NEW YORK (CNNfn) - Yahoo quickly reversed its gains after-hours Tuesday, sliding into negative territory soon after the company announced third-quarter results that beat the Street by a penny.
Lucent tumbled in after-hours trading Tuesday, dragging other optical equipment makers along with it, after the company warned it expects earnings for its fiscal fourth quarter to fall short of analysts' estimates.
The health care provider PacifiCare Health Systems also slumped after it announced that it expects to report lower-than-expected third-quarter earnings, citing higher-than-expected health care costs.
Downgrades pounded the semiconductor sector as Lehman Brothers and Salomon Smith Barney cut their ratings on two chip equipment makers, Xilinx and Altera.
Tuesday's after-hours losers
Yahoo (YHOO: Research, Estimates) down $6.44 to $76.25. The Internet media company on Tuesday posted higher third-quarter sales and earnings that surpassed most official forecasts.
Lucent Technologies (LU: Research, Estimates) down $7 to $24.38. The maker of communications equipment warned Tuesday that it expects earnings for its fiscal fourth quarter to fall short of analysts' targets, citing disappointing revenue in the company's optical systems business and lower-than-expected results from its circuit-switching unit.
JDS Uniphase (JDSU: Research, Estimates) down $4.38 to $86.25. Corning (GLW: Research, Estimates) down $3 to $82.
Cisco (CSCO: Research, Estimates) down $1.25 to $49.88. Juniper Networks (JNPR: Research, Estimates) down $8.44 to $197.50. Ciena (CIEN : Research, Estimates) down $6.91 to $107.75. Applied Micro Ciruits (AMCC: Research, Estimates) down $9.31 to $169.38. Sycamore Networks (SCMR: Research, Estimates) down $2.88 to $75.50. Other optical equipment makers slumped after hours on the heels on Lucent's warning.
PacifiCare Health Systems (PHSY: Research, Estimates) down $11.62 to $21. The health care provider said Tuesday it expects to report lower-than-expected third-quarter earnings, citing higher-than-expected health care costs.
Xilinx (XLNX: Research, Estimates) down $2.44 to $60. Altera (ALTR: Research, Estimates) down $1.25 to $28.56. Lehman Brothers downgraded the two companies that make semiconductor integrated circuits to "neutral" from "outperform." Salomon Smith Barney also downgraded the companies.
Vitesse (VTSS: Research, Estimates) down $8.12 to $70.50. Applied Materials (AMAT: Research, Estimates) down 69 cents to $48.38, Texas Instruments (TXN: Research, Estimates) down 31 cents to $43.56, Micron Technology (MU: Research, Estimates) down 38 cents to $36.50, Actel (ACTL: Research, Estimates) unchanged at $36.88, Merix (MERX: Research, Estimates) down 25 cents to $31.50, National Semiconductor (NSM: Research, Estimates) down 35 cents to $34.25. PMC-Sierra (PMCS: Research, Estimates) down $8 to $163. Speedfam (SFAM: Research, Estimates) down 44 cents to $8.44. The Altera and Xilinx downgrades brought down other semiconductor companies and competitors.
Tuesday's after-hours winner
Biogen (BGEN: Research, Estimates) up $1.25 to $52.75. After the closing bell, the biotechnology company reported third-quarter earnings of 44 cents per share, beating the analysts' consensus estimate by a penny as revenue rose 12 percent.
Tuesday's after-hours newsmakers
ADAC Laboratories (ADAC: Research, Estimates) unchanged at $19.31. The medical imaging company warned Tuesday it will report lower-than-expected revenues in the quarter ended Oct. 1, due in part to the ongoing poor performance of its health care information business, which it now plans to sell.
Morgan Stanley Dean Witter (MWD: Research, Estimates) down 88 cents to $74.25. The company is among investors pouring $40 million into Israeli start-up Saifun Semiconductors.
Xeikon (XEIK: Research, Estimates) unchanged at $10.75. The Belgian printing systems maker said it expects an operating loss for the third quarter on revenue of about $42 million.
SeraNova (SERA: Research, Estimates) down 28 cents to $3.44. The e-business consultant confirmed its comfort with analysts' revenue estimates for its fiscal third quarter 2000.
Broadvision (BVSN: Research, Estimates) down $1 to $22.38. The software maker and i2 Technologies (ITWO: Research, Estimates) announced a joint development agreement late Monday to make e-commerce software products.
Citibank (C: Research, Estimates) unchanged at $51. Citibank said it bought out partner Korea First Bank for an undisclosed sum to double its stake in First Citicorp Leasing to 98.2 percent.
Nokia (NOK: Research, Estimates) unchanged at $34.81. Bear Stearns cut earnings estimates for the wireless company to 71 cents a share in 2000 from 74 cents and to 14 cents a share in the third quarter from 17 cents. Both estimates are a penny under Wall Street's consensus expectations. 
-- compiled by Antoinette Coulton, Mark Gongloff, and Parija Bhatnagar from staff and wire reports
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