CarolynPritchard

SAN FRANSCISCO (CBS.MW) — After a tough day in which war fears and a falling dollar sent stocks reeling, some of the session’s most heavily battered stocks reversed course to move higher.

The tech-heavy Nasdaq-100 After Hours Indicator, which tracks the evening action of the index’s leading stocks, stayed positive long after the closing bell.

The markets finished the regular session with steep losses. The Dow Jones Industrial Average tumbled 238.46 points to end at 8131.01, while the Nasdaq Composite fell 46.14 points to close at 1342.13. See Market Snapshot.

JDS Uniphase JDSU, -1.45% topped the most-actives list on Island ECN, rising 3 cents to $2.71. Next in line was Intel INTC, +0.42% which added 11 cents, to $15.96.

Applied Materials AMAT, +1.98% was another mover, but it fell a penny to $13.26.

Juniper Networks JNPR, -0.59% rose 4 cents to $8.79, while Oracle ORCL, +1.83% and Cisco CSCO, -1.06% each added 3 cents, to trade at $11.80 and $13.89 respectively.

Amazon AMZN, -0.98% extended its gains from the regular session gains, rising a penny $22.12. The company reported fourth-quarter earnings late Thursday that were well above expectations. See full story.

Nortel NT also gained a penny, changing hands at $2.58. The stock topped the Big Board in terms of volume during the regular session after the company posted a net loss excluding items of $62 million, or a penny per share, handily beating the forecast for a loss of 6 cents per share.

Even Web site and e-tailer Alloy ALOY moved higher, up 7 cents to $4.60. The stock fell 50 percent in the regular session Friday after the company warned that fourth-quarter earnings wouldn’t meet expectations, and revised its outlook for 2003. See full story.

Broadcom BRCM, -1.01% rose 9 cents to $15.20. The maker of chips for digital TV set-top boxes spent the regular session in the red after posting a sharply wider fourth-quarter loss and announcing the resignation of its CEO. See full story.

Shares of KLA-Tencor KLAC, +0.50% turned positive as well, rising 15 cents to $34.61. Its shares were down earlier after the company posted lower profits in the second-quarter and predicted more of the same for the third quarter. See full story.

Metawave Communications MTWV which provides antenna technology for wireless voice and data networks, plummeted 72 percent to 5 cents in the after-hours session on heavy volume.

The company announced late Friday that it was winding down its business operations, laying off most of its employees and would likely file for bankruptcy.

Looking ahead

Earnings season resumes with full force next week. On Monday, Vitesse Semiconductor VTSS, +0.00% will report its first-quarter results. Analysts surveyed by Multex Research are expecting Vitesse to narrow its loss to 6 cents per share from 12 cents a year earlier.

Competitor Novellus Systems NVLS will report its fourth-quarter earnings Tuesday; analysts expect the profit to narrow to 11 cents a share from 12 cents a year earlier, according to Multex.

On Wednesday, AOL Time Warner AOL, -2.30% will report its fourth-quarter results after the closing bell. Analysts surveyed by Multex Research expect the media giant’s earnings to be the same as a year previous, 26 cents per share.

Procter & Gamble PG, -0.32% will release its second-quarter results that day too, which are expected to rise to $1.12 a share versus $1.03 a year earlier, according to Multex.

Thursday, Providian Financial PVN will report results from its fourth quarter. The firm is expected to swing to a profit of 9 cents a share versus a loss of $1.39 per share a year earlier, according to a consensus of analysts surveyed by Multex.

And next Friday will see ChevronTexaco’s CVX, -0.78% fourth-quarter results, forecast at $1.27 per share, compared with 47 cents per share; and Honeywell HON, -1.26% which is expected to narrow its profit for the fourth quarter to 50 cents from 55 cents, according to analysts polled by Multex.