet.com.
10 most active stocks on Island ECN (6 p.m. EST)
Company Price Change Session Volume
JDS Uniphase (JDSU:Nasdaq - news) 51.5 +1.44 148,799
Novellus (NVLS:Nasdaq - news) 27.01 +1.07 93,177
Northpoint Communications (NPNT:Nasdaq - news) 0.64 +0.05 82,891
Intel (INTC:Nasdaq - news) 48.69 +0.81 77,094
Nasdaq 100 (QQQ:Nasdaq - news) 38.75 +0.69 52,362
Ciena (CIEN:Nasdaq - news) 63.63 n.a. 51,235
Microsoft (MSFT:Nasdaq - news) 77.88 +1.94 45,623
Oracle (ORCL:Nasdaq - news) 57.63 +0.25 42,413
Juniper Networks (JNPR:Nasdaq - news) 26.44 -0.56 38,797
Commerce One (CMRC:Nasdaq - news) 129 +4.38 37,166
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