=DJ LATE TRADING: ONI Sys Dn On View; Merger Partner Ciena Dn
By Maxwell Murphy Of DOW JONES NEWSWIRES
NEW YORK (Dow Jones)--Before a trading halt, ONI Systems Corp. (ONIS) shares fell in late trading Monday after it revised its first-quarter update stemming from a "major downturn in business for the telecom equipment market."
ONI, which now sees a net loss of 28 cents to 31 cents a share on revenue of $18 million to $24 million, said nevertheless that its proposed merger with Ciena Corp. (CIEN) is "moving forward as planned."
ONI last traded at $5.88, according to the Nasdaq Web site, down 21 cents, or 3.5%, from the close on after-hours volume of 49,600 shares. Shares fell 13 cents, or 2.1%, on the day.
ONI scheduled a conference call and Webcast for Monday afternoon.
Ciena in February agreed to exchange around 0.7 shares for each outstanding ONI share. Its stock was recently at $8.40, down, 49 cents, or 5.5%, from the close, according to Nasdaq, on volume of 375,000. On the day, shares fell 6 cents, or 0.7%.
HealthExtras Inc. (HLEX) stock was shelled on torrid volume, despite increased guidance for 2002 and 2003 as a result of a 7-year benefits management contract that takes effect in July.
Its shares were recently at $2.85, down 35 cents, or 10.9%, from the close, on volume of 917,200. The stock lost 5 cents, or 1.5%, on the day.
Gemstar-TV Guide International Inc. (GMST) fell sharply after announcing its co-President and co-Chief Operating Officer Peter Boylan will resign on April to pursue other opportunities.
The company also reported its fourth-quarter results - a loss of 51 cents a share - though much of the damage to the share price was done before the release.
Gemstar-TV Guide recently changed hands at $19.90, down $1.83, or 8.4%, from the close, on volume of 312,800. Shares rose $1.04, or 5%, on the day after it announced a long-term license agreement with Japan's Victor Co.
Corixa Corp. (CRXA) brought some positive news and a taste of stock appreciation to the after-hours arena.
It announced a collaboration with a Johnson & Johnson (JNJ) unit to develop molecular diagnostic tests for breast cancer based on Corixa gene discovery program.
Corixa was at $6.45, up 42 cents or, 7%, on volume of 69,800 shares. On the day, shares rose 35 cents, or 6.2%.
Lastly, Electro Scientific Industries Inc. (ESIO) was at $35.76, down $2.49, or 6.5%, from the close. It posted fiscal third-quarter earnings of 6 cents a share, on items, but reported a loss of 8 cents a share, according to its pro forma accounting methods.
The company said it remains "cautious about the near-term outlook for capital equipment demand."
Electro Scientific rose $1.24, or 3.4%, during Monday's regular session.
-By Maxwell Murphy, Dow Jones Newswires; 201-938-5173; maxwell.murphy@dowjones.com
(END) DOW JONES NEWS 03-18-02
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