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Hot Stocks: Techs frenzied
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December 8, 2000: 8:01 p.m. ET
Tech stocks sink on the heels of Florida Supreme Court ruling; Adtran plunges
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NEW YORK (CNNfn) - Technology stocks and those tied to the fate of George W. Bush's presidential bid took a nosedive in after-hours trading Friday after the Florida Supreme Court ruled in favor of Al Gore and ordered a manual recount of ballots which machines failed to read.
Shares of Microsoft, and some drug and tobacco stocks -- typically seen as Bush-friendly sectors – suffered from the latest twist in the U.S. presidential imbroglio.
The Court ruling, which came after the bell, also caused a downturn in S&P 500 futures. The futures tumbled to 34.32 points below their fair value, implying a sharply lower opening on Monday should the current level stand.
Friday's after-hours losers
Adtran Inc (ADTN: Research, Estimates) down $10.56 to $18.50. The maker of high-speed digital transmission gear on Friday said its fourth-quarter revenue and earnings would come in well-below expectations due to a slowdown in orders.
Microsoft (MSFT: Research, Estimates) down $1.75 to $52.69, Intel (INTC: Research, Estimates) down $1.12 to $32.88, Dell Computer (DELL: Research, Estimates) down 47 cents to $18.09, Cisco (CSCO: Research, Estimates) down $1.74 to $50.44, Oracle (ORCL: Research, Estimates) down $1.50 to $28.56, Broadvision (BVSN: Research, Estimates) down $1.81 to $21.94, Juniper Networks (JNPR: Research, Estimates) down $10.88 to $155.88, Applied Materials (AMAT: Research, Estimates) down $1.94 to $42.25, Texas Instruments (TXN: Research, Estimates) down $2.50 to $47. Sun Microsystems (SUNW: Research, Estimates) down $1.25 to $37.69, Ciena (CIEN: Research, Estimates) down $5.75 to $108.25, Qualcomm (QCOM: Research, Estimates) down $5.75 to $108.25, SDL Inc. (SDLI: Research, Estimates) down $13.88 to $256.75, Juniper Networks (JNPR: Research, Estimates) down $9.63 to $156.50. Several technology stocks about-faced into negative territory after the Florida Supreme Court issued a ruling after-hours in favor of Gore's recount efforts. But the Nasdaq 100 tracking stock (QQQ: Research, Estimates) was up $1 to $69 despite the drops in the big tech stocks.
Corning (GLW: Research, Estimates) down $4.34 to $72.16,
JDS Uniphase (JDSU: Research, Estimates) down $4.31 to $70.25.
Optical networkers also edged lower following the Florida Supreme Court ruling.
Philip Morris (MO: Research, Estimates) down $2.25 to $37.38. Pfizer (PFE: Research, Estimates) down $1 to $42.50. Merck (MRK: Research, Estimates) down $1.50 to $88.06. Eli Lilly (LLY: Research, Estimates) down $3.06 to $89.50. Bush-friendly pharmaceutical and tobacco stocks also dropped in after-hours trading.
America Online (AOL: Research, Estimates) down $2.37 to $44.53. Time Warner (TWX: Research, Estimates) unchanged at $69.30. The Internet service provider and media company Time Warner (TWX: Research, Estimates), CNNfn's parent company, closed talks with U.S. antitrust regulators over the companies' proposed merger, according to a published report Friday. Both companies plans to give stock options to all 85,000 employees shortly after their merger is completed, the Wall Street Journal reported in its electronic edition.
W.P. Stewart (WPL: Research, Estimates) down $1.12 to $24.88. The asset-management firm priced 11 million shares in its initial public offering at $20, the bottom of its expected price range of $20 to $23.
Friday's after-hours newsmakers
PC Connection (PCCC: Research, Estimates) down 18 cents to $9.63. The direct marketer of brand-name personal computers slashed its fourth-quarter earnings outlook, citing general economic conditions.
CDW Computer Centers (CDWC: Research, Estimates) unchanged at $29.56. The computer seller warned Thursday it expects fourth-quarter earnings to be between 40 cents and 42 cents a share, below analysts' estimates.
Insight Enterprises (NSIT: Research, Estimates) down 31 cents to $14.75. The computer marketer fell with PC Connection and CDW Computer Centers; Banc of America Securities downgraded it to "buy" from "strong buy" and -- near the end of the day -- it forecast fourth-quarter earnings between 34 cents and 38 cents a share, compared with consensus estimates of 38 cents.
Garmin (GRMN: Research, Estimates) down 87 cents to $19.13. The company, which makes handheld Global Positioning Systems, priced 10.5 million shares in its initial public offering at $14, below its expected price range of $15 to $17.
Coca-Cola Enterprises (CCE: Research, Estimates) unchanged at $19.94. The Coca-Cola bottler said late Thursday its fiscal 2001 earnings would be lower than Wall Street expectations.
California Amplifier (CAMP: Research, Estimates) up 7 cents to $10.13. The maker of satellite and broadband communications equipment warned of fourth-quarter sales and earnings below expectations due to delayed order shipments and problems in the development of a new product.
Three-Five Systems (TFS: Research, Estimates) unchanged at $24.06. The liquid-crystal display maker said late Thursday it expects fourth-quarter revenue and earnings to be lower than previously forecast, citing interruptions in its supply of components.
Ask Jeeves (ASKJ: Research, Estimates) down 18 cents to $3.63. A number of analysts downgraded the Internet search engine after it warned Thursday of a wider-than-expected fourth-quarter loss and said its chief executive officer is resigning.
Black & Decker (BDK: Research, Estimates) unchanged at $35.31. Prudential downgraded the tool and home-products maker to "hold" from "strong buy."
Stillwell Financial (SV: Research, Estimates) unchanged at $41.56. The financial firm, parent of Janus Capital, announced the taking of $600 million in credit facilities to be used for "general corporate purposes, including repurchases of outstanding shares of common stock." 
-- compiled by Mark Gongloff and Parija Bhatnagar from staff and wire reports
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